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 BenQ BM Holding (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Chagee Holdings - Some Points Worth the Attention

Pre-IPO Chagee Holdings - IPO Pricing Is Attractive, But Share Price May Underperform

China Healthcare (Apr.13) - Trump's Tariffs on Pharmaceuticals, NSCEB's Report, RemeGen's Pain Point

Equity Bottom-Up

<ul>
<li>Based on our forecast, growth may be under pressure in 2025, but would recover in 2026/2027.The Cancellation Price is attractive for investors who want to cash out in short term.</li>
<li>Some long-term investors may hope to see an improvement in Fengxiang's fundementals and long-term performance after PAG/Abu Dhabi Investment step in. Their attitude may bring uncertainties to the privatization.</li>
<li>The business logic of PAG is not a simple financial investment, but a higher pursuit. Fengxiang is a high-quality asset for PAG.Share Alternative Offer could help increase the success rate</li>
</ul>


Based on our forecast, growth may be under pressure in 2025, but would recover in 2026/2027.The Cancellation Price is attractive for investors who want to cash out in short term.
Some long-term investors may hope to see an improvement in Fengxiang's fundementals and long-term performance after PAG/Abu Dhabi Investment step in. Their attitude may bring uncertainties to the privatization.
The business logic of PAG is not a simple financial investment, but a higher pursuit. Fengxiang is a high-quality asset for PAG.Share Alternative Offer could help increase the success rate


Zibo Qixiang Tengda Chemical Co, Ltd. (002408 CH)

Shandong Fengxiang (9977.HK) Privatization - Long-Term Investors May Be Unhappy with the Offer Price