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

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

Pre-IPO Alebund Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

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

Pre-IPO LongBio Pharma (Suzhou) - Thoughts on The Pipeline and The Commercialization Outlook

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

Pre-IPO Dajin Heavy Industry (PHIP Updates) - Deserves a Valuation Premium

Equity Capital Markets

<ul>
<li>SG has been closely following the overseas leaders in terms of product category breadth, covering approximately 70% of the mid-to-low-end parts of Texas Instruments, with a clear substitution potential.</li>
<li>To continue making profits, SG needs to launch new designs faster than peers, or seize a “time difference” in automotive certification, otherwise its profits will be squeezed out by competitors.</li>
<li>A comfortable P/S of SG’s H-share could be between 6-8x (based on 2026 forecast). As industry leader, we think SG’s valuation would be higher than <a href="https://www.smartkarma.com/entities/suzhou-novosense-microlectronics-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46180:1" rel="noopener">Suzhou Novosense Microelectronics (2676 HK)</a>. </li>
</ul>


SG has been closely following the overseas leaders in terms of product category breadth, covering approximately 70% of the mid-to-low-end parts of Texas Instruments, with a clear substitution potential.
To continue making profits, SG needs to launch new designs faster than peers, or seize a “time difference” in automotive certification, otherwise its profits will be squeezed out by competitors.
A comfortable P/S of SG’s H-share could be between 6-8x (based on 2026 forecast). As industry leader, we think SG’s valuation would be higher than Suzhou Novosense Microelectronics (2676 HK). 


SMIC (Semiconductor Manufacturing International Corp) (981 HK)

SMIC (Semiconductor Manufacturing International Corp)

Chipsea Technologies (Shenzhen) (688595 CH)

Suzhou Novosense Microelectron (688052 CH)

Suzhou Novosense Microelectronics (2676 HK)

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