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 Healthcare Weekly (Jan.18)-Biotechs to Enter Hong Kong Stock Connect, Wuxi Biologics Placement

Busy Ming (1768 HK): Low IPO Float Delays Global Index Inclusion

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 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

<ul>
<li>The revenue growth being higher than the GMV growth in 25Q1-Q3 indicates that BUSY MING’s control over channels and supply chains as well as its bargaining power are strengthening.</li>
<li>BUSY MING’s business model has a low tolerance for errors. Upstream cost increase, downstream price wars, or decline in operational efficiency would break through the already thin profit barrier.</li>
<li>BUSY MING’s valuation should be lower than Pop Mart, but may be slightly higher or on par with MINISO, and in the same range as Wanchen. 20-30x P/E is acceptable.</li>
</ul>


The revenue growth being higher than the GMV growth in 25Q1-Q3 indicates that BUSY MING’s control over channels and supply chains as well as its bargaining power are strengthening.
BUSY MING’s business model has a low tolerance for errors. Upstream cost increase, downstream price wars, or decline in operational efficiency would break through the already thin profit barrier.
BUSY MING’s valuation should be lower than Pop Mart, but may be slightly higher or on par with MINISO, and in the same range as Wanchen. 20-30x P/E is acceptable.


Fujian Wanchen Biotechnology Group (300972 CH)

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