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.

BeiGene (6160.HK/​BGNE.US/688235.CH) - Pain Points Behind the High Growth

Hutchmed China Ltd (13.HK/​​HCM.US) - High Growth Is Expected from 2024 to 2026

WuXi AppTec (2359.HK/603259.CH) - Updates About the BIOSECURE Act and the Outlook

Pre-IPO MIXUE Group - The Snow King Opens up a Lot More Room for Imagination than Expected

WuXi AppTec (2359.HK/603259.CH) - Behind the Plunge Is a War

Pre-IPO Guming Holdings - The Current Market Position Is Not Secure

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

Escalation of Israel-Hamas War - Here's How Investors Should Position Themselves in Dramatic Changes

Equity Capital Markets

<ul>
<li>Among core/key products, TY-302 and TY-2136b have to face fierce competition, with R&amp;D progress lagging behind competing products.TY-9591 for brain metastases from NSCLC could be a breakthrough point for TYK.</li>
<li>There would be a long time for the first product to generate revenue, but TYK is cash shortage.So, the survival risk is high. Such companies are less attractive to investors.</li>
<li>Valuation of TYK after six rounds of financing was RMB3.08 billion. However, considering the weak sentiment and concerns on pipeline, valuation of TYK after IPO could fall below this level.</li>
</ul>


Among core/key products, TY-302 and TY-2136b have to face fierce competition, with R&amp;D progress lagging behind competing products.TY-9591 for brain metastases from NSCLC could be a breakthrough point for TYK.
There would be a long time for the first product to generate revenue, but TYK is cash shortage.So, the survival risk is high. Such companies are less attractive to investors.
Valuation of TYK after six rounds of financing was RMB3.08 billion. However, considering the weak sentiment and concerns on pipeline, valuation of TYK after IPO could fall below this level.


Shanghai Fosun Pharmaceutical (Group) (2196 HK)

Livzon Pharmaceutical Group In (000513 CH)

Pre-IPO TYK Medicines - Survival Risk Is Imminent, with Limited Highlights in the Pipeline