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.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement

HK Banks - Dah Sing's Credit Costs in Macau and China Rose 4x YoY in 1H25

Laopu Gold (6181.HK) 25H1 - Remember to Escape Before Collapsing

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

China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

What Happens to China Healthcare? - The Soaring Shares, the Turning Point, and the Top Picks

Pre-IPO Ab&B Bio-Tech (PHIP Updates) - Some Points Worth the Attention

Equity Bottom-Up

<ul>
<li>WuXi Bio’s 25H1 growth was driven by XDC against the backdrop of BD wave of innovative drug assets. Coupled with biotech booming market, we witnessed obvious recovery in CXO’s performance. </li>
<li>Intensive share reduction by major shareholders has weakened market confidence in long-term value. Given Li Ge's rich experience in capital operation, WuXi Bio’s valuation potential may have been fully realized.</li>
<li>Current investment logic has shifted to the growth of overseas BD/licensing cooperation based on China’s low-priced but high-quality innovative drugs due to engineer dividend, which may have certain growth ceilings.</li>
</ul>


WuXi Bio’s 25H1 growth was driven by XDC against the backdrop of BD wave of innovative drug assets. Coupled with biotech booming market, we witnessed obvious recovery in CXO’s performance. 
Intensive share reduction by major shareholders has weakened market confidence in long-term value. Given Li Ge's rich experience in capital operation, WuXi Bio’s valuation potential may have been fully realized.
Current investment logic has shifted to the growth of overseas BD/licensing cooperation based on China’s low-priced but high-quality innovative drugs due to engineer dividend, which may have certain growth ceilings.


Wuxi Biologics (2269 HK) 25H1 - Concerns Behind the Performance Rebound