Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Zylox-Tonbridge Medical Technology / Equity Bottom-Up

Zylox-Tonbridge Medical Technology (2190 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zylox-tonbridge-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32974:1" rel="noopener">Zylox-Tonbridge Medical Technology (2190 HK)</a> achieved a revenue of RMB 1,057.5M, up 35% YoY, primarily attributable to the high sales growth of both neurovascular and peripheral vascular interventional devices segments.</li>
<li>In 2025, Zylox achieved success in international business with a revenue of RMB 48.6M, up 115.5%, primarily from Europe and Asian regions.</li>
<li>Growth momentum will keep up going forward. The price has given quite a run up, but with the positive momentum, it has still got ample room for growth, left within.</li>
</ul>



Zylox-Tonbridge Medical Technology (2190 HK) achieved a revenue of RMB 1,057.5M, up 35% YoY, primarily attributable to the high sales growth of both neurovascular and peripheral vascular interventional devices segments.
In 2025, Zylox achieved success in international business with a revenue of RMB 48.6M, up 115.5%, primarily from Europe and Asian regions.
Growth momentum will keep up going forward. The price has given quite a run up, but with the positive momentum, it has still got ample room for growth, left within.


Zylox Tonbridge (2190 HK): 2025 Good; International Presence, Product Launches Will Shape the Future

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zylox-tonbridge-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32974:1" rel="noopener">Zylox-Tonbridge Medical Technology (2190 HK)</a> entered into a definitive agreement to acquire 49% stake in Germany-based medical technology company, Optimed GmbH for EUR 18.4M (equivalent to RMB 149.4M).</li>
<li>Optimed is involved in R&amp;D, manufacturing and global distribution of medical devices for minimally invasive therapy. Reported revenue of EUR 21.1M in the first ten months of 2025.</li>
<li>The acquisition is a significant step in its international expansion efforts because the product synergies, market expansion opportunities and innovation capabilities it provides will ensure considerable future growth prospects.</li>
</ul>



Zylox-Tonbridge Medical Technology (2190 HK) entered into a definitive agreement to acquire 49% stake in Germany-based medical technology company, Optimed GmbH for EUR 18.4M (equivalent to RMB 149.4M).
Optimed is involved in R&amp;D, manufacturing and global distribution of medical devices for minimally invasive therapy. Reported revenue of EUR 21.1M in the first ten months of 2025.
The acquisition is a significant step in its international expansion efforts because the product synergies, market expansion opportunities and innovation capabilities it provides will ensure considerable future growth prospects.


Zylox Tonbridge (2190 HK): Optimed Acquisition Is a Positive Step Forward Towards Future Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zylox-tonbridge-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32974:1" rel="noopener">Zylox-Tonbridge Medical Technology (2190 HK)</a> carried forward 2024 momentum, moving into 1H25. In 2024, sales had grown 48% to RMB 783M, followed by 32% rise to RMB 482M in 1H25.</li>
<li>Leveraging their robust R&amp;D expertise and integrated technology platforms, the company has made significant progress and lined up launches of several critical innovative projects in neuro and peripheral-vascular interventional device.</li>
<li>China remains the main growth market for Zylox, though the company is deepening its presence overseas. Zylox stands at an inflection point from where the growth momentum will gain pace.</li>
</ul>



Zylox-Tonbridge Medical Technology (2190 HK) carried forward 2024 momentum, moving into 1H25. In 2024, sales had grown 48% to RMB 783M, followed by 32% rise to RMB 482M in 1H25.
Leveraging their robust R&amp;D expertise and integrated technology platforms, the company has made significant progress and lined up launches of several critical innovative projects in neuro and peripheral-vascular interventional device.
China remains the main growth market for Zylox, though the company is deepening its presence overseas. Zylox stands at an inflection point from where the growth momentum will gain pace.


Zylox Tonbridge Medical (2190 HK): No More Interventions Needed, Blockages Cleared for Growth

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> has been trading sideways between 35,000 and 40,000 for the past eleven weeks.</li>
<li>A short straddle allows investors who believe that the Nikkei 225 continues to trade sideways to earn a profit of up to 7% in six weeks.</li>
<li>This Insight presents the strategy rationale, profit and loss profile, back-testing and risk management measures. </li>
</ul>


The Nikkei 225 (NKY INDEX) has been trading sideways between 35,000 and 40,000 for the past eleven weeks.
A short straddle allows investors who believe that the Nikkei 225 continues to trade sideways to earn a profit of up to 7% in six weeks.
This Insight presents the strategy rationale, profit and loss profile, back-testing and risk management measures. 


EQD | Nikkei 225 Option Opportunity – Earn Premium in Sideways Markets with Straddles

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Nomura Research Institute / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nomura-research-institute-ltd" target="_blank" data-smartkarma-citation="entities:18129:1" rel="noopener">Nomura Research Institute (4307 JP)</a> and <a href="https://www.smartkarma.com/entities/ryohin-keikaku-co-ltd" target="_blank" data-smartkarma-citation="entities:2765:1" rel="noopener">Ryohin Keikaku (7453 JP)</a> will replace <a href="https://www.smartkarma.com/entities/nippon-paper-industries-co-l" target="_blank" data-smartkarma-citation="entities:557:1" rel="noopener">Nippon Paper Industries Co L (3863 JP)</a> and <a href="https://www.smartkarma.com/entities/dic-corp" target="_blank" data-smartkarma-citation="entities:7343:1" rel="noopener">Dic Corp (4631 JP)</a> in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>'s CPAF will drop from 3 to 2.7 and there will be further selling in March 2025 as the CPAF drops to 2.4 (or possibly even 2.1!) </li>
<li>Passives will need to buy 7-15x ADV (13-14% of real float) in the adds and sell 2.7-6.5x ADV in the deletes. There is a big reverse funding trade too.</li>
</ul>



Nomura Research Institute (4307 JP) and Ryohin Keikaku (7453 JP) will replace Nippon Paper Industries Co L (3863 JP) and Dic Corp (4631 JP) in the Nikkei 225 (NKY INDEX). 

Fast Retailing (9983 JP)'s CPAF will drop from 3 to 2.7 and there will be further selling in March 2025 as the CPAF drops to 2.4 (or possibly even 2.1!) 
Passives will need to buy 7-15x ADV (13-14% of real float) in the adds and sell 2.7-6.5x ADV in the deletes. There is a big reverse funding trade too.


Nikkei 225 Index Rebalance: NRI, Ryohin Keikaku IN; Nippon Paper, DIC OUT; Fast Retailing Capped

Japan

TERUMO CORPORATION is a manufacturer and supplier of pharmaceuticals and medical tools and equipment.  The Company's products include health foods, transfusion and infusion equipment, disposable medical supply, clinical testing systems, artificial organs, and electronic thermometers.  Terumo markets the products through its subsidiaries and sales offices in the US, Europe, and Asia.

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Terumo Corp (4543 JP)

Zylox Tonbridge (2190 HK): 2025 Good; International Presence, Product Launches Will Shape the Future

Zylox-Tonbridge Medical Technology (2190 HK) sees strong revenue growth driven by neurovascular and peripheral vascular devices. International...

Tina Banerjee

Zylox Tonbridge (2190 HK): Optimed Acquisition Is a Positive Step Forward Towards Future Growth

Zylox-Tonbridge Medical Technology (2190 HK) acquires 49% stake in Optimed GmbH for EUR 18.4M, boosting international expansion with product...

Tina Banerjee

Zylox Tonbridge Medical (2190 HK): No More Interventions Needed, Blockages Cleared for Growth

Zylox-Tonbridge Medical carried forward 2024 momentum, moving into 1H25. New launches and strong market sales capabilities will help drive the...

Tina Banerjee

EQD | Nikkei 225 Option Opportunity – Earn Premium in Sideways Markets with Straddles

Investors can earn a premium by using a short straddle strategy on the Nikkei 225, which has been trading sideways for the past eleven weeks.

Gaudenz Schneider

Nikkei 225 Index Rebalance: NRI, Ryohin Keikaku IN; Nippon Paper, DIC OUT; Fast Retailing Capped

Nomura Research Institute and Ryohin Keikaku replace Nippon Paper and DIC in the Nikkei 225. Fast Retailing will be capped (and probably again in...

Brian Freitas

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52-week Range

Market Cap (USDm)

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Zylox Tonbridge (2190 HK): 2025 Good; International Presence, Product Launches Will Shape the Future

​Zylox-Tonbridge Medical Technology (2190 HK) sees strong revenue growth driven by neurovascular and peripheral vascular devices. International...

Tina Banerjee

Zylox Tonbridge (2190 HK): Optimed Acquisition Is a Positive Step Forward Towards Future Growth

​Zylox-Tonbridge Medical Technology (2190 HK) acquires 49% stake in Optimed GmbH for EUR 18.4M, boosting international expansion with product...

Tina Banerjee

Zylox Tonbridge Medical (2190 HK): No More Interventions Needed, Blockages Cleared for Growth

​Zylox-Tonbridge Medical carried forward 2024 momentum, moving into 1H25. New launches and strong market sales capabilities will help drive the...

Tina Banerjee

EQD | Nikkei 225 Option Opportunity – Earn Premium in Sideways Markets with Straddles

​Investors can earn a premium by using a short straddle strategy on the Nikkei 225, which has been trading sideways for the past eleven weeks.

Gaudenz Schneider

Nikkei 225 Index Rebalance: NRI, Ryohin Keikaku IN; Nippon Paper, DIC OUT; Fast Retailing Capped

Nomura Research Institute and Ryohin Keikaku replace Nippon Paper and DIC in the Nikkei 225. Fast Retailing will be capped (and probably again in...

Brian Freitas

Zylox-Tonbridge Medical Technology (2190 HK) sees strong revenue growth driven by neurovascular and peripheral vascular devices. International...

Zylox-Tonbridge Medical Technology (2190 HK) acquires 49% stake in Optimed GmbH for EUR 18.4M, boosting international expansion with product...

Zylox-Tonbridge Medical carried forward 2024 momentum, moving into 1H25. New launches and strong market sales capabilities will help drive the...

Investors can earn a premium by using a short straddle strategy on the Nikkei 225, which has been trading sideways for the past eleven weeks.