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 IMPACT Therapeutics (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Shenzhen LDRobot - The IPO Pricing Is Reasonable

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

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

Pre-IPO Huaqin (A/H Listing) - Low Profit Margin Is a Pain Point Due to Flaws in Business Model

Pre-IPO Manycore Tech - (PHIP Updates) - The Business Model, the Concerns and the Outlook

Equity Capital Markets

Shanghai Xizhi Technology / Equity Capital Markets

<ul>
<li>Xizhi's core competitiveness lies in scale up segmentation scenarios. Compared with peers, Xizhi's products have achieved large-scale deployment and its technology landing capabilities are ahead of most start-up companies.</li>
<li>Xizhi may find it difficult to replicate MiniMax's "fast commercialization" speed. In the next 2-3 years, it will still need to focus on optical interconnect and gradually promote optical computing.</li>
<li>Here are our speculations on valuation: In conservative scenario, valuation could be RMB8-12 billion. In neutral scenario, valuation could be RMB12-18 billion. In optimistic scenario, valuation could be RMB18-25 billion.</li>
</ul>


Xizhi's core competitiveness lies in scale up segmentation scenarios. Compared with peers, Xizhi's products have achieved large-scale deployment and its technology landing capabilities are ahead of most start-up companies.
Xizhi may find it difficult to replicate MiniMax's "fast commercialization" speed. In the next 2-3 years, it will still need to focus on optical interconnect and gradually promote optical computing.
Here are our speculations on valuation: In conservative scenario, valuation could be RMB8-12 billion. In neutral scenario, valuation could be RMB12-18 billion. In optimistic scenario, valuation could be RMB18-25 billion.


Pre-IPO Shanghai Xizhi Technology (PHIP Update)-The Business, Peer Comparison, Thoughts on Valuation