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.

United Laboratories International Holdings Placement (3933.HK) - Valuation Pullback Seems Inevitable

BeiGene (6160.HK/BGNE.US) - The Truth Behind Novartis' Divorce Decision on PD-1

China Healthcare Weekly (Sep.22) - Medical Device VBP, Restore Optimism on Healthcare, Biokin Pharma

Innovent Biologics (1801.HK) - Time to Enter the Next Stage After the Dividend of Special Era Ends

Shenzhen Mindray Bio-Medical Electronics (300760.CH) - Some Points Worth the Attention

Innovent Biologics (1801.HK) - The Strength and the Concerns

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Capital Markets

Innovent Biologics Inc / Equity Capital Markets

<ul>
<li>Innovent is actually not short of money, so the Placing this time looks “strange”.If Innovent is unable to deliver performance that matches expectations, investors would reconsider its future financing needs.</li>
<li>Innovent is undergoing important transition from quantitative change to qualitative change as turning losses into profits is within reach. So, the "concept validation" of Innovent's business model has been completed.</li>
<li>Innovent decides to place the shares at this moment reflects that its stock price is already high. Based on our forecast, there could be limited upside room for share price.  </li>
</ul>


Innovent is actually not short of money, so the Placing this time looks “strange”.If Innovent is unable to deliver performance that matches expectations, investors would reconsider its future financing needs.
Innovent is undergoing important transition from quantitative change to qualitative change as turning losses into profits is within reach. So, the "concept validation" of Innovent's business model has been completed.
Innovent decides to place the shares at this moment reflects that its stock price is already high. Based on our forecast, there could be limited upside room for share price.  


Innovent Biologics Placement (1801.HK) - There Is No Such Thing as a Free Lunch