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 (May11)-Trump's Executive Order, Pharmacy's Risks, BeiGene 25Q1 Result Is Ok

China Healthcare Weekly (May.18) - Trump to Lower US Drug Prices, Thoughts on Hengrui's IPO Pricing

Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Auntea Jenny (Shanghai) Industrial (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly (Apr.27)- Flaws Behind BeiGene's Breakeven, Fosun Increased Stake in Henlius

Pre-IPO Green Tea Group (PHIP Updates) - Some Points Worth the Attention

Equity Bottom-Up

<ul>
<li>The HKD hit its upper limit of 7.75/USD. Capital inflows are expected post–Labor Day, likely boosting Hong Kong stock prices.</li>
<li>Mindray faces headwinds. A turnaround may come in 25Q3–Q4, but the market seeks a new growth story. A 20–25x TTM P/E reflects fair value, not undervaluation.</li>
<li>Akeso’s high valuation leans on HARMONi-3 and HARMONi 7 over HARMONi-2. Final OS data raises concerns, as MRCT is challenging and the safety margin is lower than expected.</li>
</ul>


The HKD hit its upper limit of 7.75/USD. Capital inflows are expected post–Labor Day, likely boosting Hong Kong stock prices.
Mindray faces headwinds. A turnaround may come in 25Q3–Q4, but the market seeks a new growth story. A 20–25x TTM P/E reflects fair value, not undervaluation.
Akeso’s high valuation leans on HARMONi-3 and HARMONi 7 over HARMONi-2. Final OS data raises concerns, as MRCT is challenging and the safety margin is lower than expected.


Shenzhen Mindray Bio-Medical Electronics (300760 CH)

中国ヘルスケアウィークリー（5月4日）-香港株は急騰寸前、ミンドレイの苦境、アケソの急落に関する見解

Akeso Biopharma Inc

中国ヘルスケアウィークリー（5月4日）-香港株は急騰寸前、ミンドレイの苦境、アケソの急落に関する見解