HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Soft International Group / Equity Capital Markets

Developer, manufacturer and distributor of personal single-use hygiene products

<ul>
<li>The competition intensity of the industry in which Soft International's main business operates is expected to remain high in the future. The growth rate of major markets will maintain low.</li>
<li>Soft International’s performance has shown a downward trend as it enters 2024.This is not good news for capital markets that prioritize performance sustainability.P/E of 10x is a suitable valuation level</li>
<li>Our forecast is that Soft International’s revenue could reach RMB750-800 million in 2025 and RMB850-950 million in 2026, with CAGR of 10%-15%.Net profit margin may remain low at single digit.</li>
</ul>


The competition intensity of the industry in which Soft International's main business operates is expected to remain high in the future. The growth rate of major markets will maintain low.
Soft International’s performance has shown a downward trend as it enters 2024.This is not good news for capital markets that prioritize performance sustainability.P/E of 10x is a suitable valuation level
Our forecast is that Soft International’s revenue could reach RMB750-800 million in 2025 and RMB850-950 million in 2026, with CAGR of 10%-15%.Net profit margin may remain low at single digit.


Pre-IPO Soft International Group (PHIP Updates) - Some Points Worth the Attention

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Private Capital Markets

DeepSeek is a Chinese artificial intelligence company that develops open-source large language models (LLM)

<ul><li>Deep Seek is a self-funded AI lab in China that originated from a quantitative hedge fund called High Flyer</li><li>They have fast thinking models (V1, V2, V3) and reasoning models (R1) with the R1 model developed through reinforcement learning</li><li>Deep Seek's innovative approach and talented team have been working on AI research for a considerable amount of time, leading to their success in the field.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Deep Seek is a self-funded AI lab in China that originated from a quantitative hedge fund called High FlyerThey have fast thinking models (V1, V2, V3) and reasoning models (R1) with the R1 model developed through reinforcement learningDeep Seek's innovative approach and talented team have been working on AI research for a considerable amount of time, leading to their success in the field.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 109: Unpacking the Nuances of Deep Seek with Austin Lyons

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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.

Nanshan Aluminium International Holdings / Equity Capital Markets

Nanshan Aluminium International is a leading alumina manufacturer in Southeast Asia. The firm’s primary focus has been tapping into Indonesia’s abundant bauxite and coal reserves, utilizing the low-temperature Bayer process to produce metallurgical-grade alumina in sand form.

Nanshan Aluminium International Holdings (NAI HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nanshan-aluminium-international-holdings" target="_blank" data-smartkarma-citation="entities:43976:1" rel="noopener">Nanshan Aluminium International Holdings (NAI HK)</a>  is looking to raise up to US$358m in its upcoming Hong Kong IPO.</li>
<li>NA is a leading high-quality alumina manufacturer in Southeast Asia.  The firm sources bauxite domestically in Indonesia and utilizes low-temperature Bayer process.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we discuss latest industry dynamics, conduct a quick peer comparison and discuss the company’s valuation.</li>
</ul>



Nanshan Aluminium International Holdings (NAI HK)  is looking to raise up to US$358m in its upcoming Hong Kong IPO.
NA is a leading high-quality alumina manufacturer in Southeast Asia.  The firm sources bauxite domestically in Indonesia and utilizes low-temperature Bayer process.
We have looked at the company’s past performance in our earlier notes. In this note, we discuss latest industry dynamics, conduct a quick peer comparison and discuss the company’s valuation.


Nanshan Aluminium IPO: Orphaned Security with Margin Risk

Troy Wong

<ul>
<li>Huge Dental (HD) is looking to raise about US$100mn in its upcoming Hong Kong IPO. The deal will be run by CICC and DBS.</li>
<li>As a leading dental material company among domestic players in China, HD offers dental clinical products, dental laboratory products and dental digital products in various application scenarios.</li>
<li>HD primarily sells across 6 continents, with China, Europe, U.S., and SEA being the primary markets.</li>
</ul>


Huge Dental (HD) is looking to raise about US$100mn in its upcoming Hong Kong IPO. The deal will be run by CICC and DBS.
As a leading dental material company among domestic players in China, HD offers dental clinical products, dental laboratory products and dental digital products in various application scenarios.
HD primarily sells across 6 continents, with China, Europe, U.S., and SEA being the primary markets.


Anjoy Foods Group   / Equity Capital Markets

Anjoy Foods Group Co. Ltd. operates as a food manufacturer. The Company produces and distributes individually packaged quick freezing seafood, meat, flour, rice, and other processed food products. Anjoy Foods Group mainly conducts businesses in China.

<ul>
<li>From the characteristics of quick-frozen food industry, companies usually have low pricing power. Since barriers to entry and exit are low, in the long run, the profits will be meager.</li>
<li>Anjoy’s core business model is to develop the sinking market through distributors who have been operating for many years. Revenue growth shows an upward trend, but growth momentum is decreasing.</li>
<li>Anjoy is facing performance growth pressure in China market, as well as uncertainties in terms of internationalization. High valuation becomes sustainable only when Anjoy successfully enters international markets.</li>
</ul>


From the characteristics of quick-frozen food industry, companies usually have low pricing power. Since barriers to entry and exit are low, in the long run, the profits will be meager.
Anjoy’s core business model is to develop the sinking market through distributors who have been operating for many years. Revenue growth shows an upward trend, but growth momentum is decreasing.
Anjoy is facing performance growth pressure in China market, as well as uncertainties in terms of internationalization. High valuation becomes sustainable only when Anjoy successfully enters international markets.


Pre-IPO Anjoy Foods Group - Only Successful Internationalization Can Support High Valuation

Coverage of China and Hong Kong IPOs & Placements

Greater China ECM
Coverage of China and Hong Kong IPOs & Placements

Pre-IPO Soft International Group (PHIP Updates) - Some Points Worth the Attention

Soft International faces high competition and slow market growth, with declining performance in 2024. Single-digit net profit margin is...

Xinyao (Criss) Wang

Episode 109: Unpacking the Nuances of Deep Seek with Austin Lyons

In summary, Deepseek is an AI lab in China known for its self-funded, innovative approach to developing models that have sparked interest and...

The Circuit

Nanshan Aluminium IPO: Orphaned Security with Margin Risk

Nanshan Aluminium (NA) is looking to raise up to US$358m in its upcoming Hong Kong IPO. It is an alumina manufacturer catering to the SEA market....

Nicholas Tan

Huge Dental Pre-IPO Tearsheet

Huge Dental plans to raise US$100mn in Hong Kong IPO, offering a range of dental products globally through key markets in China, Europe, U.S., and...

Troy Wong

Pre-IPO Anjoy Foods Group - Only Successful Internationalization Can Support High Valuation

The industry faces low pricing power and meager profit due to low barriers.Anjoy's revenue growth is slowing, with growth pressure in PRC....

Xinyao (Criss) Wang

Pre-IPO Soft International Group (PHIP Updates) - Some Points Worth the Attention

​Soft International faces high competition and slow market growth, with declining performance in 2024. Single-digit net profit margin is...

Xinyao (Criss) Wang

Episode 109: Unpacking the Nuances of Deep Seek with Austin Lyons

In summary, Deepseek is an AI lab in China known for its self-funded, innovative approach to developing models that have sparked interest and...

The Circuit

Nanshan Aluminium IPO: Orphaned Security with Margin Risk

Nanshan Aluminium (NA) is looking to raise up to US$358m in its upcoming Hong Kong IPO. It is an alumina manufacturer catering to the SEA market....

Nicholas Tan

Huge Dental Pre-IPO Tearsheet

​Huge Dental plans to raise US$100mn in Hong Kong IPO, offering a range of dental products globally through key markets in China, Europe, U.S., and...

Troy Wong

Pre-IPO Anjoy Foods Group - Only Successful Internationalization Can Support High Valuation

The industry faces low pricing power and meager profit due to low barriers.Anjoy's revenue growth is slowing, with growth pressure in PRC....

Xinyao (Criss) Wang

Soft International faces high competition and slow market growth, with declining performance in 2024. Single-digit net profit margin is...

Huge Dental plans to raise US$100mn in Hong Kong IPO, offering a range of dental products globally through key markets in China, Europe, U.S., and...