HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>CF017 is CF PharmTech’s core performance driver. Once CF017 faces policy adjustments or intensified market competition, revenue will be significantly impacted. Its ability to sustain operations will be severely tested.</li>
<li>Although CF PharmTech has made a profit, problems such as a slowdown in revenue growth and heavy reliance on single product will lead to a valuation discount by the market.</li>
<li>A reasonable valuation range might be between RMB3-5 billion. If valuation exceeds RMB5 billion, it would seem overly optimistic and require strong support from subsequent performance and solid fundamentals.</li>
</ul>


CF017 is CF PharmTech’s core performance driver. Once CF017 faces policy adjustments or intensified market competition, revenue will be significantly impacted. Its ability to sustain operations will be severely tested.
Although CF PharmTech has made a profit, problems such as a slowdown in revenue growth and heavy reliance on single product will lead to a valuation discount by the market.
A reasonable valuation range might be between RMB3-5 billion. If valuation exceeds RMB5 billion, it would seem overly optimistic and require strong support from subsequent performance and solid fundamentals.


Pre-IPO CF PharmTech (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>Unlike most biotech companies in Hong Kong which focus on innovative drugs, CF PharmTech mainly produces generic drugs. Its revenue mainly comes from CF017, with high single product risk.</li>
<li>The pipelines have to face fierce competition and don’t have advantage in R&amp;D progress in from of competing candidates. CF PharmTech is hard to generate decent profits due to VBP. </li>
<li>Since its establishment, CF PharmTech has raised its valuation step by step through multiple rounds of capital increase and equity transfer.Valuation was RMB4.021 billion in 2022, which is already high.</li>
</ul>


Unlike most biotech companies in Hong Kong which focus on innovative drugs, CF PharmTech mainly produces generic drugs. Its revenue mainly comes from CF017, with high single product risk.
The pipelines have to face fierce competition and don’t have advantage in R&amp;D progress in from of competing candidates. CF PharmTech is hard to generate decent profits due to VBP. 
Since its establishment, CF PharmTech has raised its valuation step by step through multiple rounds of capital increase and equity transfer.Valuation was RMB4.021 billion in 2022, which is already high.


Pre-IPO CF PharmTech - The Outlook Is Bleak Due to VBP and Fierce Competition

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far.  Large scale A+H dual listings have surged this year.</li>
<li>Technology and healthcare sectors have dominated IPOs with the materials sector also floating several large listings.  With nearly 300 listings in the pipeline, 2026 should be another banner year.</li>
<li><a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> , <a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (9973 HK)</a> and <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> were the largest IPOs of the year while <a href="https://www.smartkarma.com/entities/pegbio-co-ltd" target="_blank" data-smartkarma-citation="entities:40924:1" rel="noopener">PegBio (2565 HK)</a> has had the best return.</li>
</ul>


Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far.  Large scale A+H dual listings have surged this year.
Technology and healthcare sectors have dominated IPOs with the materials sector also floating several large listings.  With nearly 300 listings in the pipeline, 2026 should be another banner year.
Zijin Gold (2259 HK) , Chery Automobile (9973 HK) and Mixue Group (2097 HK) were the largest IPOs of the year while PegBio (2565 HK) has had the best return.


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CF PharmTech (CFP HK)

Pre-IPO CF PharmTech (PHIP Updates) - Some Points Worth the Attention

CF PharmTech's core driver CF017 faces challenges from policy adjustments/competition. Slowdown in revenue growth and heavy reliance on single...

Xinyao (Criss) Wang

Pre-IPO CF PharmTech - The Outlook Is Bleak Due to VBP and Fierce Competition

CF PharmTech focus on generic drugs, facing fierce competition and struggling to generate profits due to high single product risk and VBP. Pre-IPO...

Xinyao (Criss) Wang

Hong Kong: IPO SPOTLIGHT - OVERVIEW 2025

Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far. Large scale A+H dual listings have surged this...

David Mudd

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52-week Range

Market Cap (USDm)

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Pre-IPO CF PharmTech (PHIP Updates) - Some Points Worth the Attention

​CF PharmTech's core driver CF017 faces challenges from policy adjustments/competition. Slowdown in revenue growth and heavy reliance on single...

Xinyao (Criss) Wang

Pre-IPO CF PharmTech - The Outlook Is Bleak Due to VBP and Fierce Competition

​CF PharmTech focus on generic drugs, facing fierce competition and struggling to generate profits due to high single product risk and VBP. Pre-IPO...

Xinyao (Criss) Wang

Hong Kong: IPO SPOTLIGHT - OVERVIEW 2025

Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far. Large scale A+H dual listings have surged this...

David Mudd

CF PharmTech's core driver CF017 faces challenges from policy adjustments/competition. Slowdown in revenue growth and heavy reliance on single...

CF PharmTech focus on generic drugs, facing fierce competition and struggling to generate profits due to high single product risk and VBP. Pre-IPO...