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.

BeiGene (6160.HK/BGNE.US) - The Truth Behind Novartis' Divorce Decision on PD-1

China Healthcare Weekly (Sep.22) - Medical Device VBP, Restore Optimism on Healthcare, Biokin Pharma

Pre-IPO Beijing Yuanxin Technology Group - Some Points Worth the Attention

Innovent Biologics Placement (1801.HK) - There Is No Such Thing as a Free Lunch

Turnaround in China Healthcare Anti-Corruption: Impact on Company’s 2023 Results & Upcoming New Reforms

Chunlizhengda Medical Instruments (1858.HK/688236.CH) - 2023 Full-Year Results May Be Disappointing

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

Equity Capital Markets

The United Laboratories International Holdings Limited / Equity Capital Markets

The United Laboratories International Holdings Limited (3933 HK)

The United Laboratories International Holdings Limited

<ul>
<li>Last year, United Lab mainly relied on antibiotics to make money. However, after the pandemic is under control, antibiotic sales may decline. United Lab’s performance could be under pressure.</li>
<li>As a late comer, sales of United Lab’s weight management products could be lower than expected in the future under increasing competition. The veterinary drugs business requires time to cultivate.</li>
<li>RMB12 billion market value of United Lab has priced in all positive factors.There could be a pullback in valuation. RMB6 billion market value is a safe place to go long.</li>
</ul>


Last year, United Lab mainly relied on antibiotics to make money. However, after the pandemic is under control, antibiotic sales may decline. United Lab’s performance could be under pressure.
As a late comer, sales of United Lab’s weight management products could be lower than expected in the future under increasing competition. The veterinary drugs business requires time to cultivate.
RMB12 billion market value of United Lab has priced in all positive factors.There could be a pullback in valuation. RMB6 billion market value is a safe place to go long.


Tonghua Dongbao Pharmaceutical (600867 CH)

Shanghai Fosun Pharmaceutical (Group) (600196 CH)

United Laboratories International Holdings Placement (3933.HK) - Valuation Pullback Seems Inevitable