HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray's Trouble,Views on Akeso's Plunge

Pre-IPO Kayou - The Strength of Business Model and the Potential Risks Behind

Pre-IPO Jiangsu Hengrui Medicine H Share Listing (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Chagee Holdings - The Business Model, the Concerns Behind and Valuation Outlook

Pre-IPO Chagee Holdings - Some Points Worth the Attention

Pre-IPO Chagee Holdings - IPO Pricing Is Attractive, But Share Price May Underperform

Mixue Group (2097 HK) - Updates on Valuation Outlook and Growth Forecast Based on 2024 Results

Equity Capital Markets

<ul>
<li>Chagee may think that US IPO will help it gain greater imagination space/higher valuation. Although the tariff war is “a big surprise”, conservative IPO pricing still secure a good debut.</li>
<li>If Chagee can successfully achieve internationalization and reverse the trend of declining performance, its market value could reach US$10.9 billion. However, Chinese concept stocks would still face valuation discounts.</li>
<li>If same store GMV fails to stabilize, or overseas market penetration is lower-than-expected, or conflict between China and the US escalates, share price would face correction, with valuation falling below Starbucks.</li>
</ul>


Chagee may think that US IPO will help it gain greater imagination space/higher valuation. Although the tariff war is “a big surprise”, conservative IPO pricing still secure a good debut.
If Chagee can successfully achieve internationalization and reverse the trend of declining performance, its market value could reach US$10.9 billion. However, Chinese concept stocks would still face valuation discounts.
If same store GMV fails to stabilize, or overseas market penetration is lower-than-expected, or conflict between China and the US escalates, share price would face correction, with valuation falling below Starbucks.


Sichuan Baicha Baidao Industrial (2555 HK)

Chagee Holdings - Thoughts on the IPO Debut and the Valuation Outlook