HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Cofoe Medical Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cofoe-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45716:1" rel="noopener">Cofoe Medical Technology (1187 HK)</a> launched its H-share IPO at HK$39.33, valuing the stock at 16.4x PER for FY26, a discount to the global peers.</li>
<li>Its 3-year EPS CAGR of 18.8% is ahead of the global average, but its market capitalisation of HK$9.3bn is materially smaller.</li>
<li>Using a 10% PER discount to global peers, it has a fair range of HK$41.8-45.2, which equals a reasonable 27-33% discount to its A-share <a href="https://www.smartkarma.com/entities/cofoe-medical-technology-co-lt" target="_blank" data-smartkarma-citation="entities:34791:1" rel="noopener">Cofoe Medical (301087 CH)</a>. </li>
</ul>



Cofoe Medical Technology (1187 HK) launched its H-share IPO at HK$39.33, valuing the stock at 16.4x PER for FY26, a discount to the global peers.
Its 3-year EPS CAGR of 18.8% is ahead of the global average, but its market capitalisation of HK$9.3bn is materially smaller.
Using a 10% PER discount to global peers, it has a fair range of HK$41.8-45.2, which equals a reasonable 27-33% discount to its A-share Cofoe Medical (301087 CH). 


Cofoe Medical Technology (1187 HK) IPO: Priced with Reasonable Potential Gain

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Guangzhou Wondfo Biotech C-A / Index Rebalance

<ul>
<li>CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical themes from the Shanghai, Shenzhen, and Beijing Exchanges.</li>
<li>In this insight, we have presented our expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2026.</li>
<li>We expect three ADDs/DELs for the CSI Medical Service index during this index review event based on the latest available data.</li>
</ul>


CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical themes from the Shanghai, Shenzhen, and Beijing Exchanges.
In this insight, we have presented our expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2026.
We expect three ADDs/DELs for the CSI Medical Service index during this index review event based on the latest available data.


Quiddity Leaderboard CSI Medical Jun26: 3 ADDs/DELs Expected For Now But It Could Become 4

Qingdao Haier Biomedical  Lt / Index Rebalance

<ul>
<li>CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical themes from the Shanghai, Shenzhen, and Beijing Exchanges.</li>
<li>In this insight, we have presented our current expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2026.</li>
<li>We expect three ADDs and three DELs for the CSI Medical Service index during this index review event based on the latest available data.</li>
</ul>


CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical themes from the Shanghai, Shenzhen, and Beijing Exchanges.
In this insight, we have presented our current expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2026.
We expect three ADDs and three DELs for the CSI Medical Service index during this index review event based on the latest available data.


Quiddity Leaderboard CSI Medical Jun26: Three Changes Likely; US$244 Mn One-Way

<ul>
<li>CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical themes from the Shanghai, Shenzhen, and Beijing Exchanges.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2026.</li>
<li>We expect up to four ADDs and four DELs for the CSI Medical Service index during this index review event based on the latest available data.</li>
</ul>


CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical themes from the Shanghai, Shenzhen, and Beijing Exchanges.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2026.
We expect up to four ADDs and four DELs for the CSI Medical Service index during this index review event based on the latest available data.


Quiddity Leaderboard CSI Medical Jun26: Four Changes Possible; US$262mn One-Way

Zhongyuan Environment A / Index Rebalance

<ul>
<li>The June 2025 index review results for China's CSI 1000 index were announced after market close on Friday 30th May 2025.</li>
<li>There will be 100 ADDs/DELs for CSI 1000 in the June 2025 rebalance.</li>
<li>The CSI 1000 index rebal event could trigger US$2.2bn in one-way flow.</li>
</ul>


The June 2025 index review results for China's CSI 1000 index were announced after market close on Friday 30th May 2025.
There will be 100 ADDs/DELs for CSI 1000 in the June 2025 rebalance.
The CSI 1000 index rebal event could trigger US$2.2bn in one-way flow.


Quiddity CSI 1000 Jun25 Results: 200 Changes; US$2Bn+ One-Way

China

Zhende Medical Co., Ltd. manufactures medical products. The Company researches, develops, produces, and sells medical dressings, pressure treatment and fixation, modern wound care, surgical infection management, and other products. Zhende Medical markets its products worldwide.

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Zhende Medical Co Ltd (603301 CH)

Cofoe Medical Technology (1187 HK) IPO: Priced with Reasonable Potential Gain

Cofoe Medical Technology's H-share IPO values the stock at a discount to global peers. We estimate a fair range of HK$41.8-45.2, balancing the...

Osbert Tang, CFA

Quiddity Leaderboard CSI Medical Jun26: 3 ADDs/DELs Expected For Now But It Could Become 4

One potential ADD and one potential DEL are still close to the border and those names could trigger an extra index change depending on relative...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Jun26: Three Changes Likely; US$244 Mn One-Way

We estimate the CSI Medical June 2026 index rebalance to trigger flows of ~US$244mn one-way. The flow impacts range from 1x to 4x ADV for the...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Jun26: Four Changes Possible; US$262mn One-Way

We estimate the CSI Medical June 2026 index rebalance to trigger flows of ~US$262mn one-way. Some names have multiple days to trade.

Janaghan Jeyakumar, CFA

Quiddity CSI 1000 Jun25 Results: 200 Changes; US$2Bn+ One-Way

Some CSI 1000 ADDs are CSI 500 DELs and Some CSI 1000 DELs are CSI 500 ADDs. These names will have opposing index flows that could offset each other.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cofoe Medical Technology (1187 HK) IPO: Priced with Reasonable Potential Gain

​Cofoe Medical Technology's H-share IPO values the stock at a discount to global peers. We estimate a fair range of HK$41.8-45.2, balancing the...

Osbert Tang, CFA

Quiddity Leaderboard CSI Medical Jun26: 3 ADDs/DELs Expected For Now But It Could Become 4

One potential ADD and one potential DEL are still close to the border and those names could trigger an extra index change depending on relative...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Jun26: Three Changes Likely; US$244 Mn One-Way

We estimate the CSI Medical June 2026 index rebalance to trigger flows of ~US$244mn one-way. The flow impacts range from 1x to 4x ADV for the...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Jun26: Four Changes Possible; US$262mn One-Way

We estimate the CSI Medical June 2026 index rebalance to trigger flows of ~US$262mn one-way. Some names have multiple days to trade.

Janaghan Jeyakumar, CFA

Quiddity CSI 1000 Jun25 Results: 200 Changes; US$2Bn+ One-Way

Some CSI 1000 ADDs are CSI 500 DELs and Some CSI 1000 DELs are CSI 500 ADDs. These names will have opposing index flows that could offset each other.

Janaghan Jeyakumar, CFA

Cofoe Medical Technology's H-share IPO values the stock at a discount to global peers. We estimate a fair range of HK$41.8-45.2, balancing the...