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 Xiamen Jihong Technology (PHIP Updates) - Lack of Sustainable Growth Logic

China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

Pre-IPO S.F. Holding (6936 HK) - Thoughts on Valuation and the Outlook

China Healthcare Weekly (Dec.1)- 2024 NRDL Result, Expectation Gap for Biotech, Henlius' Wide Spread

2025 High Conviction – China Healthcare: Chinese Biotech to Compete on the International Stage

Shanghai Henlius Biotech (2696.HK) Privatization Update- Looks Like "An Agreement" Has Been Reached?

Equity Capital Markets

<ul>
<li>Unlike most biotech companies in Hong Kong which focus on innovative drugs, CF PharmTech mainly produces generic drugs. Its revenue mainly comes from CF017, with high single product risk.</li>
<li>The pipelines have to face fierce competition and don’t have advantage in R&amp;D progress in from of competing candidates. CF PharmTech is hard to generate decent profits due to VBP. </li>
<li>Since its establishment, CF PharmTech has raised its valuation step by step through multiple rounds of capital increase and equity transfer.Valuation was RMB4.021 billion in 2022, which is already high.</li>
</ul>


Unlike most biotech companies in Hong Kong which focus on innovative drugs, CF PharmTech mainly produces generic drugs. Its revenue mainly comes from CF017, with high single product risk.
The pipelines have to face fierce competition and don’t have advantage in R&amp;D progress in from of competing candidates. CF PharmTech is hard to generate decent profits due to VBP. 
Since its establishment, CF PharmTech has raised its valuation step by step through multiple rounds of capital increase and equity transfer.Valuation was RMB4.021 billion in 2022, which is already high.


Pre-IPO CF PharmTech - The Outlook Is Bleak Due to VBP and Fierce Competition