HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The successful approval of Legend Biotech's CAR-T therapy indicates the FDA is objective. But we can judge FDA's attitude and globalization logic more clearly through Junshi’s PD-1 result in April.</li>
<li>Let's talk about the cyclical nature of innovative drugs. Humans, they repeat history all the time.</li>
<li>The current pet vaccine market in China is in the blue ocean, with a huge space for growth. This market has become an investment option that cannot be ignored.</li>
</ul>


The successful approval of Legend Biotech's CAR-T therapy indicates the FDA is objective. But we can judge FDA's attitude and globalization logic more clearly through Junshi’s PD-1 result in April.
Let's talk about the cyclical nature of innovative drugs. Humans, they repeat history all the time.
The current pet vaccine market in China is in the blue ocean, with a huge space for growth. This market has become an investment option that cannot be ignored.


China Healthcare Weekly (Mar.4)-Innovative Drug Cyclical Nature, Pet Vaccine Mkt, Legend Bio, Junshi

<ul>
<li>The Beijing municipality has added fertility treatment in its medical insurance program. We analyzed related impact.</li>
<li>If we hope to have more companies entering global TOP50 during “14th Five-Year Plan” period, domestic medical device companies need at least 25% annualized revenue growth to make it happen.</li>
<li>Actually, the national medical insurance doesn't determine market size directly but adjust the “distribution”. There's no need to focus solely on anti-tumor field, but rare diseases and central nervous system diseases.</li>
</ul>


The Beijing municipality has added fertility treatment in its medical insurance program. We analyzed related impact.
If we hope to have more companies entering global TOP50 during “14th Five-Year Plan” period, domestic medical device companies need at least 25% annualized revenue growth to make it happen.
Actually, the national medical insurance doesn't determine market size directly but adjust the “distribution”. There's no need to focus solely on anti-tumor field, but rare diseases and central nervous system diseases.


China Healthcare Weekly (Feb.25)-Assisted Reproduction, Medical Device Co. Globalization, New Growth

<ul>
<li>The executive meeting of State Council has indicated the future direction of China healthcare industry- With the expansion of the VBP scope, the traditional sales mode will be hit hard.</li>
<li>The pricing system of innovative drugs in national medical insurance negotiation has its logic actually. It could provide enterprises with reasonable profits, but not significant profits or exponential growth.</li>
<li>The approval results of FDA on products of <a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech (LEGN US)</a> and Junshi could allow investors to have a better judgment on the logic of internationalization of domestic innovative drugs.</li>
</ul>


The executive meeting of State Council has indicated the future direction of China healthcare industry- With the expansion of the VBP scope, the traditional sales mode will be hit hard.
The pricing system of innovative drugs in national medical insurance negotiation has its logic actually. It could provide enterprises with reasonable profits, but not significant profits or exponential growth.
The approval results of FDA on products of Legend Biotech (LEGN US) and Junshi could allow investors to have a better judgment on the logic of internationalization of domestic innovative drugs.


China Healthcare Weekly (Feb.18)-VBP Expansion, China Drug Pricing System,FDA Approval,Junshi/Legend

<ul>
<li>Despite the rational return, the healthcare industry is constantly optimized and adjusted under the guidance of policy and would finally achieve a new balance. So, we are still highly bullish.</li>
<li>We analyzed the investment logic and related investment opportunities in sectors such as medical device, TCM, biotech and CXO.</li>
<li>The valuation of China healthcare sector has entered an attractive range. So, for long-term players, it is recommended to consider to long some high-quality assets at a good cost. </li>
</ul>


Despite the rational return, the healthcare industry is constantly optimized and adjusted under the guidance of policy and would finally achieve a new balance. So, we are still highly bullish.
We analyzed the investment logic and related investment opportunities in sectors such as medical device, TCM, biotech and CXO.
The valuation of China healthcare sector has entered an attractive range. So, for long-term players, it is recommended to consider to long some high-quality assets at a good cost. 


Presentation for Webinar: China Healthcare - Outlook and Opportunities in 2022

Equity Capital Markets

Biocytogen Pharmaceuticals (Beijing) / Equity Capital Markets

<ul>
<li>The candidates in Biocytogen’s pipeline do not have advantages in development progress and also have to face fierce competition, so continuous large R&amp;D investment in the future would be inevitable.</li>
<li>However, the development model of Biocytogen is very novel and special, which could make it a rare target in the market if it is successfully listed.  </li>
<li>Therefore, the certainty of Biocytogen’s future growth is expected to improve gradually, and the mid- and long-term investment value would continue to increase due to the high moat.</li>
</ul>


The candidates in Biocytogen’s pipeline do not have advantages in development progress and also have to face fierce competition, so continuous large R&amp;D investment in the future would be inevitable.
However, the development model of Biocytogen is very novel and special, which could make it a rare target in the market if it is successfully listed.  
Therefore, the certainty of Biocytogen’s future growth is expected to improve gradually, and the mid- and long-term investment value would continue to increase due to the high moat.


Pre-IPO Biocytogen Pharmaceuticals - The Novel Development Model Offset the Pipeline's Shortcomings

China

Innovent Biologics, Inc. operates as a biopharmaceutical company. The Company develops, manufactures, and distributes monoclonal antibody drug candidates for the treatment of oncology, ophthalmology, autoimmune, cardiovascular, and other diseases. Innovent Biologics serves customers in China.

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Innovent Biologics Inc (1801 HK)

China Healthcare Weekly (Mar.4)-Innovative Drug Cyclical Nature, Pet Vaccine Mkt, Legend Bio, Junshi

Junshi’s PD-1 result in April is more representative to judge FDA's attitude and globalization logic. We probably are at the tail end of mab drug...

Xinyao (Criss) Wang

China Healthcare Weekly (Feb.25)-Assisted Reproduction, Medical Device Co. Globalization, New Growth

Assisted reproduction is covered by medical insurance; We analyzed the benchmark of medical device companies' globalization, clarify the...

Xinyao (Criss) Wang

China Healthcare Weekly (Feb.18)-VBP Expansion, China Drug Pricing System,FDA Approval,Junshi/Legend

We analyzed the VBP scope expansion and logic of drug pricing system in medical insurance negotiation.FDA's attitude on Legend Bio&Junshi's...

Xinyao (Criss) Wang

Presentation for Webinar: China Healthcare - Outlook and Opportunities in 2022

We review the important events since 2021H1 and keep bullish on China healthcare outlook.We also analyzed investment logic and opportunities in...

Xinyao (Criss) Wang

Pre-IPO Biocytogen Pharmaceuticals - The Novel Development Model Offset the Pipeline's Shortcomings

We analyzed the unique development strategy of Biocytogen, and also pointed out the concerns on its pipeline. However, its business model is hard...

Xinyao (Criss) Wang

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