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 Zhou Liu Fu Jewellery (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Nanjing Leads Biolabs (PHIP Updates) - Thoughts on the Valuation and the Outlook

China Medical System (867 HK) - A Wise Choice in a Bear Market

Pre-IPO Cloudbreak Pharma (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Saint Bella (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

China Medical System / Equity Capital Markets

<ul>
<li>CMS announced proposed secondary listing on the SGX-ST. The Company is undergoing pipeline adjustments and strategic transformation. Its growth logic is shifting from "dependence on generic drugs" to "innovation-driven drugs".</li>
<li>However, the valuation logic has changed. The capital market will give high valuations to companies that achieve overseas licensing-out deals, rather than the attractive DCF model based on traditional business.</li>
<li>After 2023/2024 performance downturn, revenue growth is expected to return to positive in 2025. But in essence, CMS’s current business model is license-in, which will affect the future valuation performance. </li>
</ul>


CMS announced proposed secondary listing on the SGX-ST. The Company is undergoing pipeline adjustments and strategic transformation. Its growth logic is shifting from "dependence on generic drugs" to "innovation-driven drugs".
However, the valuation logic has changed. The capital market will give high valuations to companies that achieve overseas licensing-out deals, rather than the attractive DCF model based on traditional business.
After 2023/2024 performance downturn, revenue growth is expected to return to positive in 2025. But in essence, CMS’s current business model is license-in, which will affect the future valuation performance. 


Jiangsu Hengrui Pharmaceuticals (1276 HK)

Pre-IPO China Medical System (867 HK) - About the IPO in Singapore and Concerns on Valuation Outlook