IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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

Joinn Laboratories China  Lt / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/joinn-laboratories-china-co-a" target="_blank" data-smartkarma-citation="entities:28273:1" rel="noopener">Joinn Laboratories China Co-A (603127 CH)</a> is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019, according to Frost &amp; Sullivan. JOINN is seeking to raise as much as $600 million through a Hong Kong IPO, according to press reports.</p><div>
<p>In <a href="https://www.smartkarma.com/insights/joinn-laboratories-ipo-initiation-on-demand-science" target="_blank" data-smartkarma-citation="insights:47482" rel="noopener">JOINN Laboratories IPO Initiation: On-Demand Science</a>, we stated that JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we concluded that JOINN’s fundamentals are attractive as the positives outweigh the negatives. In <a href="https://www.smartkarma.com/insights/joinn-laboratories-ipo-phip-points-to-progress" target="_blank" data-smartkarma-citation="insights:47985" rel="noopener">JOINN Laboratories IPO: PHIP Points to Progress</a>, we noted that the 9M20 results reinforce our belief that JOINN is worth a closer look and has attractive fundamentals. </p>
<div class="content-highlight"><p>As is typical of Chinese-listed issuers floating in Hong Kong, JOINN’s H-shares will be offered on a discount to its A-shares (AH discount). In this note, we take a first look at the potential AH discount range for JOINN's H-share listing. </p></div>
</div>

Joinn Laboratories China Co-A (603127 CH) is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019, according to Frost &amp; Sullivan. JOINN is seeking to raise as much as $600 million through a Hong Kong IPO, according to press reports.
In JOINN Laboratories IPO Initiation: On-Demand Science, we stated that JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we concluded that JOINN’s fundamentals are attractive as the positives outweigh the negatives. In JOINN Laboratories IPO: PHIP Points to Progress, we noted that the 9M20 results reinforce our belief that JOINN is worth a closer look and has attractive fundamentals. 
As is typical of Chinese-listed issuers floating in Hong Kong, JOINN’s H-shares will be offered on a discount to its A-shares (AH discount). In this note, we take a first look at the potential AH discount range for JOINN's H-share listing. 


JOINN Laboratories IPO: Valuation First Look

<div><p><a href="https://www.smartkarma.com/entities/joinn-laboratories-china-co-a" target="_blank" data-smartkarma-citation="entities:28273:1" rel="noopener">Joinn Laboratories China Co-A (603127 CH)</a> is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019 and ranked the third among the world’s non-clinical drug safety assessment CRO’s as measured by revenues in 2019, according to Frost &amp; Sullivan. JOINN is seeking to raise as much as $600 million through a Hong Kong IPO, according to press reports.</p></div><div><p>In <a href="https://www.smartkarma.com/insights/joinn-laboratories-ipo-initiation-on-demand-science" target="_blank" data-smartkarma-citation="insights:47482" rel="noopener">JOINN Laboratories IPO Initiation: On-Demand Science</a>, we stated that JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we concluded that JOINN’s fundamentals are attractive as the positives outweigh the negatives. </p></div><div><div><div class="content-highlight"><p>In this note, we look at the PHIP which disclose the 9M20 results and recent developments. Overall, we continue to believe that JOINN is worth a closer look and has attractive fundamentals. </p></div></div></div>

Joinn Laboratories China Co-A (603127 CH) is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019 and ranked the third among the world’s non-clinical drug safety assessment CRO’s as measured by revenues in 2019, according to Frost &amp; Sullivan. JOINN is seeking to raise as much as $600 million through a Hong Kong IPO, according to press reports.In JOINN Laboratories IPO Initiation: On-Demand Science, we stated that JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we concluded that JOINN’s fundamentals are attractive as the positives outweigh the negatives. In this note, we look at the PHIP which disclose the 9M20 results and recent developments. Overall, we continue to believe that JOINN is worth a closer look and has attractive fundamentals. 

JOINN Laboratories IPO: PHIP Points to Progress

<p><a href="https://www.smartkarma.com/entities/joinn-laboratories-china-co-a" target="_blank" data-smartkarma-citation="entities:28273:1" rel="noopener">Joinn Laboratories China Co-A (603127 CH)</a> is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019 and ranked the third among the world’s non-clinical drug safety assessment CRO’s as measured by revenues in 2019, according to Frost &amp; Sullivan. JOINN which is listed on the Shanghai Stock Exchange is seeking a listing hearing for a H-Share listing to raise up to $600 million, according to press reports.</p><div class="content-highlight"><p>Investor sentiment on the China CRO industry remains strong with the H-shares of <a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-co-ltd-1008d609-73bd-4d76-8315-b29502a448ff" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a> and <a href="https://www.smartkarma.com/entities/pharmaron-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:28428:1" rel="noopener">Pharmaron Beijing Co Ltd-H (3759 HK)</a> up 73%, 174% and 297% since the H-share listing, respectively. JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we think that JOINN’s fundamentals are attractive as the positives outweigh the negatives. </p></div>

Joinn Laboratories China Co-A (603127 CH) is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019 and ranked the third among the world’s non-clinical drug safety assessment CRO’s as measured by revenues in 2019, according to Frost &amp; Sullivan. JOINN which is listed on the Shanghai Stock Exchange is seeking a listing hearing for a H-Share listing to raise up to $600 million, according to press reports.Investor sentiment on the China CRO industry remains strong with the H-shares of Hangzhou Tigermed Consulting (H) (3347 HK), WuXi AppTec Co. Ltd. (2359 HK) and Pharmaron Beijing Co Ltd-H (3759 HK) up 73%, 174% and 297% since the H-share listing, respectively. JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we think that JOINN’s fundamentals are attractive as the positives outweigh the negatives. 

JOINN Laboratories IPO Initiation: On-Demand Science

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<p style="text-align: justify;">China’s new volume-based purchasing policy is undoubtedly a revolution for China healthcare industry. The implementation of this new policy has brought great challenges and pressure to many domestic pharmaceutical companies. However, at the same time, it also brings new opportunities - The golden age for China CRO industry is coming.</p>

China’s new volume-based purchasing policy is undoubtedly a revolution for China healthcare industry. The implementation of this new policy has brought great challenges and pressure to many domestic pharmaceutical companies. However, at the same time, it also brings new opportunities - The golden age for China CRO industry is coming.

Insights On China Healthcare Policy - 4+7: New Volume-Based Purchasing Policy

<p><strong>1.Industry viewpoints</strong></p>
<ul>
<li>China's biopharmaceutical market is still in its early days, but it has a strong growth potential.</li>
<li>Q3 earning season kicks off.</li>
<li>Favorable policies may still not ensure the golden time for the industry of Chinese traditional medicine.</li>
</ul>
<p><strong>2.Company news</strong></p>
<p>News of Shanghai Henlius Biotech, Innovent Biologics and BeiGene on the progress of new drugs and amended agreement.</p>
<p><strong>3.Market review</strong></p>
<p>Last week, stock price for healthcare sector rose 2.86%, while CSI 300 rose 2.04% over the same period of time.</p>
<p><strong>4.Risk Disclosure </strong></p>
<p>Policy risk, R&amp;D risk, company risk and COVID-19 risk</p>

1.Industry viewpoints

China's biopharmaceutical market is still in its early days, but it has a strong growth potential.
Q3 earning season kicks off.
Favorable policies may still not ensure the golden time for the industry of Chinese traditional medicine.

2.Company news
News of Shanghai Henlius Biotech, Innovent Biologics and BeiGene on the progress of new drugs and amended agreement.
3.Market review
Last week, stock price for healthcare sector rose 2.86%, while CSI 300 rose 2.04% over the same period of time.
4.Risk Disclosure 
Policy risk, R&amp;D risk, company risk and COVID-19 risk

China

Pharmaron Beijing Co., Ltd. engages in discovery, development, and manufacturing spectrum for small molecule drugs, cell therapies, and gene therapies as well as providing testing services for medical devices and clinic research. The Company offers laboratory, clinical development, chemistry manufactory and control, and other services. Pharmaron Beijing conducts businesses based in China.

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Pharmaron Beijing (300759 CH)

JOINN Laboratories IPO: Valuation First Look

JOINN is seeking to raise as much as $600 million through a HK IPO, according to press reports. In this note, we take a first look at the potential...

Arun George

JOINN Laboratories IPO: PHIP Points to Progress

JOINN is seeking to raise as much as $600 million through an HK IPO. The PHIP which disclose the 9M20 results reinforce our view that JOINN has...

Arun George

JOINN Laboratories IPO Initiation: On-Demand Science

JOINN is seeking a listing hearing for a H-Share listing to raise up to $600 million, according to press reports. On balance, we think that JOINN’s...

Arun George

Insights On China Healthcare Policy - 4+7: New Volume-Based Purchasing Policy

This article analyzed China’s revolutionary volume-based purchasing policy, its impact on domestic healthcare companies and related investment...

Xinyao (Criss) Wang

China Healthcare Weekly (Oct.9)

This insight summarized the important industry viewpoints, news of listed healthcare companies and capital market review for the last week of China...

Xinyao (Criss) Wang

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