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 National Medicines (600511.CH) - After Restructuring, Performance Growth Is Guaranteed

HEC CJ Pharma (1558.HK)'s Merger Deal with Sunshine Lake Pharma - Almost No Investment Value

Giant Biogene (2367.HK) Placement - A Turning Point in Performance Growth Has Emerged

China TCM (570.HK) - Latest Updates on Privatization and the Potential Merger with Taiji Group

Sciclone Pharmaceuticals (6600.HK) - The Privatization Offers a Good Exit Opportunity

China TCM (570.HK) Update - Despite Doubts, This Privatization Seems “Mandatory”

Tiantan (600161CH) To Acquire Weiguang (002880CH)- New King Rises in China's Blood Products Industry

Event-Driven

<ul>
<li>The HK$34/share offer price is final, which exceeds all-time high closing price of HK$33.60/share since IPO in 2010. EUR6 billion is equivalent to a PE of 52.17x, higher than peers.</li>
<li>Deploying China's sinking market is “a good story full of imagination”. However, it may fail to bring expected profits considering increasing competition/potential price war, leading to uncertain future performance growth.</li>
<li>For minority shareholders, this privatization provides an attractive opportunity to monetise their investments at a premium over market price. We don't think the current "technical bull market" to be lasting. </li>
</ul>


The HK$34/share offer price is final, which exceeds all-time high closing price of HK$33.60/share since IPO in 2010. EUR6 billion is equivalent to a PE of 52.17x, higher than peers.
Deploying China's sinking market is “a good story full of imagination”. However, it may fail to bring expected profits considering increasing competition/potential price war, leading to uncertain future performance growth.
For minority shareholders, this privatization provides an attractive opportunity to monetise their investments at a premium over market price. We don't think the current "technical bull market" to be lasting. 


LVMH Moet Hennessy Louis Vuitt (LVMUY US)

L'Occitane (973.HK) Privatization - The Offer Price Is Good Enough