Yiheng Lyu
01 — Introduction

I research the businesses
I would want to own.

First-year BSc Economics at the London School of Economics. I write long/short equity research with a concentrated, owner's lens — focused on healthcare, special situations, and Greater-China consumer names where the market is pricing ambiguity as if it were impairment.

London · Hangzhou Class of 2028 Seeking Summer 2026 — buy-side / IBD / private office
Silver Medal
MBP Capital × Citadel
Global Stock Pitch
2 / 240+ teams · 2026
Gold Medal
LSE ACS × Fidelity
Stock Pitch
1 / 20 teams · 2025
Live · Semi-Final
UBS
Finance Challenge
v42 submitted · May 2026
02 — About

I grew up in Hangzhou, moved to South Devon at sixteen on a YFU exchange, returned to HFLS for A-levels (five A*s, TMUA 9/9), and won the Harvard International Economics Essay Competition with a multi-scenario game-theory model on US–China escalation. I now read filings the way I once read history.

Two motivations sit underneath the work. The first is to understand how value gets created and unlocked — which is why M&A, valuation, and pair-trade frameworks attract me more than macro or rate-trading. The second is to build, not only analyse — why I founded a £17k tutoring venture across seven countries at seventeen, ran a 150-person alumni football tournament, and co-founded the IBD branch of LSE Advisory Group from inception in April.

My sector edge is healthcare. Across my pitch library, multiple deep biopharm shorts (Upstream Bio, Innovent, Mirum, Jazz) and large-cap longs (Novo Nordisk, BeOne, Denali) are built bottom-up — rNPV with PoS-by-stage, indication-level forecasts, biosimilar erosion, patent cliffs, and named clinical-trial catalysts. My UPB short, the basis of the Silver Medal at MBP × Citadel, realised its 81.8% target downside post-submission.

03 — Selected Research

Six from the library of nineteen.

2026.02
Short
UPB
Upstream Bio
Silver · MBP × Citadel · 2 of 240+

"Lose-Lose" — Unified Airway Hypothesis pre-empts mediocre Phase 2; rNPV implies peak sales 57% below consensus.

Engineered an rNPV model driven by a top-down market framework that quantified aggressive rebate demands and biosimilar price erosion. Deconstructed the much-cited "300× potency" claim as a clinically irrelevant metric for asthma outcomes. Target $8.25 (60.8% downside at submission); thesis realised 81.8% target downside following a post-submission market crash.

2025.10
Long
NVO
Novo Nordisk
Gold · LSE ACS × Fidelity · 1 of 20

Contrarian long at the trough — semaglutide differentiation, pipeline optionality, and 2026 capacity catch-up are mispriced.

A three-pillar thesis: indication-level differentiation vs. emerging GLP-1 entrants; NASH / cardiovascular / Alzheimer's pipeline optionality underwritten without being paid for; and 20–25% manufacturing-capacity growth in 2026 resolving the bear case on supply constraints. Drug-level DCF with patent-cliff erosion, cannibalisation, and scenario analysis.

2026.05
Pair Trade
BeOne / Innovent
CN biopharma
Live · UBS Finance Challenge Semi-Final

Organic vs. outsourced growth — long the company building terminal value, short the company renting it.

Innovent trades at 8.4× FY26E sales versus BeOne at 5.5×; the market is pricing the inversion. BeOne retains global drug economics through self-built commercial infrastructure; Innovent's growth is licensed and priced as if it were owned. Expected +36% relative return per v42 deck, submitted 24 May 2026.

2026.04
Long
DKNG
DraftKings

Cohort economics inflecting — state-by-state contribution margin trajectory the consensus model under-weights.

State-level cohort decomposition shows promotional intensity peaked in FY24; same-state contribution margins are tracking ahead of company guidance. Pitch deck v8 + investment model v5, built bottom-up from 10-K and 10-Q disclosures rather than sell-side comps.

2026.04
Long
MF.PA
Wendel SE · VIC write-up

An IFRS-driven mispricing — reported loss versus +€980m of equity-routed BV gains; 52% discount to a NAV validated by three above-book exits.

Wendel screens as a loss-making French industrial only because IFRS routes the Bureau Veritas stake-sale gains through equity rather than the P&L. The asset-management platform (WIM — IK Partners, Monroe Capital, Committed Advisors) reaches FRE-vs-holdco-cost crossover in 2026 at ~€50m surplus, ending the structural justification for the discount. Hard catalysts: €340m buyback (2:1 NAV accretion), €1.65bn of disposal proceeds in H1 2026, and the H1 results print which flips trailing earnings positive via Stahl IFRS 5 recognition. Base case €114 (+46%); bull case €150 (+92%).

2026.05
Short
SLS
SELLAS Life Sciences · VIC write-up

"Even the strong-win REGAL scenario produces a per-share value below the current price." A long I closed, then re-audited, then shorted.

Bought the long at $5 after two prior VIC bull pitches; the stock ran to $9, drifted to $7.80, and the pullback forced the work that should have come before sizing. Four layered audits of the bull case — ven+aza BAT drift contaminating the back-solved GPS arm, the Maslak interim-uplift mis-applied to a weak-form interim outcome, the ALC screen relaxation diluting Phase 2 immune-responder enrichment, and the OCV-501 precedent (same antigen, same disease, failed) — collapse implied PoS to ~32–38%. Bottom-up rebuild of peak revenue against Onureg's commercial reality lands probability-weighted fair value at $1.11; strong-win central below current price. Expressed as a defined-risk Sep 2026 $5 / $2.50 put spread. Catalyst: REGAL OS topline Aug–Sep 2026 (78 of 80 events in).

Full library of 19 pitches available on request →

19
Pitches authored
~70%
Healthcare / biotech
7 / 6 / 6
Long / Short / Other
04 — Experience
2026.04 — Present