HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Sonoscape Medical Corp / Equity Bottom-Up

<ul>
<li>We are optimistic about Sonoscape's 2022 annual results, which was an important turning year. Due to policy catalyst/China reopening, Sonoscape would maintain high growth in 2023, with relatively high certainty.</li>
<li>Sonoscape has established a high moat in the field of soft endoscopes. Even if new manufacturers enter this market, they are hard to affect the market pattern in short term.</li>
<li>Although the current valuation is not cheap, based on our forecast of its business lines, there's still growth space in valuation. Under positive momentum, this stock can be traded repeatedly.</li>
</ul>


We are optimistic about Sonoscape's 2022 annual results, which was an important turning year. Due to policy catalyst/China reopening, Sonoscape would maintain high growth in 2023, with relatively high certainty.
Sonoscape has established a high moat in the field of soft endoscopes. Even if new manufacturers enter this market, they are hard to affect the market pattern in short term.
Although the current valuation is not cheap, based on our forecast of its business lines, there's still growth space in valuation. Under positive momentum, this stock can be traded repeatedly.


2023 High Conviction Update: Sonoscape Medical (300633.CH) - High Growth Is Expected to Continue

<ul>
<li>
<a href="https://www.smartkarma.com/entities/micro-tech-nanjing-co-ltd" target="_blank" data-smartkarma-citation="entities:30320:1" rel="noopener">Micro-Tech Nanjing Co Ltd (688029 CH)</a> would face lower-than-expected performance growth in 2022, but the logic of import substitution and increasing demand for endoscopy consumables would help drive future growth.</li>
<li>Centralized procurement is a problem, but Micro-Tech’s leading position of endoscopy consumables in China is stable, which wouldn’t be easily affected by centralized procurement when compared with other domestic companies.</li>
<li>The valuation of Micro-Tech should be lower than Mindray and <a href="https://www.smartkarma.com/entities/sonoscape-medical-corp" target="_blank" data-smartkarma-citation="entities:29742:1" rel="noopener">Sonoscape</a>, since these two companies have much better performance (both growth and profitability), product competitiveness, business layout and outlook.</li>
</ul>



Micro-Tech Nanjing Co Ltd (688029 CH) would face lower-than-expected performance growth in 2022, but the logic of import substitution and increasing demand for endoscopy consumables would help drive future growth.
Centralized procurement is a problem, but Micro-Tech’s leading position of endoscopy consumables in China is stable, which wouldn’t be easily affected by centralized procurement when compared with other domestic companies.
The valuation of Micro-Tech should be lower than Mindray and Sonoscape, since these two companies have much better performance (both growth and profitability), product competitiveness, business layout and outlook.


Micro-Tech Nanjing (688029.CH)-Worth a Spot on the Watch List Due to Possibility of Dilemma Reversal

Equity Capital Markets

Scivita Medical Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/scivita-medical-technology" target="_blank" data-smartkarma-citation="entities:34701:1" rel="noopener">Scivita Medical Technology (SMT HK)</a> has certain technical advantage and a comprehensive portfolio of products and candidates, which would help the Company seize a position in this market.</li>
<li>There are also some potential risks and concerns that could be unfavorable for Scivita’s development, which should be aware of by investors.</li>
<li>In terms of the valuation, SonoScape and Aohua Endoscopy (688212.CH) could be the comparable companies, but the valuation of Scivita should be lower than either of them.</li>
</ul>



Scivita Medical Technology (SMT HK) has certain technical advantage and a comprehensive portfolio of products and candidates, which would help the Company seize a position in this market.
There are also some potential risks and concerns that could be unfavorable for Scivita’s development, which should be aware of by investors.
In terms of the valuation, SonoScape and Aohua Endoscopy (688212.CH) could be the comparable companies, but the valuation of Scivita should be lower than either of them.


Pre-IPO Scivita Medical Technology - The Industry, the Business, and the Concerns

Insight Lifetech / Equity Capital Markets

<p>On August 18, 2021, <a href="https://www.smartkarma.com/entities/insight-lifetech-co-ltd" target="_blank" data-smartkarma-citation="entities:34278:1" rel="noopener">Insight Lifetech (ILT HK)</a> submitted its prospectus to the Hong Kong Stock Exchange and officially started its IPO process. Lifetech is a medtech company dedicated to developing precision solutions with the potential to transform the diagnosis and treatment of cardiovascular diseases. Founded more than five years ago, Lifetech had already gone through six rounds of financing (at least one round every year). This article mainly analyzed the industry characteristics, the business and the concerns of the Company.</p>

On August 18, 2021, Insight Lifetech (ILT HK) submitted its prospectus to the Hong Kong Stock Exchange and officially started its IPO process. Lifetech is a medtech company dedicated to developing precision solutions with the potential to transform the diagnosis and treatment of cardiovascular diseases. Founded more than five years ago, Lifetech had already gone through six rounds of financing (at least one round every year). This article mainly analyzed the industry characteristics, the business and the concerns of the Company.

Pre-IPO Insight Lifetech - Insights on Industry, Products and Concerns

Neusoft Medical Systems / Equity Capital Markets

<p>On May 31, 2021, <a href="https://www.smartkarma.com/entities/neusoft-medical-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:33446:1" rel="noopener">Neusoft Medical Systems (NMS HK)</a> filed a prospectus with the Hong Kong Stock Exchange to be listed on the Main Board. This is the second time for Neusoft to submit a prospectus in a year. In June, 2020, Neusoft had applied for listing on the SSE STAR Market, but withdrew in November, 2020. For the reason of the withdrawal, the Company said that due to the outbreak of COVID-19, due diligence and other procedures for overseas subsidiaries of Neusoft cannot be carried out, and the Company also planned to prioritize potential acquisitions. So will it go well this time? This insight mainly analyzed the industry characteristics, the business, the financial position and the concerns of the Company.</p>

On May 31, 2021, Neusoft Medical Systems (NMS HK) filed a prospectus with the Hong Kong Stock Exchange to be listed on the Main Board. This is the second time for Neusoft to submit a prospectus in a year. In June, 2020, Neusoft had applied for listing on the SSE STAR Market, but withdrew in November, 2020. For the reason of the withdrawal, the Company said that due to the outbreak of COVID-19, due diligence and other procedures for overseas subsidiaries of Neusoft cannot be carried out, and the Company also planned to prioritize potential acquisitions. So will it go well this time? This insight mainly analyzed the industry characteristics, the business, the financial position and the concerns of the Company.

Pre-IPO Neusoft Medical Systems - Promising Market but Full of Challenges

China

Sonoscape Medical Corp. manufactures medical equipment. The Company develops, produces, and sells ultrasound diagnostic systems, transducers, and other medical equipment products. Sonoscape Medical serves customers worldwide.

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Sonoscape Medical Corp (300633 CH)

2023 High Conviction Update: Sonoscape Medical (300633.CH) - High Growth Is Expected to Continue

We're optimistic about Sonoscape's 2022 results.High growth continues in 2023.Based on our forecast, there's still growth space in valuation.Under...

Xinyao (Criss) Wang

Micro-Tech Nanjing (688029.CH)-Worth a Spot on the Watch List Due to Possibility of Dilemma Reversal

Micro-Tech will face lower-than-expected performance growth in 2022,but its leading position of endoscopy consumables in China is still...

Xinyao (Criss) Wang

Pre-IPO Scivita Medical Technology - The Industry, the Business, and the Concerns

Scivita has technical advantage and a comprehensive portfolio, but there are uncertainties in terms of commercialization. Reusable and single-use...

Xinyao (Criss) Wang

Pre-IPO Insight Lifetech - Insights on Industry, Products and Concerns

This article analyzed Insight Lifetech in terms of the industry characteristics of interventional cardiovascular devices, the products/candidates...

Xinyao (Criss) Wang

Pre-IPO Neusoft Medical Systems - Promising Market but Full of Challenges

The article mainly analyzed Neusoft Medical Systems in terms of the industry characteristics (market potential/policies), the business (comparison...

Xinyao (Criss) Wang

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