Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Alibaba Health Information Tec / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-health-information-tec" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Tec (241 HK)</a> operates an online platform for healthcare services and products.  Post COVID the company has maintained and grown it the online healthcare market. 
</li>
<li>The company which is 53%-owned by <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> , recently reported results for 2023 which beat analyst estimates, recording a 65% increase in net profit.</li>
<li>The company recently bought AJK Technology from Taobao which gives Ali Health  operational rights for advertising of online healthcare merchants on Tmall (Alimama).</li>
</ul>



Alibaba Health Information Tec (241 HK) operates an online platform for healthcare services and products.  Post COVID the company has maintained and grown it the online healthcare market. 

The company which is 53%-owned by Alibaba Group Holding (9988 HK) , recently reported results for 2023 which beat analyst estimates, recording a 65% increase in net profit.
The company recently bought AJK Technology from Taobao which gives Ali Health  operational rights for advertising of online healthcare merchants on Tmall (Alimama).


Baba's Babies: They're All Grown Up!: Alibaba Health (241 HK) Temperature's Rising!

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Equity Capital Markets

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, all of the India listings managed to do well, while <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> managed to provide steady returns as well.</li>
<li>On the placements front, there were only a few deals in India, led by <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, all of the India listings managed to do well, while Kioxia Holdings (285A JP) managed to provide steady returns as well.
On the placements front, there were only a few deals in India, led by Mankind Pharma. 


ECM Weekly (22nd Dec 2024) - LG CNS, Kioxia, Vishal Mega, IGI, Sai Life, Ventive, Paras

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The two core businesses is corporate and digital marketing services (2B business) and health and medical services (2C business),the synergy of which can form a virtuous cycle within the platform.</li>
<li>The key performance driver for HealthWay is 2B business, but the pain point is 2C business, which is hard to scale up. Actually, HealthyWay’s growth momentum has slowed down significantly.</li>
<li>After completing the final round of financing, HealthyWay’s valuation reached RMB4.1 billion. We think its valuation could be higher than ClouDr but lower than JD Health and Alibaba Health.</li>
</ul>


The two core businesses is corporate and digital marketing services (2B business) and health and medical services (2C business),the synergy of which can form a virtuous cycle within the platform.
The key performance driver for HealthWay is 2B business, but the pain point is 2C business, which is hard to scale up. Actually, HealthyWay’s growth momentum has slowed down significantly.
After completing the final round of financing, HealthyWay’s valuation reached RMB4.1 billion. We think its valuation could be higher than ClouDr but lower than JD Health and Alibaba Health.


Pre-IPO HealthyWay (PHIP Updates) - Some Points Worth the Attention

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Paras Healthcare Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paras-healthcare-limited" target="_blank" data-smartkarma-citation="entities:43788:1" rel="noopener">Paras Healthcare Limited (0490145D IN)</a>  is looking to raise up to US$180m in its upcoming India IPO.</li>
<li>It is the fifth largest healthcare provider in India with a core focus on providing affordable and quality, specialized tertiary medical care in Tier 2 and 3 cities.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Paras Healthcare Limited (0490145D IN)  is looking to raise up to US$180m in its upcoming India IPO.
It is the fifth largest healthcare provider in India with a core focus on providing affordable and quality, specialized tertiary medical care in Tier 2 and 3 cities.
In this note, we look at the firm's past performance.


Paras Healthcare Pre-IPO: Increasing Efficiency but Patients Are Spending Less

China

Alibaba Health Information Technology Limited is an integrated healthcare information and content service provider. The Company uses product identification, authentication, and tracking system data for its healthcare information.

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Alibaba Health Information Tec (241 HK)

Baba's Babies: They're All Grown Up!: Alibaba Health (241 HK) Temperature's Rising!

Ali Health's stock has doubled since last week. The company is well positioned to benefit from an uptick in interest in China's consumption and...

David Mudd

ECM Weekly (22nd Dec 2024) - LG CNS, Kioxia, Vishal Mega, IGI, Sai Life, Ventive, Paras

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Pre-IPO HealthyWay (PHIP Updates) - Some Points Worth the Attention

The key growth driver of HealthyWay is 2B business, but the company is facing challenge in scaling up its 2C business. Pre-IPO valuation reached...

Xinyao (Criss) Wang

Paras Healthcare Pre-IPO: Increasing Efficiency but Patients Are Spending Less

Paras Healthcare (PRH) is looking to raise up to US$180m in its upcoming India IPO. It is the fifth largest healthcare provider in India. In this...

Nicholas Tan

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