Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

New Horizon Health  / Equity Capital Markets

New Horizon Health is a China-based cancer diagnostics company that has filed an Application Proof to list on the HKEX. The company has innovative screening technologies for colorectal, gastric, and potentially cervical cancer. The management team is accomplished and the pre-IPO investors are experienced healthcare funds. We view the company favorably and will provide a definitive view in a future Insight closer to the actual offering.

New Horizon Health is a China-based cancer diagnostics company that has filed an Application Proof to list on the HKEX. The company has innovative screening technologies for colorectal, gastric, and potentially cervical cancer. The management team is accomplished and the pre-IPO investors are experienced healthcare funds. We view the company favorably and will provide a definitive view in a future Insight closer to the actual offering.

JD Health International  / Equity Capital Markets

Healthcare’s presence in Asian capital markets has increased substantially over the last four years on the heels of substantial investments in private markets (VC/PE). Policy reforms and changes in listing rules, most notably in China, have led to an explosion of market cap creation for the sector as the universe of companies has expanded to include innovative companies, most notably pre-revenue biopharmaceutical companies. At the same time, substantial investments in digital healthcare, fueled by the COVID-19 pandemic, adds a new source of listed companies. This Insight focuses on leading unlisted healthcare companies in China, India, and ASEAN that have raised substantial amounts of capital and appear to be candidates for listing.

Healthcare’s presence in Asian capital markets has increased substantially over the last four years on the heels of substantial investments in private markets (VC/PE). Policy reforms and changes in listing rules, most notably in China, have led to an explosion of market cap creation for the sector as the universe of companies has expanded to include innovative companies, most notably pre-revenue biopharmaceutical companies. At the same time, substantial investments in digital healthcare, fueled by the COVID-19 pandemic, adds a new source of listed companies. This Insight focuses on leading unlisted healthcare companies in China, India, and ASEAN that have raised substantial amounts of capital and appear to be candidates for listing.   

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

New Horizon Health, a pioneer in the colorectal cancer screening market in China, is looking to raise up to USD 300m to list via a Hong Kong listing.  NH Health provides cancer screen kits for convenient early screening targeting populations recommended for regular cancer screening. The company's approved product ColoClear has an impressive accuracy compared with peer products for colorectal cancer. In addition to the ColoClear, it also offered a more mass-market product, Pupu Tube for home-based testing. The company's product has a huge unmet market and a high barrier to entry. We believe its uniqueness as the only investable stock in the segment will make the deal interesting to investors. The company's management has a good working experience and is backed by a strong line up of international and domestic investors.

New Horizon Health, a pioneer in the colorectal cancer screening market in China, is looking to raise up to USD 300m to list via a Hong Kong listing.  NH Health provides cancer screen kits for convenient early screening targeting populations recommended for regular cancer screening. The company's approved product ColoClear has an impressive accuracy compared with peer products for colorectal cancer. In addition to the ColoClear, it also offered a more mass-market product, Pupu Tube for home-based testing. The company's product has a huge unmet market and a high barrier to entry. We believe its uniqueness as the only investable stock in the segment will make the deal interesting to investors. The company's management has a good working experience and is backed by a strong line up of international and domestic investors.

New Horizon Health (诺辉健康) Pre-IPO: A Hot Medical Device Deal in Making

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

The genetic testing industry in China is like a rising star – the favorable policy of precision medicine, the increasing industry scale and the long-term optimism about the growth potential from Chinese private equity firms and venture capitals have indicated tremendous opportunities.

The genetic testing industry in China is like a rising star – the favorable policy of precision medicine, the increasing industry scale and the long-term optimism about the growth potential from Chinese private equity firms and venture capitals have indicated tremendous opportunities.  

Insights on China Genetic Testing Industry

1. Industry viewpoints
<ul>
<li>In China, patients are more willing to choose tertiary hospitals than primary and secondary medical institutions. </li>
<li>Internet medicine could be one of the effective solutions to solve the uneven distribution of medical resources. </li>
<li>Since fighting against the epidemic has become a protracted war, related medical devices, diagnostics and vaccines continue to be hot topics in capital markets in China.</li>
</ul>
2. Company news
News of RemeGen, CStone Pharmaceuticals and Xi'an Janssen Pharmaceutical on innovative drugs and strategic cooperation.
3. Market review
During the week, stock price for healthcare sector in A share rose 0.51%, while CSI 300 fell 3.53% over the same period of time.
4. Risk Disclosure 
Policy risk, R&amp;D risk, company risk and COVID-19 risk.

1. Industry viewpoints

In China, patients are more willing to choose tertiary hospitals than primary and secondary medical institutions. 
Internet medicine could be one of the effective solutions to solve the uneven distribution of medical resources. 
Since fighting against the epidemic has become a protracted war, related medical devices, diagnostics and vaccines continue to be hot topics in capital markets in China.

2. Company news
News of RemeGen, CStone Pharmaceuticals and Xi'an Janssen Pharmaceutical on innovative drugs and strategic cooperation.
3. Market review
During the week, stock price for healthcare sector in A share rose 0.51%, while CSI 300 fell 3.53% over the same period of time.
4. Risk Disclosure 
Policy risk, R&amp;D risk, company risk and COVID-19 risk.

China

Burning Rock Biotech Limited operates as a biotech company. The Company discovers and develops diagnositcs solutions for precision medicine in oncology. Burning Rock Biotech serves customers in China.

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Burning Rock Biotech (BNR US)

New Horizon IPO: Leaning Positive

New Horizon Health is a cancer diagnostics company that plans to list on the HKEX. The company has innovative tests for CRC, gastric, and...

Kemp Dolliver, CFA

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This Smartkarma Originals Insight highlights 20 leading unlisted healthcare companies in Asia, mainly in digital healthcare and biopharma, that are...

Kemp Dolliver, CFA

New Horizon Health (诺辉健康) Pre-IPO: A Hot Medical Device Deal in Making

The company's product has a huge unmet market and a high barrier to entry. We believe its uniqueness as the only investable stock in the segment...

Ke Yan, CFA, FRM

Insights on China Genetic Testing Industry

This article analyzed China genetic testing industry in the perspective of favorable policy, market potential, future trend, investment trend in...

Xinyao (Criss) Wang

China Healthcare Weekly (30 Sep)

Industry viewpoints In China, patients are more willing to choose tertiary hospitals than primary and secondary medical institutions. According to...

Xinyao (Criss) Wang

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