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.

DeepSeek Ignites China Healthcare - The Investment Opportunities and Risks Behind

Pre-IPO Fujian Haixi Pharmaceuticals - The Concerns on the Pipeline and the Outlook

BeiGene (6160.HK/​ONC US) 2024 Results - The Performance Is Outstanding

Greatview Aseptic Packaging (468.HK) - Newjf Already Has an Upper Hand

Ping An Healthcare and Technology (1833 HK) - About The Special Dividend and the Outlook

Pre-IPO S.F. Holding (6936 HK) - Thoughts on Valuation and the Outlook

Equity Capital Markets

Nanjing Leads Biolabs / Equity Capital Markets

<ul>
<li>After PD-1/L1, we haven’t seen the next successful/reliable immune checkpoint emerges due to issues on efficacy/safety profile. So, for 4-1BB/LAG3, we’re worried about the druggability or future commercialization after approval.</li>
<li>In Leads Biolabs' pipeline, we think the future highlight may still lie in CD3, since the mechanism by which TCR/CD3 is used to activate T cells is well validated.</li>
<li>After Series C+ Financing, the post investment valuation has exceeded RMB3 billion.If the pipeline development progresses smoothly, Leads Biolabs’ valuation would surpass peers in the future due to better outlook.</li>
</ul>


After PD-1/L1, we haven’t seen the next successful/reliable immune checkpoint emerges due to issues on efficacy/safety profile. So, for 4-1BB/LAG3, we’re worried about the druggability or future commercialization after approval.
In Leads Biolabs' pipeline, we think the future highlight may still lie in CD3, since the mechanism by which TCR/CD3 is used to activate T cells is well validated.
After Series C+ Financing, the post investment valuation has exceeded RMB3 billion.If the pipeline development progresses smoothly, Leads Biolabs’ valuation would surpass peers in the future due to better outlook.


Pre-IPO Nanjing Leads Biolabs - The Future Prospects of the Pipeline Are Worth Looking Forward To