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.18) - Trump to Lower US Drug Prices, Thoughts on Hengrui's IPO Pricing

Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

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

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

BeiGene (6160.HK/​ONC US) 2024 Results - The Performance Is Outstanding

Pre-IPO Xuanzhu Biopharmaceutical- Outdated Pipelines Are Difficult to Bring Good Investment Returns

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

Equity Bottom-Up

<ul>
<li>Trump announced actions to reduce regulatory barriers to domestic pharmaceutical manufacturing, with the core intention to open regulatory "green light" for manufacturing in US, which will change the industry pattern.</li>
<li>With the promotion of VBP and the implementation of medical insurance price comparison system, there’s a trend of accelerated pharmacies closures. The entire pharmacy industry will face performance headwinds.</li>
<li>BeiGene’s BRUKINSA recorded negative QoQ growth in 25Q1, which seems below expectations. However, this is temporary headwinds, since the 2025 full-year revenue guidance remains unchanged. Bottom-line valuation  is US$24.5-26.5 billion.</li>
</ul>


Trump announced actions to reduce regulatory barriers to domestic pharmaceutical manufacturing, with the core intention to open regulatory "green light" for manufacturing in US, which will change the industry pattern.
With the promotion of VBP and the implementation of medical insurance price comparison system, there’s a trend of accelerated pharmacies closures. The entire pharmacy industry will face performance headwinds.
BeiGene’s BRUKINSA recorded negative QoQ growth in 25Q1, which seems below expectations. However, this is temporary headwinds, since the 2025 full-year revenue guidance remains unchanged. Bottom-line valuation  is US$24.5-26.5 billion.


China Healthcare Weekly (May11)-Trump's Executive Order, Pharmacy's Risks, BeiGene 25Q1 Result Is Ok