HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>COREE's business model is to act as a "connector" between pharmaceutical companies, channels, terminals.Core competitiveness is COREE has stood at the most important traffic entry point for China’s pediatric drugs.</li>
<li>The advantage lies in that COREE has proven its “irreplaceability” in a specific niche field. The challenge is how to open up new growth space without undermining the existing stability.</li>
<li>Some indicators of COREE show signs of deterioration. Close peers include <a href="https://www.smartkarma.com/entities/sinopharm-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:32:1" rel="noopener">Sinopharm Group </a>and <a href="https://www.smartkarma.com/entities/china-resources-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:22928:1" rel="noopener">China Resources Pharmaceutical</a>. Since COREE has higher risk than SOE peers, valuation could be 10-12x P/E.</li>
</ul>


COREE's business model is to act as a "connector" between pharmaceutical companies, channels, terminals.Core competitiveness is COREE has stood at the most important traffic entry point for China’s pediatric drugs.
The advantage lies in that COREE has proven its “irreplaceability” in a specific niche field. The challenge is how to open up new growth space without undermining the existing stability.
Some indicators of COREE show signs of deterioration. Close peers include Sinopharm Group and China Resources Pharmaceutical. Since COREE has higher risk than SOE peers, valuation could be 10-12x P/E.


Pre-IPO COREE - The Business Model and the Concerns Behind

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coree-company-limited" target="_blank" data-smartkarma-citation="entities:46173:1" rel="noopener">COREE (COREE HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC.</li>
<li>COREE is a leading integrated healthcare solution provider in China.</li>
<li>It focuses on the specialized pediatric medicine marketing, promotion, and sales market as well as the bio-health sector.</li>
</ul>



COREE (COREE HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC.
COREE is a leading integrated healthcare solution provider in China.
It focuses on the specialized pediatric medicine marketing, promotion, and sales market as well as the bio-health sector.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, its has been an unsually busy start of the year and it looks set to get even busier.</li>
<li>On the placements front, there were only a few deals across the region, as earnings linked blackouts are set to start rolling in.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, its has been an unsually busy start of the year and it looks set to get even busier.
On the placements front, there were only a few deals across the region, as earnings linked blackouts are set to start rolling in.


Aequitas: ECM Weekly (19 January 2026)- Montage, Eastroc, Longcheer, Busy Ming, Sunway, Amagi, Wuxi

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

COREE (COREE HK)

Pre-IPO COREE - The Business Model and the Concerns Behind

COREE is a key connector for pediatric drugs in China, facing challenge of expanding while maintaining stability. There's signs of deterioration....

Xinyao (Criss) Wang

COREE Co Pre-IPO Tearsheet

COREE (COREE HK) plans to raise over US$100m in Hong Kong IPO, led by CICC. A key player in China's healthcare industry, specializing in pediatric...

Nicholas Tan

Aequitas: ECM Weekly (19 January 2026)- Montage, Eastroc, Longcheer, Busy Ming, Sunway, Amagi, Wuxi

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO COREE - The Business Model and the Concerns Behind

​COREE is a key connector for pediatric drugs in China, facing challenge of expanding while maintaining stability. There's signs of deterioration....

Xinyao (Criss) Wang

COREE Co Pre-IPO Tearsheet

​COREE (COREE HK) plans to raise over US$100m in Hong Kong IPO, led by CICC. A key player in China's healthcare industry, specializing in pediatric...

Nicholas Tan

Aequitas: ECM Weekly (19 January 2026)- Montage, Eastroc, Longcheer, Busy Ming, Sunway, Amagi, Wuxi

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

COREE is a key connector for pediatric drugs in China, facing challenge of expanding while maintaining stability. There's signs of deterioration....

COREE (COREE HK) plans to raise over US$100m in Hong Kong IPO, led by CICC. A key player in China's healthcare industry, specializing in pediatric...