HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Chongqing Zhifei Biological Products / Equity Bottom-Up

Chongqing Zhifei Biological Products (300122 CH)

<ul>
<li>Under the current policy in China, any minor changes to vaccine doses require a series of clinical data support and registration changes. So, WHO’s recommendation won’t affect Zhifei’s short-term performance.</li>
<li>The increasing domestic competing HPV vaccines in the future would be a big threat to Zhifei’s agency business. Its self-developed products may not be strong enough to compensate. </li>
<li>The performance in 2022 is expected to be solid before real challenge comes in 2024. The valuation logic and outlook won’t be brighten unless there’s new breakthrough in agency business.</li>
</ul>


Under the current policy in China, any minor changes to vaccine doses require a series of clinical data support and registration changes. So, WHO’s recommendation won’t affect Zhifei’s short-term performance.
The increasing domestic competing HPV vaccines in the future would be a big threat to Zhifei’s agency business. Its self-developed products may not be strong enough to compensate. 
The performance in 2022 is expected to be solid before real challenge comes in 2024. The valuation logic and outlook won’t be brighten unless there’s new breakthrough in agency business.


Chongqing Zhifei Biological Products (300122.CH) - WHO's One-Dose HPV Vaccine Regimen & The Outlook

Equity Capital Markets

The global spread of COVID-19 has given the vaccine industry unprecedented attention. With the increasing prosperity of the industry, many vaccine companies are increasingly enthusiastic about going public. On Sep 12, 2021, <a href="https://www.smartkarma.com/entities/aim-vaccine-co-ltd" target="_blank" data-smartkarma-citation="entities:33778:1" rel="noopener">AIM Vaccine (AIM HK)</a> submitted its listing application to the HKEX and officially started its IPO process. AIM is a leading vaccine company that covers the full value chain from R&amp;D to manufacturing and to commercialization. This insight mainly analyzed AIM in terms of the industry characteristics, the key vaccine products, the vaccine pipeline and related concerns of the Company.

The global spread of COVID-19 has given the vaccine industry unprecedented attention. With the increasing prosperity of the industry, many vaccine companies are increasingly enthusiastic about going public. On Sep 12, 2021, AIM Vaccine (AIM HK) submitted its listing application to the HKEX and officially started its IPO process. AIM is a leading vaccine company that covers the full value chain from R&amp;D to manufacturing and to commercialization. This insight mainly analyzed AIM in terms of the industry characteristics, the key vaccine products, the vaccine pipeline and related concerns of the Company.

Pre-IPO AIM Vaccine - Insights on Key Products, Pipeline and Concerns

On August 30, 2021, <a href="https://www.smartkarma.com/entities/cansino-biologics-inc-cc0c90b7-e854-4ba3-929b-914be1bd0d89" target="_blank" data-smartkarma-citation="entities:32181:1" rel="noopener">CanSino Biologics Inc (688185 CH)</a> released it 2021/1H financial results. The revenue was RMB2.06 billion, up 51057.67% YoY, and the net profit was RMB937 million, which was the first time for CanSino to be profitable after successive years of losses. However, it seems that the market was not satisfied with the results. On August 31, the Company’s share price was down 3.34%. Although the share price was up 1.5% on September 1, it continued to fall by 4.94% on September 2 and 0.72% on September 3. It is also worth mentioning that since the beginning of Q3, CanSino’s share price has fallen by 52.56%, and the market value is also below RMB100 billion by the end of September 3. This insight mainly analyzed the concerns on key products and the outlook of the Company.

On August 30, 2021, CanSino Biologics Inc (688185 CH) released it 2021/1H financial results. The revenue was RMB2.06 billion, up 51057.67% YoY, and the net profit was RMB937 million, which was the first time for CanSino to be profitable after successive years of losses. However, it seems that the market was not satisfied with the results. On August 31, the Company’s share price was down 3.34%. Although the share price was up 1.5% on September 1, it continued to fall by 4.94% on September 2 and 0.72% on September 3. It is also worth mentioning that since the beginning of Q3, CanSino’s share price has fallen by 52.56%, and the market value is also below RMB100 billion by the end of September 3. This insight mainly analyzed the concerns on key products and the outlook of the Company.

CanSino Biologics (688185.CH/6185.HK) 2021/1H - Concerns on Key Products and the Outlook

Beijing Wantai Biological Phar / Equity Bottom-Up

Beijing Wantai Biological Phar (603392 CH)

By the end of July 13, 2021, the stock price of <a href="https://www.smartkarma.com/entities/beijing-wantai-biological-a" target="_blank" data-smartkarma-citation="entities:30129:1" rel="noopener">Beijing Wantai Biological-A (603392 CH) </a>was closed at RMB279.1/share, up 3090% compared with its IPO price (RMB8.75/share) in April, 2020. Last week, Wantai announced that its wholly-owned IVD subsidiary planned to invest RMB1.336 billion to build a new industrial base. After the completion of the project, it will have a reagent production capacity of 500 million persons per year and a inspection equipment production capacity of 9000 units/year. This insight mainly analyzed the outlook of Wantai’s IVD business and its core HPV vaccine business and the related concerns.

By the end of July 13, 2021, the stock price of Beijing Wantai Biological-A (603392 CH) was closed at RMB279.1/share, up 3090% compared with its IPO price (RMB8.75/share) in April, 2020. Last week, Wantai announced that its wholly-owned IVD subsidiary planned to invest RMB1.336 billion to build a new industrial base. After the completion of the project, it will have a reagent production capacity of 500 million persons per year and a inspection equipment production capacity of 9000 units/year. This insight mainly analyzed the outlook of Wantai’s IVD business and its core HPV vaccine business and the related concerns.

Beijing Wantai Biological (603392.CH) - How to Support Its High Valuation?

On February 24th, 2021, <a href="https://www.smartkarma.com/entities/yishengbio-co-ltd" target="_blank" data-smartkarma-citation="entities:32205:1" rel="noopener">YishengBio (1872307D HK)</a> announced the completion of a Series B financing of over $130 million, led by Oceanpine and OrbiMed. Soon after, on March 8th, Yisheng filed its IPO prospectus with the HKEX. Since the Changchun Changsheng vaccine scandal in 2018, rabies vaccines have been in short supply in China. Therefore, vaccine companies hope to seize this opportunity and develop vigorously with the help of the capital market. For example, last year, <a href="https://www.smartkarma.com/entities/chengdu-kanghua-biological-a" target="_blank" data-smartkarma-citation="entities:29895:1" rel="noopener">Chengdu Kanghua Biological-A (300841 CH)</a> was listed on the A-share market successfully. This year, Yisheng also plans to raise funds, expand the business and fund the future operation in the public capital market.

On February 24th, 2021, YishengBio (1872307D HK) announced the completion of a Series B financing of over $130 million, led by Oceanpine and OrbiMed. Soon after, on March 8th, Yisheng filed its IPO prospectus with the HKEX. Since the Changchun Changsheng vaccine scandal in 2018, rabies vaccines have been in short supply in China. Therefore, vaccine companies hope to seize this opportunity and develop vigorously with the help of the capital market. For example, last year, Chengdu Kanghua Biological-A (300841 CH) was listed on the A-share market successfully. This year, Yisheng also plans to raise funds, expand the business and fund the future operation in the public capital market. 

Pre-IPO YishengBio Co., Ltd  - Here Are the Concerns Despite Solid Market Potential

China

Shenzhen Kangtai Biological Products Co., Ltd. operates biological product manufacturing businesses. The Company produces biological vaccines and other vaccine products. Shenzhen Kangtai Biological Products conducts businesses in China.

Shenzhen Kangtai Biological Pr (300601 CH)

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Shenzhen Kangtai Biological Pr (300601 CH)

Chongqing Zhifei Biological Products (300122.CH) - WHO's One-Dose HPV Vaccine Regimen & The Outlook

WHO’s recommendation on HPV vaccines is not the biggest risk of Zhifei and won't affect short-term performance, but the valuation logic...

Xinyao (Criss) Wang

Pre-IPO AIM Vaccine - Insights on Key Products, Pipeline and Concerns

This article mainly analyzed AIM in terms of the vaccine industry characteristics, the key vaccine products (human rabies vaccine, recombinant HBV...

Xinyao (Criss) Wang

CanSino Biologics (688185.CH/6185.HK) 2021/1H - Concerns on Key Products and the Outlook

This article mainly analyzed CanSino in terms of its key products including Ad5-nCoV, Ad5-nCoV for inhalation, MCV2, MCV4, and PCV13i, and the...

Xinyao (Criss) Wang

Beijing Wantai Biological (603392.CH) - How to Support Its High Valuation?

This article mainly analyzed Wantai in terms of the two core business IVD and HPV vaccine, their business outlook, the market pattern and the...

Xinyao (Criss) Wang

Pre-IPO YishengBio Co., Ltd - Here Are the Concerns Despite Solid Market Potential

This article mainly analyzed YishengBio in terms of market potential, competitive landscape, financial position, and concerns (insurance coverage,...

Xinyao (Criss) Wang

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