Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

HOGY MEDICAL CO., LTD. manufactures and sells medical supply and related products including sterilized tools and disposable injectors and masks used by surgeons.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a> , in the last 10 fiscals, witnessed sales grow at CAGR of 1%. In tandem with that, company reported 4% drop sales to ¥18.9B in H1FY26.</li>
<li>The company revised FY26 sales guidance downwards to ¥39.2B (from previous ¥41.8B), with profits also witnessing considerable downward revision.</li>
<li>Stock to underperform and so we recommend a SELL on Hogy at this moment. Strategically, two possible outcomes open for Hogy, a take-over by another corporate entity or going private.</li>
</ul>



Hogy Medical (3593 JP) , in the last 10 fiscals, witnessed sales grow at CAGR of 1%. In tandem with that, company reported 4% drop sales to ¥18.9B in H1FY26.
The company revised FY26 sales guidance downwards to ¥39.2B (from previous ¥41.8B), with profits also witnessing considerable downward revision.
Stock to underperform and so we recommend a SELL on Hogy at this moment. Strategically, two possible outcomes open for Hogy, a take-over by another corporate entity or going private.


Hogy (3593 JP): Can Activism Alone Save Hogy From Going Down a Spriral? Fundamentals Don’t Support

Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. manufactures and distributes medical equipment. The Company produces life information supporting, in vitro diagnostic, and medical imaging equipment equipment. Shenzhen Mindray Bio-Medical Electronics also produces supporting reagents.

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> filed for a Hongkong IPO. The company’s A shares are already listed on the Shenzhen Stock Exchange. The IPO will consist of fresh issue.</li>
<li>Mindray intends to use the proceeds for funding global R&amp;D efforts, to further enhance global sales network and supply chain capabilities and, for working capital and general corporate purposes.</li>
<li>The long-term growth scenario looks largely subdued with the overseas market (revenue achieved a CAGR of over 18% from 2022-24) compensating for the sales lost in the domestic market.</li>
</ul>



Shenzhen Mindray Bio-Medical Electronics (300760 CH) filed for a Hongkong IPO. The company’s A shares are already listed on the Shenzhen Stock Exchange. The IPO will consist of fresh issue.
Mindray intends to use the proceeds for funding global R&amp;D efforts, to further enhance global sales network and supply chain capabilities and, for working capital and general corporate purposes.
The long-term growth scenario looks largely subdued with the overseas market (revenue achieved a CAGR of over 18% from 2022-24) compensating for the sales lost in the domestic market.


Shenzhen Mindray A/H Listing: Overseas Shine Amid Absent China Recovery, Not Enough For Long Term

Simcere Pharmaceutical Group / Equity Bottom-Up

Simcere Pharmaceutical Group manufactures and supplies branded generic pharmaceuticals to the China market. The Company's products include antibiotics, anti-cancer medications and anti-stroke medications.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> entered into a license agreement with Vigonvita Life Science Co. Ltd in respect of new indications (RSV and HMPV) of VV116 (Deuterated Remdesivir Hydrobromide).</li>
<li>There is no innovative small molecule antiviral drug approved for RSV infection globally. The development of effective RSV treatment represents a huge unmet medical need worldwide.</li>
<li>The licensing deals signed over the last few months alongside strong innovative drug portfolio, approvals and strong future pipeline makes it a bullish case.</li>
</ul>



Simcere Pharmaceutical Group (2096 HK) entered into a license agreement with Vigonvita Life Science Co. Ltd in respect of new indications (RSV and HMPV) of VV116 (Deuterated Remdesivir Hydrobromide).
There is no innovative small molecule antiviral drug approved for RSV infection globally. The development of effective RSV treatment represents a huge unmet medical need worldwide.
The licensing deals signed over the last few months alongside strong innovative drug portfolio, approvals and strong future pipeline makes it a bullish case.


Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

CSPC Innovation Pharmaceutical-A / Equity Capital Markets

CSPC Innovation Pharmaceutical Co.,Ltd. manufactures bulk pharmaceutical chemical products. The Company develops and markets diprophylline, theobromine, pentoxifylline, doxofylline, psychotropic drugs, and other products. CSPC Innovation Pharmaceutical also produces vitamin products, functional foods, and other products.

CSPC Innovation Pharmaceutical-A (300765 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-innovation-pharmaceutical-a" target="_blank" data-smartkarma-citation="entities:29829:1" rel="noopener">CSPC Innovation Pharmaceutical-A (300765 CH)</a> has applied for H share listing on the Hong Kong Stock Exchange, with CITIC Securities being the sole sponsor to the issue.</li>
<li>The company intends to raise fund for financing biopharmaceuticals R&amp;D, acquisitions of companies or drug assets to expand product portfolio, and commercialization of approved products and late-stage product candidates.</li>
<li>CSPC Innovation shares have been listed in China since 2019. After strong run-up from September 2023 to June 2025 (shares jumped 5x), shares fell 43% over the last six months.</li>
</ul>



CSPC Innovation Pharmaceutical-A (300765 CH) has applied for H share listing on the Hong Kong Stock Exchange, with CITIC Securities being the sole sponsor to the issue.
The company intends to raise fund for financing biopharmaceuticals R&amp;D, acquisitions of companies or drug assets to expand product portfolio, and commercialization of approved products and late-stage product candidates.
CSPC Innovation shares have been listed in China since 2019. After strong run-up from September 2023 to June 2025 (shares jumped 5x), shares fell 43% over the last six months.


CSPC Innovation (300765 CH) A/H Listing: Shifting Focus to Biopharma Augurs Well

BenQ BM Holding Cayman Corp. / Equity Capital Markets

BenQ BM Holding Cayman Corp., a subsidiary of Qisda Group, listing in Hong Kong.

<ul>
<li>BenQ BM launched its Hongkong IPO aiming to raise up to HK$783M. The company plans to sell 67M shares at a price band of HK$ 9.34-HK$ 11.68 per share.</li>
<li>Proceeds to be used for expansion and upgradation of existing hospitals, for mergers and acquisitions opportunities and for general corporate purposes and working capital needs.</li>
<li>Amid sluggish sales and margin pressure, we think that the BenQ BM issue is overvalued and investors can comfortably avoid subscribing to the offer.</li>
</ul>


BenQ BM launched its Hongkong IPO aiming to raise up to HK$783M. The company plans to sell 67M shares at a price band of HK$ 9.34-HK$ 11.68 per share.
Proceeds to be used for expansion and upgradation of existing hospitals, for mergers and acquisitions opportunities and for general corporate purposes and working capital needs.
Amid sluggish sales and margin pressure, we think that the BenQ BM issue is overvalued and investors can comfortably avoid subscribing to the offer.


BenQ BM IPO: Competition Driven Sluggishness, Margin Pressure Make the Issue Unattractive

Equity research analyst having 15+ years of experience, with an interest on fundamentally strong global healthcare companies. I have been helping investors to find future winners in healthcare space to grow their wealth by focusing on the strength and potential of the business models of the companies. My initiating coverage reports and pitch help investors to know ‘what to buy’, ‘why to buy’, and ‘when to buy’. My clients always remain on top of the sector with the help of my timely and detailed notes on earnings or any news update. I also provide broader view on the entire healthcare sector through periodic thematic reports.

Tina Banerjee
Global Healthcare Analyst

Hogy (3593 JP): Can Activism Alone Save Hogy From Going Down a Spriral? Fundamentals Don’t Support

Carlyle has launched a tender offer to acquire Hogy Medical offering ¥6,700 per share. We had highlighted about the possibility of going private in...

Tina Banerjee

Shenzhen Mindray A/H Listing: Overseas Shine Amid Absent China Recovery, Not Enough For Long Term

Shenzhen Mindray filed for Hong Kong IPO to fund global expansion. Comfortably placed on a sustained growth trajectory in the overseas market, the...

Tina Banerjee

Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

The licensing deals signed over the last few months along side strong innovative drug portfolio, approvals and strong future pipeline augurs well...

Tina Banerjee

CSPC Innovation (300765 CH) A/H Listing: Shifting Focus to Biopharma Augurs Well

CSPC Innovation has applied for H share listing. The company intends to raise fund for financing biopharmaceuticals R&D, acquisition, and...

Tina Banerjee

BenQ BM IPO: Competition Driven Sluggishness, Margin Pressure Make the Issue Unattractive

BenQ BM launches Hong Kong IPO to raise up to HK$783M, but amid sales and margin concerns, investors may want to steer clear of the overvalued offer.

Tina Banerjee

Hogy (3593 JP): Can Activism Alone Save Hogy From Going Down a Spriral? Fundamentals Don’t Support

Carlyle has launched a tender offer to acquire Hogy Medical offering ¥6,700 per share. We had highlighted about the possibility of going private in...

Tina Banerjee

Shenzhen Mindray A/H Listing: Overseas Shine Amid Absent China Recovery, Not Enough For Long Term

​Shenzhen Mindray filed for Hong Kong IPO to fund global expansion. Comfortably placed on a sustained growth trajectory in the overseas market, the...

Tina Banerjee

Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

The licensing deals signed over the last few months along side strong innovative drug portfolio, approvals and strong future pipeline augurs well...

Tina Banerjee

CSPC Innovation (300765 CH) A/H Listing: Shifting Focus to Biopharma Augurs Well

CSPC Innovation has applied for H share listing. The company intends to raise fund for financing biopharmaceuticals R&D, acquisition, and...

Tina Banerjee

BenQ BM IPO: Competition Driven Sluggishness, Margin Pressure Make the Issue Unattractive

​BenQ BM launches Hong Kong IPO to raise up to HK$783M, but amid sales and margin concerns, investors may want to steer clear of the overvalued offer.

Tina Banerjee

Shenzhen Mindray filed for Hong Kong IPO to fund global expansion. Comfortably placed on a sustained growth trajectory in the overseas market, the...

BenQ BM launches Hong Kong IPO to raise up to HK$783M, but amid sales and margin concerns, investors may want to steer clear of the overvalued offer.