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 (May20)-Lockdown Impact on Macro Economy, Bottom Signal? Rare Disease Policy

The Impact of DRGs Policy on China Medical System

Imeik Technology Development (300896.CH) - Superficial Prosperity Hardly Masks Underlying Risks

Bloomage Biotechnology (688363.CH) Vs Imeik Technology (300896.CH) - The Logic and the Outlook

BeiGene Ltd (6160.HK/BGNE.US/688235.CH) - Valuation Remodeling if the TIGIT Project Fails

Sihuan Pharmaceutical Hldgs (460.HK)- Privatization Rumor, Upside Potential and Concerns on Business

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

Equity Bottom-Up

Shanghai Haohai Biological Tec / Equity Bottom-Up

Shanghai Haohai Biological Tec (688366 CH)

<ul>
<li>Haohai's development is fuelled by a series of acquisitions, which help Haohai establish the existing diversified businesses, but we haven’t seen any growth point with high certainty.</li>
<li>Compared with Bloomage and Imeik, Haohai has no competitive advantage in the field of medical aesthetics. It’s also difficult for Haohai to make a substantial breakthrough without obvious product advantages.</li>
<li>Although Haohai’s PE/TTM is significantly lower than its peers, due to centralized procurement, Haohai’s valuation could be further lower. Considering the risks, we choose to stay cautious on Haohai.</li>
</ul>


Haohai's development is fuelled by a series of acquisitions, which help Haohai establish the existing diversified businesses, but we haven’t seen any growth point with high certainty.
Compared with Bloomage and Imeik, Haohai has no competitive advantage in the field of medical aesthetics. It’s also difficult for Haohai to make a substantial breakthrough without obvious product advantages.
Although Haohai’s PE/TTM is significantly lower than its peers, due to centralized procurement, Haohai’s valuation could be further lower. Considering the risks, we choose to stay cautious on Haohai.


Shanghai Haohai Biological Technology (6826 HK)

Shanghai Fosun Pharmaceutical (Group) (600196 CH)

Imeik Technology Development C (300896 CH)

Shanghai Haohai Biological Technology (688366CH)- Diversified Business Layout Doesn't Secure Outlook