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

China Healthcare Weekly (Sep.14) - Trump to Put Restrictions on Chinese Drugs, Sihuan Is Undervalued

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

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

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

Shanghai Henlius Biotech (2696 HK) - Thoughts on the Valuation Outlook

Equity Bottom-Up

<ul>
<li>The steady growth in revenue/overseas revenue proportion/gross profit indicated that Kangji’s core business was still in good shape in 25H1. Losses of Weijing increased because commercialization is in initial stage.</li>
<li>The declining net profit in 25H1 may encourage some investors to support the privatization, but there are still some investors planning to oppose this privatization based on the sample screenshots.</li>
<li>Risk-Takers can bet on the success of privatization to obtain arbitrage returns.But deal break also offers an excellent opportunity to buy at a low price(similar to the playbook on Henlius).</li>
</ul>


The steady growth in revenue/overseas revenue proportion/gross profit indicated that Kangji’s core business was still in good shape in 25H1. Losses of Weijing increased because commercialization is in initial stage.
The declining net profit in 25H1 may encourage some investors to support the privatization, but there are still some investors planning to oppose this privatization based on the sample screenshots.
Risk-Takers can bet on the success of privatization to obtain arbitrage returns.But deal break also offers an excellent opportunity to buy at a low price(similar to the playbook on Henlius).


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