Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Acotec Scientific Holdings / Event-Driven

<ul>
<li>Back on the 12 December, <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> announced a Partial Offer from <a href="https://www.smartkarma.com/entities/boston-scientific-corp" target="_blank" data-smartkarma-citation="entities:11115:1" rel="noopener">Boston Scientific (BSX US)</a>
</li>
<li>The Offer Price of $20/share is for up to 65% of shares out. Irrevocables total up to 60.14% of shares out, sufficient to clear the minimum tendering condition.</li>
<li>My initial read was that the proration was simply 65%. That was wrong. It is higher. Plus there are some interesting quirks to avoid breaching the public float post-Offer.</li>
</ul>


Back on the 12 December, Acotec Scientific Holdings (6669 HK) announced a Partial Offer from Boston Scientific (BSX US)

The Offer Price of $20/share is for up to 65% of shares out. Irrevocables total up to 60.14% of shares out, sufficient to clear the minimum tendering condition.
My initial read was that the proration was simply 65%. That was wrong. It is higher. Plus there are some interesting quirks to avoid breaching the public float post-Offer.


Acotec/Boston Scientific: Even Higher Proration

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Zylox-Tonbridge Medical Technology / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zylox-tonbridge-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32974:1" rel="noopener">Zylox-Tonbridge Medical Technology (2190 HK)</a> carried forward 2024 momentum, moving into 1H25. In 2024, sales had grown 48% to RMB 783M, followed by 32% rise to RMB 482M in 1H25.</li>
<li>Leveraging their robust R&amp;D expertise and integrated technology platforms, the company has made significant progress and lined up launches of several critical innovative projects in neuro and peripheral-vascular interventional device.</li>
<li>China remains the main growth market for Zylox, though the company is deepening its presence overseas. Zylox stands at an inflection point from where the growth momentum will gain pace.</li>
</ul>



Zylox-Tonbridge Medical Technology (2190 HK) carried forward 2024 momentum, moving into 1H25. In 2024, sales had grown 48% to RMB 783M, followed by 32% rise to RMB 482M in 1H25.
Leveraging their robust R&amp;D expertise and integrated technology platforms, the company has made significant progress and lined up launches of several critical innovative projects in neuro and peripheral-vascular interventional device.
China remains the main growth market for Zylox, though the company is deepening its presence overseas. Zylox stands at an inflection point from where the growth momentum will gain pace.


Zylox Tonbridge Medical (2190 HK): No More Interventions Needed, Blockages Cleared for Growth

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Zylox is a beneficiary of VBP and it has turned losses into profits. 2024 full-year revenue could be up 40-50% YoY. Net profit could be close to RMB100 million.</li>
<li>Whether in terms of the number of products on the market or the efficiency of R&amp;D, Zylox's performance is superior to peers.Its valuation is expected to be higher than peers.</li>
<li>We’re in a bear market, together with weak liquidity, Zylox's valuation doesn’t fully reflect its strong fundamentals. So, while this is a good company, investors may need to be patient.</li>
</ul>


Zylox is a beneficiary of VBP and it has turned losses into profits. 2024 full-year revenue could be up 40-50% YoY. Net profit could be close to RMB100 million.
Whether in terms of the number of products on the market or the efficiency of R&amp;D, Zylox's performance is superior to peers.Its valuation is expected to be higher than peers.
We’re in a bear market, together with weak liquidity, Zylox's valuation doesn’t fully reflect its strong fundamentals. So, while this is a good company, investors may need to be patient.


Zylox-Tonbridge Medical Technology (2190.HK) - A Good Alpha-Generating Opportunity for Investors

Equity Capital Markets

Zylox-Tonbridge Medical Technology / Equity Capital Markets

On March 23, <a href="https://www.smartkarma.com/entities/zylox-tonbridge-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32974:1" rel="noopener">Zylox-Tonbridge Medical Technology (ZYL HK)</a> submitted its listing application to the Hong Kong Stock Exchange and plans to be listed on the main board. Zylox-Tonbridge was founded in 2012. Since its inception, the Company has adopted and executed the strategic business model of developing innovative medical devices and solutions, focusing on the neuro- and peripheral-vascular interventional medical device market in China. The following mainly included insights on industry characteristics, business analysis and financial position.

On March 23, Zylox-Tonbridge Medical Technology (ZYL HK) submitted its listing application to the Hong Kong Stock Exchange and plans to be listed on the main board. Zylox-Tonbridge was founded in 2012. Since its inception, the Company has adopted and executed the strategic business model of developing innovative medical devices and solutions, focusing on the neuro- and peripheral-vascular interventional medical device market in China. The following mainly included insights on industry characteristics, business analysis and financial position. 

Pre-IPO Zylox-Tonbridge Medical Technology - Promising Market with Challenges

Thematic (Sector/Industry)

<ul>
<li>3SBio will spin-off and separately list the shares of Mandi, a subsidiary of the company. Celltrion got EC approval for Remsima IV liquid, world’s first liquid formulation of IV infliximab.</li>
<li>Hanmi Pharmaceutical is acquiring all of the issued and outstanding common shares of Aptose Biosciences that are not currently owned or controlled by Hanmi.</li>
<li>Otsuka got CHMP positive opinion for donidalorsen for the prevention of recurrent attacks of HAE. CSL plans to expand U.S. presence over the next five years, with ~$1.5B U.S. capex.</li>
</ul>


3SBio will spin-off and separately list the shares of Mandi, a subsidiary of the company. Celltrion got EC approval for Remsima IV liquid, world’s first liquid formulation of IV infliximab.
Hanmi Pharmaceutical is acquiring all of the issued and outstanding common shares of Aptose Biosciences that are not currently owned or controlled by Hanmi.
Otsuka got CHMP positive opinion for donidalorsen for the prevention of recurrent attacks of HAE. CSL plans to expand U.S. presence over the next five years, with ~$1.5B U.S. capex.


APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL

China

Acotec Scientific Holdings Limited develops medical equipment. The Company develops, manufactures and markets thrombus aspiration catheter, drug-coated ballon, and other products. Acotec Scientific Holdings markets its products throughout China.

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Acotec Scientific Holdings (6669 HK)

Acotec/Boston Scientific: Even Higher Proration

I was wrong - the minimum proration is 71.31%, not 65%. Given the irrevocables, this Partial Offer will become unconditional. I'd be a buyer here...

David Blennerhassett

Zylox Tonbridge Medical (2190 HK): No More Interventions Needed, Blockages Cleared for Growth

Zylox-Tonbridge Medical carried forward 2024 momentum, moving into 1H25. New launches and strong market sales capabilities will help drive the...

Tina Banerjee

Zylox-Tonbridge Medical Technology (2190.HK) - A Good Alpha-Generating Opportunity for Investors

Zylox's strong fundamentals and growth potential have not been fully reflected in current valuation due to market conditions, making it a...

Xinyao (Criss) Wang

Pre-IPO Zylox-Tonbridge Medical Technology - Promising Market with Challenges

This insights analyzed Zylox-Tonbridge Medical Technology in terms of the market potential, industry characteristics, business analysis, financial...

Xinyao (Criss) Wang

APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL

3SBio will spin-off and separately list its subsidiary. Celltrion got EC approval for Remsima IV liquid. Hanmi Pharm is acquiring Aptose...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Acotec/Boston Scientific: Even Higher Proration

I was wrong - the minimum proration is 71.31%, not 65%. Given the irrevocables, this Partial Offer will become unconditional. I'd be a buyer here...

David Blennerhassett

Zylox Tonbridge Medical (2190 HK): No More Interventions Needed, Blockages Cleared for Growth

​Zylox-Tonbridge Medical carried forward 2024 momentum, moving into 1H25. New launches and strong market sales capabilities will help drive the...

Tina Banerjee

Zylox-Tonbridge Medical Technology (2190.HK) - A Good Alpha-Generating Opportunity for Investors

​Zylox's strong fundamentals and growth potential have not been fully reflected in current valuation due to market conditions, making it a...

Xinyao (Criss) Wang

Pre-IPO Zylox-Tonbridge Medical Technology - Promising Market with Challenges

This insights analyzed Zylox-Tonbridge Medical Technology in terms of the market potential, industry characteristics, business analysis, financial...

Xinyao (Criss) Wang

APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL

3SBio will spin-off and separately list its subsidiary. Celltrion got EC approval for Remsima IV liquid. Hanmi Pharm is acquiring Aptose...

Tina Banerjee

Zylox-Tonbridge Medical carried forward 2024 momentum, moving into 1H25. New launches and strong market sales capabilities will help drive the...

Zylox's strong fundamentals and growth potential have not been fully reflected in current valuation due to market conditions, making it a...