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 Aux Electric Co (PHIP Updates) - Concerns About Business Model and Valuation Outlook

China Healthcare Weekly (Sep.14) - Trump to Put Restrictions on Chinese Drugs, Sihuan Is Undervalued

Pre-IPO GenFleet Therapeutics (PHIP Updates) - Some Points Worth the Attention

Pre-IPO LXJ International Holdings - The Pain Points and the Outlook

Pre-IPO Mabwell (Shanghai) Bioscience - The ADC Technology Is Outdated

Pre-IPO Bama Tea - The Business Model, the Challenges and the Outlook

Equity Capital Markets

Eastenova (Chengdu) Biotechnology / Equity Capital Markets

Eastenova (Chengdu) Biotechnology (ENB HK)

<ul>
<li>Eastenova is in the initial stage of commercialization. The revenue proportion of non-core assets is too high, with negative gross margin. These are "inefficient assets" and dragged down overall ROA.</li>
<li>XH301 is lagging behind its competing products in term of development progress and may face the risk of market share squeeze. There’re uncertainties in terms of the commercialization of XH301.</li>
<li>Our forecast at this stage is that future sales of XH301 could reach about RMB300-500 million, considering the fierce competition. Valuation of Eastenova could be lower than that of Sihuan.</li>
</ul>


Eastenova is in the initial stage of commercialization. The revenue proportion of non-core assets is too high, with negative gross margin. These are "inefficient assets" and dragged down overall ROA.
XH301 is lagging behind its competing products in term of development progress and may face the risk of market share squeeze. There’re uncertainties in terms of the commercialization of XH301.
Our forecast at this stage is that future sales of XH301 could reach about RMB300-500 million, considering the fierce competition. Valuation of Eastenova could be lower than that of Sihuan.


Jiangsu Wuzhong Industrial Co., (600200 CH)

Imeik Technology Development C (300896 CH)

Pre-IPO Eastenova (Chengdu) Biotechnology- The Commercialization of XH301 May Be Lower than Expected