HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>SAINT BELLA’s revenue growth fluctuated because the pandemic led to the delay in the pregnancy plan of many families and an increase in the rate of abortion or miscarriage. </li>
<li>The increasing contract liabilities indicate that short-term performance growth of SAINT BELLA is guaranteed, but the declining fertility rates in China will bring challenges to SAINT BELLA’s long-term growth momentum.</li>
<li>After Series B round financing in 2020, post-investment valuation was already about US$100 million. Valuation of SAINT BELLA should be higher than <a href="https://www.smartkarma.com/entities/aidigong-maternal-child-health-limited" target="_blank" data-smartkarma-citation="entities:6880:1" rel="noopener">Aidigong Maternal &amp; Child Health Limited (286 HK)</a>.</li>
</ul>


SAINT BELLA’s revenue growth fluctuated because the pandemic led to the delay in the pregnancy plan of many families and an increase in the rate of abortion or miscarriage. 
The increasing contract liabilities indicate that short-term performance growth of SAINT BELLA is guaranteed, but the declining fertility rates in China will bring challenges to SAINT BELLA’s long-term growth momentum.
After Series B round financing in 2020, post-investment valuation was already about US$100 million. Valuation of SAINT BELLA should be higher than Aidigong Maternal &amp; Child Health Limited (286 HK).


Pre-IPO Saint Bella - The Outlook for Future Performance Growth Is Highly Uncertain

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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.

Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character toys.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (1850960D CH)</a> is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
In this note, we will talk about the not so positive aspects of the deal.


Bloks Group Pre-IPO - The Negatives - Concentration Risk Is Concerning, and Limited Overseas Reach

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (1850960D CH)</a> is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
In this note, we will talk about the positive aspects of the deal.


Bloks Group Pre-IPO - The Positives - Wide Portfolio of Established IPs

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

ASICS CORPORATION manufactures general sporting goods and equipment.  The Company's products, such as athletic shoes and sportswear, are distributed in the United States, Europe, Australia, and Asia.

<ul>
<li>Since the US$1.4 billion secondary placement announcement, <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP)</a>’s shares are up 0.9% from the undisturbed price of JPY2,564 per share (12 July).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asics’ shares have deviated from the pattern of previous large placements.</li>
<li>The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$1.4 billion secondary placement announcement, ASICS Corp (7936 JP)’s shares are up 0.9% from the undisturbed price of JPY2,564 per share (12 July).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asics’ shares have deviated from the pattern of previous large placements.
The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.


ACME Solar Holdings / Equity Capital Markets

ACME Solar Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides innovative green energy and energy management solutions for telecom passive Infrastructure. ACME Solar Holdings serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/acme-solar-holdings" target="_blank" data-smartkarma-citation="entities:43723:1" rel="noopener">ACME Solar Holdings (1700918D IN)</a> is looking to raise US$360m in its upcoming India IPO. The bookrunners on the deal are ICICI, JM Financial, Kotak, Nuvama Wealth and Motilal Oswal.</li>
<li>ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.</li>
<li>As per CRISIL, the firm was among the top 10 renewable energy players in India in terms of operational capacity as of FY24. </li>
</ul>



ACME Solar Holdings (1700918D IN) is looking to raise US$360m in its upcoming India IPO. The bookrunners on the deal are ICICI, JM Financial, Kotak, Nuvama Wealth and Motilal Oswal.
ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.
As per CRISIL, the firm was among the top 10 renewable energy players in India in terms of operational capacity as of FY24. 


Asia ECM
Coverage of Asian IPOs & Placements

Pre-IPO Saint Bella - The Outlook for Future Performance Growth Is Highly Uncertain

Increasing contract liabilities ensure SAINT BELLA's short-term performance but declining fertility rate in China pose long-term challenge.We're...

Xinyao (Criss) Wang

Bloks Group Pre-IPO - The Negatives - Concentration Risk Is Concerning, and Limited Overseas Reach

Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive aspects...

Clarence Chu

Bloks Group Pre-IPO - The Positives - Wide Portfolio of Established IPs

Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of the...

Clarence Chu

ASICS (7936 JP): The Current Playbook

The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Arun George

ACME Solar Holdings Pre-IPO Tearsheet

ACME Solar Holdings (1700918D IN) is looking to raise US$360m in its upcoming India IPO. The bookrunners on the deal are ICICI, JM Financial,...

Clarence Chu

Pre-IPO Saint Bella - The Outlook for Future Performance Growth Is Highly Uncertain

Increasing contract liabilities ensure ​SAINT BELLA's short-term performance but declining fertility rate in China pose long-term challenge.We're...

Xinyao (Criss) Wang

Bloks Group Pre-IPO - The Negatives - Concentration Risk Is Concerning, and Limited Overseas Reach

Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive aspects...

Clarence Chu

Bloks Group Pre-IPO - The Positives - Wide Portfolio of Established IPs

Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of the...

Clarence Chu

ASICS (7936 JP): The Current Playbook

The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Arun George

ACME Solar Holdings Pre-IPO Tearsheet

ACME Solar Holdings (1700918D IN) is looking to raise US$360m in its upcoming India IPO. The bookrunners on the deal are ICICI, JM Financial,...

Clarence Chu

Increasing contract liabilities ensure SAINT BELLA's short-term performance but declining fertility rate in China pose long-term challenge.We're...