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 Medcaptain Medical Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Direct Drive Tech (PHIP Updates) - The Valuation Is Already Expensive

Pre-IPO Shenzhen Longsys Electronics (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Qdama International Holding - The Business Model Is Not Sustainable

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

Pre-IPO Henan Kingstar Brewery - The Business, the Concerns and the Outlook

Equity Capital Markets

Zhejiang Taotao Vehicles / Equity Capital Markets

<ul>
<li>In Taotao's overall business, the growth momentum is rapidly converging towards a single product, but the boom of LSEV masked the overall decline of Taotao's traditional core business.</li>
<li>The consecutive two quarters of performance declining contrasted sharply with the YoY increasing annual report data, drawing the attention of the capital market to the sustainability of its explosive growth.</li>
<li>Based on 2026 forecast, a conservative scenario could be P/E of 18x. A neutral scenario could be P/E of 22x, and an optimistic scenario could be P/E of 25x.</li>
</ul>


In Taotao's overall business, the growth momentum is rapidly converging towards a single product, but the boom of LSEV masked the overall decline of Taotao's traditional core business.
The consecutive two quarters of performance declining contrasted sharply with the YoY increasing annual report data, drawing the attention of the capital market to the sustainability of its explosive growth.
Based on 2026 forecast, a conservative scenario could be P/E of 18x. A neutral scenario could be P/E of 22x, and an optimistic scenario could be P/E of 25x.


Pre-IPO Zhejiang Taotao Vehicles (A/H Listing) - The Concerns Behind the High Growth