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

China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

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

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

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

Pre-IPO Cloudbreak Pharma - The Business, the Concerns and the Outlook

Pre-IPO Foshan Haitian Flavouring & Food Company - Thoughts on the IPO Pricing

Equity Capital Markets

Cloudbreak Pharma / Equity Capital Markets

<ul>
<li>Since diagnosis/treatment rate of pterygium is low, it’s uncertain how many patients will be willing to pay high price for CBT-001. CBT-009 may lose first-mover advantage in front of Ryjunea.</li>
<li>Due to pressure on cash flow, the development progress of CBT-006 and CBT-004 could be slower-than-expected. CBT-004’s sales may be squeezed due to the off-label use of anti VEGF drugs. </li>
<li>Valuation could be lower than peers considering that CLOUDBREAK has out-licensed commercialization rights of core product and has to face fierce competition and uncertain market demand after the product launch.</li>
</ul>


Since diagnosis/treatment rate of pterygium is low, it’s uncertain how many patients will be willing to pay high price for CBT-001. CBT-009 may lose first-mover advantage in front of Ryjunea.
Due to pressure on cash flow, the development progress of CBT-006 and CBT-004 could be slower-than-expected. CBT-004’s sales may be squeezed due to the off-label use of anti VEGF drugs. 
Valuation could be lower than peers considering that CLOUDBREAK has out-licensed commercialization rights of core product and has to face fierce competition and uncertain market demand after the product launch.


China Grand Pharmaceutical and Healthcare (512 HK)

China Grand Pharmaceutical and Healthcare

Shenyang Xingqi Pharmaceutical (300573 CH)

Zhaoke Ophthalmology Pharmaceutical (6622 HK)

Jiangsu Hengrui Pharmaceuticals (1276 HK)

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