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 SHEIN Global Holdings (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Ningbo Deye Technology (A/H Listing) - About the Business Model and the Outlook

Pre-IPO SHEIN Global Holdings - Thoughts on Valuation and the Outlook

Pre-IPO Junlebao Dairy Group - The Strength and the Concerns

Pre-IPO Pharmeyes Cayman Holding - The Technical Barriers Are Not High

Pre-IPO BioRay Biopharmaceutical - The Core Business Is Facing Challenges

Equity Capital Markets

Biwin Storage Technology / Equity Capital Markets

<ul>
<li>The essence of BIWIN's business model is to earn price difference between upstream and downstream in the gaps of industrial chain. BIWIN's own added value contribution from processing is limited. </li>
<li>Performance fluctuations are rooted in a systematic cyclical "betting strategy". Internal personnel are concentrating on cashing out. It's necessary to be vigilant for signals of the peak of the cycle.</li>
<li>The high-leverage aggressive stockpiling strategy was in line with the price increase trend, resulting in a "pseudo-alpha, extremely high-beta" characteristic.  P/E of 15-20x could be comfortable to reflect the risks</li>
</ul>


The essence of BIWIN's business model is to earn price difference between upstream and downstream in the gaps of industrial chain. BIWIN's own added value contribution from processing is limited. 
Performance fluctuations are rooted in a systematic cyclical "betting strategy". Internal personnel are concentrating on cashing out. It's necessary to be vigilant for signals of the peak of the cycle.
The high-leverage aggressive stockpiling strategy was in line with the price increase trend, resulting in a "pseudo-alpha, extremely high-beta" characteristic.  P/E of 15-20x could be comfortable to reflect the risks


Pre-IPO Biwin Storage Technology (A/H Listing) - The Cycle Is About to Peak; Time to Quit?