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.

Alphamab Co Ltd Placement (9966.HK) - Has No Potential to Be a Biopharma; Just Remain as a Biotech

Antony Blinken, Balloon, China, Adani, Russia, Taiwan, Fed, US Dollar - We Didn’t Start the Fire

CStone Pharmaceuticals Placement (2616.HK) - There Is No Certainty that the Dilemma Will Reverse

Pre-IPO New Ruipeng Pet Group (RPET.US)- The Industry, the Business and the Concerns

Shanghai MicroPort MedBot Group (2252.HK) - Recognize the Reality but Don’t Give up Hope

Pre-IPO CanSino Biologics - 2022 Annual Results May Be Ugly as MCV4 Commercialization Hit a Snag

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Capital Markets

Changchun BCHT Biotechnology C / Equity Capital Markets

Changchun BCHT Biotechnology C (688276 CH)

<ul>
<li>Single product structure is the biggest risk of BCHT. Varicella vaccine is hard to drive BCHT’s performance growth in the future and the sales of influenza vaccine are not ideal. </li>
<li>There’re concerns about the protection rate of attenuated zoster vaccine,which won't be officially sold until 2023H2/2024. It’s not sure whether the situation can be reversed by attenuated zoster vaccine alone.</li>
<li>BCHT is inferior to CanSino in terms of pipeline quality and R&amp;D capability. The investment value of BCHT is not high. We think its valuation should be lower than CanSino.</li>
</ul>


Single product structure is the biggest risk of BCHT. Varicella vaccine is hard to drive BCHT’s performance growth in the future and the sales of influenza vaccine are not ideal. 
There’re concerns about the protection rate of attenuated zoster vaccine,which won't be officially sold until 2023H2/2024. It’s not sure whether the situation can be reversed by attenuated zoster vaccine alone.
BCHT is inferior to CanSino in terms of pipeline quality and R&amp;D capability. The investment value of BCHT is not high. We think its valuation should be lower than CanSino.


Chongqing Zhifei Biological Products (300122 CH)

Shenzhen Kangtai Biological Pr (300601 CH)

Chengdu Kanghua Biological Pro (300841 CH)

Pre-IPO Changchun BCHT Biotechnology - The Risk of Single-Product Dependence and Uncertain Outlook