Daily Brief Health Care: UltraGreen.AI, Hebei Changshan Biochemical Pharm, 3SBio Inc, Lumexa Imaging Holdings, Shanghai Bao Pharmaceuticals, Vivos Therapeutics , Kalbe Farma, Mandi, NewGenIVF Group Ltd, Shanghai Kaibao Pharmaceutical Co,Ltd. and more

• UltraGreen.AI (2594794D SP) raised around US$400m in its Singapore IPO.
• UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
• We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

• The June 2025 index review results for the ChiNext and ChiNext 50 indices were announced after market close on Friday 28th November 2025.
• There will be eight changes for the ChiNext index and five changes for the ChiNext 50 index.
• The ChiNext and ChiNext 50 index rebal events could trigger US$1.1bn and US$379mn in one-way flows respectively.

• 3SBio Inc (1530 HK) announced the placement of 105.2M shares for subscription at HK$29.62 per share.
• The company intends to use 80% of the net proceeds for R&D-related expenditures on innovative drug candidates and the rest 20% for working capital and other general corporate purpose.
• The placement provides an indirect way of subscribing to Mandi shares. We reiterate our bullish stance on 3SBio with a 25-30% upside scope in the near term.

• Lumexa advances its IPO with a 25M-share offering, targeting a $1.6–$1.9B valuation and expecting over $427M in primary proceeds.
• As the second-largest U.S. outpatient imaging provider, the company operates 184 centers with strong referral networks, high-growth markets, and leadership in advanced imaging.
• Revenue growth remains steady and diversified across modalities, supporting a stable sector profile and an attractive risk-reward setup backed by a strong underwriting syndicate.

• Shanghai Bao Pharmaceuticals has launched HK IPO to raise ~$128M by offering~38M H shares at HK$26.38 per share. Subscriptions will close on December 5, with expected listing on December 10.
• The company intends to use the IPO proceeds for R&D and commercialization of core products, advancement of other existing pipeline assets, enhance and scale up manufacturing capabilities.           
• Core products of Bao Pharmaceutical are differentiated and niche, thereby limiting competition threat. These products have demonstrated superior efficacy and safety in clinical trials and targets sizable patient population.

• SCN revenue-powered 3Q25. Vivos Therapeutics (NASDAQ: VVOS) delivered a strong quarter, reporting a 76% Y/Y revenue surge from $3.9 million to $6.8 million, fueled by the first full-quarter contribution from Sleep Center of Nevada (SCN), which Vivos acquired on June 10, 2025. 
• The $2.9-million revenue accretion consisted of a $2.2-million increase in OSA sleep testing services, primarily generated by SCN, and $1.3 million generated from treatment centers known as Sleep and Airway Medicine Centers (SAMCs) launched at two SCN locations in Las Vegas. 
• This was partially offset by a $0.8-million drop in VIP revenue, a deliberate diminution from this source, reflecting management’s strategic decision to pivot away from the legacy channel.

• Kalbe Farma is the largest publicly-listed pharmaceutical company in Indonesia and Southeast Asia, with a diversified business model spanning four key divisions: Prescription Pharmaceuticals, Consumer Health, Nutritionals, and Distribution & Logistics.
• The company is well-positioned to capitalize on the favorable long-term tailwinds of the Indonesian healthcare industry, which is the largest in ASEAN and projected to continue its strong growth trajectory, driven by a large population, a rising middle class, and the national health insurance scheme (JKN/BPJS).
• Despite recent margin pressures from a shifting product mix and currency fluctuations, the stock appears attractively valued, trading at a significant discount to its historical mean. A rebound in revenue, coupled with stable raw material prices and a resilient core profit outlook, presents a compelling investment case.

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• Mandi’s business is quite focused. In the short-term, Minoxidil will continue to be the main performance driver for Mandi. The performance contribution of Winlevi and Mandi’s semaglutide would be uncertain. 
• The concern here is the declining growth rate due to VBP and increasing competition. Based on our forecast, growth of the next three years would be maintained at 15-20% YoY.
• An aggressive valuation range for Mandi is RMB34-43 billion. However, due to VBP/increasing competition, a relatively conservative P/S range is 10-20x. If based on 2025 forecast, valuation is RMB17.2-34.3 billion.

• Zacks Small-Cap Research Note for NewGenIVF Group Limited (NIVF)

• Shanghai Kaibao is a specialized pharmaceutical company focused on Traditional Chinese Medicine (TCM), with its patented, exclusive product, Tanreqing Injection, serving as the primary revenue and profit driver. This product is a leading treatment for respiratory illnesses like bronchitis and pneumonia in China.
• The company has demonstrated a remarkable financial turnaround, evidenced by a 3-year net income CAGR of 38.91%. This growth follows a period of stagnation, signaling a potential resurgence, supported by high and stable gross margins consistently above 76%.
• Significant risks loom from high product concentration on Tanreqing and the stringent Chinese regulatory environment. Potential government-mandated price reductions through the National Reimbursement Drug List (NRDL) negotiations and competition from substitute treatments pose material threats to future profitability.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.