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.

Joinn Laboratories (6127.HK) 22H1 - It's Time to Face Reality Before the Magic of Monkeys Disappears

China Healthcare Weekly (Sep.30) - Orthopedics VBP, CGT CDMO, Surgical Robots, Bottom of HKEX

Shanghai United Imaging Healthcare (688271.CH) - Overvalued; Stock Price Will Return to Rationality

WuXi AppTec (2359.HK/603259.CH) 2021Q3 - Logic Change?

Hangzhou Tigermed Consulting (3347.HK/300347.CH) - More of an Investment Company than a CRO

Pharmaron Beijing Co Ltd (3759.HK) 2021Q3 - Still Takes Time to Challenge Wuxi AppTec

Pre-IPO LianBio (LIAN.US) - The Strength and the Concerns

Equity Bottom-Up

<ul>
<li>The "Monkey Price Index" could be a direct indicator of the fervor of biopharmaceutical development, and the accounting treatment of biological assets would have a big impact on Joinn’s performance.</li>
<li>The current business layout, strategy, revenue structure, CXO industry trend as well as the domestic negative policy impact would cast doubts on Joinn’s future development.</li>
<li>Based on our analysis, Joinn still lacks the strong logic to support its long-term growth and high valuation. Therefore, we are conservative about Joinn’s outlook at the current stage.</li>
</ul>


The "Monkey Price Index" could be a direct indicator of the fervor of biopharmaceutical development, and the accounting treatment of biological assets would have a big impact on Joinn’s performance.
The current business layout, strategy, revenue structure, CXO industry trend as well as the domestic negative policy impact would cast doubts on Joinn’s future development.
Based on our analysis, Joinn still lacks the strong logic to support its long-term growth and high valuation. Therefore, we are conservative about Joinn’s outlook at the current stage.


Joinn Laboratories (6127.HK) - Concerns Begin to Arise when the Monkeys Become More Expensive

JOINN Laboratories

Joinn Laboratories (6127.HK) - Concerns Begin to Arise when the Monkeys Become More Expensive