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 Alebund Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Anker Innovations Technology (A/H Listing) - The "Shallow-Sea Theory" Does Not Work Well

Pre-IPO Momenta Global (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Busy Ming Group - Concerns Behind the High Growth

Pre-IPO Fujian Wanchen Biotechnology Group - The Business Model, Peer Comparison, and the Outlook

Pre-IPO Boxihe Outdoor Sports Group - The Concerns Behind the High Growth

Pre-IPO Zijin Gold (PHIP Updates) - Thoughts on the Business, the Forecast and Valuation Outlook

Pre-IPO Butong Group (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

Alebund Pharmaceuticals Jiangsu / Equity Capital Markets

<ul>
<li>One of the core paths for Alebund to build competitive barriers is to focus on the needs in the field of kidney diseases and enrich product matrix on this basis.</li>
<li>However, commercialization capacity is weak, and the clinical-stage products need to face fierce competition and negative policies such as VBP in China, thus leading to uncertainties in commercialization outlook.</li>
<li>Compared with peers who already have mature commercialization system, we think valuation of Alebund would be lower than Consun/3Sbio if future clinical data or drug sales fall short of expectations.</li>
</ul>


One of the core paths for Alebund to build competitive barriers is to focus on the needs in the field of kidney diseases and enrich product matrix on this basis.
However, commercialization capacity is weak, and the clinical-stage products need to face fierce competition and negative policies such as VBP in China, thus leading to uncertainties in commercialization outlook.
Compared with peers who already have mature commercialization system, we think valuation of Alebund would be lower than Consun/3Sbio if future clinical data or drug sales fall short of expectations.


Pre-IPO Alebund Pharmaceuticals (Jiangsu) Limited - The Pipeline and the Outlook