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.

Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul>
<li>Mindray is seeking to raise at least USD500m via a Hong Kong listing. Huatai and JPM are the deal sponsors.</li>
<li>This note covers Mindray's in vitro diagnostics, patient monitoring and life support, medical imaging, and peer valuation.</li>
<li>We also discuss our preliminary thoughts on valuation based on A-H premium.</li>
</ul>


Mindray is seeking to raise at least USD500m via a Hong Kong listing. Huatai and JPM are the deal sponsors.
This note covers Mindray's in vitro diagnostics, patient monitoring and life support, medical imaging, and peer valuation.
We also discuss our preliminary thoughts on valuation based on A-H premium.


Mindray (迈瑞医疗) A+H Pre-IPO: Early Thoughts

Global Healthcare Analyst

Tina Banerjee

Cofoe Medical Technology / Equity Capital Markets

<ul>
<li>Cofoe Medical Technology, a home care medical devices provider in China, is seeking dual listing and has launched HK IPO consisting of 27M H shares at HK$39.33 per share.</li>
<li>The subscription period will close on April 30. The company intends to raise $136M to fund for global expansion, R&amp;D, domestic distribution network enhancement, and branding and marketing activities.</li>
<li>Despite competition and fragmented market, ability to record volume growth for almost all of the key products and margin improvement enhance conviction on the sustainable growth prospect of the company.</li>
</ul>


Cofoe Medical Technology, a home care medical devices provider in China, is seeking dual listing and has launched HK IPO consisting of 27M H shares at HK$39.33 per share.
The subscription period will close on April 30. The company intends to raise $136M to fund for global expansion, R&amp;D, domestic distribution network enhancement, and branding and marketing activities.
Despite competition and fragmented market, ability to record volume growth for almost all of the key products and margin improvement enhance conviction on the sustainable growth prospect of the company.


Cofoe Medical IPO: Portfolio Optimization Remains Key to Float Amid Fierce Competition

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cofoe-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45716:1" rel="noopener">Cofoe Medical Technology (1187 HK)</a> launched its H-share IPO at HK$39.33, valuing the stock at 16.4x PER for FY26, a discount to the global peers.</li>
<li>Its 3-year EPS CAGR of 18.8% is ahead of the global average, but its market capitalisation of HK$9.3bn is materially smaller.</li>
<li>Using a 10% PER discount to global peers, it has a fair range of HK$41.8-45.2, which equals a reasonable 27-33% discount to its A-share <a href="https://www.smartkarma.com/entities/cofoe-medical-technology-co-lt" target="_blank" data-smartkarma-citation="entities:34791:1" rel="noopener">Cofoe Medical (301087 CH)</a>. </li>
</ul>



Cofoe Medical Technology (1187 HK) launched its H-share IPO at HK$39.33, valuing the stock at 16.4x PER for FY26, a discount to the global peers.
Its 3-year EPS CAGR of 18.8% is ahead of the global average, but its market capitalisation of HK$9.3bn is materially smaller.
Using a 10% PER discount to global peers, it has a fair range of HK$41.8-45.2, which equals a reasonable 27-33% discount to its A-share Cofoe Medical (301087 CH). 


Cofoe Medical Technology (1187 HK) IPO: Priced with Reasonable Potential Gain

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.

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, all eyes will on <a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a> as it completes one of the largest A/H listings.</li>
<li>On the placement front, there weren't many large deals given the ongoing market volatility, we did look at the news of a possible raising by <a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL(300750 CH)</a>.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, all eyes will on Victory Giant Technology -A (300476 CH) as it completes one of the largest A/H listings.
On the placement front, there weren't many large deals given the ongoing market volatility, we did look at the news of a possible raising by CATL(300750 CH).


Aequitas ECM Weekly (20 April 2026)-CATL, Victory Giant, Sigenergy, Gpixel, Huaqin, MTT, JST

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The performance fluctuations of Cofoe in recent years are mainly due to the fade of COVID-19 dividend, excessive dependence on marketing/online channels, and insufficient investment in its own R&amp;D.</li>
<li>Yuyue’s internationalization is more mature as products are more recognized by overseas customers. Yuyue has been able to achieve internationalization through independent branding/OBM, while Cofoe is lagging behind.</li>
<li>The model of "emphasizing marketing over R&amp;D" is hard to last. We think reasonable valuation of Cofoe could be lower than Yuyue and may also be lower than <a href="https://www.smartkarma.com/entities/winner-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:35839:1" rel="noopener">Winner Medical</a>.</li>
</ul>


The performance fluctuations of Cofoe in recent years are mainly due to the fade of COVID-19 dividend, excessive dependence on marketing/online channels, and insufficient investment in its own R&amp;D.
Yuyue’s internationalization is more mature as products are more recognized by overseas customers. Yuyue has been able to achieve internationalization through independent branding/OBM, while Cofoe is lagging behind.
The model of "emphasizing marketing over R&amp;D" is hard to last. We think reasonable valuation of Cofoe could be lower than Yuyue and may also be lower than Winner Medical.


Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind

China

Cofoe Medical Technology Co.,Ltd. manufactures and distributes medical equipment. The Company produces health monitoring equipment, rehabilitation aid equipment, medical care equipment, medicine physiotherapy equipment, respiratory support equipment, and others. Cofoe Medical Technology also produces daily necessities, electronics, hygiene products, cosmetics, and other products.

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Cofoe Medical Technology Lt (301087 CH)

Mindray (迈瑞医疗) A+H Pre-IPO: Early Thoughts

Mindray is seeking to raise at least USD500m through an A+H listing. The note covers business quality, industry context, peer valuation, and A-H...

Ke Yan, CFA, FRM

Cofoe Medical IPO: Portfolio Optimization Remains Key to Float Amid Fierce Competition

Cofoe Medical is seeking dual listing and has launched HK IPO consisting of 27M H shares at HK$39.33/share. The subscription period will close on...

Tina Banerjee

Cofoe Medical Technology (1187 HK) IPO: Priced with Reasonable Potential Gain

Cofoe Medical Technology's H-share IPO values the stock at a discount to global peers. We estimate a fair range of HK$41.8-45.2, balancing the...

Osbert Tang, CFA

Aequitas ECM Weekly (20 April 2026)-CATL, Victory Giant, Sigenergy, Gpixel, Huaqin, MTT, JST

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind

Cofoe's performance struggles due to COVID-19 dividend fade. The model of "emphasizing marketing over R&D" is hard to last, which may lead to...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mindray (迈瑞医疗) A+H Pre-IPO: Early Thoughts

Mindray is seeking to raise at least USD500m through an A+H listing. The note covers business quality, industry context, peer valuation, and A-H...

Ke Yan, CFA, FRM

Cofoe Medical IPO: Portfolio Optimization Remains Key to Float Amid Fierce Competition

Cofoe Medical is seeking dual listing and has launched HK IPO consisting of 27M H shares at HK$39.33/share. The subscription period will close on...

Tina Banerjee

Cofoe Medical Technology (1187 HK) IPO: Priced with Reasonable Potential Gain

​Cofoe Medical Technology's H-share IPO values the stock at a discount to global peers. We estimate a fair range of HK$41.8-45.2, balancing the...

Osbert Tang, CFA

Aequitas ECM Weekly (20 April 2026)-CATL, Victory Giant, Sigenergy, Gpixel, Huaqin, MTT, JST

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind

​Cofoe's performance struggles due to COVID-19 dividend fade. The model of "emphasizing marketing over R&D" is hard to last, which may lead to...

Xinyao (Criss) Wang

Cofoe Medical Technology's H-share IPO values the stock at a discount to global peers. We estimate a fair range of HK$41.8-45.2, balancing the...

Cofoe's performance struggles due to COVID-19 dividend fade. The model of "emphasizing marketing over R&D" is hard to last, which may lead to...