Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Equity Bottom-Up

<ul><li>The company’s founder Mr. Lam Kong serves as Chairman, Chief Executive and President.</li><li>The other key management personnel are Ms. Chen Yanling who is the Executive Director and CFO.</li><li>The company’s six -member board comprises two executives, one non -executive, and three independent non -executive directors. Committees cover Audit, Remuneration, Nomination, and ESG, with INEDs forming the majority on committees.</li></ul>

The company’s founder Mr. Lam Kong serves as Chairman, Chief Executive and President.The other key management personnel are Ms. Chen Yanling who is the Executive Director and CFO.The company’s six -member board comprises two executives, one non -executive, and three independent non -executive directors. Committees cover Audit, Remuneration, Nomination, and ESG, with INEDs forming the majority on committees.

China Medical Systems Holdings Limited Initiating Coverage

Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

<ul>
<li>Since our <a href="https://www.smartkarma.com/insights/update-china-medical-system-cms-867-hk-a-cheap-play-on-china-s-pending-health-care-crisis" target="_blank" rel="noopener">initiation on 5 June 2024</a>, China Medical Sytem’s share price is up 113% and the FPE has moved from less than 8 to close to 16 times.</li>
<li>The gap valuation between US drug companies and CMS has largely closed with CMS trading at a premium to a number of US counterparts.</li>
<li>The earnings outlook is largely flat since the initiation, implying the share price appreciation has been driven by a re-rating.</li>
</ul>


Since our initiation on 5 June 2024, China Medical Sytem’s share price is up 113% and the FPE has moved from less than 8 to close to 16 times.
The gap valuation between US drug companies and CMS has largely closed with CMS trading at a premium to a number of US counterparts.
The earnings outlook is largely flat since the initiation, implying the share price appreciation has been driven by a re-rating.


China Medical System (867 HK) – From an 8 to a 16 FPE

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 24th June 2025, specialty pharmaceutical play <strong><a href="https://www.smartkarma.com/entities/china-medical-system-holdings" target="_blank" data-smartkarma-citation="entities:18736:1" rel="noopener">China Medical System (867 HK)</a></strong> (CMS) announced a proposed secondary SGX listing, by way of introduction.  No equity fundraising will occur.</li>
<li>The SGX has given the green light, with shares expected to commence trading on the 15th July. </li>
<li>This secondary listing is not, it would seem, a pre-cursor to an HKEx withdrawal; but to "<em>enhance the [CMS’s] global visibility, thereby facilitating its international business expansion</em>". </li>
</ul>


On the 24th June 2025, specialty pharmaceutical play China Medical System (867 HK) (CMS) announced a proposed secondary SGX listing, by way of introduction.  No equity fundraising will occur.
The SGX has given the green light, with shares expected to commence trading on the 15th July. 
This secondary listing is not, it would seem, a pre-cursor to an HKEx withdrawal; but to "enhance the [CMS’s] global visibility, thereby facilitating its international business expansion". 


China Medical System (867 HK): SGX Secondary Listing Benefits Questionable

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

China Medical System / Equity Capital Markets

<ul>
<li>CMS announced proposed secondary listing on the SGX-ST. The Company is undergoing pipeline adjustments and strategic transformation. Its growth logic is shifting from "dependence on generic drugs" to "innovation-driven drugs".</li>
<li>However, the valuation logic has changed. The capital market will give high valuations to companies that achieve overseas licensing-out deals, rather than the attractive DCF model based on traditional business.</li>
<li>After 2023/2024 performance downturn, revenue growth is expected to return to positive in 2025. But in essence, CMS’s current business model is license-in, which will affect the future valuation performance. </li>
</ul>


CMS announced proposed secondary listing on the SGX-ST. The Company is undergoing pipeline adjustments and strategic transformation. Its growth logic is shifting from "dependence on generic drugs" to "innovation-driven drugs".
However, the valuation logic has changed. The capital market will give high valuations to companies that achieve overseas licensing-out deals, rather than the attractive DCF model based on traditional business.
After 2023/2024 performance downturn, revenue growth is expected to return to positive in 2025. But in essence, CMS’s current business model is license-in, which will affect the future valuation performance. 


Pre-IPO China Medical System (867 HK) - About the IPO in Singapore and Concerns on Valuation Outlook

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharma outlicensed XH-S004 to Expedition Therapeutics for $120M upfront and milestone payment. Remegen’s drug candidate met primary endpoint in Phase 3 trial for Sjögren's syndrome in China.</li>
<li>Astellas Pharma announced positive topline results from the Phase 3 trial evaluating Padcev in bladder cancer. Daewoong Pharmaceutical announced positive result for their self-developed semaglutide microneedle patch.</li>
<li>Zydus Lifesciences received FDA approval for chest pain drug Diltiazem Hydrochloride tablets. Lupin has partnered with Sandoz to market and commercialize Lupin’s biosimilar ranibizumab across multiple regions.</li>
</ul>


Fosun Pharma outlicensed XH-S004 to Expedition Therapeutics for $120M upfront and milestone payment. Remegen’s drug candidate met primary endpoint in Phase 3 trial for Sjögren's syndrome in China.
Astellas Pharma announced positive topline results from the Phase 3 trial evaluating Padcev in bladder cancer. Daewoong Pharmaceutical announced positive result for their self-developed semaglutide microneedle patch.
Zydus Lifesciences received FDA approval for chest pain drug Diltiazem Hydrochloride tablets. Lupin has partnered with Sandoz to market and commercialize Lupin’s biosimilar ranibizumab across multiple regions.


APAC Healthcare Weekly (Aug 17) – Fosun Pharma, Remegen, Astellas, Daewoong Pharma, Zydus, Lupin

China

China Medical System Holdings Limited manufactures pharmaceutical and medical products primarily in China.

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China Medical System (867 HK)

China Medical Systems Holdings Limited Initiating Coverage

The company’s founder Mr. Lam Kong serves as Chairman, Chief Executive and President. The other key management personnel are Ms. Chen Yanling who...

ICAM