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

Pre-IPO InSilico Medicine - Thoughts on Valuation, Peer Comparison and Forecast

Pre-IPO Suzhou Ribo Life Science - The Strength, the Concerns and the Outlook for the SiRNA Unicorn

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

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

Equity Capital Markets

Suzhou Ribo Life Science / Equity Capital Markets

<ul>
<li>The "breadth" of pipeline doesn’t translate into the "depth" of competition.Instead, the dispersion of resources leads to slow advancement of core products, and the imbalance in investment weakened commercial competitiveness.</li>
<li>Ribo’s outsourcing model will drive up production costs and delay clinical trials/market entry. If a partner terminates cooperation due to clinical trial failure/strategic adjustments, revenue will face a sharp decline.</li>
<li>Based on Ribo’s IPO pricing (HK$57.97/share) and 2024 revenue, P/S is 59x, which is lower than peer.This valuation/IPO pricing is not without basis, with potential room for future valuation increases.</li>
</ul>


The "breadth" of pipeline doesn’t translate into the "depth" of competition.Instead, the dispersion of resources leads to slow advancement of core products, and the imbalance in investment weakened commercial competitiveness.
Ribo’s outsourcing model will drive up production costs and delay clinical trials/market entry. If a partner terminates cooperation due to clinical trial failure/strategic adjustments, revenue will face a sharp decline.
Based on Ribo’s IPO pricing (HK$57.97/share) and 2024 revenue, P/S is 59x, which is lower than peer.This valuation/IPO pricing is not without basis, with potential room for future valuation increases.


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