In today’s briefing:
- Curator’s Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing
- ECM Weekly (4 August 2025)-Meituan, LG CNS, Wuxi AppTec, SICC, NSDL, Aditya Info, GigaDevice, WeWork
- Pre-IPO Heartflow (HTFL US – Thoughts on the Business and Valuation Outlook
- Aditya Infotech IPO Trading – Strong Overall Demand with Decent Anchor
- Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts
Curator’s Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing
- Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma
- In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May
- Want to dig deeper? Comment or message with the themes you’d like to see highlighted next
ECM Weekly (4 August 2025)-Meituan, LG CNS, Wuxi AppTec, SICC, NSDL, Aditya Info, GigaDevice, WeWork
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, India deal flow remains strong, with HK A/H listing starting to flow in again.
- On the placements front, WuXi AppTec (2359 HK) undertook a mega raising, while Prosus NV (PRX NA) has begun to pare its stake in Meituan (3690 HK).
Pre-IPO Heartflow (HTFL US – Thoughts on the Business and Valuation Outlook
- HeartFlow submitted its prospectus, targeting a valuation of up to US$1.32 billion in US IPO. Heartflow is seeking up to US$212.5 million by offering 12.5 million shares priced between US$15-17/share.
- HeartFlow’s moat includes a first-mover advantage, medical insurance network, and ecological cooperation with equipment manufacturers. However, the accuracy of its products is slightly inferior to that of similar Chinese products.
- Our forecast is revenue to up 35% YoY/30% YoY/25% YoY in 2025/2026/2027. HeartFlow may achieve breakeven in 2027. Comfortable valuation could be P/S of 7-9x if based on 2025E revenue.
Aditya Infotech IPO Trading – Strong Overall Demand with Decent Anchor
- Aditya Infotech Ltd (6596564Z IN) raised about US$151m in its India IPO.
- Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts
- Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
- In this note, we look at changes to the company’s PHIP prospectus.
- While there is no major update to the asset lists, we do see that the market forecasts provided in the prospectus scaled down significantly.
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