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.

Tam Jai International (2217 HK) Privatization - The Offer Price Is Good

China Healthcare Weekly (Mar.2) - NewCo Model, Pfizer-Summit Deal, Henlius to Enter HK Stock Connect

Ping An Good Doctor (1833 HK) - The Mandatory General Offer and DeepSeek Story May Not Turn the Tide

Shanghai Henlius Biotech (2696 HK) - LVC Increased Its Holding of Henlius Again

Shanghai Henlius Biotech (2696 HK)- These Are the Reasons Why LVC May Vote Against the Privatization

Shanghai Henlius Biotech (2696 HK) - About the Deal Break and the Valuation Outlook

China Healthcare Weekly (Jan.26) - Key Takeaways from the Failure of Henlius Privatization, TCM M&As

Equity Bottom-Up

Shanghai Henlius Biotech  / Equity Bottom-Up

<ul>
<li>LVC continues to increase its holdings in Henlius, indicating that LVC remains optimistic about Henlius as its internationalization process significantly accelerated. We are interested to see Lin Lijun’s next move. </li>
<li>In the short to medium term, based on our conservative forecast on peak sales of HANQUYOU/HANSIZHUANG in overseas markets and domestic product sales, Henlius’ market value could reach RMB13-16 billion.</li>
<li>Considering other candidates(e.g. HLX15, HLX11, HLX14), indication expansion, drug combination, etc., revenue of Henlius could reach about RMB8-9 billion in the long term, with market value to reach RMB24-27 billion.</li>
</ul>


LVC continues to increase its holdings in Henlius, indicating that LVC remains optimistic about Henlius as its internationalization process significantly accelerated. We are interested to see Lin Lijun’s next move. 
In the short to medium term, based on our conservative forecast on peak sales of HANQUYOU/HANSIZHUANG in overseas markets and domestic product sales, Henlius’ market value could reach RMB13-16 billion.
Considering other candidates(e.g. HLX15, HLX11, HLX14), indication expansion, drug combination, etc., revenue of Henlius could reach about RMB8-9 billion in the long term, with market value to reach RMB24-27 billion.


Shanghai Henlius Biotech (2696 HK)- LVC Is Betting on Higher Valuation Upside Due to Business Update