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 (Nov.9)-Medical Insurance “Warning Lines”, NewCo Model, BeiGene 25Q3 Results

China Healthcare Weekly (Nov.16) - Crazy Healthcare IPOs, Don't Bet on BD, Biokin HK IPO Delayed

China Healthcare Weekly (Oct.19)-Bubble of HK Biotech Is Bursting, Ping An Good Doctor Is Overvalued

China Healthcare Weekly (Oct.26) - Turning Point of Medical Device, Innovent-Takeda Deal Makes Sense

China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

Zijin Gold (2259 HK) 25Q3 - Updates on Forecast/Valuation and Potential Risks Behind

Equity Bottom-Up

<ul>
<li>The 11th national VBP officially started last week. The average price reduction of the selected products is 53%. Due to the "anchor price" mechanism, VBP is becoming increasingly rational.</li>
<li>The purchasing power of the global pharmaceutical industry on Chinese assets is still far from saturated that we have reason to expect more transactions to come to Chinese pharmaceutical companies.</li>
<li>Based on WuXi AppTec’s 25Q3 results, CDMO business has emerged from fundamental turning point following the recovery of overseas biotech industry, but the inflection point of CRO is lagging behind.</li>
</ul>


The 11th national VBP officially started last week. The average price reduction of the selected products is 53%. Due to the "anchor price" mechanism, VBP is becoming increasingly rational.
The purchasing power of the global pharmaceutical industry on Chinese assets is still far from saturated that we have reason to expect more transactions to come to Chinese pharmaceutical companies.
Based on WuXi AppTec’s 25Q3 results, CDMO business has emerged from fundamental turning point following the recovery of overseas biotech industry, but the inflection point of CRO is lagging behind.


China Healthcare Weekly (Nov.2) - 11th National VBP, More BD Deal to Come, WuXi AppTec 25Q3 Results