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.

Wuxi Biologics (2269 HK) Placement - Thought on Valuation and the Outlook

Pre-IPO Guangzhou Tinci Materials Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Beijing QL Biopharmaceutical - Valuation Premiums Are Highly Likely

Pre-IPO Beijing ESWIN Computing Technology (PHIP Updates) - The Strength and the Concerns

Pre-IPO Shenzhen Transsion Holdings (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

Amicro Technology / Equity Capital Markets

<ul>
<li>Amicro focuses on an integrated layout of "chips + algorithms + system solutions". Amicro is not just a supplier, but a provider of the underlying infrastructure for the entire industry</li>
<li>Xiaomi and Gree’s joint investment indicates that Amicro simultaneously possesses the entry resources for both consumer and industrial scenarios.However, losses are expanding. It may not achieve break-even within three years.</li>
<li>Valuation of semiconductor sector in the Hong Kong stock market fluctuates greatly, and market sentiment discount needs to be considered. Comfortable valuation could be 13-14x P/S, based on 2026 forecast.</li>
</ul>


Amicro focuses on an integrated layout of "chips + algorithms + system solutions". Amicro is not just a supplier, but a provider of the underlying infrastructure for the entire industry
Xiaomi and Gree’s joint investment indicates that Amicro simultaneously possesses the entry resources for both consumer and industrial scenarios.However, losses are expanding. It may not achieve break-even within three years.
Valuation of semiconductor sector in the Hong Kong stock market fluctuates greatly, and market sentiment discount needs to be considered. Comfortable valuation could be 13-14x P/S, based on 2026 forecast.


Pre-IPO Amicro Technology (PHIP Updates) - Some Points Worth the Attention