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.

Shanghai Henlius Biotech (2696 HK) - Thoughts on 2024 Results And the H Share Full Circulation

Pre-IPO Chagee Holdings - The Business Model, the Concerns Behind and Valuation Outlook

China TCM (570.HK) - Updates on Performance Forecast and Valuation Outlook Based on 2024 Results

Shanghai Henlius Biotech (2696 HK)- LVC Is Betting on Higher Valuation Upside Due to Business Update

Equity Capital Markets

Annoroad Gene Technology / Equity Capital Markets

<ul>
<li>Annoroad has its competitiveness in the industry, but in a complex market environment, the comprehensive product lines may not necessarily bring high performance growth and large revenue scale.</li>
<li>The prenatal testing business is not easy. VBP is headwind.After Illumina was listed on "Unreliable Entity List", it’s uncertain whether NextSeq 550AR sequencer can continue to be sold in China.</li>
<li>Taking into account the future growth uncertainty/centralized procurement/competitive pressure/lack of deep layout of the entire industry chain/policy risks, it's already good to have a valuation of RMB2-3.5 billion after IPO</li>
</ul>


Annoroad has its competitiveness in the industry, but in a complex market environment, the comprehensive product lines may not necessarily bring high performance growth and large revenue scale.
The prenatal testing business is not easy. VBP is headwind.After Illumina was listed on "Unreliable Entity List", it’s uncertain whether NextSeq 550AR sequencer can continue to be sold in China.
Taking into account the future growth uncertainty/centralized procurement/competitive pressure/lack of deep layout of the entire industry chain/policy risks, it's already good to have a valuation of RMB2-3.5 billion after IPO


Pre-IPO Annoroad Gene Technology - The Outlook Is Not Optimistic