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.

Jinxin Fertility Co Ltd (1951.HK) - The Outlook Is Not Optimistic Even with Policy Support

China Healthcare Weekly (Apr.15)- 2022 VBP Focus, Post-COVID IVD Outlook, Undervalued Medical Device

Chongqing Zhifei Biological Products (300122.CH) - WHO's One-Dose HPV Vaccine Regimen & The Outlook

Peijia Medical (9996.HK) Vs Venus MedTech (2500.HK) Vs CardioFlow (2160.HK)-Pain Points and Solution

The Impact of America COMPETES Act on China Healthcare – Supply Chain Decoupling?

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

Equity Bottom-Up

<ul>
<li>Even starting late,Peijia took the lead in the number of hospitals entered and sales volume in the 1st year after product launch.It could be a dark horse to achieve corner overtaking. </li>
<li>The ceiling of China TAVR market is obvious due to high surgery cost and severe shortage of doctors/qualified hospitals. Future price war due to fierce competition is also a concern.</li>
<li>Related TAVR companies’ high valuation cannot be supported without sufficient incremental markets. So, if companies hope to break the ceiling, they have to develop global markets.</li>
</ul>


Even starting late,Peijia took the lead in the number of hospitals entered and sales volume in the 1st year after product launch.It could be a dark horse to achieve corner overtaking. 
The ceiling of China TAVR market is obvious due to high surgery cost and severe shortage of doctors/qualified hospitals. Future price war due to fierce competition is also a concern.
Related TAVR companies’ high valuation cannot be supported without sufficient incremental markets. So, if companies hope to break the ceiling, they have to develop global markets.


Venus MedTech (2500.HK) Vs Peijia Medical (9996.HK) Vs CardioFlow (2160.HK) - Dilemma of TAVR Market