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.

MedSci Healthcare Holdings (2415.HK) - Lack of Control over Core Resources Is a Critical Pain Point

Pre-IPO Malo Medical Management - Profit Model Is Not Mature; Future Expansion Is Worrying

GSK Inks Eye-Popping $2B-Plus Pact for Hansoh’s ADC - Is The "New Story" About to Begin?

Remegen (9995HK) Vs Keymed Biosciences (2162HK)-Deep Dive the Logic & Internationalization Prospects

Jiangsu Hengrui Medicine (600276.CH) 23H1 - Has the Turning Point of Performance Really Arrived?

Remegen Co Ltd (9995.HK/688331.CH) - The Story Has Changed

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

Equity Bottom-Up

<ul>
<li>RemeGen’s 23H1 results were unsatisfactory. We also have concerns about its future sales performance. The core reason behind is the disorganized pipeline layout, leading to inefficient sales system/high cost.</li>
<li>RemeGen's core technologies are mostly in-licensed from third parties. At first, RemeGen just hoped to develop drugs/build pipeline through these technologies, without considering the potential challenges of commercialization ahead.</li>
<li>The anti-corruption campaign could negatively affected RemeGen's 23H2 performance. The Company could fail to meet management's guidance for 2023. We lowered our valuation of RemeGen to RMB12 billion-18 billion.</li>
</ul>


RemeGen’s 23H1 results were unsatisfactory. We also have concerns about its future sales performance. The core reason behind is the disorganized pipeline layout, leading to inefficient sales system/high cost.
RemeGen's core technologies are mostly in-licensed from third parties. At first, RemeGen just hoped to develop drugs/build pipeline through these technologies, without considering the potential challenges of commercialization ahead.
The anti-corruption campaign could negatively affected RemeGen's 23H2 performance. The Company could fail to meet management's guidance for 2023. We lowered our valuation of RemeGen to RMB12 billion-18 billion.


Biocytogen Pharmaceuticals (Beijing) (2315 HK)

Remegen (9995.HK/688331.CH) 23H1 - This Is Why RemeGen’s Commercialization Performance Is so Weak