Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Saint Bella, a premium postpartum care service provider, filed to go public in Hong Kong. UBS and CITIC Securities are leading the offering.</li>
<li>Saint Bella operates ultra-premium postpartum centers in Asia, which are located at luxury hotels and detached villas. The company opened its first postpartum center in Hangzhou in 2017.</li>
<li>With strong multi-brand strategy and asset-light business model, Saint Bella is uniquely positioned in premium segment under Saint Bella, Bella Isla and Baby Bella brands.</li>
</ul>


Saint Bella, a premium postpartum care service provider, filed to go public in Hong Kong. UBS and CITIC Securities are leading the offering.
Saint Bella operates ultra-premium postpartum centers in Asia, which are located at luxury hotels and detached villas. The company opened its first postpartum center in Hangzhou in 2017.
With strong multi-brand strategy and asset-light business model, Saint Bella is uniquely positioned in premium segment under Saint Bella, Bella Isla and Baby Bella brands.


Saint Bella IPO: Growth Story Intact, A First-Mover Advantage in Postpartum Care Market in China

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>SAINT BELLA’s revenue growth fluctuated because the pandemic led to the delay in the pregnancy plan of many families and an increase in the rate of abortion or miscarriage. </li>
<li>The increasing contract liabilities indicate that short-term performance growth of SAINT BELLA is guaranteed, but the declining fertility rates in China will bring challenges to SAINT BELLA’s long-term growth momentum.</li>
<li>After Series B round financing in 2020, post-investment valuation was already about US$100 million. Valuation of SAINT BELLA should be higher than <a href="https://www.smartkarma.com/entities/aidigong-maternal-child-health-limited" target="_blank" data-smartkarma-citation="entities:6880:1" rel="noopener">Aidigong Maternal &amp; Child Health Limited (286 HK)</a>.</li>
</ul>


SAINT BELLA’s revenue growth fluctuated because the pandemic led to the delay in the pregnancy plan of many families and an increase in the rate of abortion or miscarriage. 
The increasing contract liabilities indicate that short-term performance growth of SAINT BELLA is guaranteed, but the declining fertility rates in China will bring challenges to SAINT BELLA’s long-term growth momentum.
After Series B round financing in 2020, post-investment valuation was already about US$100 million. Valuation of SAINT BELLA should be higher than Aidigong Maternal &amp; Child Health Limited (286 HK).


Pre-IPO Saint Bella - The Outlook for Future Performance Growth Is Highly Uncertain

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.

Kokusai Electric  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, there were a number of listing in the past week, most of which performed as per our expectations.</li>
<li>On the placement front, Japan continued to dominate the ECM flows.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, there were a number of listing in the past week, most of which performed as per our expectations.
On the placement front, Japan continued to dominate the ECM flows.


ECM Weekly (15th July 2024) - Kokusai, Wiwynn, Kelun-Biotech, Timee, Shift Up, Sanil, Avanse

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/saint-bella" target="_blank" data-smartkarma-citation="entities:43697:1" rel="noopener">Saint Bella (SAINT HK)</a> is looking to raise up to US$200m in its upcoming HK IPO. The deal will be run by UBS and Citic Securities.</li>
<li>Saint Bella (SB) is a comprehensive family care group in China, focusing on premium services and products that addresses demand from the lifestyle-minded younger generation. </li>
<li>It is the largest postpartum care and recovery group in terms of revenue from ultra-premium postpartum centers in 2023, according to F&amp;S.</li>
</ul>



Saint Bella (SAINT HK) is looking to raise up to US$200m in its upcoming HK IPO. The deal will be run by UBS and Citic Securities.
Saint Bella (SB) is a comprehensive family care group in China, focusing on premium services and products that addresses demand from the lifestyle-minded younger generation. 
It is the largest postpartum care and recovery group in terms of revenue from ultra-premium postpartum centers in 2023, according to F&amp;S.


Hong Kong

Saint Bella Inc. provides health and wellbeing solutions. The Company offers postpartum care and recovery, home child, and elderly care services and products. Saint Bella serves customers in Hong Kong and China.

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Saint Bella (2508 HK)

Saint Bella IPO: Growth Story Intact, A First-Mover Advantage in Postpartum Care Market in China

Premium postpartum care provider Saint Bella files for IPO in Hong Kong, led by UBS and CITIC Securities. The company is uniquely positioned to...

Andrei Zakharov

Pre-IPO Saint Bella - The Outlook for Future Performance Growth Is Highly Uncertain

Increasing contract liabilities ensure SAINT BELLA's short-term performance but declining fertility rate in China pose long-term challenge.We're...

Xinyao (Criss) Wang

ECM Weekly (15th July 2024) - Kokusai, Wiwynn, Kelun-Biotech, Timee, Shift Up, Sanil, Avanse

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Saint Bella Pre-IPO Tearsheet

Saint Bella (SAINT HK) is looking to raise up to US$200m in its upcoming HK IPO. The deal will be run by UBS and Citic Securities.

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Saint Bella IPO: Growth Story Intact, A First-Mover Advantage in Postpartum Care Market in China

​Premium postpartum care provider Saint Bella files for IPO in Hong Kong, led by UBS and CITIC Securities. The company is uniquely positioned to...

Andrei Zakharov

Pre-IPO Saint Bella - The Outlook for Future Performance Growth Is Highly Uncertain

Increasing contract liabilities ensure ​SAINT BELLA's short-term performance but declining fertility rate in China pose long-term challenge.We're...

Xinyao (Criss) Wang

ECM Weekly (15th July 2024) - Kokusai, Wiwynn, Kelun-Biotech, Timee, Shift Up, Sanil, Avanse

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Saint Bella Pre-IPO Tearsheet

Saint Bella (SAINT HK) is looking to raise up to US$200m in its upcoming HK IPO. The deal will be run by UBS and Citic Securities.

Ethan Aw

Premium postpartum care provider Saint Bella files for IPO in Hong Kong, led by UBS and CITIC Securities. The company is uniquely positioned to...

Increasing contract liabilities ensure SAINT BELLA's short-term performance but declining fertility rate in China pose long-term challenge.We're...