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 Victory Giant Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Cofoe Medical Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Huaqin (3296 HK) - Thoughts on the IPO Pricing and the Outlook

Pre-IPO Zhejiang Shimai Pharmaceutical - It Might Never Be Possible to Make Money

Pre-IPO InventisBio (A/H Listing) - The Success of Key Products Will Lead to a Surge in Valuation

Pre-IPO Shenzhen Mindray Bio-Medical Electronics (A/H Listing) - The Headwinds Still Exist

Equity Capital Markets

Dizal Pharmaceutical / Equity Capital Markets

<ul>
<li>The flaws in DIZAL's pipeline stand out particularly prominent, as the success of a single product ZEGFROVY is not sufficient to sustain the long-term development of the Company.</li>
<li>Several senior executives, including Zhang Xiaolin, the Chairman of DIZAL, had intensively reduced their holdings in the company's shares in 2025, further raising market concerns about DIZAL's prospects.</li>
<li>Short-Term performance would still mainly rely on ZEGFROVY, as the sales of Golidocitinib is expected to be significantly lower than ZEGFROVY. Reasonable valuation of DIZAL should be lower than peers. </li>
</ul>


The flaws in DIZAL's pipeline stand out particularly prominent, as the success of a single product ZEGFROVY is not sufficient to sustain the long-term development of the Company.
Several senior executives, including Zhang Xiaolin, the Chairman of DIZAL, had intensively reduced their holdings in the company's shares in 2025, further raising market concerns about DIZAL's prospects.
Short-Term performance would still mainly rely on ZEGFROVY, as the sales of Golidocitinib is expected to be significantly lower than ZEGFROVY. Reasonable valuation of DIZAL should be lower than peers. 


Shanghai Allist Pharmaceuticals (688578 CH)

Jiangsu Hengrui Pharmaceuticals (1276 HK)

Pre-IPO Dizal Pharmaceutical (A/H Listing)-Only Sunvozertinib Is Insufficient for Sustainable Growth