IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Asymchem Laboratories Tianjin / Equity Capital Markets

Asymchem Laboratories Tianjin (002821 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asymchem-laboratories-tianjin-co-ltd" target="_blank" data-smartkarma-citation="entities:28265:1" rel="noopener">Asymchem Laboratories (002821 CH)</a> is a global contract development manufacturing organisation (CDMO). Asymchem is pre-marketing an H Share listing to raise $1.5 billion, according to press reports.</li>
<li>Asymchem has delivered strong growth and margin progression (on a constant currency basis) over the track record period.</li>
<li>The forward indicators suggest that the near-term prospects remain solid. Overall, we think that Asymchem has robust fundamentals.  </li>
</ul>



Asymchem Laboratories (002821 CH) is a global contract development manufacturing organisation (CDMO). Asymchem is pre-marketing an H Share listing to raise $1.5 billion, according to press reports.
Asymchem has delivered strong growth and margin progression (on a constant currency basis) over the track record period.
The forward indicators suggest that the near-term prospects remain solid. Overall, we think that Asymchem has robust fundamentals.  


Asymchem Laboratories H Share Listing: On-Demand Science

Novotech Holdings / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/novotech-health-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33411:1" rel="noopener">Novotech Holdings (NVT HK)</a> is a global contract research organisation (CRO). Novotech is the third-largest Asia-Pacific-based CRO and the largest biotech-specialist CRO in the Asia-Pacific region, both in terms of revenue in 2020, according to Frost &amp; Sullivan. The controlling shareholder is TPG and the other shareholders include GIC, Kaiser Foundation Hospitals and Sequoia Capital. Novotech has started pre-marketing an HKEx IPO to raise $0.5-1.0 billion, according to press reports.</p></div><div>
<div><p>In <a href="https://www.smartkarma.com/insights/novotech-health-ipo-initiation-on-demand-science" target="_blank" data-smartkarma-citation="insights:57198" rel="noopener">Novotech Health IPO Initiation: On-Demand Science</a>, we noted that, unlike other H-listed CRO peers, Novotech gives investors an avenue to gain exposure to the broader Asia-Pacific CRO industry. We concluded that Novotech’s fundamentals are solid and the IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs. </p></div>
<div><div><p>In <a href="https://www.smartkarma.com/insights/novotech-health-ipo-a-solid-start-to-2021" target="_blank" data-smartkarma-citation="insights:57255" rel="noopener">Novotech Health IPO: A Solid Start to 2021</a>, we examined the PHIP which discloses the 1Q21 results along with additional disclosures and recent developments. Overall, we maintained our view that the fundamentals look attractive. </p></div></div>
</div><div><div><div class="content-highlight"><p>In this note, we present our forecasts and take the first look at Novotech's potential valuation range. </p></div></div></div>

Novotech Holdings (NVT HK) is a global contract research organisation (CRO). Novotech is the third-largest Asia-Pacific-based CRO and the largest biotech-specialist CRO in the Asia-Pacific region, both in terms of revenue in 2020, according to Frost &amp; Sullivan. The controlling shareholder is TPG and the other shareholders include GIC, Kaiser Foundation Hospitals and Sequoia Capital. Novotech has started pre-marketing an HKEx IPO to raise $0.5-1.0 billion, according to press reports.
In Novotech Health IPO Initiation: On-Demand Science, we noted that, unlike other H-listed CRO peers, Novotech gives investors an avenue to gain exposure to the broader Asia-Pacific CRO industry. We concluded that Novotech’s fundamentals are solid and the IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs. 
In Novotech Health IPO: A Solid Start to 2021, we examined the PHIP which discloses the 1Q21 results along with additional disclosures and recent developments. Overall, we maintained our view that the fundamentals look attractive. 
In this note, we present our forecasts and take the first look at Novotech's potential valuation range. 

Novotech Health IPO: Valuation First-Look

<p><a href="https://www.smartkarma.com/entities/novotech-health-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33411:1" rel="noopener">Novotech Holdings (NVT HK)</a> is a global contract research organisation (CRO). Novotech is the third-largest Asia-Pacific-based CRO and the largest biotech-specialist CRO in the Asia-Pacific region, both in terms of revenue in 2020, according to Frost &amp; Sullivan. The controlling shareholder is TPG and the other shareholders include GIC, Kaiser Foundation Hospitals and Sequoia Capital. Novotech has started pre-marketing an HKEx IPO to raise up to $1.5 billion, according to press reports.</p><p>In <a href="https://www.smartkarma.com/insights/novotech-health-ipo-initiation-on-demand-science" target="_blank" data-smartkarma-citation="insights:57198" rel="noopener">Novotech Health IPO Initiation: On-Demand Science</a>, we noted that, unlike other H-listed CRO peers, Novotech gives investors an avenue to gain exposure to the broader Asia-Pacific CRO industry. We concluded that Novotech’s fundamentals are solid and the IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs. </p><div class="content-highlight"><p>In this note, we examine the PHIP which discloses the 1Q21 results along with additional disclosures and recent developments. Overall, we continue to maintain our view that the fundamentals look attractive. </p></div>

Novotech Holdings (NVT HK) is a global contract research organisation (CRO). Novotech is the third-largest Asia-Pacific-based CRO and the largest biotech-specialist CRO in the Asia-Pacific region, both in terms of revenue in 2020, according to Frost &amp; Sullivan. The controlling shareholder is TPG and the other shareholders include GIC, Kaiser Foundation Hospitals and Sequoia Capital. Novotech has started pre-marketing an HKEx IPO to raise up to $1.5 billion, according to press reports.In Novotech Health IPO Initiation: On-Demand Science, we noted that, unlike other H-listed CRO peers, Novotech gives investors an avenue to gain exposure to the broader Asia-Pacific CRO industry. We concluded that Novotech’s fundamentals are solid and the IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs. In this note, we examine the PHIP which discloses the 1Q21 results along with additional disclosures and recent developments. Overall, we continue to maintain our view that the fundamentals look attractive. 

Novotech Health IPO: A Solid Start to 2021

<p><a href="https://www.smartkarma.com/entities/novotech-health-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33411:1" rel="noopener">Novotech Holdings (NVT HK)</a> is a global contract research organisation (CRO). Novotech is the third-largest Asia-Pacific-based CRO and the largest biotech-specialist CRO in the Asia-Pacific region, both in terms of revenue in 2020, according to Frost &amp; Sullivan.</p><p>The controlling shareholder is TPG and the other shareholders include GIC, Kaiser Foundation Hospitals and Sequoia Capital. Novotech is set to pre-market an HKEx IPO to raise up to $1.5 billion, according to press reports.</p><p>While the Chinese regulatory reset has wreaked havoc on several sectors, investor sentiment on the China CRO industry remains relatively solid with the H-shares of <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a> and <a href="https://www.smartkarma.com/entities/pharmaron-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:28428:1" rel="noopener">Pharmaron Beijing Co Ltd-H (3759 HK)</a> up 18% and 30% YTD, respectively.</p><div class="content-highlight"><p>Unlike other H-listed CRO peers, Novotech gives investors an avenue to gain exposure to the broader Asia-Pacific CRO industry. On balance, we think that Novotech’s fundamentals are solid and the IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs. </p></div>

Novotech Holdings (NVT HK) is a global contract research organisation (CRO). Novotech is the third-largest Asia-Pacific-based CRO and the largest biotech-specialist CRO in the Asia-Pacific region, both in terms of revenue in 2020, according to Frost &amp; Sullivan.The controlling shareholder is TPG and the other shareholders include GIC, Kaiser Foundation Hospitals and Sequoia Capital. Novotech is set to pre-market an HKEx IPO to raise up to $1.5 billion, according to press reports.While the Chinese regulatory reset has wreaked havoc on several sectors, investor sentiment on the China CRO industry remains relatively solid with the H-shares of WuXi AppTec Co. Ltd. (2359 HK) and Pharmaron Beijing Co Ltd-H (3759 HK) up 18% and 30% YTD, respectively.Unlike other H-listed CRO peers, Novotech gives investors an avenue to gain exposure to the broader Asia-Pacific CRO industry. On balance, we think that Novotech’s fundamentals are solid and the IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs. 

Novotech Health IPO Initiation: On-Demand Science

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Shanghai Haoyuan Chemexpress C / Equity Capital Markets

Shanghai Haoyuan Chemexpress C (688131 CH)

<p>Recently, small market capitalization and undervalued CRO companies are favored by the market. For example, the most eye-catching rebound came from the <a href="https://www.smartkarma.com/entities/viva-biotech-holdings" target="_blank" data-smartkarma-citation="entities:27850:1" rel="noopener">Viva Biotech Holdings (1873 HK)</a> (up over 60% in May) and <a href="https://www.smartkarma.com/entities/hitgen-inc" target="_blank" data-smartkarma-citation="entities:30371:1" rel="noopener">HitGen Inc (688222 CH)</a> (up over 27% in May). In fact, the investment logic in CRO industry can be divided into two aspects: One is to invest in the leading companies with higher certainty, such as <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>, <a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-co-ltd-1008d609-73bd-4d76-8315-b29502a448ff" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK)</a>, <a href="https://www.smartkarma.com/entities/pharmaron-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:28428:1" rel="noopener">Pharmaron Beijing Co Ltd-H (3759 HK)</a> and so on; The other is to pursue flexibility and choose to invest some targets that have made certain achievements in subdivision fields, such as the <a href="https://www.smartkarma.com/entities/viva-biotech-holdings" target="_blank" data-smartkarma-citation="entities:27850:1" rel="noopener">Viva Biotech Holdings (1873 HK)</a> and <a href="https://www.smartkarma.com/entities/hitgen-inc" target="_blank" data-smartkarma-citation="entities:30371:1" rel="noopener">HitGen Inc (688222 CH)</a> mentioned above. Here comes a new CRO/CDMO company that worth the attention, <a href="https://www.smartkarma.com/entities/shanghai-haoyuan-chemexpress" target="_blank" data-smartkarma-citation="entities:33415:1" rel="noopener">Shanghai Haoyuan Chemexpress (688131 CH)</a>, which will list on the SSE STAR Market soon. The following insight mainly analyzes the industry characteristics, business, financial performance and potential risks of the Company.</p>

Recently, small market capitalization and undervalued CRO companies are favored by the market. For example, the most eye-catching rebound came from the Viva Biotech Holdings (1873 HK) (up over 60% in May) and HitGen Inc (688222 CH) (up over 27% in May). In fact, the investment logic in CRO industry can be divided into two aspects: One is to invest in the leading companies with higher certainty, such as WuXi AppTec Co. Ltd. (2359 HK), Hangzhou Tigermed Consulting (H) (3347 HK), Pharmaron Beijing Co Ltd-H (3759 HK) and so on; The other is to pursue flexibility and choose to invest some targets that have made certain achievements in subdivision fields, such as the Viva Biotech Holdings (1873 HK) and HitGen Inc (688222 CH) mentioned above. Here comes a new CRO/CDMO company that worth the attention, Shanghai Haoyuan Chemexpress (688131 CH), which will list on the SSE STAR Market soon. The following insight mainly analyzes the industry characteristics, business, financial performance and potential risks of the Company.

Pre-IPO Shanghai Haoyuan Chemexpress - A New CRO/CDMO with Continued High Growth Potential

China

Viva Biotech Holdings provides one-stop services ranging from early-stage structure-based drug R&D to commercial manufacturing for global biopharmaceutical innovators. The company offers drug discovery services (CRO) and contract development and manufacturing services (CDMO) for small molecules and biologics. It was established in 2008 and is headquartered in Shanghai, China.

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Viva Biotech (1873 HK)

Novotech Health IPO: Valuation First-Look

Novotech is pre-marketing an HKEx IPO to raise $0.5-1.0 billion. In this note, we present our forecasts and take the first look at Novotech's...

Arun George

Novotech Health IPO: A Solid Start to 2021

We examine the PHIP which discloses the 1Q21 results along with additional disclosures and recent developments. Overall, we continue to maintain...

Arun George

Novotech Health IPO Initiation: On-Demand Science

Novotech is set to pre-market an HKEx IPO to raise up to $1.5 bn. Novotech’s fundamentals are solid and the IPO is worth a look for investors...

Arun George

Pre-IPO Shanghai Haoyuan Chemexpress - A New CRO/CDMO with Continued High Growth Potential

As CRO/CDMO continues to be a hot sector for investors and have outstanding performance, the new pre-IPO company Haoyuan Chemexpress with high...

Xinyao (Criss) Wang

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52-week Range

Market Cap (USDm)

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Asymchem Laboratories H Share Listing: On-Demand Science

Asymchem is pre-marketing an H Share listing to raise $1.5 billion, according to press reports. The forward indicators suggest that the near-term...

Arun George

Novotech Health IPO: Valuation First-Look

Novotech is pre-marketing an HKEx IPO to raise $0.5-1.0 billion. In this note, we present our forecasts and take the first look at Novotech's...

Arun George

Novotech Health IPO: A Solid Start to 2021

We examine the PHIP which discloses the 1Q21 results along with additional disclosures and recent developments. Overall, we continue to maintain...

Arun George

Novotech Health IPO Initiation: On-Demand Science

Novotech is set to pre-market an HKEx IPO to raise up to $1.5 bn. Novotech’s fundamentals are solid and the IPO is worth a look for investors...

Arun George

Pre-IPO Shanghai Haoyuan Chemexpress - A New CRO/CDMO with Continued High Growth Potential

As CRO/CDMO continues to be a hot sector for investors and have outstanding performance, the new pre-IPO company Haoyuan Chemexpress with high...

Xinyao (Criss) Wang