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(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

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

Pre-IPO Xuanzhu Biopharmaceutical (PHIP Updates) - Some Points Worth the Attention

Pre-IPO GenFleet Therapeutics (PHIP Updates) - Some Points Worth the Attention

Pre-IPO 160 Health (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Butong Group - The Current High Growth May Not Be Sustainable

Pre-IPO Shanghai Forest Cabin Biological-Tech - The Business Model and the Concerns Behind

Equity Capital Markets

<ul>
<li>BUTONG adopt a marketing-driven model, which lacks underlying innovation in products, may be effective during market expansion, but is prone to the problem of sluggish growth during valuation transition period.</li>
<li>If the approach of promoting expansion by relying on high growth of low-profit business continues, profit space will be suppressed,which isn’t friendly to the narrative of capital market after IPO.</li>
<li>2025-2027 revenue growth could be 30%, 25%, 20% respectively. Considering the high growth in the short term as well as the concerns, P/E of 20-25x could be a comfortable range  </li>
</ul>


BUTONG adopt a marketing-driven model, which lacks underlying innovation in products, may be effective during market expansion, but is prone to the problem of sluggish growth during valuation transition period.
If the approach of promoting expansion by relying on high growth of low-profit business continues, profit space will be suppressed,which isn’t friendly to the narrative of capital market after IPO.
2025-2027 revenue growth could be 30%, 25%, 20% respectively. Considering the high growth in the short term as well as the concerns, P/E of 20-25x could be a comfortable range  


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