Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

China Resources Pharmaceutical Group / Equity Capital Markets

China Resources Pharmaceutical Group (3320 HK)

<p>This Insight follows up on our three prior Insights on the company. Here we discuss our opinion of the offering; additional details from the PHIP; and topics of discussion for the roadshow. We should note that we have not seen a pre-deal report or the roadshow presentation. You should refer to <a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Toh Zhen Zhou</a> 's Insight that reviews the offering using the IPO Analyzer.</p><p>We are lukewarm on the offering. The company has an interesting position in the pharmaceutical value chain, but has reported only modest organic growth during the Track Record Period.  The proposed valuation appears to reflects this. There is a potential arbitrage opportunity (if in name only) at the lower end of the proposed price range to buy shares of the listed subsidiaries at a discount. <a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Toh Zhen Zhou</a> 's Insight discusses this in detail. </p>

This Insight follows up on our three prior Insights on the company. Here we discuss our opinion of the offering; additional details from the PHIP; and topics of discussion for the roadshow. We should note that we have not seen a pre-deal report or the roadshow presentation. You should refer to Toh Zhen Zhou 's Insight that reviews the offering using the IPO Analyzer.We are lukewarm on the offering. The company has an interesting position in the pharmaceutical value chain, but has reported only modest organic growth during the Track Record Period.  The proposed valuation appears to reflects this. There is a potential arbitrage opportunity (if in name only) at the lower end of the proposed price range to buy shares of the listed subsidiaries at a discount. Toh Zhen Zhou 's Insight discusses this in detail. 

China

Dong-E-E-Jiao Co., Ltd. primarily manufactures and sells traditional Chinese medicine, health care products, health foods, and bio-medicine. The company also engages in gelatin products manufacturing.

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Dong E E Jiaoco Ltd A (000423 CH)

CR Pharma: New Details, Final Thoughts

This Insight follows up on our three prior Insights on the company. Here we discuss our opinion of the offering; additional details from the PHIP;...

Kemp Dolliver, CFA

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52-week Range

Market Cap (USDm)

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