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.

Pre-IPO Kelun Biotech - Debut Is the Peak, and Then It Wanes?

China Healthcare Weekly (Apr.28) - Four Stages of China Biotech, The Real Foothold of R&D, Kelun

China Healthcare Weekly (May.5)- 2nd Wave of COVID, Valuation Logic of China's Core Assets, Lifetech

Keymed Biosciences (2162.HK) - The Potential for Doubling Valuation and the Corresponding Risks

Remegen Co Ltd (9995.HK) - There's Expectation Difference in Valuation; Trading Opportunity Occurs

Keymed Biosciences (2162.HK) - We Have High Hopes for Keymed, but Valuation Is Expensive

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

Equity Bottom-Up

<ul>
<li>It’s “a wise decision” to out-license CMG901 and receive cashflow in advance so as to focus on more important late-stage products.Keymed’s management is as pragmatic as ever in strategic choices.</li>
<li>Biotech would find it difficult to promote products by themselves and has to cooperate with Big Pharma to open domestic/foreign markets. But many investors are still “living in the illusion”.</li>
<li>There would be more BD deals in the future. Our view on Keymed's valuation remains unchanged - Market cap about RMB8 billion to RMB1.6 billion is the reasonable range. </li>
</ul>


It’s “a wise decision” to out-license CMG901 and receive cashflow in advance so as to focus on more important late-stage products.Keymed’s management is as pragmatic as ever in strategic choices.
Biotech would find it difficult to promote products by themselves and has to cooperate with Big Pharma to open domestic/foreign markets. But many investors are still “living in the illusion”.
There would be more BD deals in the future. Our view on Keymed's valuation remains unchanged - Market cap about RMB8 billion to RMB1.6 billion is the reasonable range. 


Keymed Biosciences (2162.HK) - The $1.2B Deal with AstraZeneca for ADC and the Logic Behind