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.

Shanghai Fosun Pharmaceutical (2196.HK/600196.CH) 25H1 - The Performance Has Not Truly Improved

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

Kangji Medical (9997 HK) Privatization Update - About the 25H1 Results and the Privatization Outlook

China TCM (570.HK) - About the 25H1 Profit Warning and the Outlook

BeiGene (6160.HK/​ONC US) 25Q2 - The High Growth of BRUKINSA May Not Bring High Valuation

Chongqing Taiji Industry (Group) (600129 CH) - Investors Are Betting on the Merger with China TCM

WuXi AppTec (2359.HK/603259.CH) 25H1 - The Turning Point of Performance Has Been Confirmed

Equity Bottom-Up

Hangzhou Kangji Medical Instrument Co., Ltd. / Equity Bottom-Up

Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)

Hangzhou Kangji Medical Instrument Co., Ltd.

<ul>
<li>Valuation based on Cancellation Price hasn’t fully reflected the potential of Weijing Medical Robot business, nor does it reflect the future growth driven by import substitution due to centralized procurement.</li>
<li>The medical device sector is expected to have a strong trend of performance reversal/valuation repair. Kangji's fundamentals/prospects are moving in a positive direction. Reasonable valuation is HK$12-15 billion at least.</li>
<li>The current Cancellation Price of HK$9.25 is too low to normally reflect the Company's true fundamentals and prospects. Therefore, we're worried that there would be some investors opposing this privatization.</li>
</ul>


Valuation based on Cancellation Price hasn’t fully reflected the potential of Weijing Medical Robot business, nor does it reflect the future growth driven by import substitution due to centralized procurement.
The medical device sector is expected to have a strong trend of performance reversal/valuation repair. Kangji's fundamentals/prospects are moving in a positive direction. Reasonable valuation is HK$12-15 billion at least.
The current Cancellation Price of HK$9.25 is too low to normally reflect the Company's true fundamentals and prospects. Therefore, we're worried that there would be some investors opposing this privatization.


Shandong Weigao Group Medical Polymer Co (1066 HK)

Kangji Medical (9997 HK) Privatization - The Cancellation Price Is Not Attractive