HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Since HUGE ranks in the first tier among domestic brands, the import substitution would be the main logic to continue driving the performance growth based on its strong cost effectiveness.</li>
<li>If HUGE wants to achieve success in non-advantageous areas in the future, reducing price to compete for more market share could be an essential means. VBP is also a challenge.</li>
<li>Comparable companies include <a href="https://www.smartkarma.com/entities/shandong-sinocera-functional-material-a" target="_blank" data-smartkarma-citation="entities:6865:1" rel="noopener">Sinocera Functional Material</a>, <a href="https://www.smartkarma.com/entities/yantai-zhenghai-bio-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:29760:1" rel="noopener">Yantai Zhenghai Bio-Tech</a>, Angelalign, <a href="https://www.smartkarma.com/entities/modern-dental-group-ltd" target="_blank" data-smartkarma-citation="entities:21020:1" rel="noopener">Modern Dental Group</a>, <a href="https://www.smartkarma.com/entities/topchoice-medical-corporation" target="_blank" data-smartkarma-citation="entities:1102:1" rel="noopener">Topchoice Medical</a>. We think valuation of HUGE could be higher than peers due to higher profitability.</li>
</ul>


Since HUGE ranks in the first tier among domestic brands, the import substitution would be the main logic to continue driving the performance growth based on its strong cost effectiveness.
If HUGE wants to achieve success in non-advantageous areas in the future, reducing price to compete for more market share could be an essential means. VBP is also a challenge.
Comparable companies include Sinocera Functional Material, Yantai Zhenghai Bio-Tech, Angelalign, Modern Dental Group, Topchoice Medical. We think valuation of HUGE could be higher than peers due to higher profitability.


Pre-IPO Huge Dental Limited - The Business and the Concerns Behind

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Cloudbreak Pharma / Equity Capital Markets

<ul>
<li>Cloudbreak re-filed for a Hong Kong listing in December 2024 to raise at least USD 100 million.</li>
<li>In this note, we look at updates to its product lines. The progress of core products is on track while there are significant delays observed for other products.</li>
<li>We have a negative readthrough from the leading competitor of its core product.</li>
</ul>


Cloudbreak re-filed for a Hong Kong listing in December 2024 to raise at least USD 100 million.
In this note, we look at updates to its product lines. The progress of core products is on track while there are significant delays observed for other products.
We have a negative readthrough from the leading competitor of its core product.


Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in AIA, Angelalign, Kuaishou, China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 20th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in AIA, Angelalign, Kuaishou, China Mobile.


HK Short Interest Weekly: AIA, Angelalign, Kuaishou, China Mobile

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 30th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent (700 HK), Xiaomi Corporation (1810 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 30th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent (700 HK), Xiaomi Corporation (1810 HK).


Hong Kong Connect Flows (Aug 30th): Tencent, Xiaomi Corporation

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 31st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation, Petrochina.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 31st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation, Petrochina.


Hong Kong Connect Flows (May 31st): BOC, CNOOC, ABC, Xiaomi, Petrochina

China

Angelalign Technology Inc. is a global provider of digital technology-driven clear aligner products and services, offering comprehensive orthodontic solutions including treatment planning, manufacturing, and marketing. The company's portfolio includes products like angelalign Pro, angelalign, and angelalign KID, supported by its iOrtho Digital Orthodontic Intelligent Service Platform. Headquartered in Shanghai, China, the company was founded in 2003.

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Angelalign Technology (6699 HK)

Pre-IPO Huge Dental Limited - The Business and the Concerns Behind

Import substitution and cost effectiveness drive HUGE's performance growth, but competing in non-advantageous areas may require price reduction...

Xinyao (Criss) Wang

Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader

Cloudbreak re-files for Hong Kong listing to raise $100M, core product progress on track but delays in other products, negative readthrough from...

Ke Yan, CFA, FRM

HK Short Interest Weekly: AIA, Angelalign, Kuaishou, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Sep 20th and highlight short interest changes in AIA, Angelalign, Kuaishou,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Aug 30th): Tencent, Xiaomi Corporation

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Xiaomi Corporation (1810 HK).

Ke Yan, CFA, FRM

Hong Kong Connect Flows (May 31st): BOC, CNOOC, ABC, Xiaomi, Petrochina

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Huge Dental Limited - The Business and the Concerns Behind

​Import substitution and cost effectiveness drive HUGE's performance growth, but competing in non-advantageous areas may require price reduction...

Xinyao (Criss) Wang

Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader

​Cloudbreak re-files for Hong Kong listing to raise $100M, core product progress on track but delays in other products, negative readthrough from...

Ke Yan, CFA, FRM

HK Short Interest Weekly: AIA, Angelalign, Kuaishou, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Sep 20th and highlight short interest changes in AIA, Angelalign, Kuaishou,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Aug 30th): Tencent, Xiaomi Corporation

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Xiaomi Corporation (1810 HK).

Ke Yan, CFA, FRM

Hong Kong Connect Flows (May 31st): BOC, CNOOC, ABC, Xiaomi, Petrochina

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation,...

Ke Yan, CFA, FRM

Import substitution and cost effectiveness drive HUGE's performance growth, but competing in non-advantageous areas may require price reduction...

Cloudbreak re-files for Hong Kong listing to raise $100M, core product progress on track but delays in other products, negative readthrough from...