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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 28th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC.


Hong Kong Connect Flows (Mar 28th): Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Xiaomi released healthy financial results inspite of the shrinking market.</li>
<li>Alibaba Freshippo founder, Mr. Hou, retired from his role as the CEO of Freshippo.</li>
<li>JD began to provide aftermarket service to BYD, the largest new energy vehicle producer.</li>
</ul>


Xiaomi released healthy financial results inspite of the shrinking market.
Alibaba Freshippo founder, Mr. Hou, retired from his role as the CEO of Freshippo.
JD began to provide aftermarket service to BYD, the largest new energy vehicle producer.


China Consumption Weekly (25 Mar 2024): Xiaomi, Alibaba, Xpeng, Maoyan, JD Health, JD.com

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>SHEIN/PDD: France to restrict sales of fast - fashion (-/-)</li>
<li>NTES: After The Release of The New Expansion Pack For &lt;Beyond the World&gt;, It Climbed to the 3rd Position on iOS Games Grossing Chart in China (+)</li>
<li>6618 HK：JD Health's revenue in 2H23 exceeded expectations, while profits fell short, and revenue and profit guidance for 2024 both worse than consensus（-）</li>
</ul>


SHEIN/PDD: France to restrict sales of fast - fashion (-/-)
NTES: After The Release of The New Expansion Pack For &lt;Beyond the World&gt;, It Climbed to the 3rd Position on iOS Games Grossing Chart in China (+)
6618 HK：JD Health's revenue in 2H23 exceeded expectations, while profits fell short, and revenue and profit guidance for 2024 both worse than consensus（-）


[Blue Lotus Daily - TMT Update]:SHEIN/PDD/NTES/6618 HK

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

160 Health International / Equity Capital Markets

<ul>
<li>160 Health collaborates with medical institutions and then get access to high-caliber medical professionals, which helps to attract patients/other business parties. So, its business model is B2B2C, similar to ClouDr.</li>
<li>However, ClouDr has much better performance than 160 Health, because ClouDr has established moat/barriers to more effectively monetize medical resources, while 160 Health is clearly lagging behind in this regard.</li>
<li>160 Health’s revenue mainly comes from sales of pharmaceutical and healthcare products, whose gross margin is very low. As the competition intensifies, the C-end customer acquisition cost would also increase.  </li>
</ul>


160 Health collaborates with medical institutions and then get access to high-caliber medical professionals, which helps to attract patients/other business parties. So, its business model is B2B2C, similar to ClouDr.
However, ClouDr has much better performance than 160 Health, because ClouDr has established moat/barriers to more effectively monetize medical resources, while 160 Health is clearly lagging behind in this regard.
160 Health’s revenue mainly comes from sales of pharmaceutical and healthcare products, whose gross margin is very low. As the competition intensifies, the C-end customer acquisition cost would also increase.  


Pre-IPO 160 Health - The Lack of Moat Has Led to Development Falling Far Short of Expectations

Ping An Healthcare and Technology / Equity Bottom-Up

<ul>
<li>Fang Weihao's departure means PAGD's strategic transformation failed. The business model of being a "vassal" of Ping An Group seems hard to bring high valuation due to “discounted” growth potential.</li>
<li>PAGD is at a crossroads. The question is which development path will the new CEO choose - Follow Fang Weihao's strategy or return to the traditional Internet healthcare business model?</li>
<li>Both directions have painful costs that investors will not be happy with. Therefore, we recommend that investors remain sober and rational in the face of the bullish view on PAGD.</li>
</ul>


Fang Weihao's departure means PAGD's strategic transformation failed. The business model of being a "vassal" of Ping An Group seems hard to bring high valuation due to “discounted” growth potential.
PAGD is at a crossroads. The question is which development path will the new CEO choose - Follow Fang Weihao's strategy or return to the traditional Internet healthcare business model?
Both directions have painful costs that investors will not be happy with. Therefore, we recommend that investors remain sober and rational in the face of the bullish view on PAGD.


Ping An Healthcare and Technology (1833.HK) - Valuation Logic May Completely Change Due to New Path

China

JD Health International Inc. operates drug stores. The Company retails Chinese and Western medicines, nutrition products, health care products, and other products. JD Health International markets its products throughout China.

Price Gauge
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JD Health International (6618 HK)

Hong Kong Connect Flows (Mar 28th): Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC.

Ke Yan, CFA, FRM

China Consumption Weekly (25 Mar 2024): Xiaomi, Alibaba, Xpeng, Maoyan, JD Health, JD.com

Xiaomi released healthy financial results despite of the shrinking market. Alibaba Freshippo founder retired. JD began to provide aftermarket...

Ming Lu

[Blue Lotus Daily - TMT Update]:SHEIN/PDD/NTES/6618 HK

France to restrict sales of fast-fashion; JD Health's revenue exceeds expectations but profits fall short with worse guidance for 2024. NTES...

Blue Lotus Research Institute

Pre-IPO 160 Health - The Lack of Moat Has Led to Development Falling Far Short of Expectations

160 Health’s B2B2C business model is logical, but rich medical resources can't be effectively translated into performance. Whichever business...

Xinyao (Criss) Wang

Ping An Healthcare and Technology (1833.HK) - Valuation Logic May Completely Change Due to New Path

The core of future development of PAGD is not who the CEO is, but what kind of development path it will take. Valuation logic would change...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (Mar 28th): Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC.

Ke Yan, CFA, FRM

China Consumption Weekly (25 Mar 2024): Xiaomi, Alibaba, Xpeng, Maoyan, JD Health, JD.com

Xiaomi released healthy financial results despite of the shrinking market. Alibaba Freshippo founder retired. JD began to provide aftermarket...

Ming Lu

[Blue Lotus Daily - TMT Update]:SHEIN/PDD/NTES/6618 HK

​France to restrict sales of fast-fashion; JD Health's revenue exceeds expectations but profits fall short with worse guidance for 2024. NTES...

Blue Lotus Research Institute

Pre-IPO 160 Health - The Lack of Moat Has Led to Development Falling Far Short of Expectations

160 Health’s B2B2C business model is logical, but rich medical resources can't be effectively translated into performance. Whichever business...

Xinyao (Criss) Wang

Ping An Healthcare and Technology (1833.HK) - Valuation Logic May Completely Change Due to New Path

The core of future development of PAGD is not who the CEO is, but what kind of development path it will take. Valuation logic would change...

Xinyao (Criss) Wang

France to restrict sales of fast-fashion; JD Health's revenue exceeds expectations but profits fall short with worse guidance for 2024. NTES...