In today’s briefing:
- Pre-IPO Huge Dental Limited – The Business and the Concerns Behind
- Anjoy Foods Group A/H Listing – A Leader in a Fragmented Industry
Pre-IPO Huge Dental Limited – The Business and the Concerns Behind
- Since HUGE ranks in the first tier among domestic brands, the import substitution would be the main logic to continue driving the performance growth based on its strong cost effectiveness.
- If HUGE wants to achieve success in non-advantageous areas in the future, reducing price to compete for more market share could be an essential means. VBP is also a challenge.
- Comparable companies include Sinocera Functional Material, Yantai Zhenghai Bio-Tech, Angelalign, Modern Dental Group, Topchoice Medical. We think valuation of HUGE could be higher than peers due to higher profitability.
Anjoy Foods Group A/H Listing – A Leader in a Fragmented Industry
- Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$300m in its H-share listing.
- AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost & Sullivan report.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
💡 Before it’s here, it’s on Smartkarma
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