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.

Sino Biopharm (1177.HK) To Acquire Hob Biotech (688656.CH)- Time to Buy Hob and Sell Sino Biopharm?

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Greatview Aseptic Packaging (468.HK) - The Story Behind The “Hostile Offer”

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

Equity Bottom-Up

Sino Biopharmaceutical / Equity Bottom-Up

<ul>
<li>After performance headwinds in 2022 and 2023, we have seen a turnaround of Sino Biopharma in 24H1. The Company is gradually getting rid of the negative influence of VBP.</li>
<li>Even if the performance improves in 2024, there is still great uncertainty about whether the performance target for 2030 (revenue to reach HK$100 billion) can be achieved as scheduled.</li>
<li>The innovative drug pipeline actually lacks competitiveness. Current valuation is not cheap. Deficiencies in corporate governance are one reason why the market is reluctant to offer Sino Biopharm high valuation.</li>
</ul>


After performance headwinds in 2022 and 2023, we have seen a turnaround of Sino Biopharma in 24H1. The Company is gradually getting rid of the negative influence of VBP.
Even if the performance improves in 2024, there is still great uncertainty about whether the performance target for 2030 (revenue to reach HK$100 billion) can be achieved as scheduled.
The innovative drug pipeline actually lacks competitiveness. Current valuation is not cheap. Deficiencies in corporate governance are one reason why the market is reluctant to offer Sino Biopharm high valuation.


Sino Biopharmaceutical (1177.HK) 24H1 - The Concerns Behind the Performance Turnaround