HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Hangzhou Kangji Medical Instrument Co., Ltd. / Equity Bottom-Up

Hangzhou Kangji Medical Instrument Co., Ltd.

<ul>
<li>Valuation based on Cancellation Price hasn’t fully reflected the potential of Weijing Medical Robot business, nor does it reflect the future growth driven by import substitution due to centralized procurement.</li>
<li>The medical device sector is expected to have a strong trend of performance reversal/valuation repair. Kangji's fundamentals/prospects are moving in a positive direction. Reasonable valuation is HK$12-15 billion at least.</li>
<li>The current Cancellation Price of HK$9.25 is too low to normally reflect the Company's true fundamentals and prospects. Therefore, we're worried that there would be some investors opposing this privatization.</li>
</ul>


Valuation based on Cancellation Price hasn’t fully reflected the potential of Weijing Medical Robot business, nor does it reflect the future growth driven by import substitution due to centralized procurement.
The medical device sector is expected to have a strong trend of performance reversal/valuation repair. Kangji's fundamentals/prospects are moving in a positive direction. Reasonable valuation is HK$12-15 billion at least.
The current Cancellation Price of HK$9.25 is too low to normally reflect the Company's true fundamentals and prospects. Therefore, we're worried that there would be some investors opposing this privatization.


Kangji Medical (9997 HK) Privatization - The Cancellation Price Is Not Attractive

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.

Event-Driven

Hangzhou Kangji Medical Instrument Co., Ltd. / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a>’s IFA opines that the consortium’s HK$9.25 privatisation offer is fair and reasonable. The vote is on 10 November. </li>
<li>I previously argued that the vote carries risk due to a solid interim, the imminent surgical robot growth story, unfavourable AGM voting patterns, and emerging retail opposition.</li>
<li>However, the risk has been lowered due to Bin Yuan and LYFE no longer being shareholders, along with the peer derating. At the last close, the gross/annualised spread is 3.7%/22.0%.</li>
</ul>



Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)’s IFA opines that the consortium’s HK$9.25 privatisation offer is fair and reasonable. The vote is on 10 November. 
I previously argued that the vote carries risk due to a solid interim, the imminent surgical robot growth story, unfavourable AGM voting patterns, and emerging retail opposition.
However, the risk has been lowered due to Bin Yuan and LYFE no longer being shareholders, along with the peer derating. At the last close, the gross/annualised spread is 3.7%/22.0%.


Kangji Medical (9997 HK): Scheme Vote on 10 November

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 19th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Hang Seng Bank (11 HK), Mgm China (2282 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Hang Seng Bank (11 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 19th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Hang Seng Bank (11 HK), Mgm China (2282 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Hang Seng Bank (11 HK).


Hong Kong Buybacks Weekly (Sep 19th): Tencent, Hang Seng Bank, Mgm China

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 12th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Hang Seng Bank (11 HK), China Hongqiao (1378 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Hang Seng Bank (11 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 12th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Hang Seng Bank (11 HK), China Hongqiao (1378 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Hang Seng Bank (11 HK).


Hong Kong Buybacks Weekly (Sep 12th): Tencent, Hang Seng Bank, China Hongqiao

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 5th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Hang Seng Bank (11 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Hang Seng Bank (11 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 5th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Hang Seng Bank (11 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Hang Seng Bank (11 HK).


Hong Kong Buybacks Weekly (Sep 5th): Tencent, China Hongqiao, Hang Seng Bank

China

Shandong Weigao Group Medical Polymer Company Limited, through its subsidiaries, researches and develops, produces, and sells single-use aseptic polymer medical products.

Shandong Weigao Group Medical Polymer Co (1066 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shandong Weigao Group Medical Polymer Co (1066 HK)

Kangji Medical (9997 HK) Privatization - The Cancellation Price Is Not Attractive

The Cancellation Price is too low to normally reflect Kangji's true fundamentals/outlook. The whole industry is moving in positive direction. We’re...

Xinyao (Criss) Wang

Kangji Medical (9997 HK): Scheme Vote on 10 November

Despite a light offer, the vote risk has been lowered due to Bin Yuan/LYFE no longer being shareholders, along with the peer derating. At the last...

Arun George

Hong Kong Buybacks Weekly (Sep 19th): Tencent, Hang Seng Bank, Mgm China

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Sep 12th): Tencent, Hang Seng Bank, China Hongqiao

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Sep 5th): Tencent, China Hongqiao, Hang Seng Bank

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)