In today’s briefing:
- China Healthcare Weekly (Jun.22) – CNPGC to Acquire Shuanglin, Thoughts on Zhou Liu Fu’s IPO Pricing
- FWD Group IPO: The Investment Case
China Healthcare Weekly (Jun.22) – CNPGC to Acquire Shuanglin, Thoughts on Zhou Liu Fu’s IPO Pricing
- The 2024 China Hospital Medication Market Pattern Report has been released, and we have found some interesting points worth the attention.
- CNPGC plans to acquire 21.03% of Pacific Shuanglin’s shares at a premium of over 30% and become the actual controller. Due to horizontal competition issue, there’s potential M&A/privatization opportunities here.
- The IPO of Zhou Liu Fu is fairly priced. But fundamentals would not improve due to high gold prices and would deteriorate instead. Share price upside potential could be lower-than-expected.
FWD Group IPO: The Investment Case
- FWD Group Holdings (FWD HK) is a pan-Asia insurer that has filed its PHIP to raise around US$500 million.
- FWD initially aimed for an NYSE IPO in 2021 to raise US$2-3 billion at a US$13-15 billion valuation. An HKEx listing in 2022 was shelved due to market conditions.
- This note outlines the investment case. My analysis suggests that the fundamentals are mixed as FWD is rapidly growing its new business, but at the expense of its margin.
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