HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Mabwell (Shanghai) Bioscience / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mabwell-shanghai-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:44225:1" rel="noopener">Mabwell (Shanghai) Bioscience (MAB HK)</a> has three commercialized products on the market, but their commercialization performance have been far lower-than-expected, leading to small revenue scale and continuously expanding losses. </li>
<li>Mabwell’s ADC technology is actually outdated. We’re not optimistic about the final efficacy of 9MW2821, which is hard to become a Best-In-Class. Other pipeline candidates need to face fierce competition.</li>
<li>Mabwell’s pipeline actually lack competitiveness in the market. Due to weak liquidity, share price of Mabwell in HK market would be traded at a discount to A shares.</li>
</ul>



Mabwell (Shanghai) Bioscience (MAB HK) has three commercialized products on the market, but their commercialization performance have been far lower-than-expected, leading to small revenue scale and continuously expanding losses. 
Mabwell’s ADC technology is actually outdated. We’re not optimistic about the final efficacy of 9MW2821, which is hard to become a Best-In-Class. Other pipeline candidates need to face fierce competition.
Mabwell’s pipeline actually lack competitiveness in the market. Due to weak liquidity, share price of Mabwell in HK market would be traded at a discount to A shares.


Pre-IPO Mabwell (Shanghai) Bioscience - The ADC Technology Is Outdated

Jingze Biopharmaceutical (Hefei) / Equity Capital Markets

<ul>
<li>JZB33 is expected to have more growth potential than JZB30. However, the rhFSH market is highly competitive. JZB30/JZB33 not only need to compete with MNCs but also domestic Big Pharma.</li>
<li>The "inverted pyramid" pipeline distribution leads to a high dependence JZB30, JZB33, JZB05 for Jingze's performance growth in the next 3-5 years, thus lacking sustained innovation and growth momentum.</li>
<li>Post-Money valuation was RMB3.09 billion after Series C+ Financing. We think valuation of Jingze should be lower than Henlius, <a href="https://www.smartkarma.com/entities/chengdu-kanghong-pharmaceutical-group-a" target="_blank" data-smartkarma-citation="entities:24723:1" rel="noopener">Chengdu Kanghong </a>due to the concerns on commercialization outlook/Biosimilar VBP.</li>
</ul>


JZB33 is expected to have more growth potential than JZB30. However, the rhFSH market is highly competitive. JZB30/JZB33 not only need to compete with MNCs but also domestic Big Pharma.
The "inverted pyramid" pipeline distribution leads to a high dependence JZB30, JZB33, JZB05 for Jingze's performance growth in the next 3-5 years, thus lacking sustained innovation and growth momentum.
Post-Money valuation was RMB3.09 billion after Series C+ Financing. We think valuation of Jingze should be lower than Henlius, Chengdu Kanghong due to the concerns on commercialization outlook/Biosimilar VBP.


Pre-IPO Jingze Biopharmaceutical (Hefei) - The Concerns and the Outlook

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Mabwell (Shanghai) Bioscience (MAB HK)

Pre-IPO Mabwell (Shanghai) Bioscience - The ADC Technology Is Outdated

Mabwell is struggling with lower-than-expected commercialization performance and outdated ADC technology. The pipeline lacks competitiveness,...

Xinyao (Criss) Wang

Pre-IPO Jingze Biopharmaceutical (Hefei) - The Concerns and the Outlook

"Inverted pyramid" pipeline distribution lead to high dependence JZB30/JZB33/JZB05 for Jingze's performance growth, thus lacking sustained...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Mabwell (Shanghai) Bioscience - The ADC Technology Is Outdated

​Mabwell is struggling with lower-than-expected commercialization performance and outdated ADC technology. The pipeline lacks competitiveness,...

Xinyao (Criss) Wang

Pre-IPO Jingze Biopharmaceutical (Hefei) - The Concerns and the Outlook

"Inverted pyramid" pipeline distribution lead to high dependence JZB30/JZB33/JZB05 for Jingze's performance growth, thus lacking sustained...

Xinyao (Criss) Wang

Mabwell is struggling with lower-than-expected commercialization performance and outdated ADC technology. The pipeline lacks competitiveness,...