HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>The peripheral vascular interventional device market in China is mainly dominated by foreign companies, but leading domestic company such as Acotec is the one to break the current market pattern.</li>
<li>With more products getting CE/FDA approval in the future, <a href="https://www.smartkarma.com/entities/acotec-scientific-holdings-limited" target="_blank" data-smartkarma-citation="entities:32176:1" rel="noopener">Acotec Scientific Holdings (6669 HK)</a> is able to enter more overseas markets. Acotec’s globalization process will diversify the revenue stream. </li>
<li>Acotec has turned loss into profit by relying on product revenue. The Company has entered a new stage of innovation and harvest. We think Acotec has solid long term logic. </li>
</ul>


The peripheral vascular interventional device market in China is mainly dominated by foreign companies, but leading domestic company such as Acotec is the one to break the current market pattern.
With more products getting CE/FDA approval in the future, Acotec Scientific Holdings (6669 HK) is able to enter more overseas markets. Acotec’s globalization process will diversify the revenue stream. 
Acotec has turned loss into profit by relying on product revenue. The Company has entered a new stage of innovation and harvest. We think Acotec has solid long term logic. 


Acotec Scientific Holdings (6669.HK) - A Game Changer with Solid Long-Term Logic

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/acotec-scientific-holdings-limited" target="_blank" data-smartkarma-citation="entities:32176:1" rel="noopener">Acotec Scientific Holdings (6669 HK)</a> is an early-mover in peripheral drug coated balloon market in China and holds a dominant 85%+ market share.  </li>
<li>On November 7, Acotec received its first FDA approval for Vericor, a peripheral support catheter designed to enhance access to peripheral vessels.</li>
<li>Acotec started 2022 on a strong note, with revenue increasing 25% y/y in H1 2022 due to increasing adoption of the company’s product in Chinese hospitals.</li>
</ul>



Acotec Scientific Holdings (6669 HK) is an early-mover in peripheral drug coated balloon market in China and holds a dominant 85%+ market share.  
On November 7, Acotec received its first FDA approval for Vericor, a peripheral support catheter designed to enhance access to peripheral vessels.
Acotec started 2022 on a strong note, with revenue increasing 25% y/y in H1 2022 due to increasing adoption of the company’s product in Chinese hospitals.


Acotec Scientific Holdings (6669 HK): Base Business, Geography Expansion, New Launch to Drive Growth

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orbusneich-medical-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:34918:1" rel="noopener">OrbusNeich Medical Group (NEICHZ HK)</a> has a rich pipeline with a leadership position in the PCI balloon markets.</li>
<li>Its global business layout would also help the Company “hedge” the negative domestic policy impact or regulation changes.</li>
<li>However, the fierce competition, market pattern, industry characteristics, centralized procurement and other concerns should not be neglected.</li>
</ul>



OrbusNeich Medical Group (NEICHZ HK) has a rich pipeline with a leadership position in the PCI balloon markets.
Its global business layout would also help the Company “hedge” the negative domestic policy impact or regulation changes.
However, the fierce competition, market pattern, industry characteristics, centralized procurement and other concerns should not be neglected.


Pre-IPO OrbusNeich Medical Group - The Industry, the Business and the Concerns

HeMo Bioengineering / Equity Capital Markets

<ul>
<li>It is worth rejoicing that <a href="https://www.smartkarma.com/entities/hemo-bioengineering-limited" target="_blank" data-smartkarma-citation="entities:34169:1" rel="noopener">HeMo Bioengineering (HMB HK)</a> has entered commercialization stage, but some of the key products are in-licensed from other companies, not self-developed.</li>
<li>In front of fierce competition and policy impact, how to establish its high moat in R&amp;D, innovation and commercialization capability would be the key factors to support long-term development.</li>
<li>Our view is that opportunities coexist with challenges, and investors should also pay attention to the market sentiment towards new IPOs at that time.</li>
</ul>


It is worth rejoicing that HeMo Bioengineering (HMB HK) has entered commercialization stage, but some of the key products are in-licensed from other companies, not self-developed.
In front of fierce competition and policy impact, how to establish its high moat in R&amp;D, innovation and commercialization capability would be the key factors to support long-term development.
Our view is that opportunities coexist with challenges, and investors should also pay attention to the market sentiment towards new IPOs at that time.


Pre-IPO HeMo Bioengineering - Insights on Industry, Business and Concerns

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

LG Energy Solution / Equity Capital Markets

<ul>
<li>2021 marked our sixth year covering Equity Capital Markets (ECM) in Asia Pacific. </li>
<li>Most markets were in top gear on the ECM front and we ended the year covering the highest number of IPOs and the second highest number of placements since inception.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2021 marked our sixth year covering Equity Capital Markets (ECM) in Asia Pacific. 
Most markets were in top gear on the ECM front and we ended the year covering the highest number of IPOs and the second highest number of placements since inception.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2021 IPOs and Placements Performance Review - Busiest Year on Record

China

Acotec Scientific is a medical technology company specializing in the research, development, and application of innovative solutions for vascular diseases. Its core products include drug-coated balloons (DCB) and percutaneous transluminal angioplasty (PTA) balloon catheters, such as AcoArt Orchid & Dhalia. The company was founded in 2008 and is headquartered in Beijing, China.

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Acotec Scientific (6669 HK)

Acotec Scientific Holdings (6669.HK) - A Game Changer with Solid Long-Term Logic

Acotec is able to break the monopoly position of foreign products in China and has entered the harvest season. As the first China company...

Xinyao (Criss) Wang

Acotec Scientific Holdings (6669 HK): Base Business, Geography Expansion, New Launch to Drive Growth

Although recent price rally seems to be overdone, Acotec’s strong base business enhances conviction on its growth potential. Normalization of China...

Tina Banerjee

Pre-IPO OrbusNeich Medical Group - The Industry, the Business and the Concerns

The rich pipeline and large global business will help OrbusNeich “hedge” negative domestic policy impact. But fierce competition, slow progress in...

Xinyao (Criss) Wang

Pre-IPO HeMo Bioengineering - Insights on Industry, Business and Concerns

We analyzed the industry characteristics, the business and competitive landscape of HeMo. The centralized procurement, commercialization...

Xinyao (Criss) Wang

Aequitas 2021 IPOs and Placements Performance Review - Busiest Year on Record

2021 marked our sixth year of Asia ECM coverage. Most markets were in top gear on the ECM front and we ended the year covering the highest number...

Sumeet Singh

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