HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>SVB has special institutions in China and its business mode is Venture Lending. The closure of SVB could make it harder for Chinese startups to raise money from US investors/banks.</li>
<li>The scale of SVB is small, but it cannot be said that it has no impact on the fundamentals of China healthcare companies. Investors need to reassess the potential risks.</li>
<li>SVB’s woes would not be a serious blow to the US if government takes timely action. However, if BRICS currency is established, it would be real fatal for the dollar.</li>
</ul>


SVB has special institutions in China and its business mode is Venture Lending. The closure of SVB could make it harder for Chinese startups to raise money from US investors/banks.
The scale of SVB is small, but it cannot be said that it has no impact on the fundamentals of China healthcare companies. Investors need to reassess the potential risks.
SVB’s woes would not be a serious blow to the US if government takes timely action. However, if BRICS currency is established, it would be real fatal for the dollar.


“Sudden Death” of Silicon Valley Bank (SVB) - The Impact on China Healthcare

Equity Capital Markets

Wuhan Ammunition Life-Tech / Equity Capital Markets

<ul>
<li>The products of Ammunition play more of an auxiliary and supplementary role compared to the gold standards that have been widely recognized and used in the industry for many years.</li>
<li>The concern is the clinical application may be limited due to doctors' lack of sufficient trust/recognition on such products.So, Ammunition needs to invest heavily in doctor education and market promotion.</li>
<li>The market may give more conservative valuations to enterprises that are still in the stage of "burning money" to gain market share. Valuation of Ammunition could be lower than peer</li>
</ul>


The products of Ammunition play more of an auxiliary and supplementary role compared to the gold standards that have been widely recognized and used in the industry for many years.
The concern is the clinical application may be limited due to doctors' lack of sufficient trust/recognition on such products.So, Ammunition needs to invest heavily in doctor education and market promotion.
The market may give more conservative valuations to enterprises that are still in the stage of "burning money" to gain market share. Valuation of Ammunition could be lower than peer


Pre-IPO Wuhan Ammunition Life-Tech - About The Products and the Concerns Behind

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>After an IPO attempt two years ago, Mirxes filed an updated prospectus in an attempt to raise at least US$100m via a Hong Kong listing.</li>
<li>In our previous note, we analyzed its product pipelines and highlighted signs of commercialization challenges.</li>
<li>In this note, we note that the company expanded its clinical trial plans. Yet, more data shows that blockbuster-level uptakes are unlikely given the profile of its clinical data.</li>
</ul>


After an IPO attempt two years ago, Mirxes filed an updated prospectus in an attempt to raise at least US$100m via a Hong Kong listing.
In our previous note, we analyzed its product pipelines and highlighted signs of commercialization challenges.
In this note, we note that the company expanded its clinical trial plans. Yet, more data shows that blockbuster-level uptakes are unlikely given the profile of its clinical data.


Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer

Equity Bottom-Up

<ul>
<li>New Horizon Health is a “big client” of Deloitte, who, however, still delay the publication of 2023 results. This leads us to take the issues raised by Deloitte more seriously.</li>
<li>It’s uncertain whether New Horizon Health would obtain the audit report with non-qualified opinion or "survive" the independent investigation.2023 Annual Report/2024 Mid-Year Report/2024 Annual Report may continue to be postponed.</li>
<li>If New Horizon Health fails provide reasonable explanation, investors don't need to spend any more time on the Company with no integrity.We forecast the timetable for the resumption of trading.</li>
</ul>


New Horizon Health is a “big client” of Deloitte, who, however, still delay the publication of 2023 results. This leads us to take the issues raised by Deloitte more seriously.
It’s uncertain whether New Horizon Health would obtain the audit report with non-qualified opinion or "survive" the independent investigation.2023 Annual Report/2024 Mid-Year Report/2024 Annual Report may continue to be postponed.
If New Horizon Health fails provide reasonable explanation, investors don't need to spend any more time on the Company with no integrity.We forecast the timetable for the resumption of trading.


New Horizon Health (6606 HK) - Behind the Trading Suspension and the Outlook

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.</li>
<li>We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.
We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

China

New Horizon Health Limited is a China-based investment holding company focused on early cancer screening and in-home testing, with an emphasis on colorectal, gastric, and cervical cancers. Its key products include ColoClear and Pupu Tube. The company was founded in 2015 and is headquartered in Hangzhou, China.

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New Horizon Health (6YZ GR)

“Sudden Death” of Silicon Valley Bank (SVB) - The Impact on China Healthcare

SVB's "sudden death" would affect Chinese healthcare companies. Investors need to reassess the risks of related companies.We don't think SVB’s woes...

Xinyao (Criss) Wang

Pre-IPO Wuhan Ammunition Life-Tech - About The Products and the Concerns Behind

Compared to gold standards, Ammunition's products face challenges in gaining trust from doctors/market recognition, requiring heavy investment in...

Xinyao (Criss) Wang

Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer

Mirxes files updated prospectus for Hong Kong listing, expanding clinical trial plans but facing challenges in achieving blockbuster-level success.

Ke Yan, CFA, FRM

New Horizon Health (6606 HK) - Behind the Trading Suspension and the Outlook

Deloitte's delay in publishing New Horizon Health's financial results raises serious concerns about the company's integrity and future prospects....

Xinyao (Criss) Wang

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

There could be nearly 80 adds/deletes for the HSCI in September. That will trigger changes to the Southbound Stock Connect list and increase flows...

Brian Freitas

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“Sudden Death” of Silicon Valley Bank (SVB) - The Impact on China Healthcare

SVB's "sudden death" would affect Chinese healthcare companies. Investors need to reassess the risks of related companies.We don't think SVB’s woes...

Xinyao (Criss) Wang

Pre-IPO Wuhan Ammunition Life-Tech - About The Products and the Concerns Behind

​Compared to gold standards, Ammunition's products face challenges in gaining trust from doctors/market recognition, requiring heavy investment in...

Xinyao (Criss) Wang

Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer

​Mirxes files updated prospectus for Hong Kong listing, expanding clinical trial plans but facing challenges in achieving blockbuster-level success.

Ke Yan, CFA, FRM

New Horizon Health (6606 HK) - Behind the Trading Suspension and the Outlook

​Deloitte's delay in publishing New Horizon Health's financial results raises serious concerns about the company's integrity and future prospects....

Xinyao (Criss) Wang

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

There could be nearly 80 adds/deletes for the HSCI in September. That will trigger changes to the Southbound Stock Connect list and increase flows...

Brian Freitas

Compared to gold standards, Ammunition's products face challenges in gaining trust from doctors/market recognition, requiring heavy investment in...

Mirxes files updated prospectus for Hong Kong listing, expanding clinical trial plans but facing challenges in achieving blockbuster-level success.

Deloitte's delay in publishing New Horizon Health's financial results raises serious concerns about the company's integrity and future prospects....