Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

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.   

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

On October 16, 2020, the government released a new policy for the intensive procurement of coronary stents, which kicked off the nationwide intensive procurement for high-value medical consumables. According to the policy, The amount of coronary stents purchased in the first year was around 1,074,000, accounting for about 70% of the national annual consumption of coronary stents. The results of this policy have a strong reference for the future expansion of high-value medical consumables' intensive procurement. On November 5, the policy was formally implemented and the result was released.

On October 16, 2020, the government released a new policy for the intensive procurement of coronary stents, which kicked off the nationwide intensive procurement for high-value medical consumables. According to the policy, The amount of coronary stents purchased in the first year was around 1,074,000, accounting for about 70% of the national annual consumption of coronary stents. The results of this policy have a strong reference for the future expansion of high-value medical consumables' intensive procurement. On November 5, the policy was formally implemented and the result was released.

Insights on China Healthcare Policy: New Intensive Procurement Policy for High-Value Medical Devices

Equity Bottom-Up

Hangzhou Tigermed Consulting C / Equity Bottom-Up

<a target="_blank"></a><a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-h" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK)</a> released the third quarter report of 2020. In the first three quarters of 2020, Q1-Q3 accumulated revenue reached RMB2.33 billion, with a YoY growth rate of 13.27%. Net income attributed to shareholders in the first three quarters reached RMB1.318 billion, up 149.57% YoY. Net income after deducting non-recurring gains and losses in Q1-Q3 was RMB498 million, up 13.57% YoY. The company's Q3 single quarter revenue reached RMB848 million, up 22.31% YoY. Net income attributed to shareholders in Q3 was RMB319 million, up 81.37% YoY. Net income after deducting non-recurring gains and losses in Q3 reached RMB195 million, up 29.35% YoY. Tigermed has gradually recovered from the epidemic with strong performance in Q3. 
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/169/276/original/image_94552562551604465156309.png?1604465157" class="editor-image img-responsive" data-smartkarma-image-id="169276"></figure>
Source: WIND

Hangzhou Tigermed Consulting (H) (3347 HK) released the third quarter report of 2020. In the first three quarters of 2020, Q1-Q3 accumulated revenue reached RMB2.33 billion, with a YoY growth rate of 13.27%. Net income attributed to shareholders in the first three quarters reached RMB1.318 billion, up 149.57% YoY. Net income after deducting non-recurring gains and losses in Q1-Q3 was RMB498 million, up 13.57% YoY. The company's Q3 single quarter revenue reached RMB848 million, up 22.31% YoY. Net income attributed to shareholders in Q3 was RMB319 million, up 81.37% YoY. Net income after deducting non-recurring gains and losses in Q3 reached RMB195 million, up 29.35% YoY. Tigermed has gradually recovered from the epidemic with strong performance in Q3. 

Source: WIND

Tigermed (300347.CN/03347.HK) - Q3 Performance Recovered with Optimistic Future Development

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<a href="https://www.smartkarma.com/entities/antengene-corporation-limited" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (ANGENE HK)</a> is a biopharmaceutical company with a focus on discovering, developing and commercialising global first-in-class, only-in-class and/or best-in-class therapies. Antengene is seeking to raise $300 million through a Hong Kong IPO. Antengene is backed by several blue-chip investors including Celgene, <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>, <a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-h" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK)</a>, Fidelity, Blackrock, GIC, Hillhouse, Boyu Capital, FountainVest Partners and Qiming Venture Partners. The Series C round in July 2020 raised $97 million at a post-money valuation of $726 million. <div class="content-highlight">Antegene was founded by Jay Mei who has involved in clinical development of multiple blockbuster drugs, including REVLIMID, a global best-selling oncology therapy. Leveraging the management team’s expertise, Antegene focuses on the haematology and oncology therapeutic areas. Overall, we believe that Antegene’s clinical assets are attractive. </div>

Antengene (ANGENE HK) is a biopharmaceutical company with a focus on discovering, developing and commercialising global first-in-class, only-in-class and/or best-in-class therapies. Antengene is seeking to raise $300 million through a Hong Kong IPO. Antengene is backed by several blue-chip investors including Celgene, WuXi AppTec Co. Ltd. (2359 HK), Hangzhou Tigermed Consulting (H) (3347 HK), Fidelity, Blackrock, GIC, Hillhouse, Boyu Capital, FountainVest Partners and Qiming Venture Partners. The Series C round in July 2020 raised $97 million at a post-money valuation of $726 million. Antegene was founded by Jay Mei who has involved in clinical development of multiple blockbuster drugs, including REVLIMID, a global best-selling oncology therapy. Leveraging the management team’s expertise, Antegene focuses on the haematology and oncology therapeutic areas. Overall, we believe that Antegene’s clinical assets are attractive. 

Antengene IPO Initiation: Hunting for a Cure

Genor Biopharma Holdings  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/genor-biopharma" target="_blank" data-smartkarma-citation="entities:29201:1" rel="noopener">Genor Biopharma (0883276D CH)</a> aka JHBP Holdings is a biopharmaceutical company focusing on developing and commercializing oncology and autoimmune drugs. Its drug candidates encompass the top three oncology targets and five out of the ten bestselling drugs globally. Genor is backed by Hillhouse Capital, Temasek and <a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-h" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK)</a>. It is seeking a Hong Kong IPO to raise around $300 million, according to press reports. <div class="content-highlight">Genor has a broad drug pipeline with significant near-term revenue potential from as early as 2021. Overall, we believe that the prospectus for Genor’s late-stage drug assets is favourable. </div>

Genor Biopharma (0883276D CH) aka JHBP Holdings is a biopharmaceutical company focusing on developing and commercializing oncology and autoimmune drugs. Its drug candidates encompass the top three oncology targets and five out of the ten bestselling drugs globally. Genor is backed by Hillhouse Capital, Temasek and Hangzhou Tigermed Consulting (H) (3347 HK). It is seeking a Hong Kong IPO to raise around $300 million, according to press reports. Genor has a broad drug pipeline with significant near-term revenue potential from as early as 2021. Overall, we believe that the prospectus for Genor’s late-stage drug assets is favourable. 

JHBP Holdings (Genor Biopharma) IPO Initiation: Hunting for a Cure

China

Hangzhou Tigermed Consulting Co.,Ltd. provides professional clinical research services for domestic and foreign pharmaceutical and health-related research and development. The Company's main services include clinical trial technology services, data management, and statistical analysis. Hangzhou Tigermed Consulting offers services worldwide.

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Hangzhou Tigermed Consulting C (3347 HK)

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

Insights on China Healthcare Policy: New Intensive Procurement Policy for High-Value Medical Devices

The article analyzed potential impact of China's new intensive procurement policy on high-value medical devices. If interested in investing China...

Xinyao (Criss) Wang

Tigermed (300347.CN/03347.HK) - Q3 Performance Recovered with Optimistic Future Development

This article analyzed Tigermed's business, growth potential, global layout, equity investment and also made forecast and rating for this company.

Xinyao (Criss) Wang

Antengene IPO Initiation: Hunting for a Cure

Leveraging the management team’s expertise, Antegene focuses on the haematology and oncology therapeutic areas. Overall, we believe that Antegene’s...

Arun George

JHBP Holdings (Genor Biopharma) IPO Initiation: Hunting for a Cure

$ Genor Biopharma is a biopharmaceutical company focusing on developing and commercializing oncology and autoimmune drugs. Its drug candidates...

Arun George

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