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.

Equity Capital Markets

New Horizon Health  / Equity Capital Markets

New Horizon Health, a pioneer in the colorectal cancer screening market in China, launched book building to raise up to USD 263m to in Hong Kong.  In our previous note (A hot medical device deal in making), we discussed that 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 ColoClear, it also offers a more mass-market product, Pupu Tube for home-based testing. The company's products have 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 for investors. The company's management has good prior working experience and is backed by a strong line up of international and domestic investors. We have compared the company's product with the benchmark product, Exact Sciences' Cologuard. We think the company's ColoClear is ahead of the Cologuard with improvement in clinical reading and the technology used. We valued the company's core product, ColoClear at USD 2.6 bn and the company at USD 3.1bn on a SOTP basis. In this note, we look at the deal term. We think there is substantial upside from the high end. The line-up of cornerstone investors is strong. We are seeing strong demand from institution side. We will participate in the deal.<h2>Our previous coverage on New Horizon Health</h2><ul>
<li><a href="https://www.smartkarma.com/insights/new-horizon-health-pre-ipo-a-hot-medical-device-deal-in-making" target="_blank" rel="noopener">New Horizon Health (诺辉健康) Pre-IPO: A Hot Medical Device Deal in Making</a></li>
<li><a href="https://www.smartkarma.com/insights/new-horizon-health-pre-ipo-comparison-with-exact-sciences" target="_blank" rel="noopener">New Horizon Health (诺辉健康) Pre-IPO: Comparison with Exact Sciences</a></li>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/new-horizon-health-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">New Horizon Health (诺辉健康) Pre-IPO: Thoughts on valuation</a></li>
</ul>

New Horizon Health, a pioneer in the colorectal cancer screening market in China, launched book building to raise up to USD 263m to in Hong Kong.  In our previous note (A hot medical device deal in making), we discussed that 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 ColoClear, it also offers a more mass-market product, Pupu Tube for home-based testing. The company's products have 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 for investors. The company's management has good prior working experience and is backed by a strong line up of international and domestic investors. We have compared the company's product with the benchmark product, Exact Sciences' Cologuard. We think the company's ColoClear is ahead of the Cologuard with improvement in clinical reading and the technology used. We valued the company's core product, ColoClear at USD 2.6 bn and the company at USD 3.1bn on a SOTP basis. In this note, we look at the deal term. We think there is substantial upside from the high end. The line-up of cornerstone investors is strong. We are seeing strong demand from institution side. We will participate in the deal.Our previous coverage on New Horizon Health
New Horizon Health (诺辉健康) Pre-IPO: A Hot Medical Device Deal in Making
New Horizon Health (诺辉健康) Pre-IPO: Comparison with Exact Sciences
New Horizon Health (诺辉健康) Pre-IPO: Thoughts on valuation


New Horizon Health (诺辉健康) IPO: Room to Fly

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.  In our previous note (A hot medical device deal in making), we discussed that 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 ColoClear, it also offers a more mass-market product, Pupu Tube for home-based testing. The company's products have 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 for investors. The company's management has good prior working experience and is backed by a strong line up of international and domestic investors. We have compared the company's product with the benchmark product, Exact Sciences' Cologuard. We think the company's ColoClear is ahead of the Cologuard with improvement in clinical reading and the technology used. In this note, we value the company's core product, ColoClear at USD 2.6 bn and the company at USD 3.1bn on an SOTP basis. We will also discuss push factor that can result in a higher valuation than our base case.<h2>Our previous coverage on New Horizon Health</h2><ul>
<li><a href="https://www.smartkarma.com/insights/new-horizon-health-pre-ipo-a-hot-medical-device-deal-in-making" target="_blank" rel="noopener">New Horizon Health (诺辉健康) Pre-IPO: A Hot Medical Device Deal in Making</a></li>
<li><a href="https://www.smartkarma.com/insights/new-horizon-health-pre-ipo-comparison-with-exact-sciences" target="_blank" rel="noopener">New Horizon Health (诺辉健康) Pre-IPO: Comparison with Exact Sciences</a></li>
</ul>

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.  In our previous note (A hot medical device deal in making), we discussed that 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 ColoClear, it also offers a more mass-market product, Pupu Tube for home-based testing. The company's products have 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 for investors. The company's management has good prior working experience and is backed by a strong line up of international and domestic investors. We have compared the company's product with the benchmark product, Exact Sciences' Cologuard. We think the company's ColoClear is ahead of the Cologuard with improvement in clinical reading and the technology used. In this note, we value the company's core product, ColoClear at USD 2.6 bn and the company at USD 3.1bn on an SOTP basis. We will also discuss push factor that can result in a higher valuation than our base case.Our previous coverage on New Horizon Health
New Horizon Health (诺辉健康) Pre-IPO: A Hot Medical Device Deal in Making
New Horizon Health (诺辉健康) Pre-IPO: Comparison with Exact Sciences


New Horizon Health (诺辉健康) Pre-IPO:  Thoughts on Valuation

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.  In our previous note (<a href="https://www.smartkarma.com/insights/new-horizon-health-pre-ipo-a-hot-medical-device-deal-in-making" target="_blank" rel="noopener">A hot medical device deal in making)</a>, we discussed that 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 ColoClear, it also offers a more mass-market product, Pupu Tube for home-based testing. The company's products have 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 for investors. The company's management has good prior working experience and is backed by a strong line up of international and domestic investors. In this note, we compare the company's product with the benchmark product, Exact Sciences' Cologuard. We think the company's ColoClear is ahead of the Cologuard with improvement in clinical reading and the technology used.

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.  In our previous note (A hot medical device deal in making), we discussed that 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 ColoClear, it also offers a more mass-market product, Pupu Tube for home-based testing. The company's products have 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 for investors. The company's management has good prior working experience and is backed by a strong line up of international and domestic investors. In this note, we compare the company's product with the benchmark product, Exact Sciences' Cologuard. We think the company's ColoClear is ahead of the Cologuard with improvement in clinical reading and the technology used. 

New Horizon Health (诺辉健康) Pre-IPO: Comparison with Exact Sciences

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

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.   

United States

Exact Sciences Corp., is focused on developing and commercializing a non-invasive molecular screening test for the early detection and prevention of colorectal cancer. The Company's test is a stool-based DNA test that identifies both pre-cancer and cancer by detecting genetic mutations in colorectal cancer cells.

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Exact Sciences (EXAS US)

New Horizon Health (诺辉健康) IPO: Room to Fly

We think there is substantial upside from the high end. The line-up of cornerstone investors is strong. We are seeing strong demand from...

Ke Yan, CFA, FRM

New Horizon Health (诺辉健康) Pre-IPO: Thoughts on Valuation

We value the company's core product, ColoClear at USD 2.6 bn and the company at USD 3.1bn on an SOTP basis. We will also discuss push factor that...

Ke Yan, CFA, FRM

New Horizon Health (诺辉健康) Pre-IPO: Comparison with Exact Sciences

We compare the company's product with the benchmark product, Exact Sciences' Cologuard. We think ColoClear is ahead of the Cologuard with...

Ke Yan, CFA, FRM

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

Asian Healthcare - Coming of Age

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

Kemp Dolliver, CFA

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