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

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

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

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

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Laopu Gold (6181.HK) - Gold Stocks Are Different from Gold Commodities

Pre-IPO Xuanzhu Biopharmaceutical (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

Equity Bottom-Up

Jiangsu Hengrui Medicine / Equity Bottom-Up

<ul>
<li>The 11th national VBP has optimized the selection of price difference control "anchor points", which is an important signal, implying that future VBP will follow the general direction of “anti-involution”.</li>
<li>As long as there’s no significant difference in pipeline data, buyers are more concerned about the speed of R&amp;D progress and may not necessarily dwell on potential advantages and disadvantages.</li>
<li>Hengrui's innovative drug revenue was slightly lower-than-expected. The Company's 2025 employee stock ownership plan has lowered the compound growth target for innovative drugs from 30% to 25%.</li>
</ul>


The 11th national VBP has optimized the selection of price difference control "anchor points", which is an important signal, implying that future VBP will follow the general direction of “anti-involution”.
As long as there’s no significant difference in pipeline data, buyers are more concerned about the speed of R&amp;D progress and may not necessarily dwell on potential advantages and disadvantages.
Hengrui's innovative drug revenue was slightly lower-than-expected. The Company's 2025 employee stock ownership plan has lowered the compound growth target for innovative drugs from 30% to 25%.


Jiangsu Hengrui Pharmaceuticals (1276 HK)

China Healthcare Weekly (Oct.12) - 11th National VBP, Future BD Trend, Hengrui Is Facing Headwinds