APAC IPOs & Placements

Zhen Zhou, Toh

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

<a href="https://www.smartkarma.com/entities/linkdoc-technology-limited" target="_blank" data-smartkarma-citation="entities:33499:1" rel="noopener">LinkDoc (LDOC US)</a> is looking to raise about US$500m in its upcoming U.S. IPO.LinkDoc is a data-driven and AI-enabled healthcare technology company. The company operates data-driven digital infrastructures to serve different stakeholders in the healthcare ecosystem. The company has a focus on oncology with its patient care centres providing oncology patients with continuous care.In this note, we compare LinkDoc to other China healthcare companies.We have previously covered the IPO in: <ul><li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/linkdoc-pre-ipo-intricately-embedded-in-the-oncology-industry" target="_blank" data-smartkarma-citation="insights:53324" rel="noopener">LinkDoc (零氪科技) Pre-IPO - Intricately Embedded in the Oncology Industry</a> </li></ul>

LinkDoc (LDOC US) is looking to raise about US$500m in its upcoming U.S. IPO.LinkDoc is a data-driven and AI-enabled healthcare technology company. The company operates data-driven digital infrastructures to serve different stakeholders in the healthcare ecosystem. The company has a focus on oncology with its patient care centres providing oncology patients with continuous care.In this note, we compare LinkDoc to other China healthcare companies.We have previously covered the IPO in: LinkDoc (零氪科技) Pre-IPO - Intricately Embedded in the Oncology Industry 

LinkDoc (零氪科技) Pre-IPO - Peer Comparison - A Niche that Doesn’t Give a Clear Advantage

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Hygeia Healthcare Group / Equity Capital Markets

Warburg Pincus aims to raise around US$216m via selling 3.2% of Hygeia Healthcare. This won’t be the first selldown by Warburg. Despite having been listed just around a year ago, the stock has already seen two placements, both in Jan 2021, just after the lock-up expiry. Both the past deals did well. However, the stock was trading a whole lot lower at that time.In this note, we will run the deal through our ECM framework and talk about the deal dynamics.<div><h2>Our previous coverage on Hygeia</h2></div><div><ul style="list-style-type: disc;">
<li dir="ltr"><a href="https://www.smartkarma.com/insights/hygeia-healthcare-pre-ipo-the-making-of-jinxin-in-the-oncology-segment" target="_blank" rel="noopener">Hygeia Healthcare (海吉亚) Pre-IPO: The making of Jinxin in the oncology segment</a></li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/hygeia-healthcare-pre-ipo-phip-updates-and-thoughts-on-valuation" target="_blank" rel="noopener">Hygeia Healthcare (海吉亚) Pre-IPO: PHIP Updates and Thoughts on Valuation</a></li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/hygeia-healthcare-ipo-hot-deal-but-expect-tiny-allocation" target="_blank" rel="noopener">Hygeia Healthcare (海吉亚) IPO: Hot Deal but Expect Tiny Allocation</a></li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/hygeia-healthcare-ipo-trading-upside-might-take-time-to-crystalize" target="_blank" rel="noopener">Hygeia Healthcare (海吉亚) IPO Trading: Upside Might Take Time to Crystalize</a></li>
</ul></div>

Warburg Pincus aims to raise around US$216m via selling 3.2% of Hygeia Healthcare. This won’t be the first selldown by Warburg. Despite having been listed just around a year ago, the stock has already seen two placements, both in Jan 2021, just after the lock-up expiry. Both the past deals did well. However, the stock was trading a whole lot lower at that time.In this note, we will run the deal through our ECM framework and talk about the deal dynamics.Our previous coverage on Hygeia
Hygeia Healthcare (海吉亚) Pre-IPO: The making of Jinxin in the oncology segment
Hygeia Healthcare (海吉亚) Pre-IPO: PHIP Updates and Thoughts on Valuation
Hygeia Healthcare (海吉亚) IPO: Hot Deal but Expect Tiny Allocation
Hygeia Healthcare (海吉亚) IPO Trading: Upside Might Take Time to Crystalize


Hygeia Healthcare Placement - Past Deals Have Done Well but the Shares Are Now Very Expensive

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>Medical institutions in 10 provinces (municipalities and autonomous regions) have implemented the alliance volume-based purchase (VBP) of commonly used drugs and drugs that in short supply.</li>
<li>The COVID-19 vaccine has entered the second half of development.</li>
<li>From January to April this year, the number of CDE acceptance increased significantly compared with the same period last year</li>
</ul>Company news:News about the updated M&amp;A deal and new progress on drugs of <a href="https://www.smartkarma.com/entities/hygeia-healthcare-group" target="_blank" data-smartkarma-citation="entities:28875:1" rel="noopener">Hygeia Healthcare Group (6078 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/luye-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:488:1" rel="noopener">Luye Pharma (2186 HK)</a> and <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a>.Market review:Last week, stock price for healthcare sector in A share increased 0.9%, while CSI 300 increased 3.64% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Medical institutions in 10 provinces (municipalities and autonomous regions) have implemented the alliance volume-based purchase (VBP) of commonly used drugs and drugs that in short supply.
The COVID-19 vaccine has entered the second half of development.
From January to April this year, the number of CDE acceptance increased significantly compared with the same period last year
Company news:News about the updated M&amp;A deal and new progress on drugs of Hygeia Healthcare Group (6078 HK), Innovent Biologics Inc (1801 HK), Luye Pharma (2186 HK) and CSPC Pharmaceutical Group (1093 HK).Market review:Last week, stock price for healthcare sector in A share increased 0.9%, while CSI 300 increased 3.64% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Equity Bottom-Up

The presentation today would mainly include the following parts:
<ul>
<li>2020 and 2021Q1 financial results</li>
<li>Market potential </li>
<li>Business analysis </li>
<li>Financial Analysis (<a href="https://www.smartkarma.com/entities/topchoice-medical-corporation" target="_blank" data-smartkarma-citation="entities:1102:1" rel="noopener">Topchoice Medical (600763 CH)</a> vs <a href="https://www.smartkarma.com/entities/aier-eye-hospital-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1103:1" rel="noopener">Aier Eye Hospital Group (300015 CH)</a>)</li>
<li>Summary</li>
<li>Risk disclosure</li>
</ul>

The presentation today would mainly include the following parts:

2020 and 2021Q1 financial results
Market potential 
Business analysis 
Financial Analysis (Topchoice Medical (600763 CH) vs Aier Eye Hospital Group (300015 CH))
Summary
Risk disclosure


Presentation on Apr.12: 2021 High Conviction Ideas - Topchoice Medical (600763.CH)

Hygeia Healthcare Group / Equity Bottom-Up

Recently, Hygeia released its 2020 financial results. The Company achieved revenue of RMB1.402 billion, up 29.1% YoY. Net profit was RMB177 million, up 345% YoY. The results beat expectations. In fact, there's increasing certainty about the Hygeia's performance, and the rally of stock price on March 30th, 2021 was the market's best feedback on its financial results. 
The insights on the market potential and business model of Hygeia was in the article: <a href="https://www.smartkarma.com/compose/insight/49960/Hygeia%20Healthcare%20Group%20(6078%20HK)%20-%20Good%20Business%20Model%20with%20Large%20Market%20Potential.%20Read%20more:%20https:/skr.ma/BTYr2" target="_blank" rel="noopener">Hygeia Healthcare Group (6078 HK) - Good Business Model with Large Market Potential. Read more: https://skr.ma/BTYr2</a>. The following mainly analyzed the investment logic, operation situation, key catalyst and risk factors.

Recently, Hygeia released its 2020 financial results. The Company achieved revenue of RMB1.402 billion, up 29.1% YoY. Net profit was RMB177 million, up 345% YoY. The results beat expectations. In fact, there's increasing certainty about the Hygeia's performance, and the rally of stock price on March 30th, 2021 was the market's best feedback on its financial results. 
The insights on the market potential and business model of Hygeia was in the article: Hygeia Healthcare Group (6078 HK) - Good Business Model with Large Market Potential. Read more: https://skr.ma/BTYr2. The following mainly analyzed the investment logic, operation situation, key catalyst and risk factors.

Hygeia Healthcare Group (6078.HK) - The Investment Logic, the Key Catalyst and the Risk Factors

China

Hygeia is a China based oncology healthcare group.

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Hygeia Healthcare Group (6078 HK)

LinkDoc (零氪科技) Pre-IPO - Peer Comparison - A Niche that Doesn’t Give a Clear Advantage

LinkDoc (LDOC US) is looking to raise about US$500m in its upcoming U.S. IPO. LinkDoc is a data-driven and AI-enabled healthcare technology company.

Zhen Zhou, Toh

Hygeia Healthcare Placement - Past Deals Have Done Well but the Shares Are Now Very Expensive

Warburg Pincus aims to raise around US$216m via selling 3.2% of Hygeia Healthcare. This won’t be the first selldown by Warburg.

Sumeet Singh

China Healthcare Weekly (May.28)

This article mainly analyzed the two new alliance volume-based purchase documents, COVID-19 vaccine development, CDE acceptance of biological...

Xinyao (Criss) Wang

Presentation on Apr.12: 2021 High Conviction Ideas - Topchoice Medical (600763.CH)

This article analyzed Top Choice in terms of the 2020 and 2021Q1 financial results, market potential, business model, financial position compared...

Xinyao (Criss) Wang

Hygeia Healthcare Group (6078.HK) - The Investment Logic, the Key Catalyst and the Risk Factors

This article analyzed the newly released 2020 financial results, the investment logic, the operation situation, the key catalyst, and the risk...

Xinyao (Criss) Wang

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