HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The recent rally in healthcare is mainly driven by medical device sector. But investors are advised to exit in time before the truth is revealed.</li>
<li>For pharmaceutical sector, it may not be as lucky as medical device sector.Even if it has followed the positive momentum of medical device sector, stock price would diverge after that.</li>
<li>We won't take any chances on CXO due to geographical conflicts and overseas policy risks, with "no reversal signal". We updated our top picks in various sectors. </li>
</ul>


The recent rally in healthcare is mainly driven by medical device sector. But investors are advised to exit in time before the truth is revealed.
For pharmaceutical sector, it may not be as lucky as medical device sector.Even if it has followed the positive momentum of medical device sector, stock price would diverge after that.
We won't take any chances on CXO due to geographical conflicts and overseas policy risks, with "no reversal signal". We updated our top picks in various sectors. 


About the Recent Rebound in China Healthcare and the Future Direction (Updated Top Picks)

<ul>
<li>Next, domestic policy may shift from easing the pressure on medical insurance to focusing on the concerns about people's livelihood, the pressure of public opinion, people's demands, and old-age care.</li>
<li>The endogenous demand will be stepped downward based on current economic situation. The performance/valuation of HPV vaccine/growth hormones/eye care companies will gradually decline if just based on domestic markets.</li>
<li>The second half of 2022 to 2023 will gradually enter the outbreak period of medical equipment procurement for newly built hospitals. Related companies will usher in a "honeymoon period".</li>
</ul>


Next, domestic policy may shift from easing the pressure on medical insurance to focusing on the concerns about people's livelihood, the pressure of public opinion, people's demands, and old-age care.
The endogenous demand will be stepped downward based on current economic situation. The performance/valuation of HPV vaccine/growth hormones/eye care companies will gradually decline if just based on domestic markets.
The second half of 2022 to 2023 will gradually enter the outbreak period of medical equipment procurement for newly built hospitals. Related companies will usher in a "honeymoon period".


China Healthcare Weekly (Aug.26) - Policy Trend, Aier Eye Hospital, Hospital Project Construction

Equity Capital Markets

Scivita Medical Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/scivita-medical-technology" target="_blank" data-smartkarma-citation="entities:34701:1" rel="noopener">Scivita Medical Technology (SMT HK)</a> has certain technical advantage and a comprehensive portfolio of products and candidates, which would help the Company seize a position in this market.</li>
<li>There are also some potential risks and concerns that could be unfavorable for Scivita’s development, which should be aware of by investors.</li>
<li>In terms of the valuation, SonoScape and Aohua Endoscopy (688212.CH) could be the comparable companies, but the valuation of Scivita should be lower than either of them.</li>
</ul>



Scivita Medical Technology (SMT HK) has certain technical advantage and a comprehensive portfolio of products and candidates, which would help the Company seize a position in this market.
There are also some potential risks and concerns that could be unfavorable for Scivita’s development, which should be aware of by investors.
In terms of the valuation, SonoScape and Aohua Endoscopy (688212.CH) could be the comparable companies, but the valuation of Scivita should be lower than either of them.


Pre-IPO Scivita Medical Technology - The Industry, the Business, and the Concerns

Insight Lifetech / Equity Capital Markets

<p>On August 18, 2021, <a href="https://www.smartkarma.com/entities/insight-lifetech-co-ltd" target="_blank" data-smartkarma-citation="entities:34278:1" rel="noopener">Insight Lifetech (ILT HK)</a> submitted its prospectus to the Hong Kong Stock Exchange and officially started its IPO process. Lifetech is a medtech company dedicated to developing precision solutions with the potential to transform the diagnosis and treatment of cardiovascular diseases. Founded more than five years ago, Lifetech had already gone through six rounds of financing (at least one round every year). This article mainly analyzed the industry characteristics, the business and the concerns of the Company.</p>

On August 18, 2021, Insight Lifetech (ILT HK) submitted its prospectus to the Hong Kong Stock Exchange and officially started its IPO process. Lifetech is a medtech company dedicated to developing precision solutions with the potential to transform the diagnosis and treatment of cardiovascular diseases. Founded more than five years ago, Lifetech had already gone through six rounds of financing (at least one round every year). This article mainly analyzed the industry characteristics, the business and the concerns of the Company.

Pre-IPO Insight Lifetech - Insights on Industry, Products and Concerns

Neusoft Medical Systems / Equity Capital Markets

<p>On May 31, 2021, <a href="https://www.smartkarma.com/entities/neusoft-medical-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:33446:1" rel="noopener">Neusoft Medical Systems (NMS HK)</a> filed a prospectus with the Hong Kong Stock Exchange to be listed on the Main Board. This is the second time for Neusoft to submit a prospectus in a year. In June, 2020, Neusoft had applied for listing on the SSE STAR Market, but withdrew in November, 2020. For the reason of the withdrawal, the Company said that due to the outbreak of COVID-19, due diligence and other procedures for overseas subsidiaries of Neusoft cannot be carried out, and the Company also planned to prioritize potential acquisitions. So will it go well this time? This insight mainly analyzed the industry characteristics, the business, the financial position and the concerns of the Company.</p>

On May 31, 2021, Neusoft Medical Systems (NMS HK) filed a prospectus with the Hong Kong Stock Exchange to be listed on the Main Board. This is the second time for Neusoft to submit a prospectus in a year. In June, 2020, Neusoft had applied for listing on the SSE STAR Market, but withdrew in November, 2020. For the reason of the withdrawal, the Company said that due to the outbreak of COVID-19, due diligence and other procedures for overseas subsidiaries of Neusoft cannot be carried out, and the Company also planned to prioritize potential acquisitions. So will it go well this time? This insight mainly analyzed the industry characteristics, the business, the financial position and the concerns of the Company.

Pre-IPO Neusoft Medical Systems - Promising Market but Full of Challenges

China

Sonoscape Medical Corp. manufactures medical equipment. The Company develops, produces, and sells ultrasound diagnostic systems, transducers, and other medical equipment products. Sonoscape Medical serves customers worldwide.

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Sonoscape Medical Corp (300633 CH)

About the Recent Rebound in China Healthcare and the Future Direction (Updated Top Picks)

There's catalyst in medical device sector, leading to the recent rebound, but investors should exit in time before the truth is revealed. After the...

Xinyao (Criss) Wang

China Healthcare Weekly (Aug.26) - Policy Trend, Aier Eye Hospital, Hospital Project Construction

Policy may shift from easing medical insurance pressure to improving people's livelihood. Low endogenous demand will affect company's valuation....

Xinyao (Criss) Wang

Pre-IPO Scivita Medical Technology - The Industry, the Business, and the Concerns

Scivita has technical advantage and a comprehensive portfolio, but there are uncertainties in terms of commercialization. Reusable and single-use...

Xinyao (Criss) Wang

Pre-IPO Insight Lifetech - Insights on Industry, Products and Concerns

This article analyzed Insight Lifetech in terms of the industry characteristics of interventional cardiovascular devices, the products/candidates...

Xinyao (Criss) Wang

Pre-IPO Neusoft Medical Systems - Promising Market but Full of Challenges

The article mainly analyzed Neusoft Medical Systems in terms of the industry characteristics (market potential/policies), the business (comparison...

Xinyao (Criss) Wang

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