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

Microport Scientific / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> aims to raise around US$150m via selling its remaining shares in <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>.</li>
<li>Otsuka had sold the majority of its stake earlier this year.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK).
Otsuka had sold the majority of its stake earlier this year.
In this note, we will talk about the placement and run the deal through our ECM framework.


Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

MicroPort Cardiac Rhythm Management / Equity Capital Markets

<ul>
<li>MicroPort CRM got into CRM device field with global layout mainly through M&amp;A. However, revenue growth in the past three years was unsatisfactory and losses were increasing year by year.</li>
<li>The situation where Boston Scientific/Medtronic/Abbott dominate CRM device overseas markets wouldn’t change. Although China market has big potential theoretically, the actual space remains to be seen due to various challenges.</li>
<li>This IPO application could be aimed at achieving the terms of redemption agreement. Even MicroPort CRM is not in good shape, it is still better than Microport’s other listed subsidiaries.  </li>
</ul>


MicroPort CRM got into CRM device field with global layout mainly through M&amp;A. However, revenue growth in the past three years was unsatisfactory and losses were increasing year by year.
The situation where Boston Scientific/Medtronic/Abbott dominate CRM device overseas markets wouldn’t change. Although China market has big potential theoretically, the actual space remains to be seen due to various challenges.
This IPO application could be aimed at achieving the terms of redemption agreement. Even MicroPort CRM is not in good shape, it is still better than Microport’s other listed subsidiaries.  


Pre IPO MicroPort Cardiac Rhythm Management - The Industry, the Business and the Challenges Ahead

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/microport-cardiac-rhythm-management" target="_blank" data-smartkarma-citation="entities:39809:1" rel="noopener">MicroPort Cardiac Rhythm Management (1813053D CH)</a> is looking to raise about US$200m in its upcoming HK IPO. The deal will be run by Goldman Sachs and CICC.</li>
<li>Microport Cardiac Rhythm Management (MCRM) is a R&amp;D-driven, commercial-stage medical technology company specializing in active implantable medical devices for cardiac rhythm management (CRM). </li>
<li>Its operations are dedicated to the design, development and commercialization of products and solutions to treat and manage arrhythmias and heart failure. </li>
</ul>



MicroPort Cardiac Rhythm Management (1813053D CH) is looking to raise about US$200m in its upcoming HK IPO. The deal will be run by Goldman Sachs and CICC.
Microport Cardiac Rhythm Management (MCRM) is a R&amp;D-driven, commercial-stage medical technology company specializing in active implantable medical devices for cardiac rhythm management (CRM). 
Its operations are dedicated to the design, development and commercialization of products and solutions to treat and manage arrhythmias and heart failure. 


Microport Cardiac Rhythm Management Pre-IPO Tearsheet

China

MicroPort Cardiac Rhythm Management (1813053D CH)

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MicroPort Cardiac Rhythm Management (1813053D CH)

Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK). In this note, we run the...

Sumeet Singh

Pre IPO MicroPort Cardiac Rhythm Management - The Industry, the Business and the Challenges Ahead

MicroPort CRM's' business layout mainly comes from the acquisition of LivaNova, but it's hard to achieve breakthrough in market share. The Company...

Xinyao (Criss) Wang

Microport Cardiac Rhythm Management Pre-IPO Tearsheet

MicroPort Cardiac Rhythm Management (1813053D CH) is looking to raise about US$200m in its upcoming HK IPO. The deal will be run by Goldman Sachs...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

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