External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Yunkang Group reported 1H23 revenue of RMB476.9mn, down by 65.4% YoY, primarily due to the sharp decline of diagnostic testing demand for COVID-19 after China’s reopening.</li><li>The blended gross margin dropped to 38.1% in 1H23 (vs. 47.2% in 1H22), mainly due to the significant decrease in demand for COVID-19 tests.</li><li>Moreover, the selling expense rate increased to 18.2% (+2.3 ppts). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yunkang Group reported 1H23 revenue of RMB476.9mn, down by 65.4% YoY, primarily due to the sharp decline of diagnostic testing demand for COVID-19 after China’s reopening.The blended gross margin dropped to 38.1% in 1H23 (vs. 47.2% in 1H22), mainly due to the significant decrease in demand for COVID-19 tests.Moreover, the selling expense rate increased to 18.2% (+2.3 ppts). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yunkang Group (2325 HK) – Healthy Growth in Non-COVID Business

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yunkang-group" target="_blank" data-smartkarma-citation="entities:35631:1" rel="noopener">Yunkang Group (2325 HK)</a> was listed on 18th May 2022, with its six month lockup expiring on 17th November 2022.</li>
<li>Yunkang Group is a medical operation service provider in China and as per F&amp;S, had a market share of 3.7% in China’s medical operation service market as per 2020 revenue. </li>
<li>Coming up for six-month lockup expiry are the controlling shareholders and cornerstones. With protracted lockdowns underway in China, this stock has continued to benefit, currently trading 86.3% above IPO price. </li>
</ul>



Yunkang Group (2325 HK) was listed on 18th May 2022, with its six month lockup expiring on 17th November 2022.
Yunkang Group is a medical operation service provider in China and as per F&amp;S, had a market share of 3.7% in China’s medical operation service market as per 2020 revenue. 
Coming up for six-month lockup expiry are the controlling shareholders and cornerstones. With protracted lockdowns underway in China, this stock has continued to benefit, currently trading 86.3% above IPO price. 


Yungkang Group Lock-Up - Shares Benefited from a Protracted Lockdown.  Shareholders Could Monetise

<ul><li>Core business of diagnostic testing services for medical institution alliances maintained rapid growth.</li><li>The unaudited revenue from diagnostic testing services for medical institution alliances increased 143.6% YoY to RMB1,043.4mn primarily driven by the increased number of on-site diagnostic centers and the rise of average revenue of unit on-site diagnostic centers thanks to the expanded service capacities and coverage.</li><li>In 9M22, Yunkang has established 110 new on-site diagnostic centers and now operated 385 centers in total.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Core business of diagnostic testing services for medical institution alliances maintained rapid growth.The unaudited revenue from diagnostic testing services for medical institution alliances increased 143.6% YoY to RMB1,043.4mn primarily driven by the increased number of on-site diagnostic centers and the rise of average revenue of unit on-site diagnostic centers thanks to the expanded service capacities and coverage.In 9M22, Yunkang has established 110 new on-site diagnostic centers and now operated 385 centers in total.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yunkang Group (2325 HK) – Continued Solid Revenue Growth in 9M22

Ethan Aw

ADICON Holdings Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a>  is looking to raise about US$400m in its upcoming HK IPO. </li>
<li>Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&amp;S.</li>
<li>In this note, we talk about our thoughts on valuation. </li>
</ul>



ADICON Holdings Limited (ADI HK)  is looking to raise about US$400m in its upcoming HK IPO. 
Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&amp;S.
In this note, we talk about our thoughts on valuation. 


Adicon Holdings Pre-IPO - Thoughts on Valuation

Growatt Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO. </li>
<li>Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. </li>
<li>In our previous notes, we looked at the company’s past performance, peer comparison and shared our thoughts on valuation. In this note, we will talk about its refiling updates.</li>
</ul>



Growatt Technology (1833969D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. 
Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. 
In our previous notes, we looked at the company’s past performance, peer comparison and shared our thoughts on valuation. In this note, we will talk about its refiling updates.


Growatt Technology Pre-IPO - Refiling Updates - Still Running Strong

China

Yunkang Group Limited operates as a medical operation service provider. The Company provides diagnostic outsourcing services, diagnostic testing, and other services. Yunkang Group provides its services throughout China.

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

Yunkang Group (2325 HK)