Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Saint Bella, a premium postpartum care service provider, filed to go public in Hong Kong. UBS and CITIC Securities are leading the offering.</li>
<li>Saint Bella operates ultra-premium postpartum centers in Asia, which are located at luxury hotels and detached villas. The company opened its first postpartum center in Hangzhou in 2017.</li>
<li>With strong multi-brand strategy and asset-light business model, Saint Bella is uniquely positioned in premium segment under Saint Bella, Bella Isla and Baby Bella brands.</li>
</ul>


Saint Bella, a premium postpartum care service provider, filed to go public in Hong Kong. UBS and CITIC Securities are leading the offering.
Saint Bella operates ultra-premium postpartum centers in Asia, which are located at luxury hotels and detached villas. The company opened its first postpartum center in Hangzhou in 2017.
With strong multi-brand strategy and asset-light business model, Saint Bella is uniquely positioned in premium segment under Saint Bella, Bella Isla and Baby Bella brands.


Saint Bella IPO: Growth Story Intact, A First-Mover Advantage in Postpartum Care Market in China

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<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

Hong Kong

Aidigong Maternal & Child Health Limited provides mother and baby health care services. The Company offers confinement baby care, postpartum mother recovery, and other services. Aidigong Maternal & Child Health provides services in China.

Aidigong Maternal & Child Health Limited (286 HK)

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Aidigong Maternal & Child Health Limited (286 HK)

Saint Bella IPO: Growth Story Intact, A First-Mover Advantage in Postpartum Care Market in China

Premium postpartum care provider Saint Bella files for IPO in Hong Kong, led by UBS and CITIC Securities. The company is uniquely positioned to...

Andrei Zakharov

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Saint Bella IPO: Growth Story Intact, A First-Mover Advantage in Postpartum Care Market in China

​Premium postpartum care provider Saint Bella files for IPO in Hong Kong, led by UBS and CITIC Securities. The company is uniquely positioned to...

Andrei Zakharov

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

Premium postpartum care provider Saint Bella files for IPO in Hong Kong, led by UBS and CITIC Securities. The company is uniquely positioned to...

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