IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Beijing Airdoc Technology / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/beijing-airdoc-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33524:1" rel="noopener">Beijing Airdoc Technology (BAT HK)</a> is a global market leader and pioneer in providing AI-empowered retina-based early detection, auxiliary diagnosis and health risk assessment solutions. The core product is Airdoc-AIFUNDUS which is an AI-based Software-as-a-Medical Device (SaMD) that uses deep learning algorithms to accurately detect and diagnose chronic diseases from retinal images. Airdoc-AIFUNDUS (1.0), the first version of the core product, was commercialised at the start of 2021. Airdoc is pre-marketing an HKEx IPO to raise $300 million, according to press reports. </p><p>Airdoc has a credible management team with a commendable track record in developing and commercialising AI technology. It also has several blue-chip backers such as <a href="https://www.smartkarma.com/entities/fosun-international-ltd" target="_blank" data-smartkarma-citation="entities:433:1" rel="noopener">Fosun International (656 HK)</a>, <a href="https://www.smartkarma.com/entities/sogou-inc" target="_blank" data-smartkarma-citation="entities:25996:1" rel="noopener">Sogou Inc (SOGO US)</a>, CITIC Securities, <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, Lilly Asia, Lake Bleu Capital and OrbiMed. </p><div class="content-highlight"><p>Unlike most healthcare IPO hopefuls, Airdoc has recently commercially launched a version of its core product. With industry-leading sensitivity and specificity achieved in multi-centre clinical trials, Airdoc-AIFUNDUS has the potential to succeed in a competitive market. Overall, we believe that Airdoc is worth a closer look. </p></div>

Beijing Airdoc Technology (BAT HK) is a global market leader and pioneer in providing AI-empowered retina-based early detection, auxiliary diagnosis and health risk assessment solutions. The core product is Airdoc-AIFUNDUS which is an AI-based Software-as-a-Medical Device (SaMD) that uses deep learning algorithms to accurately detect and diagnose chronic diseases from retinal images. Airdoc-AIFUNDUS (1.0), the first version of the core product, was commercialised at the start of 2021. Airdoc is pre-marketing an HKEx IPO to raise $300 million, according to press reports. Airdoc has a credible management team with a commendable track record in developing and commercialising AI technology. It also has several blue-chip backers such as Fosun International (656 HK), Sogou Inc (SOGO US), CITIC Securities, Ping An Insurance (H) (2318 HK), Lilly Asia, Lake Bleu Capital and OrbiMed. Unlike most healthcare IPO hopefuls, Airdoc has recently commercially launched a version of its core product. With industry-leading sensitivity and specificity achieved in multi-centre clinical trials, Airdoc-AIFUNDUS has the potential to succeed in a competitive market. Overall, we believe that Airdoc is worth a closer look. 

Airdoc Technology IPO Initiation: Seeing the Light

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Infervision Medical Technology / Equity Capital Markets

<p>This year, many AI startups are preparing IPO, among which AI medical companies are one of the main forces. For example, after <a href="https://www.smartkarma.com/entities/beijing-airdoc-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33524:1" rel="noopener">Beijing Airdoc Technology (BAT HK)</a><a href="https://www.smartkarma.com/entities/beijing-keya-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32228:1" rel="noopener">,</a> another company in this field <a href="https://www.smartkarma.com/entities/infervision-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:34296:1" rel="noopener">Infervision Medical Technology (IMT HK)</a> also submitted its prospectus to the HKEX and officially started its IPO process. Infervision is an AI medical technology company dedicated to the R&amp;D and commercialization of AI medical products that precisely address the industry pain points. This article mainly analyzed the industry characteristics, the business and the concerns of the Company. </p>

This year, many AI startups are preparing IPO, among which AI medical companies are one of the main forces. For example, after Beijing Airdoc Technology (BAT HK), another company in this field Infervision Medical Technology (IMT HK) also submitted its prospectus to the HKEX and officially started its IPO process. Infervision is an AI medical technology company dedicated to the R&amp;D and commercialization of AI medical products that precisely address the industry pain points. This article mainly analyzed the industry characteristics, the business and the concerns of the Company. 

Pre-IPO Infervision Medical Technology - Insights on Industry, Business and Concerns

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Shukun (Beijing) Technology / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/shukun-beijing-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:34403:1" rel="noopener">Shukun (Beijing) Technology Co., Ltd. (1702626D CH)</a> is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM, BofA, and BOCI.</p><p>Shukun Technology is a healthcare company that employs AI technology to assist treatment. Its AI-powered Digital Doctor analyses medical imaging data and assists doctors in disease screening, diagnosis and therapy selection. As of the latest practicable date (15 Sept 2021), its DigitalDoc portfolio included 12 products and 25 product candidates covering five critical therapeutic areas, including heart, brain, abdomen, chest and musculoskeletal system. The firm’s DigitalDoc products have been adopted by over 1,200 hospitals in China, including approximately 80% of the Top 100 Hospitals and over 30% of all Class III Grade A hospitals.</p>

Shukun (Beijing) Technology Co., Ltd. (1702626D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM, BofA, and BOCI.Shukun Technology is a healthcare company that employs AI technology to assist treatment. Its AI-powered Digital Doctor analyses medical imaging data and assists doctors in disease screening, diagnosis and therapy selection. As of the latest practicable date (15 Sept 2021), its DigitalDoc portfolio included 12 products and 25 product candidates covering five critical therapeutic areas, including heart, brain, abdomen, chest and musculoskeletal system. The firm’s DigitalDoc products have been adopted by over 1,200 hospitals in China, including approximately 80% of the Top 100 Hospitals and over 30% of all Class III Grade A hospitals.

Dongguan Rural Commercial Bank / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/dongguan-rural-commercial-bank" target="_blank" data-smartkarma-citation="entities:34248:1" rel="noopener">Dongguan Rural Commercial Bank (9889 HK)</a> raised US$1.14bn at HKD7.92 per share, at the bottom-end of its IPO price range.</p><p>Dongguan Rural Commercial Bank (DRCB) is the fifth largest rural commercial bank in China by total assets as of Dec 2020, as per China Banking Association in 2021. </p><p>At the indicated price. valuation is expensive as DRCB comes in at 8.1x FY22E P/E and 0.79x FY22E P/B, well ahead of its peer set. Given our underlying assumptions, the bank needs to trade 65% lower or 49.2% lower (excluding China Everbright and China Minsheng) to trade inline with peers.</p><p>Our previous coverage of the IPO:</p><ul><li>
<a href="https://www.smartkarma.com/insights/dongguan-rural-commercial-bank-ipo-mind-the-valuation-gap" target="_blank" data-smartkarma-citation="insights:57797" rel="noopener">Dongguan Rural Commercial Bank IPO - Mind the Valuation Gap</a> </li></ul>

Dongguan Rural Commercial Bank (9889 HK) raised US$1.14bn at HKD7.92 per share, at the bottom-end of its IPO price range.Dongguan Rural Commercial Bank (DRCB) is the fifth largest rural commercial bank in China by total assets as of Dec 2020, as per China Banking Association in 2021. At the indicated price. valuation is expensive as DRCB comes in at 8.1x FY22E P/E and 0.79x FY22E P/B, well ahead of its peer set. Given our underlying assumptions, the bank needs to trade 65% lower or 49.2% lower (excluding China Everbright and China Minsheng) to trade inline with peers.Our previous coverage of the IPO:
Dongguan Rural Commercial Bank IPO - Mind the Valuation Gap 

Dongguan Rural Commercial Bank IPO Trading -Needs to Correct at Least 50% to Trade Inline with Peers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<div><p><a href="https://www.smartkarma.com/entities/beijing-airdoc-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33524:1" rel="noopener">Beijing Airdoc Technology (BAT HK)</a> is looking to raise about US$300m in its upcoming Hong Kong IPO.</p></div><div><p>BAT is an AI-based medical device company with a focus on AI-empowered retina-based early detection, diagnosis and health risk assessment solutions.</p></div><div>
<p>The company’s AI-based Software as a Medical Device (SaMD), Airdoc-AIFUNDUS (1.0), was approved for auxiliary diagnosis of diabetic retinopathy. It was the first of its kind to obtain the Class III medical device certificate from the NMPA, enabling it to be used in hospitals in China to assist physicians with medical diagnoses.</p>
<p>In this note, we will take a look at the company’s updated results from its PHIP filing and share our thoughts on valuation.</p>
</div>

Beijing Airdoc Technology (BAT HK) is looking to raise about US$300m in its upcoming Hong Kong IPO.BAT is an AI-based medical device company with a focus on AI-empowered retina-based early detection, diagnosis and health risk assessment solutions.
The company’s AI-based Software as a Medical Device (SaMD), Airdoc-AIFUNDUS (1.0), was approved for auxiliary diagnosis of diabetic retinopathy. It was the first of its kind to obtain the Class III medical device certificate from the NMPA, enabling it to be used in hospitals in China to assist physicians with medical diagnoses.
In this note, we will take a look at the company’s updated results from its PHIP filing and share our thoughts on valuation.


Beijing Airdoc (北京鹰瞳科技) Pre-IPO - Updates on 1Q21 Results and Competition

China

Beijing Airdoc Technology Co. Ltd. is a company headquartered in Beijing, China, that operates as an artificial intelligence start up company that serves medical industry.

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Beijing Airdoc Technology (2251 HK)

Airdoc Technology IPO Initiation: Seeing the Light

Airdoc is seeking to raise $300m in an HKEx IPO. Airdoc has recently commercially launched a version of its core product. Overall, we believe that...

Arun George

Pre-IPO Infervision Medical Technology - Insights on Industry, Business and Concerns

This article mainly analyzed Infervision Medical Technology in terms of the AI medical industry characteristics, the business, the product layout,...

Xinyao (Criss) Wang

Shukun Technology Pre-IPO Tearsheet

Shukun (Beijing) Technology Co., Ltd. (1702626D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM,...

Clarence Chu

Dongguan Rural Commercial Bank IPO Trading -Needs to Correct at Least 50% to Trade Inline with Peers

Dongguan Rural Commercial Bank (9889 HK) raised US$1.14bn at HKD7.92 per share, at the bottom-end of its IPO price range.

Clarence Chu

Beijing Airdoc (北京鹰瞳科技) Pre-IPO - Updates on 1Q21 Results and Competition

Beijing Airdoc Technology is looking to raise about US$300mn in its upcoming Hong Kong IPO. BAT is an AI-based medical device company.

Sumeet Singh

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