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.

Equity Capital Markets

<ul>
<li>Medtide raised HKD 514m (USD 65.5m) from its global offering and will list on the Hong Kong Stock Exchange on Monday, June 30th.</li>
<li>In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.</li>
<li>In this note, we provide an update for the IPO before trading debut. </li>
</ul>


Medtide raised HKD 514m (USD 65.5m) from its global offering and will list on the Hong Kong Stock Exchange on Monday, June 30th.
In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut. 


Medtide (泰德医药) IPO Trading Update

<ul>
<li>Medtide, a Chinese headquartered CDMO company, launched its IPO to raise up to US$66m via a Hong Kong listing.</li>
<li>We have previously covered the company's fundamentals. We highlighted potential corporate governance issues despite its superior financials compared to peers.</li>
<li>In this note, we look at the deal term. We think the valuation and broker guidance is aggressive.</li>
</ul>


Medtide, a Chinese headquartered CDMO company, launched its IPO to raise up to US$66m via a Hong Kong listing.
We have previously covered the company's fundamentals. We highlighted potential corporate governance issues despite its superior financials compared to peers.
In this note, we look at the deal term. We think the valuation and broker guidance is aggressive.


Medtide (泰德医药) IPO: Aggressive Valuation

<ul>
<li>Medtide, a Chinese headquartered CDMO company, is seeking to raise at least USD 100m via a Hong Kong listing. The deal sponsors are MS and CITIC.</li>
<li>In this note, we take a quick look at the company’s fundamentals.</li>
<li>We highlighted its corporate governance risk despite its decent financials as compared to larger players.</li>
</ul>


Medtide, a Chinese headquartered CDMO company, is seeking to raise at least USD 100m via a Hong Kong listing. The deal sponsors are MS and CITIC.
In this note, we take a quick look at the company’s fundamentals.
We highlighted its corporate governance risk despite its decent financials as compared to larger players.


Medtide (泰德医药) Pre-IPO: Mind the CG Risk

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The sales growth of GLP-1s has entered a turning point. The actual market size of GLP-1s could be much lower-than-expected, which would affected the growth outlook of peptide CXOs.</li>
<li>Medtide is not strong as expected in the peptide CXOs industry. There's a “hidden problem” in terms of the market share ranking. We updated our forecast for the next three years.</li>
<li>Considering geopolitical conflicts/intense competition, it's difficult for Medtide to secure orders from industry leaders when the Company lacks competitiveness and are small in scale. Valuation should be lower than peers.</li>
</ul>


The sales growth of GLP-1s has entered a turning point. The actual market size of GLP-1s could be much lower-than-expected, which would affected the growth outlook of peptide CXOs.
Medtide is not strong as expected in the peptide CXOs industry. There's a “hidden problem” in terms of the market share ranking. We updated our forecast for the next three years.
Considering geopolitical conflicts/intense competition, it's difficult for Medtide to secure orders from industry leaders when the Company lacks competitiveness and are small in scale. Valuation should be lower than peers.


Pre-IPO Medtide (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>Medtide relies heavily on limited number of customers to contribute performance. If there is any significant reduction in demand by its major customers, Medtide’s performance growth would be materially/adversely affected.</li>
<li>Due to geopolitical conflicts, pharmaceutical companies are becoming more cautious about their reliance on China CXO. So, the development of Medtide’s overseas business would become more uncertain in this context.</li>
<li>Medtide's business scale is still small and its position in the global peptide CXO industry is not as strong as described. Valuation of Medtide should be lower than peers.</li>
</ul>


Medtide relies heavily on limited number of customers to contribute performance. If there is any significant reduction in demand by its major customers, Medtide’s performance growth would be materially/adversely affected.
Due to geopolitical conflicts, pharmaceutical companies are becoming more cautious about their reliance on China CXO. So, the development of Medtide’s overseas business would become more uncertain in this context.
Medtide's business scale is still small and its position in the global peptide CXO industry is not as strong as described. Valuation of Medtide should be lower than peers.


Pre-IPO Medtide - The Industry, the Business and the Concerns

Hong Kong

Medtide Inc. provides peptide CRDMO (contract research, development and manufacturing organization) services. The Company offers peptide NCE (new chemical entities) discovery synthesis, peptide CMC (chemistry, manufacturing, and controls) development and commercial manufacturing, and other services. Medtide serves customers across worldwide.

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Medtide (3880 HK)

Medtide (泰德医药) IPO Trading Update

Medtide raises $65.5m in global offering, set to list on Hong Kong Stock Exchange June 30th. We provide an update prior to trading debut on Monday.

Ke Yan, CFA, FRM

Medtide (泰德医药) IPO: Aggressive Valuation

Chinese CDMO Medtide launches IPO in Hong Kong to raise up to US$66m. We think its valuation and guidance are aggressive despite being a niche...

Ke Yan, CFA, FRM

Medtide (泰德医药) Pre-IPO: Mind the CG Risk

Chinese peptide-focused CDMO Medtide plans to raise $100m in Hong Kong listing with deal sponsors MS and CITIC. We look at the company's...

Ke Yan, CFA, FRM

Pre-IPO Medtide (PHIP Updates) - Some Points Worth the Attention

GLP-1 sales growth is at a turning point with market size potentially lower than expected, impacting growth outlook for peptide CXOs like Medtide....

Xinyao (Criss) Wang

Pre-IPO Medtide - The Industry, the Business and the Concerns

Medtide's growth is at risk due to high reliance on limited customers, uncertainty in overseas business and lower-than-expected position in global...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Medtide (泰德医药) IPO Trading Update

​Medtide raises $65.5m in global offering, set to list on Hong Kong Stock Exchange June 30th. We provide an update prior to trading debut on Monday.

Ke Yan, CFA, FRM

Medtide (泰德医药) IPO: Aggressive Valuation

​Chinese CDMO Medtide launches IPO in Hong Kong to raise up to US$66m. We think its valuation and guidance are aggressive despite being a niche...

Ke Yan, CFA, FRM

Medtide (泰德医药) Pre-IPO: Mind the CG Risk

​Chinese peptide-focused CDMO Medtide plans to raise $100m in Hong Kong listing with deal sponsors MS and CITIC. We look at the company's...

Ke Yan, CFA, FRM

Pre-IPO Medtide (PHIP Updates) - Some Points Worth the Attention

​GLP-1 sales growth is at a turning point with market size potentially lower than expected, impacting growth outlook for peptide CXOs like Medtide....

Xinyao (Criss) Wang

Pre-IPO Medtide - The Industry, the Business and the Concerns

​Medtide's growth is at risk due to high reliance on limited customers, uncertainty in overseas business and lower-than-expected position in global...

Xinyao (Criss) Wang

Medtide raises $65.5m in global offering, set to list on Hong Kong Stock Exchange June 30th. We provide an update prior to trading debut on Monday.

Chinese CDMO Medtide launches IPO in Hong Kong to raise up to US$66m. We think its valuation and guidance are aggressive despite being a niche...

Chinese peptide-focused CDMO Medtide plans to raise $100m in Hong Kong listing with deal sponsors MS and CITIC. We look at the company's...

GLP-1 sales growth is at a turning point with market size potentially lower than expected, impacting growth outlook for peptide CXOs like Medtide....

Medtide's growth is at risk due to high reliance on limited customers, uncertainty in overseas business and lower-than-expected position in global...