Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

New Frontier Health Corp / Equity Capital Markets

New Frontier Corp (NFC) is seeking shareholder approval for the acquisition of UFH (United Family Healthcare) and share placements to fund the transaction. UFH was previously part of Chindex which was delisted in 2014.
Accredited by JCI, UFH is a leading premium healthcare service provider in China with a strong foothold in tier 1 cities. In this note, we look at the company’s core assets including Beijing United Family Hospitals and Shanghai Puxi United Family Hospital. 
UFH’s target customers are affluent Chinese and expatriates. It has a strong focus on obstetrics and gynaecology, pediatric and family medicine. Our channel check suggests that UFH offers reasonable quality healthcare services on par with an international hospital but it’s not the top choice for critical illness as the top specialists are still more accessible at the leading public hospitals. 
We compare the valuation of UFH acquisition with the valuation of the delisting from the US. We value the company’s mature assets and expansion assets separately. On a combined basis, we value the company at an enterprise value of USD 1.8 billion.

New Frontier Corp (NFC) is seeking shareholder approval for the acquisition of UFH (United Family Healthcare) and share placements to fund the transaction. UFH was previously part of Chindex which was delisted in 2014.
Accredited by JCI, UFH is a leading premium healthcare service provider in China with a strong foothold in tier 1 cities. In this note, we look at the company’s core assets including Beijing United Family Hospitals and Shanghai Puxi United Family Hospital. 
UFH’s target customers are affluent Chinese and expatriates. It has a strong focus on obstetrics and gynaecology, pediatric and family medicine. Our channel check suggests that UFH offers reasonable quality healthcare services on par with an international hospital but it’s not the top choice for critical illness as the top specialists are still more accessible at the leading public hospitals. 
We compare the valuation of UFH acquisition with the valuation of the delisting from the US. We value the company’s mature assets and expansion assets separately. On a combined basis, we value the company at an enterprise value of USD 1.8 billion.

New Frontier Corp (和睦家) Trade - A Relisting with a Bigger Asset