Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>WuXi Biologics’ Ireland facility has been approved by EMA as a commercial manufacturing site for a global client’s innovative biologic. Ab&amp;B Bio-Tech received approval for RSV vaccine in Chian.</li>
<li>Ascletis Pharma announced encouraging preclinical efficacy results for ASC47, a first-in-class muscle-preserving weight loss drug candidate. Remegen entered outlicensing agreement with Santen Pharmaceutical for a proprietary intravitreal injection.</li>
<li>Daiichi Sankyo’s Ifinatamab deruxtecan has been granted Breakthrough Therapy Designation by the FDA for small cell lung cancer. CSL intends to lay off 15% workforce and demerge CSL Seqirus.</li>
</ul>


WuXi Biologics’ Ireland facility has been approved by EMA as a commercial manufacturing site for a global client’s innovative biologic. Ab&amp;B Bio-Tech received approval for RSV vaccine in Chian.
Ascletis Pharma announced encouraging preclinical efficacy results for ASC47, a first-in-class muscle-preserving weight loss drug candidate. Remegen entered outlicensing agreement with Santen Pharmaceutical for a proprietary intravitreal injection.
Daiichi Sankyo’s Ifinatamab deruxtecan has been granted Breakthrough Therapy Designation by the FDA for small cell lung cancer. CSL intends to lay off 15% workforce and demerge CSL Seqirus.


APAC Healthcare Weekly (Aug 24) – Wuxi Bio, Ab&B Bio, Ascletis Pharma, Remegen, Daiichi Sankyo, CSL

Equity Capital Markets

Bayzed Health Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bayzed-health-group" target="_blank" data-smartkarma-citation="entities:42191:1" rel="noopener">Bayzed Health Group (BHG HK)</a> launched its Hongkong IPO aiming to raise up to HK$ 900 million. The company plans to sell 133 million shares at HK$4.22–6.75 per share.</li>
<li>The company plans to utilize the IPO proceeds to continuously strengthening the full-cycle oncology healthcare services primarily through purchasing medical equipment and recruiting medical professionals.</li>
<li>Bayzed Health is an oncology healthcare group which posted revenue of RMB 1,189 million in 2024, up by 11% YoY. Gross margins improve; net losses narrow too.</li>
</ul>



Bayzed Health Group (BHG HK) launched its Hongkong IPO aiming to raise up to HK$ 900 million. The company plans to sell 133 million shares at HK$4.22–6.75 per share.
The company plans to utilize the IPO proceeds to continuously strengthening the full-cycle oncology healthcare services primarily through purchasing medical equipment and recruiting medical professionals.
Bayzed Health is an oncology healthcare group which posted revenue of RMB 1,189 million in 2024, up by 11% YoY. Gross margins improve; net losses narrow too.


Bayzed Health Group IPO: Shows Flare; Still a Tough Road Ahead; Can Avoid The Issue

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The positioning of Bayzed is just “a supplement to public hospitals system”, with limited scale and competitiveness, which is a point that investors may need to be aware of.</li>
<li>A big problem in the operation of Bayzed is the loss status/weak profitability. At current gross margin level, it would be difficult for Bayzed to deliver good returns for investors.</li>
<li>Valuation of Bayzed should be lower than Inkon Life Technology and Hygeia. The Pre-IPO valuation is not cheap, and the valuation upside potential may be limited considering weak profitability.  </li>
</ul>


The positioning of Bayzed is just “a supplement to public hospitals system”, with limited scale and competitiveness, which is a point that investors may need to be aware of.
A big problem in the operation of Bayzed is the loss status/weak profitability. At current gross margin level, it would be difficult for Bayzed to deliver good returns for investors.
Valuation of Bayzed should be lower than Inkon Life Technology and Hygeia. The Pre-IPO valuation is not cheap, and the valuation upside potential may be limited considering weak profitability.  


Pre-IPO Bayzed Health Group (PHIP Updates) - Some Points Worth the Attention

BenQ BM Holding Cayman Corp. / Equity Capital Markets

<ul>
<li>The expansion space of BenQ is severely limited as the market has been saturated in Jiangsu Province. Due to DRG, future revenue/net profit growth would continue to be under pressure. </li>
<li>Low profit margin of general hospitals is a common problem in this industry due to pain points of business model.It’s difficult to achieve improvement.Investors need to be aware of this.</li>
<li>BenQ’s valuation should be lower than Hygeia due to weaker profitability, smaller revenue scale, lower growth outlook.Post-money valuation before IPO of US$375 million (or about RMB2.7 billion) is already expensive</li>
</ul>


The expansion space of BenQ is severely limited as the market has been saturated in Jiangsu Province. Due to DRG, future revenue/net profit growth would continue to be under pressure. 
Low profit margin of general hospitals is a common problem in this industry due to pain points of business model.It’s difficult to achieve improvement.Investors need to be aware of this.
BenQ’s valuation should be lower than Hygeia due to weaker profitability, smaller revenue scale, lower growth outlook.Post-money valuation before IPO of US$375 million (or about RMB2.7 billion) is already expensive


Pre-IPO BenQ BM Holding (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>APIs, generic drugs, CXO, low-end medical consumables will be hit the most due to tariffs.Investors are advised to be cautious on these subsectors as companies’ performance would be negatively affected. </li>
<li>As the tariff war is heating up, blood products, innovative medical device, innovative drugs, chain pharmacies, innovative medical services, pharmaceutical distribution business could be "safe haven assets" for investors. </li>
<li>The logic behind tariffs is to attack China's effective supply and trigger China's overcapacity problem, thereby weakening effective demand and reducing capital accumulation rate, so as to attack the RMB.</li>
</ul>


APIs, generic drugs, CXO, low-end medical consumables will be hit the most due to tariffs.Investors are advised to be cautious on these subsectors as companies’ performance would be negatively affected. 
As the tariff war is heating up, blood products, innovative medical device, innovative drugs, chain pharmacies, innovative medical services, pharmaceutical distribution business could be "safe haven assets" for investors. 
The logic behind tariffs is to attack China's effective supply and trigger China's overcapacity problem, thereby weakening effective demand and reducing capital accumulation rate, so as to attack the RMB.


The Impact of Trump's Tariffs on China Healthcare - The Victims, And the Safe Haven Assets

China

Hygeia is a China based oncology healthcare group.

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Hygeia Healthcare Group (6078 HK)

APAC Healthcare Weekly (Aug 24) – Wuxi Bio, Ab&B Bio, Ascletis Pharma, Remegen, Daiichi Sankyo, CSL

Wuxi Bio got EMA nod for Ireland manufacturing facility. Daiichi Sankyo got breakthrough therapy designation for its drug candidate in US. CSL...

Tina Banerjee

Bayzed Health Group IPO: Shows Flare; Still a Tough Road Ahead; Can Avoid The Issue

Bayzed Health Group launches Hong Kong IPO to raise up to HK$900M for strengthening oncology healthcare services primarily through purchasing...

Tina Banerjee

Pre-IPO Bayzed Health Group (PHIP Updates) - Some Points Worth the Attention

The positioning of Bayzed is just “a supplement to public hospital system”, with limited competitiveness.Due to weak profitability, it's hard to...

Xinyao (Criss) Wang

Pre-IPO BenQ BM Holding (PHIP Updates) - Some Points Worth the Attention

BenQ faces limited growth in Jiangsu Province due to market saturation. Low profit margin/ pain points of business model pose challenges.Valuation...

Xinyao (Criss) Wang

The Impact of Trump's Tariffs on China Healthcare - The Victims, And the Safe Haven Assets

As tariff war is heating up, some sectors in China healthcare will be victims, but there will also safe haven assets.The logic behind tariffs is to...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (Aug 24) – Wuxi Bio, Ab&B Bio, Ascletis Pharma, Remegen, Daiichi Sankyo, CSL

Wuxi Bio got EMA nod for Ireland manufacturing facility. Daiichi Sankyo got breakthrough therapy designation for its drug candidate in US. CSL...

Tina Banerjee

Bayzed Health Group IPO: Shows Flare; Still a Tough Road Ahead; Can Avoid The Issue

​Bayzed Health Group launches Hong Kong IPO to raise up to HK$900M for strengthening oncology healthcare services primarily through purchasing...

Tina Banerjee

Pre-IPO Bayzed Health Group (PHIP Updates) - Some Points Worth the Attention

The positioning of Bayzed is just “a supplement to public hospital system”, with limited competitiveness.Due to weak profitability, it's hard to...

Xinyao (Criss) Wang

Pre-IPO BenQ BM Holding (PHIP Updates) - Some Points Worth the Attention

​BenQ faces limited growth in Jiangsu Province due to market saturation. Low profit margin/ pain points of business model pose challenges.Valuation...

Xinyao (Criss) Wang

The Impact of Trump's Tariffs on China Healthcare - The Victims, And the Safe Haven Assets

As tariff war is heating up, some sectors in China healthcare will be victims, but there will also safe haven assets.The logic behind tariffs is to...

Xinyao (Criss) Wang

Bayzed Health Group launches Hong Kong IPO to raise up to HK$900M for strengthening oncology healthcare services primarily through purchasing...

BenQ faces limited growth in Jiangsu Province due to market saturation. Low profit margin/ pain points of business model pose challenges.Valuation...