HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Although Mirxes has already commercialized its products, its total revenue fluctuated greatly. When the market demand for COVID-19 testing kits sharply declined, the Company’s financial position deteriorated immediately.</li>
<li>With the highest incidence rate of gastric cancer worldwide, PRC market is important to Mirxes. How to gain recognition from doctors and enter hospital market is a challenge for GASTROClear.</li>
<li>Mirxes is facing survival problem and eager for an IPO. Before Mirxes establishes a clear/visible path to commercialization and a successful profit model in post-COVID era, we would remain cautious. </li>
</ul>


Although Mirxes has already commercialized its products, its total revenue fluctuated greatly. When the market demand for COVID-19 testing kits sharply declined, the Company’s financial position deteriorated immediately.
With the highest incidence rate of gastric cancer worldwide, PRC market is important to Mirxes. How to gain recognition from doctors and enter hospital market is a challenge for GASTROClear.
Mirxes is facing survival problem and eager for an IPO. Before Mirxes establishes a clear/visible path to commercialization and a successful profit model in post-COVID era, we would remain cautious. 


Pre-IPO Mirxes Holding Company - The Profit Model in the Post Pandemic Era Needs to Be Verified

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 28th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We estimate the outflows to be USD 65.0 million and highlight flows for Kuaishou Technology, Tencent, HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the outflows to be USD 65.0 million and highlight flows for Kuaishou Technology, Tencent, HSBC.


Hong Kong Connect Flows (Jul 28th): Kuaishou Technology, Tencent, HSBC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 21st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We estimate the inflows to be USD 2.1billion and highlight flows for Tencent, Hsbc.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the inflows to be USD 2.1billion and highlight flows for Tencent, Hsbc.


Hong Kong Connect Flows (Jul 21st): Tencent, HSBC

Equity Bottom-Up

<ul>
<li>New Horizon Health reported a solid set of preliminary results for 1H2023</li>
<li>We speak to the company's management post result announcement to figure out the key drivers and summarize the key points in this note.</li>
<li>The company upgraded its full year guidance and is on track to meet its long term target.</li>
</ul>


New Horizon Health reported a solid set of preliminary results for 1H2023
We speak to the company's management post result announcement to figure out the key drivers and summarize the key points in this note.
The company upgraded its full year guidance and is on track to meet its long term target.


New Horizon Health 1H23: Management Call Takeaway

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 14th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We estimate the outflows to be USD 538m and highlight flows for Meituan, BYD.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 14th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the outflows to be USD 538m and highlight flows for Meituan, BYD.


Hong Kong Connect Flows (Jul 14th): Meituan, BYD

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)

Pre-IPO Mirxes Holding Company - The Profit Model in the Post Pandemic Era Needs to Be Verified

After the dividend period of COVID, the deterioration of Mirxes's financial position may not be easily reversed, with survival pressure. Challenges...

Xinyao (Criss) Wang

Hong Kong Connect Flows (Jul 28th): Kuaishou Technology, Tencent, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Kuaishou Technology, Tencent, HSBC.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Jul 21st): Tencent, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent Holdings Limited and, HSBC.

Ke Yan, CFA, FRM

New Horizon Health 1H23: Management Call Takeaway

New Horizon Health reported preliminary 1H2023 results. We have spoken to the management to understand the company's prospect regarding the future...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Jul 14th): Meituan, BYD

We analyzed the Hong Kong Connect Scheme for last week. We estimate the outflows to be USD 38m and highlight flows for Meituan and BYD.

Ke Yan, CFA, FRM

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