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 BlissBio - The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs

Pre-IPO Vigonvita Life Sciences (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Hangzhou Diagens Biotechnology - The Turning Point of Medical Imaging AI Has Not Arrived

Pre-IPO Sichuan Biokin Pharmaceutical - Would Investors Be Willing to Take a Gamble?

Pre-IPO Wuhan Dazhong Dental Medical - Valuation Performance May Disappoint Investors

Pre-IPO Jiangsu Hengrui Medicine - High Valuation Cannot Be Justified

Pre-IPO S.F. Holding (6936 HK) - Thoughts on Valuation and the Outlook

Equity Capital Markets

<ul>
<li>Essentially, Genuine‘s pipeline and commercialization strategy are centered around azvudine. However, the commercialization would still rely on the indications of HIV infection and COVID-19 in the short term.</li>
<li>The COVID-19 has passed, so future revenue contribution of this indication will gradually shrink. Considering the unsustainability of its future performance, we suggest excluding COVID-19 projects when considering long-term valuation.</li>
<li>The post-investment valuation after Series B financing was RMB3.56 billion. However, we are conservative about Genuine’s outlook, and we think reasonable valuation could be below RMB2 billion.</li>
</ul>


Essentially, Genuine‘s pipeline and commercialization strategy are centered around azvudine. However, the commercialization would still rely on the indications of HIV infection and COVID-19 in the short term.
The COVID-19 has passed, so future revenue contribution of this indication will gradually shrink. Considering the unsustainability of its future performance, we suggest excluding COVID-19 projects when considering long-term valuation.
The post-investment valuation after Series B financing was RMB3.56 billion. However, we are conservative about Genuine’s outlook, and we think reasonable valuation could be below RMB2 billion.


IPO 전 진정한 바이오텍 - 현재 파이프라인은 높은 가치 평가를 뒷받침하기 어렵습니다.

Genuine Biotech

IPO 전 진정한 바이오텍 - 현재 파이프라인은 높은 가치 평가를 뒷받침하기 어렵습니다.