HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Acotec Scientific Holdings / Equity Bottom-Up

<ul>
<li>Boston Scientific angles for majority stake with US$523 million for <a href="https://www.smartkarma.com/entities/acotec-scientific-holdings-limited" target="_blank" data-smartkarma-citation="entities:32176:1" rel="noopener">Acotec Scientific Holdings (6669HK)</a>, which is the largest acquisition of a Chinese medical device company by a MNC since 2014.</li>
<li>Completion of the Partial Offer would further strengthen Boston Scientific’s presence in China and create the potential for commercialization of Acotec products globally. It's a win-win deal for both sides.</li>
<li>Companies listed in HKEX don’t have to seek valuation within HKEX system. If they can find “new anchor points”, they’ll have higher valuation.Chapter 18A companies’ future stock prices would diverge.</li>
</ul>


Boston Scientific angles for majority stake with US$523 million for Acotec Scientific Holdings (6669HK), which is the largest acquisition of a Chinese medical device company by a MNC since 2014.
Completion of the Partial Offer would further strengthen Boston Scientific’s presence in China and create the potential for commercialization of Acotec products globally. It's a win-win deal for both sides.
Companies listed in HKEX don’t have to seek valuation within HKEX system. If they can find “new anchor points”, they’ll have higher valuation.Chapter 18A companies’ future stock prices would diverge.


Acotec Scientific Holdings (6669.HK) - Logic Behind Boston Scientific’s Partial Offer and the Impact

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Acotec Scientific Holdings / Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/acotec-scientific-holdings-limited" target="_blank" data-smartkarma-citation="entities:32176:1" rel="noopener">Acotec Scientific Holdings (6669 HK)</a></strong>, a Chinese medical technology company, has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/1212/2022121200003.pdf" target="_blank" rel="noopener">announced</a> a Partial Offer from <strong><a href="https://www.smartkarma.com/entities/boston-scientific-corp" target="_blank" data-smartkarma-citation="entities:11115:1" rel="noopener">Boston Scientific (BSX US)</a></strong>.</li>
<li>The Offer Price for up to 65% of shares out is HK20/share, a 31.6% premium to last close, but below last year's IPO price of HK$23.80/share. </li>
<li>Irrevocables who intend to tender a total of up to 60.14% of shares out. This includes the CEO and the key pre-IPO investor. </li>
</ul>



Acotec Scientific Holdings (6669 HK), a Chinese medical technology company, has announced a Partial Offer from Boston Scientific (BSX US).
The Offer Price for up to 65% of shares out is HK20/share, a 31.6% premium to last close, but below last year's IPO price of HK$23.80/share. 
Irrevocables who intend to tender a total of up to 60.14% of shares out. This includes the CEO and the key pre-IPO investor. 


Acotec Scientific Holdings: Boston Scientific's Partial Offer

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/acotec-scientific-holdings-limited" target="_blank" data-smartkarma-citation="entities:32176:1" rel="noopener">Acotec Scientific Holdings (6669 HK)</a> is an early-mover in peripheral drug coated balloon market in China and holds a dominant 85%+ market share.  </li>
<li>On November 7, Acotec received its first FDA approval for Vericor, a peripheral support catheter designed to enhance access to peripheral vessels.</li>
<li>Acotec started 2022 on a strong note, with revenue increasing 25% y/y in H1 2022 due to increasing adoption of the company’s product in Chinese hospitals.</li>
</ul>



Acotec Scientific Holdings (6669 HK) is an early-mover in peripheral drug coated balloon market in China and holds a dominant 85%+ market share.  
On November 7, Acotec received its first FDA approval for Vericor, a peripheral support catheter designed to enhance access to peripheral vessels.
Acotec started 2022 on a strong note, with revenue increasing 25% y/y in H1 2022 due to increasing adoption of the company’s product in Chinese hospitals.


Acotec Scientific Holdings (6669 HK): Base Business, Geography Expansion, New Launch to Drive Growth

Equity Capital Markets

OrbusNeich Medical Group Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orbusneich-medical-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:34918:1" rel="noopener">OrbusNeich Medical Group (NEICHZ HK)</a> is among the top six players in PCI balloon markets in terms of sales volume in multiple countries including China, Japan, the U.S., and Europe.</li>
<li>OrbusNeich earns ~60% of revenue from Europe, Japan, and the U.S. The company’s high exposure to international markets safeguards it from the low prices commanded by China’s centralized procurement system.</li>
<li>With diversified product portfolio, robust inhouse production facilities, established global sales network, rich pipeline enabling continuous launching of new products, and growing market demand, OrbusNeich is well-positioned for strong growth.</li>
</ul>



OrbusNeich Medical Group (NEICHZ HK) is among the top six players in PCI balloon markets in terms of sales volume in multiple countries including China, Japan, the U.S., and Europe.
OrbusNeich earns ~60% of revenue from Europe, Japan, and the U.S. The company’s high exposure to international markets safeguards it from the low prices commanded by China’s centralized procurement system.
With diversified product portfolio, robust inhouse production facilities, established global sales network, rich pipeline enabling continuous launching of new products, and growing market demand, OrbusNeich is well-positioned for strong growth.


Pre-IPO OrbusNeich Medical Group: Large Global Exposure Protects from Negative Price Effect in China

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Boston Scientific reported a mixed set of results as it surpassed Wall Street expectations on the revenue front but delivered an earnings miss in light of the ongoing supply chain and macroeconomic headwinds.</li><li>Overall, company operational sales grew, and organic sales also grew.</li><li>Six of the eight business units of the company have grown organically in the double-digits.</li></ul>

Boston Scientific reported a mixed set of results as it surpassed Wall Street expectations on the revenue front but delivered an earnings miss in light of the ongoing supply chain and macroeconomic headwinds.Overall, company operational sales grew, and organic sales also grew.Six of the eight business units of the company have grown organically in the double-digits.

Boston Scientific: The Lux-Dx ICM Launch & Other Drivers

United States

Boston Scientific Corporation develops, manufactures, and markets minimally invasive medical devices. The Company's products are used in interventional cardiology, cardiac rhythm management, peripheral interventions, electrophysiology, neurovascular intervention, endoscopy, urology, gynecology and neuromodulation.

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Boston Scientific (BSX US)

Acotec Scientific Holdings (6669.HK) - Logic Behind Boston Scientific’s Partial Offer and the Impact

Boston Scientific's Partial Offer is good for its China business and Acotec's globalization. Chapter 18A companies don’t have to seek valuation...

Xinyao (Criss) Wang

Acotec Scientific Holdings: Boston Scientific's Partial Offer

Quantifying the back end is tricky as Acotec has only recently broken even; plus there is future upside from the Vericor approval.' However, I'd be...

David Blennerhassett

Acotec Scientific Holdings (6669 HK): Base Business, Geography Expansion, New Launch to Drive Growth

Although recent price rally seems to be overdone, Acotec’s strong base business enhances conviction on its growth potential. Normalization of China...

Tina Banerjee

Pre-IPO OrbusNeich Medical Group: Large Global Exposure Protects from Negative Price Effect in China

OrbusNeich is expected to price its IPO on Dec 16 and debut on HK market before Christmas. The company intends to use IPO proceeds to develop and...

Tina Banerjee

Boston Scientific: The Lux-Dx ICM Launch & Other Drivers

Boston Scientific reported a mixed set of results as it surpassed Wall Street expectations on the revenue front but delivered an earnings miss in...

Baptista Research

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