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Articles from Caixin Global

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Equity Bottom-Up

<ul><li>Jinxin Fertility Group Ltd., China’s largest private provider of in vitro fertility (IVF) services, is buying a stake in an Indonesian peer, venturing into Southeast Asia as demand in China declines with more couples opting not to have babies.</li><li>Hong Kong-listed Jinxin Fertility has signed an equity investment deal to become a “significant shareholder” of PT Morula Indonesia, an IVF specialist affiliated with PT Bundamedik Tbk, a major women- and children-focused health care services group in Indonesia, according to a joint statement Monday.</li><li>It did not specify how much capital Jinxin will invest.</li></ul>

Jinxin Fertility Group Ltd., China’s largest private provider of in vitro fertility (IVF) services, is buying a stake in an Indonesian peer, venturing into Southeast Asia as demand in China declines with more couples opting not to have babies.Hong Kong-listed Jinxin Fertility has signed an equity investment deal to become a “significant shareholder” of PT Morula Indonesia, an IVF specialist affiliated with PT Bundamedik Tbk, a major women- and children-focused health care services group in Indonesia, according to a joint statement Monday.It did not specify how much capital Jinxin will invest.

Chinese IVF Specialist Expands Into Southeast Asia With Indonesian Investment 

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

IVF Hospital Management Group Limited / Equity Capital Markets

IVF Hospital Management Group Limited (IVF12 HK)

<ul>
<li>IVF Hospital’s profitability and growth momentum look good at this stage, but the Company is still in early stage of development, with obvious gap with leading players in the industry.</li>
<li>IVF penetration rate in China is not high and the rate of improvement is slow. With public hospitals accounting for over 90% market share, IVF Hospital’s growth space is limited.</li>
<li>Licensing is a big barrier for development, slowing down the pace of nationwide expansion. The “good story” should be based on internationalization, which is actually the weakness of IVF Hospital.</li>
</ul>


IVF Hospital’s profitability and growth momentum look good at this stage, but the Company is still in early stage of development, with obvious gap with leading players in the industry.
IVF penetration rate in China is not high and the rate of improvement is slow. With public hospitals accounting for over 90% market share, IVF Hospital’s growth space is limited.
Licensing is a big barrier for development, slowing down the pace of nationwide expansion. The “good story” should be based on internationalization, which is actually the weakness of IVF Hospital.


Pre-IPO IVF Hospital Management Group - The Industry, the Business and the Risks Behind

Livzon Pharmaceutical Group In / Equity Bottom-Up

Livzon Pharmaceutical Group In (000513 CH)

<ul>
<li>Several provinces have successively introduced policies to encourage childbirth. Increasing medical insurance reimbursement and special additional deduction standards for personal income tax would be the common direction. </li>
<li>This year is mainly a period of intensive introduction of relevant fertility support policies, so the impact on company’s performance is limited.The focus would be on next year's financial results.</li>
<li>We analyzed the performance of <a href="https://www.smartkarma.com/entities/livzon-pharmaceutical-group-in" target="_blank" data-smartkarma-citation="entities:24770:1" rel="noopener">Livzon Pharmaceutical Group In (000513 CH),</a><a href="https://www.smartkarma.com/entities/bgi-genomics-co-ltd" target="_blank" data-smartkarma-citation="entities:25890:1" rel="noopener">BGI Genomics (300676 CH)</a><a href="https://www.smartkarma.com/entities/livzon-pharmaceutical-group-in" target="_blank" data-smartkarma-citation="entities:24770:1" rel="noopener"> and </a><a href="https://www.smartkarma.com/entities/jinxin-fertility-group-ltd" target="_blank" data-smartkarma-citation="entities:28003:1" rel="noopener">Jinxin Fertility Group (1951 HK) </a>based on their 23H1 reports, and adjusted our forecast accordingly.</li>
</ul>


Several provinces have successively introduced policies to encourage childbirth. Increasing medical insurance reimbursement and special additional deduction standards for personal income tax would be the common direction. 
This year is mainly a period of intensive introduction of relevant fertility support policies, so the impact on company’s performance is limited.The focus would be on next year's financial results.
We analyzed the performance of Livzon Pharmaceutical Group In (000513 CH),BGI Genomics (300676 CH) and Jinxin Fertility Group (1951 HK) based on their 23H1 reports, and adjusted our forecast accordingly.


China Population Policies Impact on Healthcare Companies Series – Part 2

<ul>
<li>China has started taking measures to optimize fertility policies. The inclusion of assisted reproduction technologies in medical insurance is a general trend, which would generate increasing demand in the future.</li>
<li>From the current domestic assisted reproductive industry chain, there is significant import substitution space and growth potential in the fields of related drugs, prenatal/newborn genetic testing, and downstream medical services.</li>
<li>Companies such as Livzon/BGI/Jinxin would be the direct beneficiaries of related policy. We analyzed the industry characteristics, investment rationale, key risks and comparison with peers of these companies. </li>
</ul>


China has started taking measures to optimize fertility policies. The inclusion of assisted reproduction technologies in medical insurance is a general trend, which would generate increasing demand in the future.
From the current domestic assisted reproductive industry chain, there is significant import substitution space and growth potential in the fields of related drugs, prenatal/newborn genetic testing, and downstream medical services.
Companies such as Livzon/BGI/Jinxin would be the direct beneficiaries of related policy. We analyzed the industry characteristics, investment rationale, key risks and comparison with peers of these companies. 


China Population Policies Impact on Healthcare Companies Series - Part 1

<ul>
<li>NHSA released the new NRDL negotiation rules of innovative drugs. Some adjustments will bring certain benefits to innovative drugs, but the overall impact will not be as good as expected. </li>
<li>Beijing announced that 16 assisted reproduction technologies will be covered by medical insurance reimbursement from July 1. This policy should benefit companies in the assisted reproduction industry chain.</li>
<li>We analyzed the key flaws of <a href="https://www.smartkarma.com/entities/kintor-pharmaceutical" target="_blank" data-smartkarma-citation="entities:28884:1" rel="noopener">Kintor Pharmaceutical (9939 HK)</a>, and we remain skeptical about this company.</li>
</ul>


NHSA released the new NRDL negotiation rules of innovative drugs. Some adjustments will bring certain benefits to innovative drugs, but the overall impact will not be as good as expected. 
Beijing announced that 16 assisted reproduction technologies will be covered by medical insurance reimbursement from July 1. This policy should benefit companies in the assisted reproduction industry chain.
We analyzed the key flaws of Kintor Pharmaceutical (9939 HK), and we remain skeptical about this company.


China Healthcare Weekly (Jul.7) - New NRDL Negotiation Rules, Assisted Reproduction Payment, Kintor

China

Jinxin Fertility Group is a leading international provider of assisted reproductive services (ARS) and assisted reproductive technology (ART). Its core offerings include In Vitro Fertilization (IVF), Intrauterine Insemination (IUI), egg retrieval, embryo transfer, and genetic screening, alongside a range of women's health services. The company is headquartered in Chengdu, China, and was founded in 1951.

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Jinxin Fertility (1951 HK)

Chinese IVF Specialist Expands Into Southeast Asia With Indonesian Investment

Jinxin Fertility Group Ltd. , China’s largest private provider of in vitro fertility (IVF) services, is buying a stake in an Indonesian peer,...

Caixin Global

Pre-IPO IVF Hospital Management Group - The Industry, the Business and the Risks Behind

IVF Hospital's current performance growth looks healthy. However, due to licensing barriers/competitive landscape, future expansion space is...

Xinyao (Criss) Wang

China Population Policies Impact on Healthcare Companies Series – Part 2

Several regions have successively introduced policies to encourage childbirth, so we analyzed the recent policy updates. Based on Livzon/BGI...

Xinyao (Criss) Wang

China Population Policies Impact on Healthcare Companies Series - Part 1

China's population problem is already very serious. So, the government has begun to take a series of measures to optimize fertility policies. We...

Xinyao (Criss) Wang

China Healthcare Weekly (Jul.7) - New NRDL Negotiation Rules, Assisted Reproduction Payment, Kintor

Investors should not be overly optimistic about the new NRDL negotiation rule of innovative drug. Assisted reproduction technology will be covered...

Xinyao (Criss) Wang

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