HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Suzhou Nanomicro Technology  / Equity Capital Markets

<p>Recently, <a href="https://www.smartkarma.com/entities/suzhou-nanomicro-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33272:1" rel="noopener">Suzhou Nanomicro Technology (1778887D CH)</a> was approved to list on China SSE STAR Market. NanoMicro’s products cover a broad spectrum of applications including high performance Chromatography Media, solid phase extraction (SPE) sorbents, Particle Size Standards, Magnetic Particles, LCD Spacers, ACF Conductive Particles, and various other micro particles. In fact, the biopharmaceutical industry is even more inseparable from microsphere technology, and chromatography packing/chromatographic medium is widely used for isolation and purification. In the past, the market was highly monopolized by foreign manufacturers, but NanoMicro successfully broke through the blockade on techniques. At present, NanoMicro is one of the few companies in the world that can simultaneously produce inorganic and organic high-performance nanoparticles on a large scale, which is an investment opportunity that cannot be missed.</p>

Recently, Suzhou Nanomicro Technology (1778887D CH) was approved to list on China SSE STAR Market. NanoMicro’s products cover a broad spectrum of applications including high performance Chromatography Media, solid phase extraction (SPE) sorbents, Particle Size Standards, Magnetic Particles, LCD Spacers, ACF Conductive Particles, and various other micro particles. In fact, the biopharmaceutical industry is even more inseparable from microsphere technology, and chromatography packing/chromatographic medium is widely used for isolation and purification. In the past, the market was highly monopolized by foreign manufacturers, but NanoMicro successfully broke through the blockade on techniques. At present, NanoMicro is one of the few companies in the world that can simultaneously produce inorganic and organic high-performance nanoparticles on a large scale, which is an investment opportunity that cannot be missed.

Pre-IPO Suzhou NanoMicro Tech - A Good Company You Don't Want to Miss

<p>On April 28, <a href="https://www.smartkarma.com/entities/lepu-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:33231:1" rel="noopener">Lepu Biopharma (LBP HK)</a>, a subsidiary of <a href="https://www.smartkarma.com/entities/lepu-medical-technology-a" target="_blank" data-smartkarma-citation="entities:16654:1" rel="noopener">Lepu Medical Technology A (300003 CH)</a>, submitted its application to the main board of the Hong Kong Stock Exchange for listing. Actually, many companies in the medical device industry are good at capital operation, such as M&amp;A or spin-off and listing, which has been reflected in the leading medical device companies such as <a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> and <a href="https://www.smartkarma.com/entities/microport-scientific-corp" target="_blank" data-smartkarma-citation="entities:4487:1" rel="noopener">Microport Scientific (853 HK)</a>. However, Lepu Medical is the only one that enters the fields of both drugs and preparations, and according to the pipeline, the focus is not only on generic drugs, but also on biological drugs of higher competitive dimension (e.g. Lepu Biopharma is in this field.). It is also worth mentioning that this is the second company of Lepu factions to be listed in Hong Kong. The first one was <a href="https://www.smartkarma.com/entities/pw-medtech-group-ltd" target="_blank" data-smartkarma-citation="entities:9891:1" rel="noopener">Pw Medtech (1358 HK)</a> (Zhang yue’e is Pu Zhongjie’s wife) and the share price has been very weak since its listing. So can Lepu Biopharma have a better performance?</p>

On April 28, Lepu Biopharma (LBP HK), a subsidiary of Lepu Medical Technology A (300003 CH), submitted its application to the main board of the Hong Kong Stock Exchange for listing. Actually, many companies in the medical device industry are good at capital operation, such as M&amp;A or spin-off and listing, which has been reflected in the leading medical device companies such as Shenzhen Mindray Bio-Medical Electronics (300760 CH) and Microport Scientific (853 HK). However, Lepu Medical is the only one that enters the fields of both drugs and preparations, and according to the pipeline, the focus is not only on generic drugs, but also on biological drugs of higher competitive dimension (e.g. Lepu Biopharma is in this field.). It is also worth mentioning that this is the second company of Lepu factions to be listed in Hong Kong. The first one was Pw Medtech (1358 HK) (Zhang yue’e is Pu Zhongjie’s wife) and the share price has been very weak since its listing. So can Lepu Biopharma have a better performance?

Pre-IPO Lepu Biopharma - There Are Still Many Uncertainties

Equity Bottom-Up

Jiangsu Hengrui Medicine / Equity Bottom-Up

<p>Recently, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>'s share price has seen a significant pullback. Since April 9<sup>th</sup>, 2021, the Company's stock price had fallen for six consecutive trading days, with a cumulative decline of more than 10%, and its market value dropped by about RMB63 billion. So what happened to Hengrui? And what is the future business prospects of this Company? The following mainly included some important insights that deserve to pay attention to.</p>

Recently, Jiangsu Hengrui Medicine (600276 CH)'s share price has seen a significant pullback. Since April 9th, 2021, the Company's stock price had fallen for six consecutive trading days, with a cumulative decline of more than 10%, and its market value dropped by about RMB63 billion. So what happened to Hengrui? And what is the future business prospects of this Company? The following mainly included some important insights that deserve to pay attention to.

Jiangsu Hengrui Medicine (600276.CH) - Insights on Recent Pullback and Future Business Prospects

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.

Zhaoke Ophthalmology / Equity Capital Markets

<div>
<p><a href="https://www.smartkarma.com/entities/zhaoke-ophthalmology-pharmaceutical" target="_blank" data-smartkarma-citation="entities:31495:1" rel="noopener">Zhaoke Ophthalmology Pharmaceutical (6622 HK)</a> is an ophthalmic pharma company that has an ophthalmic drug pipeline of 13 innovative drugs and 12 generic drugs. Zhaoke was founded by <a href="https://www.smartkarma.com/entities/lee-s-pharmaceutical-hldgs" target="_blank" data-smartkarma-citation="entities:14616:1" rel="noopener">Lee's Pharmaceutical (950 HK)</a> which is the largest shareholder. </p>
<p>Zhaoke has launched an HKEx IPO to raise net proceeds of HK$1,857.8 million ($239 million) at the mid-point of the IPO price range of HK$15.38-16.80 per share.</p>
</div><div><p>Eight cornerstone investors have agreed to invest about $55 million in the IPO (21.51% of the offer shares at the mid-point of the IPO price range). The cornerstone investors are CaaS Capital, GIC, Golden Valley, Jennison Associates, Mass Ave, Matthews Asia, OrbiMed Funds and VMS Investment.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/zhaoke-ophthalmology-ipo-initiation-the-eyes-have-it" target="_blank" data-smartkarma-citation="insights:50243" rel="noopener">Zhaoke Ophthalmology IPO Initiation: The Eyes Have It</a>, we stated that the prospects of Zhaoke’s drug assets are favourable. Overall, our valuation analysis suggests that the IPO price range is attractive. </p></div></div></div>


Zhaoke Ophthalmology Pharmaceutical (6622 HK) is an ophthalmic pharma company that has an ophthalmic drug pipeline of 13 innovative drugs and 12 generic drugs. Zhaoke was founded by Lee's Pharmaceutical (950 HK) which is the largest shareholder. 
Zhaoke has launched an HKEx IPO to raise net proceeds of HK$1,857.8 million ($239 million) at the mid-point of the IPO price range of HK$15.38-16.80 per share.
Eight cornerstone investors have agreed to invest about $55 million in the IPO (21.51% of the offer shares at the mid-point of the IPO price range). The cornerstone investors are CaaS Capital, GIC, Golden Valley, Jennison Associates, Mass Ave, Matthews Asia, OrbiMed Funds and VMS Investment.In Zhaoke Ophthalmology IPO Initiation: The Eyes Have It, we stated that the prospects of Zhaoke’s drug assets are favourable. Overall, our valuation analysis suggests that the IPO price range is attractive. 

Zhaoke Ophthalmology IPO: Valuation Insights

<p><a href="https://www.smartkarma.com/entities/zhaoke-ophthalmology-pharmaceutical" target="_blank" data-smartkarma-citation="entities:31495:1" rel="noopener">Zhaoke Ophthalmology Pharmaceutical (ZKO HK)</a> is an ophthalmic pharma company that has an ophthalmic drug pipeline of 13 innovative drugs and 12 generic drugs. Zhaoke has one of the most comprehensive ophthalmic drug pipelines in China, according to CIC. Zhaoke was founded by <a href="https://www.smartkarma.com/entities/lee-s-pharmaceutical-hldgs" target="_blank" data-smartkarma-citation="entities:14616:1" rel="noopener">Lee's Pharmaceutical (950 HK)</a> which is the largest shareholder. Zhaoke’s other shareholders include GIC, Hillhouse, TPG, Loyal Valley Capital, Orbimed and Aier Eye Hospital. </p><div class="content-highlight"><p>Zhaoke is pre-marketing an HKEx IPO to raise $200 million, according to press reports. The pipeline includes 8 drug candidates which have the potential to be market-leading products in China. The generic pipeline includes 6 potential first-to-market generics in China. Overall, we believe that Zhaoke’s drug assets are attractive. </p></div>

Zhaoke Ophthalmology Pharmaceutical (ZKO HK) is an ophthalmic pharma company that has an ophthalmic drug pipeline of 13 innovative drugs and 12 generic drugs. Zhaoke has one of the most comprehensive ophthalmic drug pipelines in China, according to CIC. Zhaoke was founded by Lee's Pharmaceutical (950 HK) which is the largest shareholder. Zhaoke’s other shareholders include GIC, Hillhouse, TPG, Loyal Valley Capital, Orbimed and Aier Eye Hospital. Zhaoke is pre-marketing an HKEx IPO to raise $200 million, according to press reports. The pipeline includes 8 drug candidates which have the potential to be market-leading products in China. The generic pipeline includes 6 potential first-to-market generics in China. Overall, we believe that Zhaoke’s drug assets are attractive. 

Zhaoke Ophthalmology IPO Initiation: The Eyes Have It

China

Jiangsu Hengrui Medicine Co., Ltd. develops, manufactures, and markets a variety of medicines and medicine packing materials. The Company's products include anti-tumor medicines, pain-killers, anti-infection medicines, aluminum foil, and other related products.

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Jiangsu Hengrui Medicine (600276 CH)

Pre-IPO Suzhou NanoMicro Tech - A Good Company You Don't Want to Miss

This article analyzed NanoMicro in terms of the market potential, industry characteristics, business prospects, profitability and potential...

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Pre-IPO Lepu Biopharma - There Are Still Many Uncertainties

This article analyzed Lepu Biopharma in terms of its core product candidates in the pipeline, the challenges, concerns and future outlook for this...

Xinyao (Criss) Wang