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.

China Healthcare Weekly (Aug.31) - P/R Ratio Is Meaningless, Innovent, Zylox-Tonbridge 25H1 Results

Shanghai Fosun Pharmaceutical (2196.HK/600196.CH) 25H1 - The Performance Has Not Truly Improved

Kangji Medical (9997 HK) Privatization Update - About the 25H1 Results and the Privatization Outlook

Chongqing Taiji Industry (Group) (600129 CH) - Investors Are Betting on the Merger with China TCM

Shanghai Henlius Biotech (2696 HK)- LVC Is Betting on Higher Valuation Upside Due to Business Update

Shanghai Henlius Biotech (2696 HK) - Thoughts on 2024 Results And the H Share Full Circulation

WuXi AppTec (2359.HK/603259.CH) 25H1 - The Turning Point of Performance Has Been Confirmed

China TCM (570.HK) - About the 25H1 Profit Warning and the Outlook

Equity Bottom-Up

Shanghai Henlius Biotech  / Equity Bottom-Up

<ul>
<li>Since the privatization of Henlius failed at the beginning of 2025, we have witnessed its stock price constantly hitting new highs.The market has recognized Henlius’ strong fundamentals and promising outlook.</li>
<li>Based on conservative forecast, the peak sales of important products +  other promising candidates/indication expansion/drug combination/new licensing cooperation, etc., total revenue of Henlius is expected to reach RMB10 billion.</li>
<li>RMB30 billion is the valuation bottom line for Henlius. The upper limit of valuation may reach RMB36-45 billion in the future. Exercise Price of the Options granted is HK$50.25/share.</li>
</ul>


Since the privatization of Henlius failed at the beginning of 2025, we have witnessed its stock price constantly hitting new highs.The market has recognized Henlius’ strong fundamentals and promising outlook.
Based on conservative forecast, the peak sales of important products +  other promising candidates/indication expansion/drug combination/new licensing cooperation, etc., total revenue of Henlius is expected to reach RMB10 billion.
RMB30 billion is the valuation bottom line for Henlius. The upper limit of valuation may reach RMB36-45 billion in the future. Exercise Price of the Options granted is HK$50.25/share.


Shanghai Henlius Biotech (2696 HK) - Thoughts on the Valuation Outlook