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

Shanghai MicroPort MedBot / Equity Capital Markets

<div>
<p>Shanghai MicroPort MedBot Group (MM), a surgical robot company, raised around US$200m in its Hong Kong IPO.</p>
</div>
<div>
<p>MicroPort MedBot (MM) is a surgical robot company which designs, develops and commercializes surgical robots to assist surgeons in performing complex surgical procedures. It is the only company with a product portfolio covering the five major and fast-growing surgical specialties of laparoscopic, orthopedic, panvascular, natural orifice and percutaneous surgical procedures, as per Frost &amp; Sullivan (F&amp;S).</p>
</div>
<div>
<p>We have looked at the company’s background and products in our earlier notes:</p>
</div>
<div>
<ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/microport-medbot-pre-ipo-robodoc-pre-revenue-has-a-large-competitor-but-a-large-market-as-well" target="_blank" rel="noopener">MicroPort MedBot Pre-IPO - RoboDoc - pre-revenue, has a large competitor but a large market as well</a></li>
<li><a href="https://www.smartkarma.com/insights/microport-medbot-pre-ipo-robodoc-phip-updates-and-a-look-at-its-largest-competitor" target="_blank" rel="noopener">MicroPort MedBot Pre-IPO - RoboDoc - PHIP Updates and a Look at Its Largest Competitor, and</a></li>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/microport-medbot-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">MicroPort MedBot Pre-IPO - Thoughts on valuation</a></li>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/microport-medbot-pre-ipo-valuation-appears-reasonable-but-sentiment-will-weigh" target="_blank" rel="noopener">MicroPort MedBot Pre-IPO - Valuation Appears Reasonable but Sentiment Will Weigh</a></li>
</ul>
<p>In this note we will talk about the trading updates.</p>
</div>


Shanghai MicroPort MedBot Group (MM), a surgical robot company, raised around US$200m in its Hong Kong IPO.


MicroPort MedBot (MM) is a surgical robot company which designs, develops and commercializes surgical robots to assist surgeons in performing complex surgical procedures. It is the only company with a product portfolio covering the five major and fast-growing surgical specialties of laparoscopic, orthopedic, panvascular, natural orifice and percutaneous surgical procedures, as per Frost &amp; Sullivan (F&amp;S).


We have looked at the company’s background and products in our earlier notes:



MicroPort MedBot Pre-IPO - RoboDoc - pre-revenue, has a large competitor but a large market as well
MicroPort MedBot Pre-IPO - RoboDoc - PHIP Updates and a Look at Its Largest Competitor, and
MicroPort MedBot Pre-IPO - Thoughts on valuation
MicroPort MedBot Pre-IPO - Valuation Appears Reasonable but Sentiment Will Weigh

In this note we will talk about the trading updates.


MicroPort MedBot IPO Trading - Decent Demand But Upside Is Limited from the Top-End

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.

<div><p><a href="https://www.smartkarma.com/entities/shanghai-microport-medbot-group-co-ltd" target="_blank" data-smartkarma-citation="entities:33485:1" rel="noopener">Shanghai MicroPort MedBot Group (MMG HK)</a> is a global surgical robot company and a subsidiary of <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>, a 54.61% shareholder. MicroPort MedBot has developed a portfolio with one approved product (DFVision) and eight product candidates at various stages of development, including two candidates (Toumai and Honghu) in the NMPA registration application stage. The core product is the Toumai laparoscopic surgical robot. </p></div><div><p>MicroPort MedBot has launched an HKEx IPO to raise net proceeds of HK$1,332.3 ($171 million) at the mid-point of the IPO price range of HK$36.00-43.20 per share. The IPO raise is materially below the rumoured target of up to $1 billion. </p></div><div><p>Seven cornerstone investors have agreed to invest about $95 million in the IPO (51.6% of the offer shares at the mid-point of the IPO price range). The cornerstones are Aspex Management, Hillhouse, LAV, Snow Lake Capital, Yorkool, CloudAlpha Capital and Artisan Partners.</p></div><div><div>
<p>In <a href="https://www.smartkarma.com/insights/microport-medbot-ipo-initiation-helping-mechanical-hands" target="_blank" data-smartkarma-citation="insights:58411" rel="noopener">MicroPort MedBot IPO Initiation: Helping Mechanical Hands</a>, we stated that MicroPort MedBot’s three flagship products (Toumai, Honghui and DFVision) have been admitted to the Green Path, an elite program under which the NMPA grants priority review and accelerated approval. Crucially, the three flagship products are either approved (DFVision commercial launch in 4Q21) or at the registration approval stage, which provides near-term market visibility. We concluded that MicroPort MedBot is worth a closer look.</p>
<div class="content-highlight"><p>However, our valuation analysis suggests that the IPO price range is full and we would remain on the sidelines awaiting a better entry opportunity. </p></div>
</div></div>

Shanghai MicroPort MedBot Group (MMG HK) is a global surgical robot company and a subsidiary of Microport Scientific (853 HK), a 54.61% shareholder. MicroPort MedBot has developed a portfolio with one approved product (DFVision) and eight product candidates at various stages of development, including two candidates (Toumai and Honghu) in the NMPA registration application stage. The core product is the Toumai laparoscopic surgical robot. MicroPort MedBot has launched an HKEx IPO to raise net proceeds of HK$1,332.3 ($171 million) at the mid-point of the IPO price range of HK$36.00-43.20 per share. The IPO raise is materially below the rumoured target of up to $1 billion. Seven cornerstone investors have agreed to invest about $95 million in the IPO (51.6% of the offer shares at the mid-point of the IPO price range). The cornerstones are Aspex Management, Hillhouse, LAV, Snow Lake Capital, Yorkool, CloudAlpha Capital and Artisan Partners.
In MicroPort MedBot IPO Initiation: Helping Mechanical Hands, we stated that MicroPort MedBot’s three flagship products (Toumai, Honghui and DFVision) have been admitted to the Green Path, an elite program under which the NMPA grants priority review and accelerated approval. Crucially, the three flagship products are either approved (DFVision commercial launch in 4Q21) or at the registration approval stage, which provides near-term market visibility. We concluded that MicroPort MedBot is worth a closer look.
However, our valuation analysis suggests that the IPO price range is full and we would remain on the sidelines awaiting a better entry opportunity. 


<p>Shanghai MicroPort MedBot Group (MM), a surgical robot company, aims to raise up to US$200m in its Hong Kong IPO.</p><p>MicroPort MedBot (MM) is a surgical robot company which designs, develops and commercializes surgical robots to assist surgeons in performing complex surgical procedures. It is the only company with a product portfolio covering the five major and fast-growing surgical specialties of laparoscopic, orthopedic, panvascular, natural orifice and percutaneous surgical procedures, as per Frost &amp; Sullivan (F&amp;S).</p><p>We have looked at the company’s background and products in our earlier notes:</p><ul>
<li><a href="https://www.smartkarma.com/insights/microport-medbot-pre-ipo-robodoc-pre-revenue-has-a-large-competitor-but-a-large-market-as-well" target="_blank" rel="noopener">MicroPort MedBot Pre-IPO - RoboDoc - pre-revenue, has a large competitor but a large market as well</a></li>
<li><a href="https://www.smartkarma.com/insights/microport-medbot-pre-ipo-robodoc-phip-updates-and-a-look-at-its-largest-competitor" target="_blank" rel="noopener">MicroPort MedBot Pre-IPO - RoboDoc - PHIP Updates and a Look at Its Largest Competitor, and</a></li>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/microport-medbot-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">MicroPort MedBot Pre-IPO - Thoughts on valuation</a></li>
</ul><p>In this note, we will run the deal through our ECM framework and comment on valuations.</p>

Shanghai MicroPort MedBot Group (MM), a surgical robot company, aims to raise up to US$200m in its Hong Kong IPO.MicroPort MedBot (MM) is a surgical robot company which designs, develops and commercializes surgical robots to assist surgeons in performing complex surgical procedures. It is the only company with a product portfolio covering the five major and fast-growing surgical specialties of laparoscopic, orthopedic, panvascular, natural orifice and percutaneous surgical procedures, as per Frost &amp; Sullivan (F&amp;S).We have looked at the company’s background and products in our earlier notes:
MicroPort MedBot Pre-IPO - RoboDoc - pre-revenue, has a large competitor but a large market as well
MicroPort MedBot Pre-IPO - RoboDoc - PHIP Updates and a Look at Its Largest Competitor, and
MicroPort MedBot Pre-IPO - Thoughts on valuation
In this note, we will run the deal through our ECM framework and comment on valuations.

MicroPort MedBot Pre-IPO - Valuation Appears Reasonable but Sentiment Will Weigh

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shenzhen Mindray Bio-Medical Electronics / Equity Bottom-Up

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<p>Since <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>’s share price hit a record high of RMB502/share in July, the share price has fallen about 25% to close at RMB378.03/share on Oct. 15, 2021. Meanwhile, on October 18, there would be 662 million restricted shares allowed for circulation, accounting for 54.49% of the total share capital. Besides, the news about centralized procurement as well as the acquisition of Hytest Invest Oy also caught investors’ attention. This insight mainly analyzed the business, the performance in 2021/1H, the potential impact of centralized procurement, the Hytest deal and the outlook of the Mindray.</p>

Since Shenzhen Mindray Bio-Medical Electronics (300760 CH)’s share price hit a record high of RMB502/share in July, the share price has fallen about 25% to close at RMB378.03/share on Oct. 15, 2021. Meanwhile, on October 18, there would be 662 million restricted shares allowed for circulation, accounting for 54.49% of the total share capital. Besides, the news about centralized procurement as well as the acquisition of Hytest Invest Oy also caught investors’ attention. This insight mainly analyzed the business, the performance in 2021/1H, the potential impact of centralized procurement, the Hytest deal and the outlook of the Mindray.

Shenzhen Mindray Bio-Medical Electronics (300760.CH) - The Logic Behind Optimism

<p>After hitting a record high of HK$72.85/share in June, the share price of <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>has fallen continuously in the following months, down over 45% by the end of October 8, 2021. This insight mainly analyzed the 2021/1H performance, the business, the concerns and the outlook of MicroPort, including both the favorable and the unfavorable aspects.</p>

After hitting a record high of HK$72.85/share in June, the share price of Microport Scientific (853 HK) has fallen continuously in the following months, down over 45% by the end of October 8, 2021. This insight mainly analyzed the 2021/1H performance, the business, the concerns and the outlook of MicroPort, including both the favorable and the unfavorable aspects.

Microport Scientific (853.HK) - The Favorable and the Unfavorable Aspects

China

MicroPort Scientific is a leading global medical device company that innovates, manufactures, and markets high-end medical devices. The company provides solutions across twelve therapeutic areas, including cardiovascular, orthopedics, cardiac rhythm management, electrophysiology, endovascular, neurovascular, and surgical robotics. It was founded in 1998 and is headquartered in Shanghai, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

MicroPort Scientific (853 HK)

MicroPort MedBot IPO Trading - Decent Demand But Upside Is Limited from the Top-End

Shanghai MicroPort MedBot Group (MM), a surgical robot company, raised around US$200m in its Hong Kong IPO. In this note we will talk about the...

Sumeet Singh

MicroPort MedBot IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range is full and we would remain on the sidelines awaiting a better entry opportunity.

Arun George

MicroPort MedBot Pre-IPO - Valuation Appears Reasonable but Sentiment Will Weigh

Shanghai MicroPort MedBot Group (MM), a surgical robot company, aims to raise up to US$200m in its Hong Kong IPO. Valuation appears reasonable but...

Sumeet Singh

Shenzhen Mindray Bio-Medical Electronics (300760.CH) - The Logic Behind Optimism

The article analyzed Mindray in terms of the core businesses, the 2021H1 performance, the impact of centralized procurement, the Hytest deal, the...

Xinyao (Criss) Wang

Microport Scientific (853.HK) - The Favorable and the Unfavorable Aspects

This article mainly analyzed MicroPort in terms of the 2021/1H performance, the business, the concerns, the outlook and the advice for investors,...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)