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.

3D Medicines (1244.HK) - The Bubble Will Eventually Burst

China Healthcare Weekly (Oct.6) - Weight Loss Drug CXO, Policy-Guided Capital Flows, 3D Medicines

Pre-IPO Guoquan Food (Shanghai) - High Growth May Not Be Sustainable; Long Logic Doesn't Hold Water

Guangzhou Kingmed Diagnostics (603882.CH) - There Is Still Investment Value that Cannot Be Ignored

Wuxi Biologics (2269.HK) - Some New Business Updates and the Outlook

Pre-IPO Laekna (PHIP Updates) - Some Key Points Worth the Attention

China Traditional Chinese Medicine (570.HK) - The Privatization Rumor and the Outlook

Equity Bottom-Up

<ul>
<li>In the past few years, the investment business and M&amp;A of Viva accelerated based on a series of financing tools such as IPO/placement/convertible bonds. Thus, Viva's scale has grown rapidly.</li>
<li>Continuous decline in stock price ultimately triggered a "redemption crisis” for Viva’s convertible bonds.Although Viva resolved it by transferring equity in its CRO subsidiary, the prospects are still not optimistic.</li>
<li>Due to the downturn in innovative drug industry and deterioration of financing environment,whether the high valuation of Viva’s CRO business would be recognized by secondary market is a question mark.</li>
</ul>


In the past few years, the investment business and M&amp;A of Viva accelerated based on a series of financing tools such as IPO/placement/convertible bonds. Thus, Viva's scale has grown rapidly.
Continuous decline in stock price ultimately triggered a "redemption crisis” for Viva’s convertible bonds.Although Viva resolved it by transferring equity in its CRO subsidiary, the prospects are still not optimistic.
Due to the downturn in innovative drug industry and deterioration of financing environment,whether the high valuation of Viva’s CRO business would be recognized by secondary market is a question mark.


Viva Biotech Holdings (1873.HK) - The Restructuring Plan Would Not Turn Things Around