Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Private Capital Markets

Geekplus Technology / Private Capital Markets

<ul>
<li>Geek+ is the fastest-growing robotics startup and producer of warehouse robots powered by AI and deep learning algorithms. The company successfully integrates logistics with robots. </li>
<li>Beijing-Based Geek+ has raised a total of ~$532M in funding over 7 rounds. The last round was a $100M Series E in August 2022 that was led by Intel Capital. </li>
<li>Warehouse robots have a huge market potential driven by rising labor costs in China, lack of human labor in the warehouse segment, and huge fluctuations in production capacity. </li>
</ul>


Geek+ is the fastest-growing robotics startup and producer of warehouse robots powered by AI and deep learning algorithms. The company successfully integrates logistics with robots. 
Beijing-Based Geek+ has raised a total of ~$532M in funding over 7 rounds. The last round was a $100M Series E in August 2022 that was led by Intel Capital. 
Warehouse robots have a huge market potential driven by rising labor costs in China, lack of human labor in the warehouse segment, and huge fluctuations in production capacity. 


Geek+: Global Leader in Smart Logistics Robotic Technology

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Over the past few years, Sinopharm's revenue scale has continued to grow, but its gross profit margin declined due to negative policy pressure. Actually, it isn’t a highly profitable business.</li>
<li>As industry leader, Sinopharm will benefit from the increasing industry concentration and further expand market share. The challenge is Sinopharm will face a situation of increasing revenues without increasing profits.</li>
<li>For 2022 forecast, revenue YoY growth could be about 5%-7%. Net profit YoY growth could be below 10%., High valuation expectations cannot be supported considering the future industry trend.</li>
</ul>


Over the past few years, Sinopharm's revenue scale has continued to grow, but its gross profit margin declined due to negative policy pressure. Actually, it isn’t a highly profitable business.
As industry leader, Sinopharm will benefit from the increasing industry concentration and further expand market share. The challenge is Sinopharm will face a situation of increasing revenues without increasing profits.
For 2022 forecast, revenue YoY growth could be about 5%-7%. Net profit YoY growth could be below 10%., High valuation expectations cannot be supported considering the future industry trend.


Sinopharm Group (1099.HK) - Industry Trends Hardly Support High Valuation Expectations

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>With its nationwide distribution and delivery network, <a href="https://www.smartkarma.com/entities/sinopharm-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:32:1" rel="noopener">Sinopharm Group Co Ltd H (1099 HK)</a> remains a beneficiary of increasing adoption of China’s VBP scheme for drug procurement.</li>
<li>Despite decreasing demand for Sinopharm’s COVID-19 vaccine, its pharmaceutical distribution business is expected to remain stable, driven by the steady recovery in China’s healthcare industry.</li>
<li>The company is successfully promoting fast-growing oncology products. Its strategic partnership with <a href="https://www.smartkarma.com/entities/i-mab" target="_blank" data-smartkarma-citation="entities:28384:1" rel="noopener">I-Mab (IMAB US)</a> further strengthens competitive edge, as I-Mab has a robust pipeline for China market.</li>
</ul>


With its nationwide distribution and delivery network, Sinopharm Group Co Ltd H (1099 HK) remains a beneficiary of increasing adoption of China’s VBP scheme for drug procurement.
Despite decreasing demand for Sinopharm’s COVID-19 vaccine, its pharmaceutical distribution business is expected to remain stable, driven by the steady recovery in China’s healthcare industry.
The company is successfully promoting fast-growing oncology products. Its strategic partnership with I-Mab (IMAB US) further strengthens competitive edge, as I-Mab has a robust pipeline for China market.


Sinopharm Group (1099 HK): Stable Pharma Distribution Business Despite Weak Demand for Vaccine

Guangzhou Baiyunshan Pharmaceutical / Equity Bottom-Up

Guangzhou Baiyunshan Pharmaceutical (874 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangzhou-baiyunshan-pharmaceutical-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:276:1" rel="noopener">Guangzhou Baiyunshan Pharmaceutical Holdings (874 HK)</a>, mainly relying on Wang Lao Ji and Jin Ge for performance contribution, is relatively weak in risk resistance compared with other biopharmaceutical companies.</li>
<li>With the promotion of medical reform policies such as VBP, Baiyunshan’s weaknesses of R&amp;D and innovation that support the business transition would be more prominent.</li>
<li>Baiyunshan may lack the core competitiveness for future development. Therefore, we are conservative about its outlook, but investors could still trade this stock when the whole TCM sector moves up.</li>
</ul>



Guangzhou Baiyunshan Pharmaceutical Holdings (874 HK), mainly relying on Wang Lao Ji and Jin Ge for performance contribution, is relatively weak in risk resistance compared with other biopharmaceutical companies.
With the promotion of medical reform policies such as VBP, Baiyunshan’s weaknesses of R&amp;D and innovation that support the business transition would be more prominent.
Baiyunshan may lack the core competitiveness for future development. Therefore, we are conservative about its outlook, but investors could still trade this stock when the whole TCM sector moves up.


Guangzhou Baiyunshan Pharmaceutical Holdings (874.HK) - Conservative About the Outlook

Equity Capital Markets

HTDK Medical Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/htdk-medical-holdings-limited" target="_blank" data-smartkarma-citation="entities:34111:1" rel="noopener">HTDK Medical Holdings</a> is a leading cross-border commercial solutions platform in China offering specialized market entrance and penetration solutions for high-value medical devices, with particular strength in serving global brands.</li>
<li>This insights mainly analyzed the industry characteristics, the business and the concerns of the Company.</li>
<li>For HTDK, policy risk is the biggest risk. So, how to make breakthrough is a problem HTDK has to solve. </li>
</ul>



HTDK Medical Holdings is a leading cross-border commercial solutions platform in China offering specialized market entrance and penetration solutions for high-value medical devices, with particular strength in serving global brands.
This insights mainly analyzed the industry characteristics, the business and the concerns of the Company.
For HTDK, policy risk is the biggest risk. So, how to make breakthrough is a problem HTDK has to solve. 


Pre-IPO HTDK Medical Holdings - Policy Risk Is the Biggest Uncertainty

China

Sinopharm Group is a leading Chinese distributor and retailer of pharmaceutical and healthcare products, medical devices, and a supply chain service provider. The company also engages in the production and sale of pharmaceutical products, chemical reagents, and laboratory supplies. It was incorporated in January 2003 and is headquartered in Shanghai, China.

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Sinopharm Group (1099 HK)

Geek+: Global Leader in Smart Logistics Robotic Technology

We view VC-backed Geek+ as a great company and a category winner that is addressing the fastest-growing warehouse automation and robotics segment

Andrei Zakharov