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 Shanghai Top Numerical Control Technology (PHIP Updates) - Some Points Worth the Attention

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

Pre-IPO Shenzhen SDMC Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Proya Cosmetics (A/H Listing)- The Downward Trend in Performance May Be Difficult to Reverse

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

Pre-IPO CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

Equity Capital Markets

Henan Kingstar Brewery / Equity Capital Markets

<ul>
<li>The craft beers will eventually solidify into a stable niche category, and the window period for the market dividends brought by individual products may only last for 2-3 years.</li>
<li>KINGSTAR, as "the first Chinese-style craft beer company with high growth potential", can enjoy certain valuation premium at the current stage. So, valuation would be higher than traditional beer companies. </li>
<li>However, considering the risk of overly relying on single product as well as the future decline in growth due to increasing competition, valuation of KINGSTAR could be lower than MIXUE/<a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser</a>.</li>
</ul>


The craft beers will eventually solidify into a stable niche category, and the window period for the market dividends brought by individual products may only last for 2-3 years.
KINGSTAR, as "the first Chinese-style craft beer company with high growth potential", can enjoy certain valuation premium at the current stage. So, valuation would be higher than traditional beer companies. 
However, considering the risk of overly relying on single product as well as the future decline in growth due to increasing competition, valuation of KINGSTAR could be lower than MIXUE/Budweiser.


Beijing Yanjing Brewery Co, Ltd. (000729 CH)

Pre-IPO Henan Kingstar Brewery - The Business, the Concerns and the Outlook