HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Acotec Scientific Holdings / Equity Bottom-Up

<ul>
<li>With the launch of new products and their accelerated admission to hospitals, Acotec's revenue streams become more diversified, which would enhance its own risk resistance ability and core competitiveness.</li>
<li>Considering market size/increasing competition, Acotec’s growth ceiling is obvious if relies solely on domestic market. It becomes crucial whether Boston Scientific's acquisition would bring expected value or have other intentions.</li>
<li>How much room for improvement in future valuation depends on Acotec's performance in overseas markets. After all, if there is no internationalization breakthrough, Acotec's valuation logic would not be reshaped.</li>
</ul>


With the launch of new products and their accelerated admission to hospitals, Acotec's revenue streams become more diversified, which would enhance its own risk resistance ability and core competitiveness.
Considering market size/increasing competition, Acotec’s growth ceiling is obvious if relies solely on domestic market. It becomes crucial whether Boston Scientific's acquisition would bring expected value or have other intentions.
How much room for improvement in future valuation depends on Acotec's performance in overseas markets. After all, if there is no internationalization breakthrough, Acotec's valuation logic would not be reshaped.


Acotec Scientific (6669.HK) - What Value Boston Scientific Will Bring Is Crucial to Future Valuation

Shanghai Bio-Heart Biological Technology / Equity Bottom-Up

<ul>
<li>There are three main ways for Chinese pharmaceutical companies to enter global markets, but the results are completely different. Investors are advised to make cautious judgments based on different cases. </li>
<li>Speed is a crucial factor in the competition for drug development, but there’re precedents in history that late-comers are still able to turn things around, such as GLP-1/weight loss drugs.</li>
<li>We remain conservative about the future commercialization performance of Bio-Heart's BRS and Iberis 2nd. However, the product launch is a catalyst for share price, which provides a good short-term trade opportunity.</li>
</ul>


There are three main ways for Chinese pharmaceutical companies to enter global markets, but the results are completely different. Investors are advised to make cautious judgments based on different cases. 
Speed is a crucial factor in the competition for drug development, but there’re precedents in history that late-comers are still able to turn things around, such as GLP-1/weight loss drugs.
We remain conservative about the future commercialization performance of Bio-Heart's BRS and Iberis 2nd. However, the product launch is a catalyst for share price, which provides a good short-term trade opportunity.


China Healthcare Weekly (May.12) - Three Globalization Strategies, GLP-1/Weight Loss Drug, Bio-Heart

<ul>
<li>Many people have begun to pay attention to whether there would be a second wave of COVID-19 in China. We think it is necessary to share our views.</li>
<li>The overvaluation or undervaluation of China’s core assets cannot be explained solely by classic valuation models such as PE/PB/DCF, but rather by considering the deep meaning represented by the companies.</li>
<li>Lifetech’s future growth space depend more on the performance of pacemakers and IBS, but they are facing different challenges. Therefore, we recommend short-term trade rather than long term hold.</li>
</ul>


Many people have begun to pay attention to whether there would be a second wave of COVID-19 in China. We think it is necessary to share our views.
The overvaluation or undervaluation of China’s core assets cannot be explained solely by classic valuation models such as PE/PB/DCF, but rather by considering the deep meaning represented by the companies.
Lifetech’s future growth space depend more on the performance of pacemakers and IBS, but they are facing different challenges. Therefore, we recommend short-term trade rather than long term hold.


China Healthcare Weekly (May.5)- 2nd Wave of COVID, Valuation Logic of China's Core Assets, Lifetech

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

Zhejiang Supcon Technology  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-supcon-technology-co" target="_blank" data-smartkarma-citation="entities:33457:1" rel="noopener">Zhejiang Supcon Technology (688777 CH)</a> is looking to raise around US$347m in its Swiss GDR listing. Huatai and CLSA are bookrunners on the deal.</li>
<li>The firm is offering 12.5m GDRs (1 GDR to 2 ordinary A-shares) for sale, at a 8.1-10.8% discount to last close on the A-share leg.</li>
<li>The deal is a relatively small one for the firm to digest, representing just 5.9 days of three month ADV on its A-share leg.</li>
</ul>



Zhejiang Supcon Technology (688777 CH) is looking to raise around US$347m in its Swiss GDR listing. Huatai and CLSA are bookrunners on the deal.
The firm is offering 12.5m GDRs (1 GDR to 2 ordinary A-shares) for sale, at a 8.1-10.8% discount to last close on the A-share leg.
The deal is a relatively small one for the firm to digest, representing just 5.9 days of three month ADV on its A-share leg.


Zhejiang Supcon Technology GDR Listing - Momentum Has Been Strong and Not a Large Deal to Process

Thematic (Sector/Industry)

<ul>
<li>Investors should note that even when there’re technical bottlenecks and domestic enterprises' products are not yet mature, the government would still start centralized procurement, such as cardiac pacemaker.</li>
<li>The FDA has changed game rules and tighten the standards for accelerated approval. Together with the IRA, will the US really start limiting drug prices due to economic/financial pressure?</li>
<li>The relationship between fundamentals and stock prices is complicated. Beta would disappear without fundamentals, because fundamentals include not only objective facts, but also those generated by consensus brought by cognition.</li>
</ul>


Investors should note that even when there’re technical bottlenecks and domestic enterprises' products are not yet mature, the government would still start centralized procurement, such as cardiac pacemaker.
The FDA has changed game rules and tighten the standards for accelerated approval. Together with the IRA, will the US really start limiting drug prices due to economic/financial pressure?
The relationship between fundamentals and stock prices is complicated. Beta would disappear without fundamentals, because fundamentals include not only objective facts, but also those generated by consensus brought by cognition.


China Healthcare Weekly (Apr.7)- Pacemaker VBP, FDA Changes Game Rule, Industry Beta Vs Fundamentals

China

Lepu Medical Technology (Beijing) Co., Ltd. develops, produces and sells medical devices and parts.  The Company also offers medical devices consulting services.  The company's products include stent system and blockage system.

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Lepu Medical Technology A (300003 CH)

Acotec Scientific (6669.HK) - What Value Boston Scientific Will Bring Is Crucial to Future Valuation

There're many highlights in Acotec’s performance last year,but growth ceiling is obvious if rely solely on China market.Boston Scientific's...

Xinyao (Criss) Wang

China Healthcare Weekly (May.12) - Three Globalization Strategies, GLP-1/Weight Loss Drug, Bio-Heart

There're three ways for companies to enter global markets, but the results are different.Late-comers can still turn things around, such as GLP-1...

Xinyao (Criss) Wang

China Healthcare Weekly (May.5)- 2nd Wave of COVID, Valuation Logic of China's Core Assets, Lifetech

It's time to talk about the 2nd wave of COVID in China.Investors need to understand deep meaning/valuation logic of China's core assets so as not...

Xinyao (Criss) Wang

Zhejiang Supcon Technology GDR Listing - Momentum Has Been Strong and Not a Large Deal to Process

Zhejiang Supcon Technology (688777 CH) is looking to raise around US$347m in its Swiss GDR listing. Huatai and CLSA are bookrunners on the deal.

Clarence Chu

China Healthcare Weekly (Apr.7)- Pacemaker VBP, FDA Changes Game Rule, Industry Beta Vs Fundamentals

China starts pacemaker VBP, which worth investors' vigilance. FDA changes game rules on accelerated approval standards. Beta disappears without...

Xinyao (Criss) Wang

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