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 (Aug.31) - P/R Ratio Is Meaningless, Innovent, Zylox-Tonbridge 25H1 Results

China Healthcare Weekly (Sep.7)- Device Inflection Point, WuXi XDC Placement, MIXUE’s Lock-Up Expiry

China Healthcare Weekly (Sep.14) - Trump to Put Restrictions on Chinese Drugs, Sihuan Is Undervalued

China Healthcare Weekly (Jul.27)-The Turning Point of Tigermed and CRO, Everest Medicines’ Placement

China Healthcare Weekly (Aug.10)-Trump Plans Drug Tariff, Biosimilar VBP, BeiGene's Headwind in 25Q2

Wuxi Biologics (2269 HK) 25H1 - Concerns Behind the Performance Rebound

Laopu Gold (6181.HK) - The Business Model, the Concerns, the Valuation Outlook

Equity Capital Markets

Ascletis Pharma Inc / Equity Capital Markets

<ul>
<li>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.</li>
<li>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.</li>
<li>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.</li>
</ul>


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.


Jiangsu Hengrui Pharmaceuticals (1276 HK)

China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement