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 (Jun.16)- 9th National VBP Update, “Noise” of Consumption Upgrading, ChatGPT

China Healthcare Weekly (Jun.23) - National TCM VBP Results, CDE Changes Game Rule, Hua Medicine

Guangzhou Wondfo Biotech (300482.CH) - Time to Bottom Fish?

The Truth of China Medical Insurance Fund - Time to Clarify Misunderstandings with Investors

Zhangzhou Pientzehuang Pharmaceutical (600436.CH) - The Significance Behind Cannot Be Ignored

Jiangsu Hengrui Medicine (600276.CH) 2022/23Q1 - The Situation Is Not as Optimistic as Imagined

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

Thematic (Sector/Industry)

Hong kong Healthcare equipment and services / Thematic (Sector/Industry)

China Traditional Chinese Medicine (570 HK)

<ul>
<li>Policies will determine the development direction of the industry, which would then determine the profit model of companies. Companies that align with policy direction would outperform in the coming cycle.</li>
<li>The prosperity of the industry would determine the development trend of companies. For China healthcare, without a significant policy shift, it would be difficult for industry beta to emerge.</li>
<li>Domestic companies cannot achieve successful commercialization/internationalization mainly because they don’t have excellent enough products. It must be innovation that keeps companies alive and then thrive, rather than relying on policy changes.</li>
</ul>


Policies will determine the development direction of the industry, which would then determine the profit model of companies. Companies that align with policy direction would outperform in the coming cycle.
The prosperity of the industry would determine the development trend of companies. For China healthcare, without a significant policy shift, it would be difficult for industry beta to emerge.
Domestic companies cannot achieve successful commercialization/internationalization mainly because they don’t have excellent enough products. It must be innovation that keeps companies alive and then thrive, rather than relying on policy changes.


China Resources Sanjiu Medical & Pharma (000999 CH)

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. (600436 CH)

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd.

Guangzhou Baiyunshan Pharmaceu (600332 CH)

The Cyclicality of China Healthcare - Policy Environment, the Industry, and Investment Opportunities