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 Hangzhou Tongshifu Cultural and Creative Group (PHIP Update)-Some Points Worth the Attention

Pre-IPO Delton Technology (1989 HK) - The IPO Pricing Is Attractive

Pre-IPO Guangdong Huayan Robotics (PHIP Updates) - Some Points Worth the Attention

BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

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

Pre-IPO FS.COM - The Concerns Behind the Business Model and the Outlook

Pre-IPO Shanghai Sunmi Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO WinHealth International Holding- A BD-Driven Model May Not Guarantee Sustainable High Growth

Equity Capital Markets

<ul>
<li>The essence of FS's business model is controversial. Although it is located in the popular optical module sector, its light-asset OEM/ODM model is fundamentally different from that of its peers.</li>
<li>FS is a network solution provider driven by online DTC model, which is more like cross-border e-commerce company.This prevents FS from enjoying high valuation typically associated with pure technology stocks.</li>
<li>Internal control and corporate governance risks are the most sensitive issues.If FS grows steadily and has strong brand effects, the market may offer 15-20x P/E based on its business model.</li>
</ul>


The essence of FS's business model is controversial. Although it is located in the popular optical module sector, its light-asset OEM/ODM model is fundamentally different from that of its peers.
FS is a network solution provider driven by online DTC model, which is more like cross-border e-commerce company.This prevents FS from enjoying high valuation typically associated with pure technology stocks.
Internal control and corporate governance risks are the most sensitive issues.If FS grows steadily and has strong brand effects, the market may offer 15-20x P/E based on its business model.


Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention