HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

China Healthcare Weekly (Oct.6) - WuXi to Sell Assets, Be Rational on China CXO, Sihuan Underperform

2025 Capital Market Outlook (Part 1) - Take Profits in Stock Market and Switch to Inflation Trade

China Healthcare Weekly (Nov.3) - TCM VBP Update, ADC CXO's Logic Is Solid, "Ugly Move" Of Innovent

Ascentage Pharma (6855.HK) Signs $1.3B Deal with Takeda - Finally on the Right Path

Sichuan Kelun-Biotech Biopharm (6990.HK) - Current High Valuation Is Not Secure

Akeso Biopharma (9926.HK) - It's Not Game over Yet

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Asia Cement (743 HK): $3.22/Share Offer - Really?

Equity Capital Markets

Sichuan Biokin Pharmaceutical Co Ltd / Equity Capital Markets

Sichuan Biokin Pharmaceutical Co Ltd (SBP12 HK)

<ul>
<li>Biokin's traditional chemical drug and TCM businesses would continue to shrink and their valuation contribution can be negligible. The collaboration agreement for BL-B01D1 with BMS changes the outlook of Biokin.</li>
<li>The clinical data of BL-B01D1 look good so far, but the R&amp;D failure risk of BL-B01D1 is not low. It is uncertain if BL-B01D1 would finally be druggable.</li>
<li>Biokin is overvalued and there is big bubble in valuation. If BL-B01D1 fails in R&amp;D or its clinical data fail to meet high expectation, Biokin’s market value will plummet.</li>
</ul>


Biokin's traditional chemical drug and TCM businesses would continue to shrink and their valuation contribution can be negligible. The collaboration agreement for BL-B01D1 with BMS changes the outlook of Biokin.
The clinical data of BL-B01D1 look good so far, but the R&amp;D failure risk of BL-B01D1 is not low. It is uncertain if BL-B01D1 would finally be druggable.
Biokin is overvalued and there is big bubble in valuation. If BL-B01D1 fails in R&amp;D or its clinical data fail to meet high expectation, Biokin’s market value will plummet.


Sichuan Biokin Pharmaceutical (688506 CH)

Pre-IPO Sichuan Biokin Pharmaceutical - Would Investors Be Willing to Take a Gamble?