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 (Jan.18)-Biotechs to Enter Hong Kong Stock Connect, Wuxi Biologics Placement

Pre-IPO Guangdong Rong Tai Pharmaceutical - Low Profitability Is a Pain Point

Pre-IPO Shenzhen Edge Medical (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Suzhou Ribo Life Science - The Strength, the Concerns and the Outlook for the SiRNA Unicorn

Pre-IPO Shanghai Synyi Medical Technology - The Value of Healthcare AI Remains to Be Verified

Pre-IPO IMPACT Therapeutics - Thoughts on the Pipeline, the Concerns and Valuation Outlook

Equity Capital Markets

Suzhou Ribo Life Science / Equity Capital Markets

<ul>
<li>For the first time, price negotiation has been included in commercial insurance catalog in 2025 NRDL negotiations, which will have a significant leverage effect on domestic R&amp;D/commercialization of innovative drugs.</li>
<li>In the next decade, China will become the most core region for global biopharmaceutical innovation. Chinese pharmaceutical companies are also expected to emerge as true global biotech companies.</li>
<li>Based on Ribo’s IPO pricing (HK$57.97/share) and 2024 revenue, P/S is 59x, which is lower than peer.This valuation/IPO pricing is not without basis, with potential room for future valuation increases.</li>
</ul>


For the first time, price negotiation has been included in commercial insurance catalog in 2025 NRDL negotiations, which will have a significant leverage effect on domestic R&amp;D/commercialization of innovative drugs.
In the next decade, China will become the most core region for global biopharmaceutical innovation. Chinese pharmaceutical companies are also expected to emerge as true global biotech companies.
Based on Ribo’s IPO pricing (HK$57.97/share) and 2024 revenue, P/S is 59x, which is lower than peer.This valuation/IPO pricing is not without basis, with potential room for future valuation increases.


China Healthcare Weekly (Jan.4) - NRDL Negotiation Breakthrough, Thoughts on Ribo's IPO Pricing