In today’s briefing:
- China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement
China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement
- The 25H1 results of JD Health beat expectations. Due to the strong financial position/positive growth outlook, reasonable valuation of JD Health is P/S of 3 to 4x.
- Ascletis announced Share Placing.If ASC30’s Phase IIa data remain excellent, potential BD/licensing deal would drive valuation to HK$25bn. However, if clinical data is disappointing, valuation may fall below HK$12 billion.
- Reasonable valuation of Hansoh is about RMB108-111 billion. So, the Placing Price of HK$36.30 per Placing Share is expensive. We think the valuation of Hansoh should be lower than BeiGene.
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