HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shanghai Haohai Biological Technology / Equity Bottom-Up

Shanghai Haohai Biological Technology (6826 HK)

<ul>
<li>Through continuous M&amp;A/resource integration, Haohai has gradually established its four business segments, but such development strategy hasn’t brought ideal performance, which is disappointing if compared with Bloomage and Imeik.</li>
<li>The future performance driver of Haohai still lies in the medical aesthetics business, but increasing competition and declining gross margin cast doubts on the outlook and growth potential.</li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-haohai-biological-technology-a" target="_blank" data-smartkarma-citation="entities:29220:1" rel="noopener">Shanghai Haohai Biological Technology-A (688366 CH) </a>is overvalued. Due to lack of growth point with high certainty, we are not optimistic about the upside potential of Haohai's valuation.</li>
</ul>


Through continuous M&amp;A/resource integration, Haohai has gradually established its four business segments, but such development strategy hasn’t brought ideal performance, which is disappointing if compared with Bloomage and Imeik.
The future performance driver of Haohai still lies in the medical aesthetics business, but increasing competition and declining gross margin cast doubts on the outlook and growth potential.

Shanghai Haohai Biological Technology-A (688366 CH) is overvalued. Due to lack of growth point with high certainty, we are not optimistic about the upside potential of Haohai's valuation.


Shanghai Haohai Biological Technology (688366.CH/6826.HK)- Disappointing Earnings and Gloomy Outlook

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.

Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, starting with Hong Kong. </li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, starting with Hong Kong. 
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2023 Asia IPO Pipeline - Hong Kong

Beauty Farm Medical and Health Industry / Equity Capital Markets

Beauty Farm Medical and Health Industry (BFM HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beauty-farm-medical-and-health-industry-inc" target="_blank" data-smartkarma-citation="entities:35923:1" rel="noopener">Beauty Farm Medical and Health Industry (BFM HK)</a>’s solid growth has indicated that its business model works. But the industry tightening regulation and potential policy risk are our concerns.</li>
<li>As a downstream company in this industry, we are conservative about Beauty Farm’s profitability. Its profit space could be limited. The Company has weak bargaining power in the whole industrial chain.</li>
<li>Beauty Farm's performance could continue to be under pressure due to weak recovery of domestic demand after three years of the pandemic, especially those non-rigid consumption demand. </li>
</ul>



Beauty Farm Medical and Health Industry (BFM HK)’s solid growth has indicated that its business model works. But the industry tightening regulation and potential policy risk are our concerns.
As a downstream company in this industry, we are conservative about Beauty Farm’s profitability. Its profit space could be limited. The Company has weak bargaining power in the whole industrial chain.
Beauty Farm's performance could continue to be under pressure due to weak recovery of domestic demand after three years of the pandemic, especially those non-rigid consumption demand. 


Pre-IPO Beauty Farm Medical and Health Industry - Hard to Make Money Due to Industry Characteristics

<ul>
<li>Giant Biogene (GB) raised around US$70m by pricing its  HK IPO at the low-end.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>We had looked at various aspects of the deal in our previous note. In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>


Giant Biogene (GB) raised around US$70m by pricing its  HK IPO at the low-end.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
We had looked at various aspects of the deal in our previous note. In this note, we will talk about the demand for the deal and other trading dynamics.


Giant Biogene IPO Trading - Demand Was Relatively Better but Still Weak

<ul>
<li>Giant Biogene (GB) is now looking to raise around US$80m in its Hong Kong IPO, down from its earlier target of US$500m raising.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>We had looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we’ll talk about valuations and other deal dynamics.</li>
</ul>


Giant Biogene (GB) is now looking to raise around US$80m in its Hong Kong IPO, down from its earlier target of US$500m raising.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
We had looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we’ll talk about valuations and other deal dynamics.


Giant Biogene IPO - Reasonable Valuation but in Unreasonable Markets

China

Imeik Technology Development Co,,Ltd. manufactures and distributes biomedical products. The Company produces sodium hyaluronate, collagens, polylactic acids, and other related products. Imeik Technology Development also produces medical devices.

Imeik Technology Development C (300896 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Imeik Technology Development C (300896 CH)

Shanghai Haohai Biological Technology (688366.CH/6826.HK)- Disappointing Earnings and Gloomy Outlook

Continuous M&A fails to bring ideal performance to Haohai. Medical aesthetics is the main growth driver, but Haohai is lack of competitiveness....

Xinyao (Criss) Wang

Aequitas 2023 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, starting with Hong Kong. The deals you see are only a part of the...

Sumeet Singh

Pre-IPO Beauty Farm Medical and Health Industry - Hard to Make Money Due to Industry Characteristics

As a downstream company, Beauty Farm has weak bargaining power in the whole industrial chain.We are conservative about its profitability. The...

Xinyao (Criss) Wang

Giant Biogene IPO Trading - Demand Was Relatively Better but Still Weak

Giant Biogene (GB) raised around US$70m by pricing its HK IPO at the low-end. In this note we talk about the trading dynamics.

Sumeet Singh

Giant Biogene IPO - Reasonable Valuation but in Unreasonable Markets

Giant Biogene is now looking to raise around US$80m in its Hong Kong IPO, down from its earlier target of US$500m raising.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)