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 (Jan.4) - NRDL Negotiation Breakthrough, Thoughts on Ribo's IPO Pricing

Pre-IPO Suzhou Ribo Life Science (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly (Jan.18)-Biotechs to Enter Hong Kong Stock Connect, Wuxi Biologics Placement

Pre-IPO Shanghai Synyi Medical Technology - The Value of Healthcare AI Remains to Be Verified

Pre-IPO Shenzhen Edge Medical - The Surgical Robot Business in China Is Proving Harder than Expected

Pre-IPO IMPACT Therapeutics - Thoughts on the Pipeline, the Concerns and Valuation Outlook

Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind

Equity Capital Markets

Shenzhen Edge Medical / Equity Capital Markets

<ul>
<li>Edge's dual product line layout of "multi-port + single-port surgical robots" takes into account both current performance and long-term potential, but in actual implementation, it faces dual commercialization challenges.</li>
<li>How to encourage doctors to form usage habits and increase repurchase rate of consumables is the key to the implementation of technical route. The pressure on profit side remains prominent.</li>
<li>The IPO pricing is HK$43.24 per share. If based on 2025 revenue forecast, P/S is about 45.65x, lower than Medbot, which provides sufficient space and potential for future valuation increases.</li>
</ul>


Edge's dual product line layout of "multi-port + single-port surgical robots" takes into account both current performance and long-term potential, but in actual implementation, it faces dual commercialization challenges.
How to encourage doctors to form usage habits and increase repurchase rate of consumables is the key to the implementation of technical route. The pressure on profit side remains prominent.
The IPO pricing is HK$43.24 per share. If based on 2025 revenue forecast, P/S is about 45.65x, lower than Medbot, which provides sufficient space and potential for future valuation increases.


Pre-IPO Shenzhen Edge Medical (PHIP Updates) - Some Points Worth the Attention