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.

Equity Capital Markets

Shanghai MicroPort MedBot / Equity Capital Markets

<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 is pre-marketing an HKEx IPO to raise up to $1 billion, according to press reports.</p><p>The potential spin-off and listing is Microport's second spin-off of a subsidiary this year. In February 2021, Microport listed <a href="https://www.smartkarma.com/entities/microport-cardioflow" target="_blank" data-smartkarma-citation="entities:31084:1" rel="noopener">CardioFlow-B (2160 HK)</a> at HK$12.20 per share to raise net proceeds of HK$2,356.0 million ($303 million) at the peak of the market. Unsurprisingly, with the regulatory-driven market selloff, MicroPort CardioFlow is trading around 50% below its IPO price. </p><p>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><p>MicroPort MedBot has a credible management team with relevant surgical robot development experience. For example, Dr He Chao, the president and founder, is one of the leading experts in the Chinese surgical robot industry. In addition to MicroPort, MicroPort MedBot’s shareholders include Zhuhai Gao Ling, CPE, Grand Flight, Creedfont Capital and Biolink Investment. </p><div class="content-highlight"><p>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. Overall, we believe that MicroPort MedBot is worth a closer look. </p></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 is pre-marketing an HKEx IPO to raise up to $1 billion, according to press reports.The potential spin-off and listing is Microport's second spin-off of a subsidiary this year. In February 2021, Microport listed CardioFlow-B (2160 HK) at HK$12.20 per share to raise net proceeds of HK$2,356.0 million ($303 million) at the peak of the market. Unsurprisingly, with the regulatory-driven market selloff, MicroPort CardioFlow is trading around 50% below its IPO price. 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 a credible management team with relevant surgical robot development experience. For example, Dr He Chao, the president and founder, is one of the leading experts in the Chinese surgical robot industry. In addition to MicroPort, MicroPort MedBot’s shareholders include Zhuhai Gao Ling, CPE, Grand Flight, Creedfont Capital and Biolink Investment. 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. Overall, we believe that MicroPort MedBot is worth a closer look. 

MicroPort MedBot IPO Initiation: Helping Mechanical Hands

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.

<div><p>MicroPort MedBot (MM), a surgical robot company, aims to raise up to US$1bn in its Hong Kong IPO. It is 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> and is backed by Hillhouse and other  mainly domestic investors.</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>Its flagship products, Toumai Laparoscopic Surgical Robot, DFVision 3D Electronic Laparoscope and Honghu Orthopedic Surgical Robot, have all been admitted to the NMPA’s Green Path. Toumai and Honghu are at or near the registration approval stage, and DFVision has recently received NMPA approval.</p></div><p>We have looked at the company’s background and products in our earlier note, <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>. </p><p>In this note, we will talk about the PHIP updates and look at the performance of its largest competitor.</p>

MicroPort MedBot (MM), a surgical robot company, aims to raise up to US$1bn in its Hong Kong IPO. It is a subsidiary of Microport Scientific (853 HK) and is backed by Hillhouse and other  mainly domestic investors.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).Its flagship products, Toumai Laparoscopic Surgical Robot, DFVision 3D Electronic Laparoscope and Honghu Orthopedic Surgical Robot, have all been admitted to the NMPA’s Green Path. Toumai and Honghu are at or near the registration approval stage, and DFVision has recently received NMPA approval.We have looked at the company’s background and products in our earlier note, MicroPort MedBot Pre-IPO - RoboDoc - pre-revenue, has a large competitor but a large market as well. In this note, we will talk about the PHIP updates and look at the performance of its largest competitor.

MicroPort MedBot Pre-IPO - RoboDoc - PHIP Updates and a Look at Its Largest Competitor

EDDA Healthcare and Technology / Equity Capital Markets

<p>EDDA Healthcare and Technology Holding Limited (EDDA), offers innovative intelligent solutions to enable precision surgery. It aims to raise up to US$300m in its Hong Kong IPO.</p><p>EDDA provides a precision surgery solution portfolio, consisting of surgical robots series IQQA-Guide, and a portfolio of precision surgery planning software, including IQQA-3D. It has also established a 3D precision surgery digital solution cloud platform in China (IQQA Cloud Platform) which integrates functions of IQQA-3D and enables physicians to collaborate remotely in real time.</p><p>Through IQQA-3D and IQQA Cloud Platform, it has assisted in over 70,000 precision surgeries in China across 60 of the top 100 hospitals. Its precision surgery planning software is also registered in the United states. </p><p>It is the largest player in China’s precision surgical planning market for thoracic and abdominal applications, with over a one-third market share, in terms of surgical cases completed in 2020, according to Frost &amp; Sullivan.</p>

EDDA Healthcare and Technology Holding Limited (EDDA), offers innovative intelligent solutions to enable precision surgery. It aims to raise up to US$300m in its Hong Kong IPO.EDDA provides a precision surgery solution portfolio, consisting of surgical robots series IQQA-Guide, and a portfolio of precision surgery planning software, including IQQA-3D. It has also established a 3D precision surgery digital solution cloud platform in China (IQQA Cloud Platform) which integrates functions of IQQA-3D and enables physicians to collaborate remotely in real time.Through IQQA-3D and IQQA Cloud Platform, it has assisted in over 70,000 precision surgeries in China across 60 of the top 100 hospitals. Its precision surgery planning software is also registered in the United states. It is the largest player in China’s precision surgical planning market for thoracic and abdominal applications, with over a one-third market share, in terms of surgical cases completed in 2020, according to Frost &amp; Sullivan.

EDDA Healthcare Pre-IPO - RoboDoc - Has Been Around for a While but Is Just Getting the Robo Going

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

LEPU ScienTech Medical Technology / Equity Capital Markets

LEPU ScienTech Medical Technology (2291 HK)

<p>After <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> submitted its application for listing on HKEX, on June 25, 2021, <a href="https://www.smartkarma.com/entities/lepu-scientech-medical-technology-shanghai-co-ltd" target="_blank" data-smartkarma-citation="entities:33578:1" rel="noopener">Lepu Scientech Medical Technology (Shanghai) (LSM HK)</a> also submitted its prospectus to the HKEX and applied for listing on the main board. It is expected that the spin-off and listing plan of several companies in “Lepu factions” would continue. However, under the frequent capital operation, how is the prospects of Lepu Scientech? This article mainly analyzed the industry characteristics, the business and the outlook of the Company.</p>

After Lepu Biopharma (LBP HK) submitted its application for listing on HKEX, on June 25, 2021, Lepu Scientech Medical Technology (Shanghai) (LSM HK) also submitted its prospectus to the HKEX and applied for listing on the main board. It is expected that the spin-off and listing plan of several companies in “Lepu factions” would continue. However, under the frequent capital operation, how is the prospects of Lepu Scientech? This article mainly analyzed the industry characteristics, the business and the outlook of the Company.

Pre-IPO Lepu Scientech Medical Technology - High Gross Margin Does Not Mean High Moat

<p>On June 10<sup>th</sup>, 2021, <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> filed a prospectus with the HKEX, which greatly excited the domestic surgical robot industry. MicroPort MedBot is not the earliest entrant in the surgical robot industry, but it is developing rapidly. In 2014, <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> started to develop the laparoscopic surgery robot and incubated it as an internal project. In 2015, MicroPort MedBot was registered and established in China. After just five year’s development, MicroPort MedBot has become a globally top-tiered surgical robot company, and also the important reason for the current high valuation of MicroPort. This article mainly analyzed the industry characteristics, the core products, the business models and the concerns of MicroPort MedBot.</p>

On June 10th, 2021, Shanghai MicroPort MedBot Group (MMG HK) filed a prospectus with the HKEX, which greatly excited the domestic surgical robot industry. MicroPort MedBot is not the earliest entrant in the surgical robot industry, but it is developing rapidly. In 2014, Microport Scientific (853 HK) started to develop the laparoscopic surgery robot and incubated it as an internal project. In 2015, MicroPort MedBot was registered and established in China. After just five year’s development, MicroPort MedBot has become a globally top-tiered surgical robot company, and also the important reason for the current high valuation of MicroPort. This article mainly analyzed the industry characteristics, the core products, the business models and the concerns of MicroPort MedBot.

Pre-IPO MicroPort MedBot - The Core Products, the Business Model and the Concerns

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.

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MicroPort Scientific (853 HK)

MicroPort MedBot IPO Initiation: Helping Mechanical Hands

MicroPort MedBot is seeking to raise up to $1 bn. Crucially, the three flagship products are either approved or at the approval stage, which...

Arun George

MicroPort MedBot Pre-IPO - RoboDoc - PHIP Updates and a Look at Its Largest Competitor

MicroPort MedBot, a surgical robot company, aims to raise up to US$1bn in its Hong Kong IPO. It is a subsidiary of Microport Scientific (853 HK)...

Sumeet Singh

EDDA Healthcare Pre-IPO - RoboDoc - Has Been Around for a While but Is Just Getting the Robo Going

EDDA Healthcare and Technology Holding Limited (EDDA), offers innovative intelligent solutions to enable precision surgery. It aims to raise up to...

Sumeet Singh

Pre-IPO Lepu Scientech Medical Technology - High Gross Margin Does Not Mean High Moat

This article mainly analyzed Lepu Scientech in terms of industry characteristics, related policies, the business, competition pattern, financial...

Xinyao (Criss) Wang

Pre-IPO MicroPort MedBot - The Core Products, the Business Model and the Concerns

This article analyzed MicroPort MedBot in terms of the industry characteristics, the core products, the business models (compared with Intuitive...

Xinyao (Criss) Wang

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