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 Ningbo Deye Technology (A/H Listing) - About the Business Model and the Outlook

Pre-IPO Mech-Mind Robotics Technologies (PHIP Updates) - Some Points Worth the Attention

Pre-IPO SHEIN Global Holdings - Thoughts on Valuation and the Outlook

Pre-IPO Jinxin Eldercare Industry Group - The Business, the Concerns and the Outlook

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

Equity Capital Markets

Visual China Group Co Ltd A / Equity Capital Markets

<ul>
<li>Visual China is essentially a two-sided platform, connecting both the upstream end and the downstream end. Its business is structured around three dimensions:"content assets - AI capabilities - application scenarios"</li>
<li>The significant increase in 26Q1 profits was mainly due to the fair value change gains from Visual China's investment in MiniMax. However, the core business is still under pressure.</li>
<li>If the market accepts the new story of "AI data service providers", it may grant valuation premium. However, the realization of this narrative takes time, leading to uncertainties in valuation.</li>
</ul>


Visual China is essentially a two-sided platform, connecting both the upstream end and the downstream end. Its business is structured around three dimensions:"content assets - AI capabilities - application scenarios"
The significant increase in 26Q1 profits was mainly due to the fair value change gains from Visual China's investment in MiniMax. However, the core business is still under pressure.
If the market accepts the new story of "AI data service providers", it may grant valuation premium. However, the realization of this narrative takes time, leading to uncertainties in valuation.


Pre-IPO Visual China Group (A/H Listing)- Core Business Is Under Pressure Despite High Capital Gains