HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Guangzhou Tinci Materials Technlgy / Equity Capital Markets

Guangzhou Tinci Materials Technology Company Limited develops, manufactures and sells fine chemicals and new materials. The Company's main products include personal care materials, lithium-ion battery materials, and organic silicon rubber materials.

Guangzhou Tinci Materials Technlgy (002709 CH)

<ul>
<li>Tinci is the only enterprise in the world that has achieved full self-supply of "liquid lithium hexafluorophosphate - electrolyte" chain.This deep integration ensures supply chain security and reduces production costs. </li>
<li>Tinci enjoys an absolute cost advantage, which is the deepest moat. During the industry downturn, Tinci remained profitable. During the price increase cycle, profit elasticity far exceeded that of peers.</li>
<li>Reasonable valuation of Tinci could be lower than the average valuation of comparable A-share companies, but slightly higher than that of some lithium battery material enterprises lacking integrated capabilities.</li>
</ul>


Tinci is the only enterprise in the world that has achieved full self-supply of "liquid lithium hexafluorophosphate - electrolyte" chain.This deep integration ensures supply chain security and reduces production costs. 
Tinci enjoys an absolute cost advantage, which is the deepest moat. During the industry downturn, Tinci remained profitable. During the price increase cycle, profit elasticity far exceeded that of peers.
Reasonable valuation of Tinci could be lower than the average valuation of comparable A-share companies, but slightly higher than that of some lithium battery material enterprises lacking integrated capabilities.


Tinci Materials Technology (A/H Listing) - Cost Advantage Is the Moat to Cope with Industry Cycle

LongBio Pharma (Suzhou) / Equity Capital Markets

<ul>
<li>LP-003’s indications are small if compared with big indications in autoimmune diseases.So, LP-003 needs to demonstrate excellent efficacy. Otherwise, it would face fierce competition from Xolair/biosimilars, leaving limited market space.</li>
<li>The core advantage of LP-005 is that multi-target complement inhibitor has superior efficacy potential compared to single-target ones. The downside is the concerns on safety profile and slow R&amp;D progress.</li>
<li>Post-Money valuation of <a href="https://www.smartkarma.com/entities/longbio-pharma-suzhou-co-ltd" target="_blank" data-smartkarma-citation="entities:45688:1" rel="noopener">LongBio Pharma </a>reached about RMB2 billion after Series C Financing. A comfortable valuation range could be RMB3-5 billion, or about 50%-150% upside from Series C Financing.</li>
</ul>


LP-003’s indications are small if compared with big indications in autoimmune diseases.So, LP-003 needs to demonstrate excellent efficacy. Otherwise, it would face fierce competition from Xolair/biosimilars, leaving limited market space.
The core advantage of LP-005 is that multi-target complement inhibitor has superior efficacy potential compared to single-target ones. The downside is the concerns on safety profile and slow R&amp;D progress.
Post-Money valuation of LongBio Pharma reached about RMB2 billion after Series C Financing. A comfortable valuation range could be RMB3-5 billion, or about 50%-150% upside from Series C Financing.


Pre-IPO LongBio Pharma (Suzhou) - Thoughts on The Pipeline and The Commercialization Outlook

<ul>
<li>The core of JD Property's model is a combination of supply chain infrastructure development, operation, and asset management, relying on the JD ecosystem to form a unique competitive barrier.</li>
<li>JD Property's breakthrough path focuses on differentiated competition.Its fund management service involves selling mature projects to recover funds, earn management fees,etc., so as to accelerate the transformation to light-asset model.</li>
<li>The profit will be affected by macroeconomic environment/commercial real estate market conditions.Changes in fair value may lead to significant fluctuations in net profit, thereby impacting the valuation in capital market.</li>
</ul>


The core of JD Property's model is a combination of supply chain infrastructure development, operation, and asset management, relying on the JD ecosystem to form a unique competitive barrier.
JD Property's breakthrough path focuses on differentiated competition.Its fund management service involves selling mature projects to recover funds, earn management fees,etc., so as to accelerate the transformation to light-asset model.
The profit will be affected by macroeconomic environment/commercial real estate market conditions.Changes in fair value may lead to significant fluctuations in net profit, thereby impacting the valuation in capital market.


Pre-IPO JD Property - About the Business Model and the Outlook

Dajin Heavy Industry Corp A / Equity Capital Markets

Dajin Heavy Industry Corporation manufactures and sells wind turbine frames, offshore wind turbine frames and infrastructures, thermal boiler island steel structures and offshore oil and gas rigs industrial structures.  The Company sells its products to utility companies in China.

<ul>
<li>Dajin's business model is undergoing a profound transformation. Its core logic is shifting from a single focus on wind power equipment manufacturing to evolving into a one-stop system service provider.</li>
<li>The structural optimization enhanced overall profitability. Dajin proactively reduces the scale of domestic business with poor profitability and high collection risks. The high-profit overseas business has filled the revenue gap.</li>
<li>As industry leader, Dajin is superior to peers.Demand from European sovereign funds/ESG funds for high-quality offshore renewable energy assets may drive up valuation ceiling. A/H discount may be at 20%-30%.</li>
</ul>


Dajin's business model is undergoing a profound transformation. Its core logic is shifting from a single focus on wind power equipment manufacturing to evolving into a one-stop system service provider.
The structural optimization enhanced overall profitability. Dajin proactively reduces the scale of domestic business with poor profitability and high collection risks. The high-profit overseas business has filled the revenue gap.
As industry leader, Dajin is superior to peers.Demand from European sovereign funds/ESG funds for high-quality offshore renewable energy assets may drive up valuation ceiling. A/H discount may be at 20%-30%.


Pre-IPO Dajin Heavy Industry (PHIP Updates) - Deserves a Valuation Premium

Space Exploration Technologies Corp., doing business as SpaceX, operates as an aerospace manufacturer and space transportation services company. The Company designs and manufactures rockets, human spaceflight, and global satellite internet services. SpaceX serves customers worldwide.

<ul>
<li>The profit in 2024 was merely a fleeting phenomenon, essentially because xAI had not been included in the accounts. For every penny Starlink earned, it was quickly spent on AI/Starship.</li>
<li>If investors purchase SpaceX,they’re betting on Musk's grand vision of combining the physical control of space orbits with the next-generation AGI, rather than focusing on immediate profits from core business.</li>
<li>The proposed valuation range means the market will pay an “option premium” for AI/Starship/other long-term concepts. For ordinary investors, the risk lies in the high price of nearly 100x P/S. </li>
</ul>


The profit in 2024 was merely a fleeting phenomenon, essentially because xAI had not been included in the accounts. For every penny Starlink earned, it was quickly spent on AI/Starship.
If investors purchase SpaceX,they’re betting on Musk's grand vision of combining the physical control of space orbits with the next-generation AGI, rather than focusing on immediate profits from core business.
The proposed valuation range means the market will pay an “option premium” for AI/Starship/other long-term concepts. For ordinary investors, the risk lies in the high price of nearly 100x P/S. 


Pre-IPO SpaceX - About the Business, the Concerns and Thoughts on Valuation

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Xinyao (Criss) Wang
HK/China Healthcare Analyst (ex-Fosun Pharma)

Tinci Materials Technology (A/H Listing) - Cost Advantage Is the Moat to Cope with Industry Cycle

Tinci's full self-supply of "liquid lithium hexafluorophosphate - electrolyte" chain offers cost advantage/supply chain security, making it...

Xinyao (Criss) Wang

Pre-IPO LongBio Pharma (Suzhou) - Thoughts on The Pipeline and The Commercialization Outlook

The IPO pricing of LongBio is HK$96.06/share, with market value of HK$7.13bn (or RMB6.2bn), over 300% higher than the RMB2bn valuation after Series...

Xinyao (Criss) Wang

Pre-IPO JD Property - About the Business Model and the Outlook

JD Property's unique model leverages JD ecosystem for nfrastructure development and asset management, then transform to a light-asset model. But...

Xinyao (Criss) Wang

Pre-IPO Dajin Heavy Industry (PHIP Updates) - Deserves a Valuation Premium

Dajin aims to raise up to HK$5.77bn through the sale of 87 million shares at a maximum price of HK$66.4, with maximum market value of HK$48.1bn (or...

Xinyao (Criss) Wang

Pre-IPO SpaceX - About the Business, the Concerns and Thoughts on Valuation

Investors buying SpaceX are banking on Musk's positive futuristic vision of AI. Although we know this is a capital extravaganza, when enthusiasm...

Xinyao (Criss) Wang

Tinci Materials Technology (A/H Listing) - Cost Advantage Is the Moat to Cope with Industry Cycle

​Tinci's full self-supply of "liquid lithium hexafluorophosphate - electrolyte" chain offers cost advantage/supply chain security, making it...

Xinyao (Criss) Wang

Pre-IPO LongBio Pharma (Suzhou) - Thoughts on The Pipeline and The Commercialization Outlook

The IPO pricing of LongBio is HK$96.06/share, with market value of HK$7.13bn (or RMB6.2bn), over 300% higher than the RMB2bn valuation after Series...

Xinyao (Criss) Wang

Pre-IPO JD Property - About the Business Model and the Outlook

​JD Property's unique model leverages JD ecosystem for nfrastructure development and asset management, then transform to a light-asset model. But...

Xinyao (Criss) Wang

Pre-IPO Dajin Heavy Industry (PHIP Updates) - Deserves a Valuation Premium

Dajin aims to raise up to HK$5.77bn through the sale of 87 million shares at a maximum price of HK$66.4, with maximum market value of HK$48.1bn (or...

Xinyao (Criss) Wang

Pre-IPO SpaceX - About the Business, the Concerns and Thoughts on Valuation

​Investors buying SpaceX are banking on Musk's positive futuristic vision of AI. Although we know this is a capital extravaganza, when enthusiasm...

Xinyao (Criss) Wang

Tinci's full self-supply of "liquid lithium hexafluorophosphate - electrolyte" chain offers cost advantage/supply chain security, making it...

JD Property's unique model leverages JD ecosystem for nfrastructure development and asset management, then transform to a light-asset model. But...

Investors buying SpaceX are banking on Musk's positive futuristic vision of AI. Although we know this is a capital extravaganza, when enthusiasm...