Research from EqualOcean, EqualOcean

EqualOcean

Research from EqualOcean

EqualOcean is an investment research firm and information service provider focusing on China's Technology, Automotive and Consumer Internet sectors. With unique research and due diligence methodology, we provide tailored insights into a wide range of industries and companies, empowering our clients' value-added decisions.

Founded in 2014, EqualOcean is headquartered in Beijing and has offices in Shanghai, Shenzhen and New York.

Equity Bottom-Up

<ul><li>ByteDance's ambition in healthcare - According to EqualOcean data, ByteDance has invested in 56 companies in 2021 only</li><li>Expanding in adjacent fields - It is generally easier to invest in areas that are more compatible with a company's core businesses.</li><li>Still, a long way to go - Online healthcare is a domain full of risks. </li></ul>

ByteDance's ambition in healthcare - According to EqualOcean data, ByteDance has invested in 56 companies in 2021 onlyExpanding in adjacent fields - It is generally easier to invest in areas that are more compatible with a company's core businesses.Still, a long way to go - Online healthcare is a domain full of risks. 

A Late Starter, ByteDance Begins to Accelerate Its Effort in Healthcare

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<h2>Headline Developments</h2>The verdict is out in the Apple (AAPL) vs Epic (private) case, with the court ruling that Apple cannot stop app developers from directing users to third-party payment options, whilst ordering Epic to pay damages for violating Apple’s in-app purchasing system.

Headline DevelopmentsThe verdict is out in the Apple (AAPL) vs Epic (private) case, with the court ruling that Apple cannot stop app developers from directing users to third-party payment options, whilst ordering Epic to pay damages for violating Apple’s in-app purchasing system.

Headline Developments Every week there’s a new deal (or regulation) in gaming.  The Steam Deck, the Epic vs Apple case, China’s regulatory crackdowns (triggering a Tencent and Netease collapse).  Acquisitions ramp up every week (this week alone saw Roblox buy Discord competitor Guilded and Swedish game Holdco Embracer Group snap up three new developers).

Headline Developments Every week there’s a new deal (or regulation) in gaming.  The Steam Deck, the Epic vs Apple case, China’s regulatory crackdowns (triggering a Tencent and Netease collapse).  Acquisitions ramp up every week (this week alone saw Roblox buy Discord competitor Guilded and Swedish game Holdco Embracer Group snap up three new developers).

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2021-08/Medtecs-CEO.jpeg' alt='Medtecs - CEO' />
 </figure>
 <div class='content-caption'>Medtecs - CEO</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
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Engineer-by-training William Yang prefers the road less travelled.  
For the Chief Executive of Medtecs International Corporation, consciously choosing not to conform to prevailing norms or accept the status quo has made all the difference in his life, and to the fortunes of the SGX-listed personal protective equipment (PPE) manufacturer. 
“We need to challenge and re-assess the status quo from time to time, in order for the human race to progress in a meaningful way,” Yang pointed out. “The same goes for any business.” 
After graduating from the New York Institute of Technology with a degree in Electrical and Computer Engineering in 2005, Yang returned to Taiwan to join Medtecs, a company that his father - a textile industry veteran - had founded in 1989 to manufacture hospital garments. 
He learned the ropes by starting off as an Executive Assistant to his father - Medtecs Executive Chairman Clement Yang - before moving between roles, departments and companies within the Group over the next decade. A feather in his cap was his successful overhaul and turnaround of the Group’s then loss-making Shanghai subsidiary.  
Yang was appointed to succeed his father as Chief Executive Officer in 2018, and was named the Group’s Deputy Chairman in February this year. 
“My engineering background trained me to be analytical and inquisitive at the same time,” he recalled. “This honed my ability to look at problems from multiple angles in order to come up with the best solutions.” 
Today, Medtecs is a leading PPE and hospital services provider, with manufacturing facilities in the Philippines, Cambodia and China. The Group is a key supplier to global PPE companies, and exports to over 30 countries, including Europe, US, Southeast Asia, North Asia and Australia.  
As a hospital services provider, Medtecs provides hospitals in Taiwan and the Philippines with integrated services that include rental and laundry of linens, management of laundry facilities, hospital automation, as well as procurement solutions for PPE and medical devices needs. 
The Group was listed on the then Sesdaq board in 1999 and transitioned to SGX Catalist in 2010. Its Taiwan Depository Receipts (TDRs) have been listed on the Taiwan Stock Exchange (TWSE) since 2002. One-Stop Shop 
Yang attributes Medtecs’ success to its “Source and Sell Globally” strategy that provides one-stop, bundled services to meet client demand by supplementing existing sources with those from third-party vendors in a variety of locations.  
“Medtecs had the foresight to expand its network of suppliers four years ago. As a result, when COVID-19 disrupted supply chains, we didn’t need to waste time and resources validating new suppliers, because we already had a long list of trustworthy names to meet the increased demand,” he explained. 
“When order volumes surged, we scaled up quickly and still managed to deliver on time during the peak of the global pandemic. This has spurred the Group’s transformation from a medical consumables manufacturer into an integrated multi-national PPE solutions provider with one-stop-shop capability.” 
As a testament to its achievements, Medtecs reported record revenue and net profit for its financial year ended 31 December 2020. Total revenue jumped nearly six-fold to US$400.3 million on the back of a global surge in demand for PPE following COVID-19, while net profit soared to US$131.7 million from US$1.2 million a year earlier.  
Looking ahead, Medtecs will continue to focus on rolling out proprietary products to meet customer needs. It already produces its own CoverU brand of PPE products. This year, it launched Medtecs Shield, a new line of antiviral offerings that includes masks, mobile phone cases and sprays, all of which are integrated with nanotechnologies that can kill viruses and bacteria. 
“We believe these products are essential for everyone, not just healthcare workers, in the current pandemic environment,” Yang added. 
Apart from offline channels like convenience shops and department stores, the Group also leverages major e-commerce sites such as Alibaba and Amazon to sell its PPE range. “We’re also looking to set up distribution channels across North America, Japan and Europe to extend the reach of our products.” Fortifying Its Position 
While demand remains robust, challenges loom, not the least of which are the US-China trade spat and the ongoing pandemic, Yang pointed out. 
“US-China trade tensions continue to threaten a supply chain that is already weakened by COVID-19, and in order to mitigate the impact, Medtecs will continue to work with like-minded partners to tap synergies,” he added. 
The Group has established a series of strategic partnerships in recent months to ensure its supply chains remain protected and undisrupted.  
To deliver sustainable business growth, Medtecs has doubled up on its engagements with group purchasing organisations, institutional clients and government agencies to offer its PPE stockpiling services. As a result, it has secured several supply contracts in the Philippines and Cambodia for the first quarter ended 31 March 2021.  
“We’ve started site selection for the construction of an additional PPE manufacturing facility to fortify our position as a leading PPE stockpiling provider,” Yang noted. 
“We’re also focused on expanding our retail business through our Medtecs-branded products, as well as leveraging e-commerce to widen our customer reach and build brand awareness.” 
According to a recently published report by Research Dive, the global PPE market was valued at US$43.9 billion in 2018 and is anticipated to surge to US$93.5 billion by 2026, expanding at a compound annual growth rate (CAGR) of 10%. Currently, the market is worth approximately US$51.8 billion, as demand continues to rise. 
Apart from adopting multiple countermeasures to ensure business continuity and boost sales, Medtecs has also identified new Environmental, Social and Corporate Governance (ESG) factors to manage. They include quality control, product labelling and responsibility, labour relations, employee training, as well as waste management. Reducing PPE Waste 
“One of the challenges we faced recently in implementing our ESG strategy was how to strike the right balance between protecting people from COVID-19 and conserving the environment,” Yang noted. 
To minimise the environmental impact associated with high volumes of single-use PPE due to the on-going pandemic, Medtecs’s R&amp;D team began working with partners and experimenting with different materials to create solutions to reduce PPE waste.  
“As a result, we developed the Weekly Disposable Anti-Viral Masks as part of our Medtecs Shield Collection. These masks can be worn up to seven days, odour-free, which allows wearers to simultaneously protect themselves from pathogens while caring for the environment through reduced wastage.” 
Undoubtedly, there is much to keep Yang up till the wee hours. “To be honest, I have not slept well since the outbreak of COVID-19 in early 2020,” he admitted. 
“Back in April last year, when the pandemic was nearing its peak, there was a severe global shortage of PPE and we were inundated with thousands of requests for our products from all over the world,” he recalled. 
“I worked super long hours, but couldn’t fall asleep when it was time for bed because the images of frontline workers wearing makeshift PPE, or none at all, haunted me. I would lie in bed thinking of ways to mobilise our resources and manpower, to get as many of these critical protective gear into our customers’ hands in as short a time as possible.” 
To de-stress, the 39-year-old plays Go or weiqi - a Chinese abstract strategy board game - with his sons, aged six and eight. 
“I’ve been playing Go since I was six - it’s a life-long passion of mine. It’s like an exercise for the brain, but at the same time, it takes my mind off work, so I feel more relaxed,” he said with a laugh. 
For his children, he has this advice: “Dream big, dream bold, and never settle for less than what you deserve”.  
“I’m not what you might call a tiger or a helicopter parent. In fact, I’m hands off when it comes to their school work, and I don’t demand perfect scores,” he said. 
“But I always emphasise the importance of believing in yourself and giving your best in whatever you do. If you fail at something, but you’ve already given 100%, then you’re good in my book.” Medtecs International Corporation Ltd 
Medtecs is a leading personal protective equipment (PPE) and hospital services provider, with manufacturing facilities in the Philippines, Cambodia and China. The Group is a key supplier to global PPE companies, and exports to over 30 countries, including Europe, US, Southeast Asia, North Asia and Australia. As a hospital services provider, Medtecs provides hospitals in Taiwan and the Philippines with integrated services that include rental and laundry of linens, management of laundry facilities, hospital automation, as well as procurement solutions for PPE and medical devices needs. The Group was listed on the then Sesdaq board in 1999 and transitioned to SGX Catalist in 2010. Its Taiwan Depository Receipts (TDRs) have been listed on the Taiwan Stock Exchange (TWSE) since 2002. 
The company website is: <a href="http://www.medtecs.com">www.medtecs.com</a> 
Click <a href="https://www.sgx.com/securities/equities/546">here </a>for the company's StockFacts page. 
For the six months ended 30 June 2021 financial results, click <a href="https://links.sgx.com/1.0.0/corporate-announcements/P96QD4LJYAQVD438/678858_Medtecs%20-%201H2021%20NR%20Framework%20%2013%20August%202021.pdf">here</a>. 
 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. 
For previous editions of kopi-C: the Company brew, please click <a href="https://www.sgx.com/research-education/market-dialogues">here</a>.   
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to <a href="https://www.sgx.com/jennifer.t@sgx.com">jennifer.t@sgx.com</a>.
</body></html>


      
    
    Medtecs - CEO


Engineer-by-training William Yang prefers the road less travelled.   
For the Chief Executive of Medtecs International Corporation, consciously choosing not to conform to prevailing norms or accept the status quo has made all the difference in his life, and to the fortunes of the SGX-listed personal protective equipment (PPE) manufacturer.  
“We need to challenge and re-assess the status quo from time to time, in order for the human race to progress in a meaningful way,” Yang pointed out. “The same goes for any business.”  
After graduating from the New York Institute of Technology with a degree in Electrical and Computer Engineering in 2005, Yang returned to Taiwan to join Medtecs, a company that his father - a textile industry veteran - had founded in 1989 to manufacture hospital garments.  
He learned the ropes by starting off as an Executive Assistant to his father - Medtecs Executive Chairman Clement Yang - before moving between roles, departments and companies within the Group over the next decade. A feather in his cap was his successful overhaul and turnaround of the Group’s then loss-making Shanghai subsidiary.   
Yang was appointed to succeed his father as Chief Executive Officer in 2018, and was named the Group’s Deputy Chairman in February this year.  
“My engineering background trained me to be analytical and inquisitive at the same time,” he recalled. “This honed my ability to look at problems from multiple angles in order to come up with the best solutions.”  
Today, Medtecs is a leading PPE and hospital services provider, with manufacturing facilities in the Philippines, Cambodia and China. The Group is a key supplier to global PPE companies, and exports to over 30 countries, including Europe, US, Southeast Asia, North Asia and Australia.   
As a hospital services provider, Medtecs provides hospitals in Taiwan and the Philippines with integrated services that include rental and laundry of linens, management of laundry facilities, hospital automation, as well as procurement solutions for PPE and medical devices needs.  
The Group was listed on the then Sesdaq board in 1999 and transitioned to SGX Catalist in 2010. Its Taiwan Depository Receipts (TDRs) have been listed on the Taiwan Stock Exchange (TWSE) since 2002.  One-Stop Shop  
Yang attributes Medtecs’ success to its “Source and Sell Globally” strategy that provides one-stop, bundled services to meet client demand by supplementing existing sources with those from third-party vendors in a variety of locations.   
“Medtecs had the foresight to expand its network of suppliers four years ago. As a result, when COVID-19 disrupted supply chains, we didn’t need to waste time and resources validating new suppliers, because we already had a long list of trustworthy names to meet the increased demand,” he explained.  
“When order volumes surged, we scaled up quickly and still managed to deliver on time during the peak of the global pandemic. This has spurred the Group’s transformation from a medical consumables manufacturer into an integrated multi-national PPE solutions provider with one-stop-shop capability.”  
As a testament to its achievements, Medtecs reported record revenue and net profit for its financial year ended 31 December 2020. Total revenue jumped nearly six-fold to US$400.3 million on the back of a global surge in demand for PPE following COVID-19, while net profit soared to US$131.7 million from US$1.2 million a year earlier.   
Looking ahead, Medtecs will continue to focus on rolling out proprietary products to meet customer needs. It already produces its own CoverU brand of PPE products. This year, it launched Medtecs Shield, a new line of antiviral offerings that includes masks, mobile phone cases and sprays, all of which are integrated with nanotechnologies that can kill viruses and bacteria.  
“We believe these products are essential for everyone, not just healthcare workers, in the current pandemic environment,” Yang added.  
Apart from offline channels like convenience shops and department stores, the Group also leverages major e-commerce sites such as Alibaba and Amazon to sell its PPE range. “We’re also looking to set up distribution channels across North America, Japan and Europe to extend the reach of our products.”  Fortifying Its Position  
While demand remains robust, challenges loom, not the least of which are the US-China trade spat and the ongoing pandemic, Yang pointed out.  
“US-China trade tensions continue to threaten a supply chain that is already weakened by COVID-19, and in order to mitigate the impact, Medtecs will continue to work with like-minded partners to tap synergies,” he added.  
The Group has established a series of strategic partnerships in recent months to ensure its supply chains remain protected and undisrupted.   
To deliver sustainable business growth, Medtecs has doubled up on its engagements with group purchasing organisations, institutional clients and government agencies to offer its PPE stockpiling services. As a result, it has secured several supply contracts in the Philippines and Cambodia for the first quarter ended 31 March 2021.   
“We’ve started site selection for the construction of an additional PPE manufacturing facility to fortify our position as a leading PPE stockpiling provider,” Yang noted.  
“We’re also focused on expanding our retail business through our Medtecs-branded products, as well as leveraging e-commerce to widen our customer reach and build brand awareness.”  
According to a recently published report by Research Dive, the global PPE market was valued at US$43.9 billion in 2018 and is anticipated to surge to US$93.5 billion by 2026, expanding at a compound annual growth rate (CAGR) of 10%. Currently, the market is worth approximately US$51.8 billion, as demand continues to rise.  
Apart from adopting multiple countermeasures to ensure business continuity and boost sales, Medtecs has also identified new Environmental, Social and Corporate Governance (ESG) factors to manage. They include quality control, product labelling and responsibility, labour relations, employee training, as well as waste management.  Reducing PPE Waste  
“One of the challenges we faced recently in implementing our ESG strategy was how to strike the right balance between protecting people from COVID-19 and conserving the environment,” Yang noted.  
To minimise the environmental impact associated with high volumes of single-use PPE due to the on-going pandemic, Medtecs’s R&amp;D team began working with partners and experimenting with different materials to create solutions to reduce PPE waste.   
“As a result, we developed the Weekly Disposable Anti-Viral Masks as part of our Medtecs Shield Collection. These masks can be worn up to seven days, odour-free, which allows wearers to simultaneously protect themselves from pathogens while caring for the environment through reduced wastage.”  
Undoubtedly, there is much to keep Yang up till the wee hours. “To be honest, I have not slept well since the outbreak of COVID-19 in early 2020,” he admitted.  
“Back in April last year, when the pandemic was nearing its peak, there was a severe global shortage of PPE and we were inundated with thousands of requests for our products from all over the world,” he recalled.  
“I worked super long hours, but couldn’t fall asleep when it was time for bed because the images of frontline workers wearing makeshift PPE, or none at all, haunted me. I would lie in bed thinking of ways to mobilise our resources and manpower, to get as many of these critical protective gear into our customers’ hands in as short a time as possible.”  
To de-stress, the 39-year-old plays Go or weiqi - a Chinese abstract strategy board game - with his sons, aged six and eight.  
“I’ve been playing Go since I was six - it’s a life-long passion of mine. It’s like an exercise for the brain, but at the same time, it takes my mind off work, so I feel more relaxed,” he said with a laugh.  
For his children, he has this advice: “Dream big, dream bold, and never settle for less than what you deserve”.   
“I’m not what you might call a tiger or a helicopter parent. In fact, I’m hands off when it comes to their school work, and I don’t demand perfect scores,” he said.  
“But I always emphasise the importance of believing in yourself and giving your best in whatever you do. If you fail at something, but you’ve already given 100%, then you’re good in my book.”  Medtecs International Corporation Ltd  
Medtecs is a leading personal protective equipment (PPE) and hospital services provider, with manufacturing facilities in the Philippines, Cambodia and China. The Group is a key supplier to global PPE companies, and exports to over 30 countries, including Europe, US, Southeast Asia, North Asia and Australia. As a hospital services provider, Medtecs provides hospitals in Taiwan and the Philippines with integrated services that include rental and laundry of linens, management of laundry facilities, hospital automation, as well as procurement solutions for PPE and medical devices needs. The Group was listed on the then Sesdaq board in 1999 and transitioned to SGX Catalist in 2010. Its Taiwan Depository Receipts (TDRs) have been listed on the Taiwan Stock Exchange (TWSE) since 2002.  
The company website is: www.medtecs.com  
Click here for the company's StockFacts page.  
For the six months ended 30 June 2021 financial results, click here.  
 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  
For previous editions of kopi-C: the Company brew, please click here.    
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.



Medtecs Builds Resilience for Sustainable Growth

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

Credit

US markets inched higher with the S&amp;P and Nasdaq up 0.8% and 0.6% respectively. Energy, Health Care, Industrials, Financials and Materials were up 1-2%. Alibaba posted better than expected EPS though it missed revenue expectations (details below). European markets looked for direction –  CAC was up 0.7%, FTSE was broadly flat and DAX was down up 0.1%. StanChart and SocGen also reported strong earnings (details below). Saudi’s TASI and UAE’s ADX were up 0.5% and 0.4% respectively. Brazil’s Bovespa gained 0.9%. Asia Pacific stocks opened in the red – Nikkei, HSI and Shanghai were down ~0.4%. Singapore’s STI was up 0.1%. US 10Y yields were flat at 1.18%.

Summit Digitel Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and...

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (9988 HK)

A Late Starter, ByteDance Begins to Accelerate Its Effort in Healthcare

The Chinese upstart behind TikTok has emerged into a major venture capital investor. Online healthcare (or telehealth) has been in the spotlight in...

EqualOcean

Weekly Innovation Review (WIRE) #49

The verdict is out in the Apple (AAPL) vs Epic (private) case, with the court ruling that Apple cannot stop app developers from directing users to...

Granite Bay Capital

Weekly Innovation Review (WIRE) #45

Headline Developments Every week there’s a new deal (or regulation) in gaming. The Steam Deck, the Epic vs Apple case, China’s regulatory...

Granite Bay Capital

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Engineer-by-training William Yang prefers the road less travelled. For the Chief Executive of Medtecs International...

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Summit Digitel Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and...

US markets inched higher with the S&P and Nasdaq up 0.8% and 0.6% respectively. Energy, Health Care, Industrials, Financials and Materials were...

BondEvalue

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