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.

MiniMax (100 HK) Vs Zhipu AI (2513 HK) - Thoughts on Valuation and the Outlook

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

SHEIN Global Holdings (625 HK) - The Decline in Valuation May Not Have Ended Yet

Pre-IPO New Hope Dairy (A/H Listing) - The Company Has Occupied a Favorable Position

Tinci Materials Technology (A/H Listing) - Cost Advantage Is the Moat to Cope with Industry Cycle

Pre-IPO Junlebao Dairy Group - The Strength and the Concerns

Equity Capital Markets

Taihe Music Group / Equity Capital Markets

<ul>
<li>Taihe’s three businesses form a complete commercial loop of "IP content → amplification of artist performances → monetization of the ticketing platform → feeding back to the IP ecosystem"</li>
<li>Taihe's advantage lies in its all-round layout covering the entire industrial chain. However, its weakness is compared with platform-type enterprises, Taihe lacks a super entry point directly reaching end consumers</li>
<li>Based on the analysis, we think a conservative scenario could be P/E of 15-20x. A neutral scenario could be 20-25x. An optimistic scenario could be 25-30x.</li>
</ul>


Taihe’s three businesses form a complete commercial loop of "IP content → amplification of artist performances → monetization of the ticketing platform → feeding back to the IP ecosystem"
Taihe's advantage lies in its all-round layout covering the entire industrial chain. However, its weakness is compared with platform-type enterprises, Taihe lacks a super entry point directly reaching end consumers
Based on the analysis, we think a conservative scenario could be P/E of 15-20x. A neutral scenario could be 20-25x. An optimistic scenario could be 25-30x.


Pre-IPO Taihe Music Group - The Concerns Behind The "Heavy" Business Model