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.

MicroPort NeuroTech (2172.HK) 22H1 - Advantages Deserve Recognition, but with Overvaluation Risk

Microport Scientific (853.HK) - Underperformance Would Be the Norm

China Healthcare Weekly (Oct.21) - Electrophysiology VBP; Orthodontics VBP New Progress; HPV Vaccine

Aier Eye Hospital (300015.CH) 22H1 - More Downside Ahead; The Long Logic Doesn't Exist

China Healthcare Weekly (Sep.30) - Orthopedics VBP, CGT CDMO, Surgical Robots, Bottom of HKEX

Shenzhen Mindray Bio-Medical Electronics (300760.CH) 2022H1 - Waiting for the Next Jump in Valuation

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

Equity Bottom-Up

Shanghai United Imaging Health / Equity Bottom-Up

Shanghai United Imaging Health (688271 CH)

<ul>
<li>United Imaging’s high valuation is driven by pandemic/policy dividends. After the impact of COVID-19 fades,the market needs new stories to judge a sustainable business model with increasing investment value.</li>
<li>Although in the name of domestic substitution of high-end medical imaging equipment, most of sales still come from middle/low-end products. The real competitiveness in high-end market remains to be seen.</li>
<li>United Imaging's fundamentals and prospects hardly justify a market value of more than RMB100 billion. It's expected that the stock price will return to rationality in the future.</li>
</ul>


United Imaging’s high valuation is driven by pandemic/policy dividends. After the impact of COVID-19 fades,the market needs new stories to judge a sustainable business model with increasing investment value.
Although in the name of domestic substitution of high-end medical imaging equipment, most of sales still come from middle/low-end products. The real competitiveness in high-end market remains to be seen.
United Imaging's fundamentals and prospects hardly justify a market value of more than RMB100 billion. It's expected that the stock price will return to rationality in the future.


Shenzhen Mindray Bio-Medical Electronics (300760 CH)

Shanghai United Imaging Healthcare (688271.CH) - Overvalued; Stock Price Will Return to Rationality