HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>According to NHSA and NHC’s new documents, the charging principle of joint replacement surgical robots is stipulated. With more hospitals introducing surgical robots,the commercialization prospects of this area becomes clearer.</li>
<li>Senate blesses bill to boost American competitiveness and curb its reliance on China for critical supplies, such as APIs. However, it may not be so easy to solve.</li>
<li>The sequela of COVID-19 could become a public health problem that cannot be ignored. For companies, instead of developing COVID-19 vaccines/drugs, entering COVID recovery market could be a good strategy.</li>
</ul>


According to NHSA and NHC’s new documents, the charging principle of joint replacement surgical robots is stipulated. With more hospitals introducing surgical robots,the commercialization prospects of this area becomes clearer.
Senate blesses bill to boost American competitiveness and curb its reliance on China for critical supplies, such as APIs. However, it may not be so easy to solve.
The sequela of COVID-19 could become a public health problem that cannot be ignored. For companies, instead of developing COVID-19 vaccines/drugs, entering COVID recovery market could be a good strategy.


China Healthcare Weekly (Apr.8)-Surgical Robots Pricing Rules,America COMPETES Act,COVID-19 Sequelae

<ul>
<li>Recently, the “14th Five-year Plan” for the construction of China's medical beauty standard system was released. We analyzed the impact on related companies.</li>
<li>As <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> was included in "unverified list", its share price tumbled. So, it’s extremely urgent for China to realize autonomous control of important upstream raw materials and equipment. </li>
<li>
<a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a> should hold additional clinical trials to back its biologics application for Sintilimab (PD-1), indicating that the FDA’s attitude has changed.</li>
</ul>


Recently, the “14th Five-year Plan” for the construction of China's medical beauty standard system was released. We analyzed the impact on related companies.
As Wuxi Biologics (2269 HK) was included in "unverified list", its share price tumbled. So, it’s extremely urgent for China to realize autonomous control of important upstream raw materials and equipment. 

Innovent Biologics Inc (1801 HK) should hold additional clinical trials to back its biologics application for Sintilimab (PD-1), indicating that the FDA’s attitude has changed.


China Healthcare Weekly (Feb.11)- “14th Five-Year Plan” For Medical Beauty, Wuxi Biologics, Innovent

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Ascentage Pharma / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-international" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma (6855 HK)</a> has filed for a likely future at-the-market equity offering program of American depositary shares to raise up to US$ 200M.</li>
<li>Company reported revenue of RMB 574.1M in 2025, down 41.5%, largely because of high base effect. Revenue from Olverembatinib was up 81% YoY. Lisaftoclax garnered RMB 70.6M in sales.</li>
<li>Losses will continue and R&amp;D expenses, commercialization cost will be catered to by the likes of above ADS offering and previous placement proceeds. 2027 likely to be an inflection point.</li>
</ul>



Ascentage Pharma (6855 HK) has filed for a likely future at-the-market equity offering program of American depositary shares to raise up to US$ 200M.
Company reported revenue of RMB 574.1M in 2025, down 41.5%, largely because of high base effect. Revenue from Olverembatinib was up 81% YoY. Lisaftoclax garnered RMB 70.6M in sales.
Losses will continue and R&amp;D expenses, commercialization cost will be catered to by the likes of above ADS offering and previous placement proceeds. 2027 likely to be an inflection point.


Ascentage Pharma (6855 HK): ADS Offering Justified, 2027 Likely To Be An Inflection Point

<ul>
<li>Both generic drugs and innovative drugs are facing the problem of “shortened life cycle” in China, pushing pharmaceutical companies to optimize product mix and find some shortcut, such as license-in.</li>
<li>However, it has been more and more difficult to in-license cost-effective products, indicating that the afterwards commercialization could be hard to cover the license-in cost or make decent profits.. </li>
<li>A way out is to <strong>reshape the development path</strong> after license-in by relying on strong R&amp;D systems, so as to achieve truly valuable innovation and thus maximize the commercialization value. </li>
</ul>


Both generic drugs and innovative drugs are facing the problem of “shortened life cycle” in China, pushing pharmaceutical companies to optimize product mix and find some shortcut, such as license-in.
However, it has been more and more difficult to in-license cost-effective products, indicating that the afterwards commercialization could be hard to cover the license-in cost or make decent profits.. 
A way out is to reshape the development path after license-in by relying on strong R&amp;D systems, so as to achieve truly valuable innovation and thus maximize the commercialization value. 


A Second Thought on the License-In Mode - Dilemmas and Solutions

<ul>
<li>The 2021 national medical insurance negotiation released results on December 3.</li>
<li>If the COVID virus continues to mutate in a more transmissible direction, the logic of related companies would change.</li>
<li>For those new IPOs that fell on debut, the current "cold winter" is a rational return of the crazy healthcare investment capital market since 2019.</li>
</ul>


The 2021 national medical insurance negotiation released results on December 3.
If the COVID virus continues to mutate in a more transmissible direction, the logic of related companies would change.
For those new IPOs that fell on debut, the current "cold winter" is a rational return of the crazy healthcare investment capital market since 2019.


China Healthcare Weekly (Dec.3)-2021 Insurance Negotiation Results,new COVID Virus,a Rational Return

China

Everest Medicines is a biopharmaceutical company focused on discovering, developing, manufacturing, and commercializing innovative pharmaceutical products and vaccines. The company has a product pipeline across renal, anti-infective, autoimmune, critical care, cardiovascular, and ophthalmic diseases, including products like Nefecon (TarpeyoTM) and Eravacycline (Xerava). Everest Medicines was founded in 2017 and is headquartered in Shanghai, China.

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Everest Medicines (1952 HK)

China Healthcare Weekly (Apr.8)-Surgical Robots Pricing Rules,America COMPETES Act,COVID-19 Sequelae

The pricing rules of NHSA/NHC offer clearer outlook for surgical robots;The America COMPETES Act to curb reliance on China's APIs could be...

Xinyao (Criss) Wang

China Healthcare Weekly (Feb.11)- “14th Five-Year Plan” For Medical Beauty, Wuxi Biologics, Innovent

We analyzed the “14th Five-year Plan” for medical beauty, the impact of WuXi Bio after being included in "unverified list" and the prospects of...

Xinyao (Criss) Wang

Ascentage Pharma (6855 HK): ADS Offering Justified, 2027 Likely To Be An Inflection Point

Ascentage Pharma plans to raise up to US$200M through ADS offering. Olverembatinib, Lisaftoclax gradually gaining momentum. 2027 likely to be an...

Tina Banerjee

A Second Thought on the License-In Mode - Dilemmas and Solutions

We analyzed the logic and dilemma faced by China pharmaceutical companies in terms of license-in.As it's more difficult to in-license cost...

Xinyao (Criss) Wang

China Healthcare Weekly (Dec.3)-2021 Insurance Negotiation Results,new COVID Virus,a Rational Return

This article analyzed the 2021 national medical insurance negotiation results, the change in logic of valuation due to the new COVID virus, and a...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Apr.8)-Surgical Robots Pricing Rules,America COMPETES Act,COVID-19 Sequelae

The pricing rules of NHSA/NHC offer clearer outlook for surgical robots;The America COMPETES Act to curb reliance on China's APIs could be...

Xinyao (Criss) Wang

China Healthcare Weekly (Feb.11)- “14th Five-Year Plan” For Medical Beauty, Wuxi Biologics, Innovent

We analyzed the “14th Five-year Plan” for medical beauty, the impact of WuXi Bio after being included in "unverified list" and the prospects of...

Xinyao (Criss) Wang

Ascentage Pharma (6855 HK): ADS Offering Justified, 2027 Likely To Be An Inflection Point

​Ascentage Pharma plans to raise up to US$200M through ADS offering. Olverembatinib, Lisaftoclax gradually gaining momentum. 2027 likely to be an...

Tina Banerjee

A Second Thought on the License-In Mode - Dilemmas and Solutions

We analyzed the logic and dilemma faced by China pharmaceutical companies in terms of license-in.As it's more difficult to in-license cost...

Xinyao (Criss) Wang

China Healthcare Weekly (Dec.3)-2021 Insurance Negotiation Results,new COVID Virus,a Rational Return

This article analyzed the 2021 national medical insurance negotiation results, the change in logic of valuation due to the new COVID virus, and a...

Xinyao (Criss) Wang

Ascentage Pharma plans to raise up to US$200M through ADS offering. Olverembatinib, Lisaftoclax gradually gaining momentum. 2027 likely to be an...