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.

Pre-IPO Elpiscience Biopharmaceuticals - Will Investors Still Buy in These Stories?

Pre-IPO TYK Medicines (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Tong Ren Tang Healthcare Investment - Profitability and Growth Sustainability Are Worrying

Pre-IPO Mao Geping Cosmetics - Potential Risks Behind High Gross Margins

China TCM (570.HK) Update - Despite Doubts, This Privatization Seems “Mandatory”

Pre-IPO LANTIAN Group Holdings - The Industry Is Saturated, with Weak Profitability

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

Akeso Biopharma Placement (9926.HK) - Would Investors Be Willing to Take a Gamble?

Equity Capital Markets

Soft International Group / Equity Capital Markets

<ul>
<li>The top two biggest markets of Soft International (China and Russia) are encountering the challenge of slowing growth or even growth stagnation due to decreasing birth rate and increasing competition.</li>
<li>Single-Digit net profit margin is not satisfactory for a company with strong consumption attributes. This makes us wonder if the personal hygienic disposables is not a money-making business. </li>
<li>Overreliance on Russian Top-tier Retailer would bring risks to the business.Both revenue growth and profitability could decrease sharply if adverse situations occur. Soft International’s valuation could be lower than peers.</li>
</ul>


The top two biggest markets of Soft International (China and Russia) are encountering the challenge of slowing growth or even growth stagnation due to decreasing birth rate and increasing competition.
Single-Digit net profit margin is not satisfactory for a company with strong consumption attributes. This makes us wonder if the personal hygienic disposables is not a money-making business. 
Overreliance on Russian Top-tier Retailer would bring risks to the business.Both revenue growth and profitability could decrease sharply if adverse situations occur. Soft International’s valuation could be lower than peers.


Pre-IPO Soft International Group - Whether Performance Growth Can Be Sustained Is a Question Mark