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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 8th.</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, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 8th.
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, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.


HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The mismatch between supply and demand in the postpartum center market has become apparent, coupled with consumption downgrades in high-end market, which has limited the growth potential of SAINT BELLA.</li>
<li>The gross margin of SAINT BELLA that focuses on high-end postpartum services is surprisingly lower than that of traditional general hospital business, indicating that the Company's profitability is disappointing.</li>
<li>SAINT BELLA attempts to attract capital through the story of "high-end services+overseas expansion",but its model has contradictions.The essence of IPO is “a last ditch effort” for capital to cash out.</li>
</ul>


The mismatch between supply and demand in the postpartum center market has become apparent, coupled with consumption downgrades in high-end market, which has limited the growth potential of SAINT BELLA.
The gross margin of SAINT BELLA that focuses on high-end postpartum services is surprisingly lower than that of traditional general hospital business, indicating that the Company's profitability is disappointing.
SAINT BELLA attempts to attract capital through the story of "high-end services+overseas expansion",but its model has contradictions.The essence of IPO is “a last ditch effort” for capital to cash out.


Pre-IPO Saint Bella (PHIP Updates) - Some Points Worth the Attention

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

China Resources Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (2460 HK)</a> raised around US$750m in its Hong Kong IPO in October 2024. The lockup on its cornerstone investors is set to expire soon.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China and is one of the largest players in its categories.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



China Resources Beverage (2460 HK) raised around US$750m in its Hong Kong IPO in October 2024. The lockup on its cornerstone investors is set to expire soon.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China and is one of the largest players in its categories.
In this note, we will talk about the lockup dynamics and possible placement.


China Resources Beverage IPO Lockup- Cornerstones Coming Out of Lockup Ahead of the Large PE Release

Beijing Tong Ren Tang Healthcare Investment / Equity Capital Markets

Beijing Tong Ren Tang Healthcare Investment (TRT HK)

Beijing Tong Ren Tang Healthcare Investment

<ul>
<li>Tong Ren Tang’s performance growth is mainly driven by M&amp;As. Its organic growth and operation management capability are not strong, leading to the concerns on the sustainability of future growth.</li>
<li>Profit margin is disappointing.If Tong Ren Tang fails to balance the interests of different parties and control costs/expenses,low profit margins will be the norm despite the growth of revenue scale.</li>
<li>From the perspectives of revenue scale, profitability, operational efficiency, business model, there’s still a gap between Tong Ren Tang and Gushengtang. Tong Ren Tang’s valuation should be lower than Gushengtang.</li>
</ul>


Tong Ren Tang’s performance growth is mainly driven by M&amp;As. Its organic growth and operation management capability are not strong, leading to the concerns on the sustainability of future growth.
Profit margin is disappointing.If Tong Ren Tang fails to balance the interests of different parties and control costs/expenses,low profit margins will be the norm despite the growth of revenue scale.
From the perspectives of revenue scale, profitability, operational efficiency, business model, there’s still a gap between Tong Ren Tang and Gushengtang. Tong Ren Tang’s valuation should be lower than Gushengtang.


Pre-IPO Tong Ren Tang Healthcare Investment - Profitability and Growth Sustainability Are Worrying

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage</a> is looking to raise US$1bn in its upcoming Hong Kong IPO.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.</li>
<li>In our earlier note, we talked about the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>



China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.
In our earlier note, we talked about the company’s past performance. In this note, we will undertake a peer comparison.


China Resources Beverage Pre-IPO - Peer Comparison - Middling

China

China Resources Medical Holdings provides comprehensive healthcare services, hospital management, and group purchasing organization businesses in Mainland China. It operates a network of medical institutions, offering outpatient and inpatient services, as well as supply chain and operational management services to affiliated hospitals. The company is headquartered in Beijing, China, and was founded in 2013.

China Resources Medical Holdings (1515 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Resources Medical Holdings (1515 HK)

HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.

Ke Yan, CFA, FRM

Pre-IPO Saint Bella (PHIP Updates) - Some Points Worth the Attention

SAINT BELLA's high-end services face profitability challenges due to supply-demand mismatch and consumption downgrades. Investors need to be wary...

Xinyao (Criss) Wang

China Resources Beverage IPO Lockup- Cornerstones Coming Out of Lockup Ahead of the Large PE Release

China Resources Beverage (2460 HK) raised around US$750m in its Hong Kong IPO in October 2024. The lockup on its cornerstone investors is set to...

Sumeet Singh

Pre-IPO Tong Ren Tang Healthcare Investment - Profitability and Growth Sustainability Are Worrying

Tong Ren Tang's growth is driven by M&As, but concerns arise over growth sustainability due to weak organic growth. Profit margin is...

Xinyao (Criss) Wang

China Resources Beverage Pre-IPO - Peer Comparison - Middling

China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO. We have looked at the company's past performance in our previous...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.

Ke Yan, CFA, FRM

Pre-IPO Saint Bella (PHIP Updates) - Some Points Worth the Attention

​SAINT BELLA's high-end services face profitability challenges due to supply-demand mismatch and consumption downgrades. Investors need to be wary...

Xinyao (Criss) Wang

China Resources Beverage IPO Lockup- Cornerstones Coming Out of Lockup Ahead of the Large PE Release

China Resources Beverage (2460 HK) raised around US$750m in its Hong Kong IPO in October 2024. The lockup on its cornerstone investors is set to...

Sumeet Singh

Pre-IPO Tong Ren Tang Healthcare Investment - Profitability and Growth Sustainability Are Worrying

​Tong Ren Tang's growth is driven by M&As, but concerns arise over growth sustainability due to weak organic growth. Profit margin is...

Xinyao (Criss) Wang

China Resources Beverage Pre-IPO - Peer Comparison - Middling

China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO. We have looked at the company's past performance in our previous...

Sumeet Singh

SAINT BELLA's high-end services face profitability challenges due to supply-demand mismatch and consumption downgrades. Investors need to be wary...

Tong Ren Tang's growth is driven by M&As, but concerns arise over growth sustainability due to weak organic growth. Profit margin is...