HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shanghai Bio-heart Biological Technology / Equity Bottom-Up

Shanghai Bio-heart Biological Technology (2185 HK)

<ul>
<li>Among innovative medical device companies in HKEX under Chapter 18A, Bio-heart is quite “special”- It is the only company without commercialized products but has higher market value than the peers.</li>
<li>The competitiveness of Bio-heart’s core products is not high. There are great uncertainties in terms of the commercialization outlook, because Bio-heart doesn’t have obvious advantages in development progress/sales capability.</li>
<li>Bio-Heart is overvalued. Its efforts to maintain high share price may be to pave the way for listing in A-share,but anything deviates from fundamentals would inevitably return to the origin. </li>
</ul>


Among innovative medical device companies in HKEX under Chapter 18A, Bio-heart is quite “special”- It is the only company without commercialized products but has higher market value than the peers.
The competitiveness of Bio-heart’s core products is not high. There are great uncertainties in terms of the commercialization outlook, because Bio-heart doesn’t have obvious advantages in development progress/sales capability.
Bio-Heart is overvalued. Its efforts to maintain high share price may be to pave the way for listing in A-share,but anything deviates from fundamentals would inevitably return to the origin. 


Shanghai Bio-Heart Biological Technology (2185.HK) - The Bubble Will Eventually Burst

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orbusneich-medical-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:34918:1" rel="noopener">OrbusNeich Medical Group (NEICHZ HK)</a> has a rich pipeline with a leadership position in the PCI balloon markets.</li>
<li>Its global business layout would also help the Company “hedge” the negative domestic policy impact or regulation changes.</li>
<li>However, the fierce competition, market pattern, industry characteristics, centralized procurement and other concerns should not be neglected.</li>
</ul>



OrbusNeich Medical Group (NEICHZ HK) has a rich pipeline with a leadership position in the PCI balloon markets.
Its global business layout would also help the Company “hedge” the negative domestic policy impact or regulation changes.
However, the fierce competition, market pattern, industry characteristics, centralized procurement and other concerns should not be neglected.


Pre-IPO OrbusNeich Medical Group - The Industry, the Business and the Concerns

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Shanghai Bio-heart Biological Technology / Equity Capital Markets

<ul>
<li>Bio-Heart is a leading innovative interventional cardiovascular device company focused on two therapies for the treatment of coronory/peripheral artery diseases and uncontrolled and resistant hypertension.</li>
<li>Bio-Heart is a leading innovative interventional cardiovascular device company focused on two therapies for the treatment of coronory/peripheral artery diseases and uncontrolled and resistant hypertension.</li>
<li>The company has filed for an IPO on the HKEx to raise about US$200-300m and the company’s application has been approved.</li>
</ul>


Bio-Heart is a leading innovative interventional cardiovascular device company focused on two therapies for the treatment of coronory/peripheral artery diseases and uncontrolled and resistant hypertension.
Bio-Heart is a leading innovative interventional cardiovascular device company focused on two therapies for the treatment of coronory/peripheral artery diseases and uncontrolled and resistant hypertension.
The company has filed for an IPO on the HKEx to raise about US$200-300m and the company’s application has been approved.


Shanghai Bio-Heart IPO: Strong Product Candidates but For Those Willing to Wait

<ul>
<li>The possibility of centralized procurement on BRS should be aware of.</li>
<li>It's not sure if Iberis 2nd would be recognized and accepted by the market as expected.</li>
<li>Together with other concerns, we are conservative about the outlook of Bio-heart.</li>
</ul>


The possibility of centralized procurement on BRS should be aware of.
It's not sure if Iberis 2nd would be recognized and accepted by the market as expected.
Together with other concerns, we are conservative about the outlook of Bio-heart.


Pre-IPO Shanghai Bio-Heart Biological Technology - Conservative About the Outlook

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.

Shanghai HeartCare Medical Technology / Equity Capital Markets

Shanghai HeartCare Medical Technology (6609 HK)

Shanghai HeartCare is a neuro-interventional medical device pioneer in China. It has four products approved for marketing and expects 9 products to commercialize in 2021, as well 10 products to commercialize between 2022 and 2025. In our previous note, we looked at the company's two core products Captor and LAA Occluder. We think the Captor, a stent retrieving thrombectomy device, is the main selling point of the deal given its decent efficacy and safety data and it has already been approved by the NMPA. Market structure for Captor is characterized by the early stage of growth and dominance by MNC players and the company's product is the first approved domestic product with commendable data from head-to-head clinical trials. The company's management are mainly ex-employee from Microport Scientific, a leading international medical device player in China. In this note, we will provide our thoughts on valuation.

Shanghai HeartCare is a neuro-interventional medical device pioneer in China. It has four products approved for marketing and expects 9 products to commercialize in 2021, as well 10 products to commercialize between 2022 and 2025. In our previous note, we looked at the company's two core products Captor and LAA Occluder. We think the Captor, a stent retrieving thrombectomy device, is the main selling point of the deal given its decent efficacy and safety data and it has already been approved by the NMPA. Market structure for Captor is characterized by the early stage of growth and dominance by MNC players and the company's product is the first approved domestic product with commendable data from head-to-head clinical trials. The company's management are mainly ex-employee from Microport Scientific, a leading international medical device player in China. In this note, we will provide our thoughts on valuation.

Shanghai HeartCare (心玮医疗) Pre-IPO: Thoughts on Valuation

China

Shanghai Bio-heart Biological Technology is an interventional cardiovascular device company that develops innovative therapies for unmet medical needs in the treatment of coronary artery disease and hypertension. Its key products include the Bioheart bioresorbable scaffolds (BRS) system, the Iberis 2nd renal denervation (RDN) product candidate, and drug-coated balloons (DCB). The company was founded in 2014 and is headquartered in Shanghai, People's Republic of China.

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Shanghai Bio-heart Biological Technology (2185 HK)