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 Verisilicon Microelectronics (A/H Listing)-Difficulty Breaking Through Competitors' Barriers

Pre-IPO Guangdong Topstar Technology (A/H Listing) - Deep Dive the Business Model, Concerns, Outlook

Pre-IPO Shenzhen Longsys Electronics (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Herb Standard Holdings Limited - The Business, the Concerns and the Outlook

Zijin Gold (2259 HK) 25Q3 - Updates on Forecast/Valuation and Potential Risks Behind

Pre-IPO Banu International Holding - The Pain Points and the Outlook

Zijin Gold (2259 HK) IPO Debut - Some Points Worth the Attention

Equity Capital Markets

<ul>
<li>The greatest differentiating advantage of ECC5004 lies in oral administration, but clinical progress has fallen short of expectations or the final efficacy data may not significantly surpass the existing therapies.</li>
<li>The competition in GLP-1 market has become extremely fierce. Product progress of Eccogene is relatively lagging behind, and its differentiated advantages need more solid clinical data to support them.</li>
<li>Eccogene’s valuation largely depends on the differentiated narrative of its oral small molecule pipeline. Valuation of Eccogene could be lower than peers such as Innovent/<a href="https://www.smartkarma.com/entities/guangzhou-innogen-pharmaceutical-group-co-ltd" target="_blank" data-smartkarma-citation="entities:44142:1" rel="noopener">Innogen, </a>who already have marketed GLP-1s.</li>
</ul>


The greatest differentiating advantage of ECC5004 lies in oral administration, but clinical progress has fallen short of expectations or the final efficacy data may not significantly surpass the existing therapies.
The competition in GLP-1 market has become extremely fierce. Product progress of Eccogene is relatively lagging behind, and its differentiated advantages need more solid clinical data to support them.
Eccogene’s valuation largely depends on the differentiated narrative of its oral small molecule pipeline. Valuation of Eccogene could be lower than peers such as Innovent/Innogen, who already have marketed GLP-1s.


Guangzhou Innogen Pharmaceutical (2591 HK)

Pre-IPO Eccogene - About the Pipeline and the Concerns Behind