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 52TOYS Development - The Business Model and the Concerns Behind

Pre-IPO Sichuan Neautus Traditional Chinese Medicine - The Outlook Is Not Optimistic

Laopu Gold (6181.HK) - The Business Model, the Concerns, the Valuation Outlook

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

Equity Capital Markets

TenNor Therapeutics (Suzhou) Limited / Equity Capital Markets

TenNor Therapeutics (Suzhou) Limited (TEN123 HK)

<ul>
<li>China has vigorously restricted the use of antibiotics. Even for novel antibiotics, they won’t replace old antibiotics completely considering higher price/the difficulty of changing prescription habits of existing clinical guidelines.</li>
<li>The NMPA's approval standards for new antibiotics are becoming increasingly strict. So, regulatory agencies' evaluation of the true efficacy of TNP-2198 may lead to the delay in its market launch. </li>
<li>Post-Money valuation after Series E financing reached RMB2 billion. Valuation of TenNor could be lower than peers Zai Lab and Everest Medicines who already have commercialized products on the market.</li>
</ul>


China has vigorously restricted the use of antibiotics. Even for novel antibiotics, they won’t replace old antibiotics completely considering higher price/the difficulty of changing prescription habits of existing clinical guidelines.
The NMPA's approval standards for new antibiotics are becoming increasingly strict. So, regulatory agencies' evaluation of the true efficacy of TNP-2198 may lead to the delay in its market launch. 
Post-Money valuation after Series E financing reached RMB2 billion. Valuation of TenNor could be lower than peers Zai Lab and Everest Medicines who already have commercialized products on the market.


IPO前のTenNor Therapeutics (Suzhou) Limited - パイプラインと懸念事項