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 SpaceX - About the Business, the Concerns and Thoughts on Valuation

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

Pre-IPO SG Micro Corp (A/H Listing) - Some Points Worth the Attention

Pre-IPO Junlebao Dairy Group - The Strength and the Concerns

Pre-IPO Shenzhen Creality 3D Technology (PHIP Updates) - The Business and the Outlook

Pre-IPO Liuliu Orchard - Hard to Achieve High Growth Due to the Lack of Product Competitiveness

Pre-IPO Shenzhen Salubris Pharmaceuticals (A/H Listing) - Innovative Drug Business Has Been on Track

Equity Capital Markets

Liuliu Orchard Group / Equity Capital Markets

<ul>
<li>Liuliumei is shifting resources to the Prune-based/plum jelly categories, but gross margins declined. The shrinking of dried plum snacks hasn’t been effectively replaced by emerging categories, presenting a structural risk</li>
<li>The sudden dividend is widely interpreted by the market as a benefit cash-out arrangement for existing shareholders and key stakeholders before the listing, causing serious damage to Liuliumei's governance image</li>
<li>A neutral scenario is 16-20x P/E, reflecting the market’s recognition of Liuliumei’s leading position in the segment, and certain premium has been given for the potential of new growth point.</li>
</ul>


Liuliumei is shifting resources to the Prune-based/plum jelly categories, but gross margins declined. The shrinking of dried plum snacks hasn’t been effectively replaced by emerging categories, presenting a structural risk
The sudden dividend is widely interpreted by the market as a benefit cash-out arrangement for existing shareholders and key stakeholders before the listing, causing serious damage to Liuliumei's governance image
A neutral scenario is 16-20x P/E, reflecting the market’s recognition of Liuliumei’s leading position in the segment, and certain premium has been given for the potential of new growth point.


Fujian Wanchen Biotechnology Group (300972 CH)

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