Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 23rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Meituan, Industrial And Commercial Bank Of China.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 23rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Meituan, Industrial And Commercial Bank Of China.


Hong Kong Connect Flows (Jun 23rd): Tencent, Meituan, ICBC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 2nd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, China Construction Bank, and Cnooc.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 2nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, China Construction Bank, and Cnooc.


Hong Kong Connect Flows (Jun 2nd): Meituan, China Construction Bank, Cnooc

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Angelalign Technology  / Equity Bottom-Up

<ul>
<li>Angelalign’s business model is easily challenged by lower priced similar competing products. Once Angelalign’s products lose price advantage, it would lead to a rapid decline in overall sales performance. </li>
<li>Performance growth could still be under pressure this year due to unsatisfactory demand.The potential price war, further price reduction and increasing selling/marketing expenses would put more pressure on profit margin.</li>
<li>Angelalign hasn’t accumulated enough data size due to few overseas customers, which could lead to product quality issues and slow internationalization progress. There is downside risk due to overvaluation.</li>
</ul>


Angelalign’s business model is easily challenged by lower priced similar competing products. Once Angelalign’s products lose price advantage, it would lead to a rapid decline in overall sales performance. 
Performance growth could still be under pressure this year due to unsatisfactory demand.The potential price war, further price reduction and increasing selling/marketing expenses would put more pressure on profit margin.
Angelalign hasn’t accumulated enough data size due to few overseas customers, which could lead to product quality issues and slow internationalization progress. There is downside risk due to overvaluation.


Angelalign Technology (6699.HK) - 2023 May Not See a Turnaround in Performance

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 14th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Sensetime, Semiconductor Manufacturing International, Cnooc, China Mobile, Tencent, Meituan, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 14th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Sensetime, Semiconductor Manufacturing International, Cnooc, China Mobile, Tencent, Meituan, Kuaishou Technology.


Hong Kong Connect Flows (Apr 14th): Sensetime, SMIC, Cnooc, China Mobile, Tencent, Meituan, Kuaishou

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 10th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, Hong Kong Exchanges And Clearing, Industrial And Commercial Bank Of China, China Construction Bank, Kuaishou Technology, Tencent, Li Ning.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Hong Kong Exchanges And Clearing, Industrial And Commercial Bank Of China, China Construction Bank, Kuaishou Technology, Tencent, Li Ning.


Hong Kong Connect Flows (Feb 10th): Meituan, HKEx, ICBC, CCB, Kuaishou, Tencent, Li Ning

China

Microport Scientific Corp. manufactures interventional and minimally invasive devices for keyhole surgery. The Company's products are used to treat vascular diseases and is developing devices to treat diabetes and orthopedic diseases.

Shinva Medical Instrument Co., Ltd. manufactures and markets medical instruments and equipment.  The Company's products include sterilization equipment, radiation diagnosis and radiotherapy equipment, chemical indication products, and medical environmental protection equipment.

Shanghai Tofflon Science and Technology Company Limited develops, designs, produces and markets pharmaceutical freeze dryer and related systems. The Company's main products include in-place sterilisation, in-place lyophilization cleaners, laboratory freeze dryers, production freeze dryers, liquid nitrogen freeze dryers and freeze drying systems and equipments.

Double Medical Technology Inc. operates as an orthopedic devices manufacturing company. The Company produces and sells physical therapy equipment, orthopedic surgical instruments, injection puncture, and other products. Double Medical Technology markets its products throughout China.

Lifetech Scientific Corporation develops, manufactures and markets minimally invasive interventional medical devices for cardiovascular and peripheral vascular diseases and disorders.  The Company produces congenital heart defect occluders, vena cava filters, stent grafts, balloon catheters, and vascular plugs.

Edan Instruments Inc develops, produces and sells medical electronic equipments.  The Company's main products are fetal dopplers, electrocardiographs, fetal monitors and ultrasound scanners.

Guangzhou Wondfo Biotech Co.,Ltd. was founded in 1992. The company's line of business includes manufacturing of medical diagnostic tests.  Guangzhou Wondfo Biotech serves customers around the world.

Zhende Medical Co., Ltd. manufactures medical products. The Company researches, develops, produces, and sells medical dressings, pressure treatment and fixation, modern wound care, surgical infection management, and other products. Zhende Medical markets its products worldwide.

Sinocare Inc. develops, manufactures, sells biosensor technology real-time detection products. The Company's main products include rapid trace blood glucose testers, and supporting blood glucose testing strips.

Blue Sail Medical Co., Ltd. manufactures and sells PVC gloves and other plastic products. The company also engages in the sale of  nitrile gloves, latex gloves,  paper pulp molding products, and a range of medical equipments.

Genertec Universal Medical Group Company Limited provides healthcare services. The Company offers medical financing, hospital investment and management, digitization, and clinical department upgrade advisory services. Genertec Universal Medical Group serves customers in Hong Kong.

Artivion Inc.(Artivion) is a medical device company focused on developing simple, elegant solutions that address cardiac and vascular surgeons' most difficult challenges in treating patients with aortic disease. The company's major products include:aortic stents, stent grafts, prosthetic heart valves, cyropreserved cardiac and vascular allografts, and surgical sealants.

MANI, INC. manufactures medical goods and equipment.  The Company's products include threads and needles for surgeries, surgical knives for eye surgeries, and dental instruments and equipment.

AtriCure, Inc. develops, manufactures, and sells surgical devices designed to create precise lesions in soft tissues.  The Company's bipolar ablation system is used by cardiothoracic surgeons as a standard treatment alternative to create lesions in heart tissue to block the abnormal electrical impulses that cause atrial fibrillation.

Pegavision Corp is a result of a joint venture by Pegatron Corp and Kinsus Corp. The Company manufactures and sells soft contact lenses and other ophthalmic medical devices. Pegavision operates in Taiwan.

FUKUDA DENSHI CO., LTD. manufactures and wholesales electronic equipment for medical use.  The Company's products include electrocardiograph, phonocardiogram, ultrasonic diagnosis systems, physical condition monitoring systems, pacemakers, and respirators.

NIPRO CORPORATION manufactures medical products.  The Company's products include artificial dialysis and blood transfusion equipment, hypodermic syringes, and glass products for medical use.

Kossan Rubber Industries Berhad manufactures and sells rubber products. Through its subsidiaries, the Company also manufactures and trades latex examination gloves as well as fabricates and installs machinery.

Arjo AB develops, manufactures, and markets medical equipment for elderly and disabled patients. The Company offers medical beds, flusher disinfectors, prevention pumps, hygiene lifts, and shower systems. Arjo markets its products worldwide.

Silk Road Medical, Inc. produces and distributes surgical equipment. The Company offers develops and manufactures less-invasive medical devices intended to improve the treatment of carotid artery disease through proprietary transcarotid therapies. Silk Road Medical serves medical sector in the United States.

Angelalign Technology Inc. produces and sells medical devices. The Company manufactures and sells Invisible orthodontic without brackets aligner and other products. Angelalign Technology markets its products throughout China.

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Angelalign Technology (6699 HK)

Hong Kong Connect Flows (Jun 23rd): Tencent, Meituan, ICBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Meituan, Industrial And Commercial Bank Of China.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Jun 2nd): Meituan, China Construction Bank, Cnooc

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Meituan, China Construction Bank, Cnooc.

Ke Yan, CFA, FRM