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.

Porton Pharma Solutions (300363.CH) 23H1 - Performance Pressure Would Remain in 2023

China Healthcare Weekly (Jul.21) - New Growth Points by NDRC, License-In Model Isn’t Outdated, Intco

Pre-IPO Edding Group - CSO Model Is Hard to Sustain, but Business Transformation Faces Challenges

Wuxi Biologics (2269.HK) - Investor Day Brings New Surprises

Wuxi Biologics (2269.HK) - Some New Business Updates and the Outlook

China CXO Has Reached a Crossroads - Time to Reconsider

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

Equity Capital Markets

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>Although WuXi XDC has financing needs, we’re more inclined to view this spin-off listing as another capital operation of WuXi AppTec/WuXi Bio, who may not want to take risks alone.</li>
<li>Global ADC/broader bioconjugate market is at a nascent stage of development, with high R&amp;D risks/commercialization uncertainties. We cannot guarantee whether WuXi XDC will maintain its industry-leading position in the future.</li>
<li>Although high growth can bring good stories, we're not sure how much actual market space WuXi XDC will have in the future,which is the key to determining the valuation ceiling.</li>
</ul>


Although WuXi XDC has financing needs, we’re more inclined to view this spin-off listing as another capital operation of WuXi AppTec/WuXi Bio, who may not want to take risks alone.
Global ADC/broader bioconjugate market is at a nascent stage of development, with high R&amp;D risks/commercialization uncertainties. We cannot guarantee whether WuXi XDC will maintain its industry-leading position in the future.
Although high growth can bring good stories, we're not sure how much actual market space WuXi XDC will have in the future,which is the key to determining the valuation ceiling.


Shanghai Haoyuan Chemexpress C (688131 CH)

Pre-IPO WuXi XDC - The Beautiful Story and the Truth Behind