HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Guangzhou Wondfo Biotech C-A / Equity Bottom-Up

<ul>
<li>COVID-19 didn’t bring Wondfo explosive performance growth because China’s official COVID-19 detection method is nucleic acid test while Wondfo’s strength is antigen detection,which is used in later stage of COVID-19.</li>
<li>Revenue growth would slow down in 2023 due to the high base last year.2023 is a good time to bottom fish this stock as Wondfo’s performance growth would recover afterwards.</li>
<li>After continuous corrections, the current valuation is already at a low level, and has already priced in the negative impact of the decline in COVID-19 business and IVD centralized procurement.</li>
</ul>


COVID-19 didn’t bring Wondfo explosive performance growth because China’s official COVID-19 detection method is nucleic acid test while Wondfo’s strength is antigen detection,which is used in later stage of COVID-19.
Revenue growth would slow down in 2023 due to the high base last year.2023 is a good time to bottom fish this stock as Wondfo’s performance growth would recover afterwards.
After continuous corrections, the current valuation is already at a low level, and has already priced in the negative impact of the decline in COVID-19 business and IVD centralized procurement.


Guangzhou Wondfo Biotech (300482.CH) - Time to Bottom Fish?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Industrials, Consumer Discretionary, Information Technology led the inflows while Consumer Staples, Financials led the outflows.</li>
<li>We highlight flows for Midea, Foxconn, CATL, Wuxi Apptec, Sany Heavy, China Tourism, Longi Green, Ping An, Zijin Mining, Haitian Flavoring.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Industrials, Consumer Discretionary, Information Technology led the inflows while Consumer Staples, Financials led the outflows.
We highlight flows for Midea, Foxconn, CATL, Wuxi Apptec, Sany Heavy, China Tourism, Longi Green, Ping An, Zijin Mining, Haitian Flavoring.


Northbound Flows Monthly (June): Midea, Foxconn, CATL, Wuxi Apptec, Sany Heavy

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by foreign investors.</li>
<li>We highlight inflows  for CATL, Kunlun Tech, BJ-SH HSR, CCB, Mindray, Longi, Wuliangye, Gree, Moutai, Midea.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by foreign investors.
We highlight inflows  for CATL, Kunlun Tech, BJ-SH HSR, CCB, Mindray, Longi, Wuliangye, Gree, Moutai, Midea.


Northbound Flows Monthly (May): $1.7bn Outflows

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 25th.</li>
<li>We estimate the weekly outflows to be US$2,561.1 million, led by materials, financials, and offset by communication services, utilities, energy.</li>
<li>We highlight flows for CATL, Luxshare Precision Industry, Longi Green, China Merchants Bank, Wuliangye Yibin, Ping An Insurance, Ping An Bank, East Money Information.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 25th.
We estimate the weekly outflows to be US$2,561.1 million, led by materials, financials, and offset by communication services, utilities, energy.
We highlight flows for CATL, Luxshare Precision Industry, Longi Green, China Merchants Bank, Wuliangye Yibin, Ping An Insurance, Ping An Bank, East Money Information.


Northbound Flows (May 25th): CATL, Luxshare Precision, Longi Green, CMB, Wuliangye, East Money

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Jiangxi Rimag Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangxi-rimag-group-co-ltd" target="_blank" data-smartkarma-citation="entities:39800:1" rel="noopener">Jiangxi Rimag Group (JIR HK)</a>, a China-based medical imaging center operator and provider of Rimag cloud services, filed for a Hong Kong IPO.</li>
<li>
<a href="https://www.smartkarma.com/entities/jiangxi-rimag-group-co-ltd" target="_blank" data-smartkarma-citation="entities:39800:1" rel="noopener">Jiangxi Rimag Group (JIR HK)</a> was backed by Goldman Sachs, leading VC firms in Asia, Baidu Inc., JD Health, and American healthcare investment firm OrbiMed. </li>
<li>China's medical imaging industry is experiencing a remarkable transformation, driven by rapid technological advancements, evolving healthcare needs, and supportive government policies.</li>
</ul>



Jiangxi Rimag Group (JIR HK), a China-based medical imaging center operator and provider of Rimag cloud services, filed for a Hong Kong IPO.

Jiangxi Rimag Group (JIR HK) was backed by Goldman Sachs, leading VC firms in Asia, Baidu Inc., JD Health, and American healthcare investment firm OrbiMed. 
China's medical imaging industry is experiencing a remarkable transformation, driven by rapid technological advancements, evolving healthcare needs, and supportive government policies.


Jiangxi Rimag IPO Preview: Empowering The Future of Medical Imaging Services in China

China

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. manufactures and distributes medical equipment. The Company produces life information supporting, in vitro diagnostic, and medical imaging equipment equipment. Shenzhen Mindray Bio-Medical Electronics also produces supporting reagents.

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

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Shenzhen Mindray Bio-Medical Electronics (300760 CH)

Guangzhou Wondfo Biotech (300482.CH) - Time to Bottom Fish?

Overall revenue growth would inevitably slow down in 2023, but Wondfo's non-COVID business recovered well in 23Q1, which shows us the momentum to...

Xinyao (Criss) Wang

Northbound Flows Monthly (June): Midea, Foxconn, CATL, Wuxi Apptec, Sany Heavy

We analyzed the Shanghai/Shenzhen Connect Scheme for June and highlight flows for Midea, Foxconn, CATL, Wuxi Apptec, Sany Heavy, China Tourism,...

Ke Yan, CFA, FRM

Northbound Flows Monthly (May): $1.7bn Outflows

We analyzed the Shanghai/Shenzhen Connect Scheme for May and highlight flows for CATL, Kunlun Tech, BJ-SH HSR, CCB, Mindray, Longi, Wuliangye,...

Ke Yan, CFA, FRM

Northbound Flows (May 25th): CATL, Luxshare Precision, Longi Green, CMB, Wuliangye, East Money

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Luxshare Precision, Longi Green, China...

Ke Yan, CFA, FRM

Jiangxi Rimag IPO Preview: Empowering The Future of Medical Imaging Services in China

Jiangxi Rimag, a pioneer in the PRC third-party medical imaging industry, filed for an IPO in Hong Kong. I believe the offering will get intense...

Andrei Zakharov

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52-week Range

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