HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The NMPA has issued a draft regulation about rare diseases, which would have a profound impact. Investors are advised to follow this field as policy becomes more friendly.</li>
<li>After continuous corrections, many investors are wondering if the healthcare sector has reached bottom. We analyzed our thoughts and judgement.</li>
<li>Let's have a look at the lockdown in China from a different angle. The zero-COVID policy could make economic sense. The “travails” are significant for the coming economic crisis.</li>
</ul>


The NMPA has issued a draft regulation about rare diseases, which would have a profound impact. Investors are advised to follow this field as policy becomes more friendly.
After continuous corrections, many investors are wondering if the healthcare sector has reached bottom. We analyzed our thoughts and judgement.
Let's have a look at the lockdown in China from a different angle. The zero-COVID policy could make economic sense. The “travails” are significant for the coming economic crisis.


China Healthcare Weekly (May20)-Lockdown Impact on Macro Economy, Bottom Signal? Rare Disease Policy

<ul>
<li>China biotech companies are “being squeezed” between the negative domestic policies and the dilemma of internationalization. The investment logic of biotech has broken and the valuation forecasts are ineffective.</li>
<li>For CXO, the uncertainties outweigh the certainties.Investors need to be prepared for the possibility of CXO not to return to its peak, because its best time may have been over.</li>
<li>We’re in a very complicated environment. A lot of things come together. Survive first. Seize rebounds after plunge rather than go bottom fishing. You don't know when the bottom is. </li>
</ul>


China biotech companies are “being squeezed” between the negative domestic policies and the dilemma of internationalization. The investment logic of biotech has broken and the valuation forecasts are ineffective.
For CXO, the uncertainties outweigh the certainties.Investors need to be prepared for the possibility of CXO not to return to its peak, because its best time may have been over.
We’re in a very complicated environment. A lot of things come together. Survive first. Seize rebounds after plunge rather than go bottom fishing. You don't know when the bottom is. 


Re-Examine the Outlook and Investment Strategy for China Biotech and CXO

<ul>
<li>The development trajectory of Japanese pharmaceutical companies could be a good reference for Chinese pharmaceutical companies. Their “solution” is innovation + internationalization.</li>
<li>We further analyzed the impact of Shanghai lockdown to Pharma and CXOs. In the context of intensifying global confrontation, resource shortage and soaring costs, the priority of healthcare may decline.</li>
<li>At the current stage, biotech companies could be divided into the following categories, and it is very interesting.</li>
</ul>


The development trajectory of Japanese pharmaceutical companies could be a good reference for Chinese pharmaceutical companies. Their “solution” is innovation + internationalization.
We further analyzed the impact of Shanghai lockdown to Pharma and CXOs. In the context of intensifying global confrontation, resource shortage and soaring costs, the priority of healthcare may decline.
At the current stage, biotech companies could be divided into the following categories, and it is very interesting.


China Healthcare Weekly (Apr.29)-SH Lockdown Impact on Pharma/CXO,China Biotech Categories & Way Out

<ul>
<li>The domestic provider business subsector fell sharply due to a document leaked out of the industry.Although rebounded, before the policy is clear, we do not recommend to buy the dips.</li>
<li>The reasonable market value of a biotech company in HKEX is the price that Big Pharma is willing to pay for it, or the valuation of its products.</li>
<li>Obtaining CE certificate is one of an important (or “easier”) ways for domestic medical device companies to enter global markets. However, the game rule changes.</li>
</ul>


The domestic provider business subsector fell sharply due to a document leaked out of the industry.Although rebounded, before the policy is clear, we do not recommend to buy the dips.
The reasonable market value of a biotech company in HKEX is the price that Big Pharma is willing to pay for it, or the valuation of its products.
Obtaining CE certificate is one of an important (or “easier”) ways for domestic medical device companies to enter global markets. However, the game rule changes.


China Healthcare Weekly (Mar18)-Leaked Document On Medical Service,Biotech Valuation,CE Mark Upgrade

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.</li>
<li>Aftermarket returns have rolled over. 3Q26 to date is the weakest quarter since 4Q25, with one positive deal in six.</li>
<li>The international cornerstone screen has lost selectivity. Deep pricing discounts and premium compression now explain more of the positive deals.</li>
</ul>


We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.
Aftermarket returns have rolled over. 3Q26 to date is the weakest quarter since 4Q25, with one positive deal in six.
The international cornerstone screen has lost selectivity. Deep pricing discounts and premium compression now explain more of the positive deals.


HK A+H IPO 2026: Supply Congestion, Stalled Premium Compression [Update 2]

Hong Kong

Sino Biopharmaceutical is a leading, innovation-driven pharmaceutical conglomerate in China, focusing on the research, development, manufacturing, and sale of pharmaceutical products. The company specializes in therapeutic areas such as oncology, hepatology, respiratory, and cardiovascular diseases, offering both modernized Chinese and Western medicines. It was founded in 2000 and is headquartered in Wanchai, Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sino Biopharmaceutical (1177 HK)

China Healthcare Weekly (May20)-Lockdown Impact on Macro Economy, Bottom Signal? Rare Disease Policy

The lockdown could make economic sense, which is significant for coming economic crisis;We analyzed the bottom signal of biotech/CXO/medical...

Xinyao (Criss) Wang

Re-Examine the Outlook and Investment Strategy for China Biotech and CXO

The investment logic of China biotech has broken due to dilemma of domestic policy and internationalization risk.CXO couldn't sustain high...

Xinyao (Criss) Wang

China Healthcare Weekly (Apr.29)-SH Lockdown Impact on Pharma/CXO,China Biotech Categories & Way Out

We analyzed the impact of lockdown to Pharma and CXO, worrying the priority of healthcare may decline.China biotech can be divided into some...

Xinyao (Criss) Wang

China Healthcare Weekly (Mar18)-Leaked Document On Medical Service,Biotech Valuation,CE Mark Upgrade

We analyzed the impact of leaked document on medical service. We also analyzed the logic of the reasonable market value of a biotech in HKEX. The...

Xinyao (Criss) Wang

HK A+H IPO 2026: Supply Congestion, Stalled Premium Compression [Update 2]

We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)