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 Eastroc Beverage Group - The Outlook Is Not Optimistic, with More Valuation Decline Ahead

3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK - Thoughts on The "Implied" IPO Price

Pre-IPO Lemo Services Co., Ltd (PHIP Updates) - Some Points Worth the Attention

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

Pre-IPO Kayou - The Strength of Business Model and the Potential Risks Behind

Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

Pre-IPO Vigonvita Life Sciences - The Challenges Behind the Pipeline and the Outlook

Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

Jingze Biopharmaceutical (Hefei) / Equity Capital Markets

Jingze Biopharmaceutical (Hefei) (JBP HK)

<ul>
<li>JZB33 is expected to have more growth potential than JZB30. However, the rhFSH market is highly competitive. JZB30/JZB33 not only need to compete with MNCs but also domestic Big Pharma.</li>
<li>The "inverted pyramid" pipeline distribution leads to a high dependence JZB30, JZB33, JZB05 for Jingze's performance growth in the next 3-5 years, thus lacking sustained innovation and growth momentum.</li>
<li>Post-Money valuation was RMB3.09 billion after Series C+ Financing. We think valuation of Jingze should be lower than Henlius, <a href="https://www.smartkarma.com/entities/chengdu-kanghong-pharmaceutical-group-a" target="_blank" data-smartkarma-citation="entities:24723:1" rel="noopener">Chengdu Kanghong </a>due to the concerns on commercialization outlook/Biosimilar VBP.</li>
</ul>


JZB33 is expected to have more growth potential than JZB30. However, the rhFSH market is highly competitive. JZB30/JZB33 not only need to compete with MNCs but also domestic Big Pharma.
The "inverted pyramid" pipeline distribution leads to a high dependence JZB30, JZB33, JZB05 for Jingze's performance growth in the next 3-5 years, thus lacking sustained innovation and growth momentum.
Post-Money valuation was RMB3.09 billion after Series C+ Financing. We think valuation of Jingze should be lower than Henlius, Chengdu Kanghong due to the concerns on commercialization outlook/Biosimilar VBP.


Chengdu Kanghong Pharmaceutical Group-A (002773 CH)

Nanjing King-Friend Biochemica (603707 CH)

Pre-IPO Jingze Biopharmaceutical (Hefei) - The Concerns and the Outlook