External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Yunkang Group reported 2023 revenue of RMB891.5mn, down by 76.3% YoY, primarily due to the sharp decline of diagnostic testing demand for COVID-19 in China.</li><li>The blended gross margin improved to 36.5% in 2023 (+1.7 ppts), mainly due to enhanced operation efficiency and effective cost control.</li><li>The selling expense rate increased to 16.9% (+8.6 ppts) since the proportion of nonCOVID business increased substantially which required more marketing activities than COVID business. 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.</li></ul>

Yunkang Group reported 2023 revenue of RMB891.5mn, down by 76.3% YoY, primarily due to the sharp decline of diagnostic testing demand for COVID-19 in China.The blended gross margin improved to 36.5% in 2023 (+1.7 ppts), mainly due to enhanced operation efficiency and effective cost control.The selling expense rate increased to 16.9% (+8.6 ppts) since the proportion of nonCOVID business increased substantially which required more marketing activities than COVID business. 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) – Back to Normal Growth

<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

Ethan Aw

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

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

Clarence Chu

Lygend Resources & Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lygend-resources-technology" target="_blank" data-smartkarma-citation="entities:36493:1" rel="noopener">Lygend Resources &amp; Technology (2245 HK)</a> raised US$470m in its Hong Kong IPO.</li>
<li>Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Lygend Resources &amp; Technology (2245 HK) raised US$470m in its Hong Kong IPO.
Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.
In this note we will talk about the trading dynamics.


Lygend Resources & Technology IPO Trading - Tepid Subscription but Potential Upside Remains

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.

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Yunkang Group (2325 HK)