Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Saint Bella, a leading family care group in Asia, announced first interim results for the six months ended 30 June 2025 as a public company.</li>
<li>Premium postpartum care service provider successfully completed an initial public offering in Hong Kong at HK$6.58 per share, raising ~HK$709m of net proceeds.</li>
<li>I was impressed with 40%+ YoY revenue growth in the home care services business segment, gross profit margin expansion across the board and net profit of ~RMB327m.</li>
</ul>


Saint Bella, a leading family care group in Asia, announced first interim results for the six months ended 30 June 2025 as a public company.
Premium postpartum care service provider successfully completed an initial public offering in Hong Kong at HK$6.58 per share, raising ~HK$709m of net proceeds.
I was impressed with 40%+ YoY revenue growth in the home care services business segment, gross profit margin expansion across the board and net profit of ~RMB327m.


Saint Bella: H1’25 Earnings Review - Clear Visibility on Strong Growth and Improving Profitability

Equity Capital Markets

<ul>
<li>Saint Bella, a luxury maternity and baby care brand, has announced the fixed offer price of HK$6.58 per share for its IPO in Hong Kong.  </li>
<li>The company is expected to IPO next week and initial fixed offer price implies a market cap of ~HK$3.9B. Saint Bella is set to start trading on June 26, 2025.</li>
<li>Cornerstone investors have agreed to invest ~$42M in this offering. China Asset Management, JKKB and SS Morgan are among the cornerstone investors.  </li>
</ul>


Saint Bella, a luxury maternity and baby care brand, has announced the fixed offer price of HK$6.58 per share for its IPO in Hong Kong.  
The company is expected to IPO next week and initial fixed offer price implies a market cap of ~HK$3.9B. Saint Bella is set to start trading on June 26, 2025.
Cornerstone investors have agreed to invest ~$42M in this offering. China Asset Management, JKKB and SS Morgan are among the cornerstone investors.  


Saint Bella IPO (2508.HK): Cornerstone Investors Have Agreed To Take ~52% of the Offer Shares

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>CSI announced the changes for the June rebalance after market close on 30 May and the changes will be effective after the close of trading on 13 June.</li>
<li>There are 6 changes for the index and we estimate passive buying of 0.7-2.4x ADV in the adds and passive selling of between 1-4.7x ADV in the deletes.</li>
<li>There will be capping inflows for <a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> and capping outflows for <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd" target="_blank" data-smartkarma-citation="entities:27092:1" rel="noopener">WuXi AppTec (603259 CH)</a>. </li>
</ul>


CSI announced the changes for the June rebalance after market close on 30 May and the changes will be effective after the close of trading on 13 June.
There are 6 changes for the index and we estimate passive buying of 0.7-2.4x ADV in the adds and passive selling of between 1-4.7x ADV in the deletes.
There will be capping inflows for Shenzhen Mindray Bio-Medical Electronics (300760 CH) and capping outflows for WuXi AppTec (603259 CH). 


CSI Medical Service Index Rebalance: Six Changes with Decent Impact

Anker Innovations Technology / Index Rebalance

<ul>
<li>There could be 1 constituent change (maybe 2) for the STAR&amp;CHINEXT 50 Index in June. The announcement of the potential change will be made after market close on Friday.</li>
<li>
<a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36238:1" rel="noopener">Anker Innovations Technology</a> could replace <a href="https://www.smartkarma.com/entities/suzhou-maxwell-technologies-co" target="_blank" data-smartkarma-citation="entities:29819:1" rel="noopener">Suzhou Maxwell Technologies</a> in the index. If AVIC Chengdu Aircraft is added to the index, <a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipment</a> could be deleted.</li>
<li>
<a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36238:1" rel="noopener">Anker Innovations Technology</a> could have opposite flow and <a href="https://www.smartkarma.com/entities/suzhou-maxwell-technologies-co" target="_blank" data-smartkarma-citation="entities:29819:1" rel="noopener">Suzhou Maxwell Technologies</a> could have same way flow from passive trackers of other indices on the same day.</li>
</ul>


There could be 1 constituent change (maybe 2) for the STAR&amp;CHINEXT 50 Index in June. The announcement of the potential change will be made after market close on Friday.

Anker Innovations Technology could replace Suzhou Maxwell Technologies in the index. If AVIC Chengdu Aircraft is added to the index, Wuxi Lead Intelligent Equipment could be deleted.

Anker Innovations Technology could have opposite flow and Suzhou Maxwell Technologies could have same way flow from passive trackers of other indices on the same day.


STAR&CHINEXT 50 Index Rebalance Preview: One Set of Change; Maybe Two

Shanghai Runda Medical Tec-A / Index Rebalance

<ul>
<li>The review period ended on 30 April, the changes should be announced on 30 May and will be effective after the close of trading on 13 June.</li>
<li>There could be 5 changes in June where passive trackers will need to trade between 0.7-2x ADV in the forecast adds and sell between 1-4x ADV in the forecast deletes.</li>
<li>A long adds/ short deletes trade has gone nowhere in the last 6-7 months, and the volatility of the trade has reduced even further in the last couple of months.</li>
</ul>


The review period ended on 30 April, the changes should be announced on 30 May and will be effective after the close of trading on 13 June.
There could be 5 changes in June where passive trackers will need to trade between 0.7-2x ADV in the forecast adds and sell between 1-4x ADV in the forecast deletes.
A long adds/ short deletes trade has gone nowhere in the last 6-7 months, and the volatility of the trade has reduced even further in the last couple of months.


CSI Medical Service Index Rebalance Preview: Five Changes as Trade Flatlines

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)

Saint Bella: H1’25 Earnings Review - Clear Visibility on Strong Growth and Improving Profitability

Saint Bella, a leading family care group in Asia, reported strong financial results for the six months ended 30 June 2025. The company prepares to...

Andrei Zakharov

Saint Bella IPO (2508.HK): Cornerstone Investors Have Agreed To Take ~52% of the Offer Shares

Saint Bella is ready to complete its IPO in Hong Kong. In my insight, I discuss valuation scenarios, comps groups and key highlights of the Global...

Andrei Zakharov

CSI Medical Service Index Rebalance: Six Changes with Decent Impact

There are 6 changes for the index with estimated passive buying of 0.7-2.4x ADV in the adds and passive selling of between 1-4.7x ADV in the...

Brian Freitas

STAR&CHINEXT 50 Index Rebalance Preview: One Set of Change; Maybe Two

There should be 1 index change in June. Possibly 2. Anker Innovations is a potential CSI300 delete while Suzhou Maxwell is a global index deletion...

Brian Freitas

CSI Medical Service Index Rebalance Preview: Five Changes as Trade Flatlines

There could be 5 changes in June with passives trading between 0.7-4x ADV in the stocks. A long adds/ short deletes trade has gone nowhere in the...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Saint Bella: H1’25 Earnings Review - Clear Visibility on Strong Growth and Improving Profitability

​Saint Bella, a leading family care group in Asia, reported strong financial results for the six months ended 30 June 2025. The company prepares to...

Andrei Zakharov

Saint Bella IPO (2508.HK): Cornerstone Investors Have Agreed To Take ~52% of the Offer Shares

Saint Bella is ready to complete its IPO in Hong Kong. In my insight, I discuss valuation scenarios, comps groups and key highlights of the Global...

Andrei Zakharov

CSI Medical Service Index Rebalance: Six Changes with Decent Impact

There are 6 changes for the index with estimated passive buying of 0.7-2.4x ADV in the adds and passive selling of between 1-4.7x ADV in the...

Brian Freitas

STAR&CHINEXT 50 Index Rebalance Preview: One Set of Change; Maybe Two

There should be 1 index change in June. Possibly 2. Anker Innovations is a potential CSI300 delete while Suzhou Maxwell is a global index deletion...

Brian Freitas

CSI Medical Service Index Rebalance Preview: Five Changes as Trade Flatlines

There could be 5 changes in June with passives trading between 0.7-4x ADV in the stocks. A long adds/ short deletes trade has gone nowhere in the...

Brian Freitas

Saint Bella, a leading family care group in Asia, reported strong financial results for the six months ended 30 June 2025. The company prepares to...