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 Shanghai Sunmi Technology (PHIP Updates) - Some Points Worth the Attention

BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

Pre-IPO Estun Automation (PHIP Updates) - The Business, the Concerns and Thoughts on Valuation

Pre-IPO TOP TOY International Group - The Industry, the Business and the Valuation Outlook

Pre-IPO Tanboer Group - Low Profit Margin Is a Pain Poin

Pre-IPO Chando Global Holding - Low Growth and Profitability Are Pain Points

Equity Capital Markets

Zhejiang Shimai Pharmaceutical / Equity Capital Markets

<ul>
<li>TCE shows strong potential in hematological malignancies, but once it occurs in solid tumors,it is prone to "cytokine storm".It’s not an easy task to capture a share in this market.</li>
<li>To save cash, Shimai has significantly reduced R&amp;D investment, which would delay or even endanger the advancement of key clinical trials, making it difficult to quickly build solid commercialization system.</li>
<li>Compared with <a href="https://www.smartkarma.com/entities/nanjing-leads-biolabs-co-ltd" target="_blank" data-smartkarma-citation="entities:44126:1" rel="noopener">Leads Biolabs,</a> Shimai is at a clear disadvantage in terms of capital, team size, number of candidates in late clinical stages. Valuation would be lower than Leads Biolabs.</li>
</ul>


TCE shows strong potential in hematological malignancies, but once it occurs in solid tumors,it is prone to "cytokine storm".It’s not an easy task to capture a share in this market.
To save cash, Shimai has significantly reduced R&amp;D investment, which would delay or even endanger the advancement of key clinical trials, making it difficult to quickly build solid commercialization system.
Compared with Leads Biolabs, Shimai is at a clear disadvantage in terms of capital, team size, number of candidates in late clinical stages. Valuation would be lower than Leads Biolabs.


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