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.

China Healthcare Weekly (Jun.22) - CNPGC to Acquire Shuanglin, Thoughts on Zhou Liu Fu's IPO Pricing

Pre-IPO Cloudbreak Pharma (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Nanjing Leads Biolabs (PHIP Updates) - Thoughts on the Valuation and the Outlook

Pre-IPO Foshan Haitian Flavouring & Food Company - Thoughts on the IPO Pricing

Pre-IPO Anjoy Foods Group - Only Successful Internationalization Can Support High Valuation

Pre-IPO Saint Bella - The Outlook for Future Performance Growth Is Highly Uncertain

Pre-IPO Zhou Liu Fu Jewellery (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

Equity Capital Markets

<ul>
<li>The mismatch between supply and demand in the postpartum center market has become apparent, coupled with consumption downgrades in high-end market, which has limited the growth potential of SAINT BELLA.</li>
<li>The gross margin of SAINT BELLA that focuses on high-end postpartum services is surprisingly lower than that of traditional general hospital business, indicating that the Company's profitability is disappointing.</li>
<li>SAINT BELLA attempts to attract capital through the story of "high-end services+overseas expansion",but its model has contradictions.The essence of IPO is “a last ditch effort” for capital to cash out.</li>
</ul>


The mismatch between supply and demand in the postpartum center market has become apparent, coupled with consumption downgrades in high-end market, which has limited the growth potential of SAINT BELLA.
The gross margin of SAINT BELLA that focuses on high-end postpartum services is surprisingly lower than that of traditional general hospital business, indicating that the Company's profitability is disappointing.
SAINT BELLA attempts to attract capital through the story of "high-end services+overseas expansion",but its model has contradictions.The essence of IPO is “a last ditch effort” for capital to cash out.


Aidigong Maternal & Child Health Limited (286 HK)

Pre-IPO Saint Bella (PHIP Updates) - Some Points Worth the Attention