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 (July.8)- CXO Outlook, 2022 NRDL Adjustment, Logic of Influenza Vaccine

Akeso Biopharma Placement (9926.HK) - The Concerns Behind and the Outlook

MicroPort MedBot (2252.HK)- Lack an “anchor” for Valuation Due to Uncertainties in Commercialization

Shanghai Junshi Bioscience (1877.HK) - Will Junshi Progress or Go Backwards Instead?

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

Innovent Biologics Inc (1801.HK) - Capable of Surviving “this Winter”

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

Equity Capital Markets

Shanghai Junshi Biosciences  / Equity Capital Markets

<ul>
<li>Junshi’s fatal flaw is not that it is still suffering loss, or that its founders have no medical background, but that the Company is very short of money.</li>
<li>Considering the gloomy prospects of etesevimab/VV116, uncertainties in toripalimab and other late-stage candidates, we remain conservative about Junshi’s commercialization outlook. Junshi's higher valuation than Innovent is not justified.</li>
<li>Together with unfriendly macro environment, we don’t think heavy investment in R&amp;D/MRCT/commercial development could bring high return as expected.Investors need to be rational about Junshi's RMB4 billion private placement plan.</li>
</ul>


Junshi’s fatal flaw is not that it is still suffering loss, or that its founders have no medical background, but that the Company is very short of money.
Considering the gloomy prospects of etesevimab/VV116, uncertainties in toripalimab and other late-stage candidates, we remain conservative about Junshi’s commercialization outlook. Junshi's higher valuation than Innovent is not justified.
Together with unfriendly macro environment, we don’t think heavy investment in R&amp;D/MRCT/commercial development could bring high return as expected.Investors need to be rational about Junshi's RMB4 billion private placement plan.


Shanghai Junshi Bioscience Placement- Junshi Is Having a Hard Time, with Lower than Expected Returns