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.

BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

Pre-IPO Estun Automation (PHIP Updates) - The Business, the Concerns and Thoughts on Valuation

Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Wuxi Lead Intelligent Equipment (A/H Listing) - The Core Strength and Thoughts on Valuation

Pre-IPO Zhejiang Shimai Pharmaceutical - It Might Never Be Possible to Make Money

Pre-IPO WinHealth International Holding- A BD-Driven Model May Not Guarantee Sustainable High Growth

Wuxi Lead Intelligent Equipment Hong Kong IPO Valuation Analysis

Equity Capital Markets

<ul>
<li>Essentially, Sunmi is a company that sells hardware devices. However, the core value of the BIoT industry is shifting from hardware itself to ecosystem services and data value mining. </li>
<li>The contribution of PaaS platform and customization services is almost negligible, which means that the market's valuation logic for Sunmi as an "BIoT solution provider" needs to be discounted.</li>
<li>Valuation could be lower than <a href="https://www.smartkarma.com/entities/newland-digital-technology-co" target="_blank" data-smartkarma-citation="entities:8899:1" rel="noopener">Newland Computer</a> but higher than <a href="https://www.smartkarma.com/entities/pax-global-technology-ltd" target="_blank" data-smartkarma-citation="entities:7514:1" rel="noopener">Pax Global</a>.If arbitration case risk is eliminated and PaaS business experiences a growth inflection point, then high valuation becomes persuasive.</li>
</ul>


Essentially, Sunmi is a company that sells hardware devices. However, the core value of the BIoT industry is shifting from hardware itself to ecosystem services and data value mining. 
The contribution of PaaS platform and customization services is almost negligible, which means that the market's valuation logic for Sunmi as an "BIoT solution provider" needs to be discounted.
Valuation could be lower than Newland Computer but higher than Pax Global.If arbitration case risk is eliminated and PaaS business experiences a growth inflection point, then high valuation becomes persuasive.


Fujian Newland Computer Co, Ltd. (000997 CH)

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

SUNMI

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