HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Jinxin Fertility Group  / Equity Bottom-Up

<ul>
<li>China has started taking measures to optimize fertility policies. The inclusion of assisted reproduction technologies in medical insurance is a general trend, which would generate increasing demand in the future.</li>
<li>From the current domestic assisted reproductive industry chain, there is significant import substitution space and growth potential in the fields of related drugs, prenatal/newborn genetic testing, and downstream medical services.</li>
<li>Companies such as Livzon/BGI/Jinxin would be the direct beneficiaries of related policy. We analyzed the industry characteristics, investment rationale, key risks and comparison with peers of these companies. </li>
</ul>


China has started taking measures to optimize fertility policies. The inclusion of assisted reproduction technologies in medical insurance is a general trend, which would generate increasing demand in the future.
From the current domestic assisted reproductive industry chain, there is significant import substitution space and growth potential in the fields of related drugs, prenatal/newborn genetic testing, and downstream medical services.
Companies such as Livzon/BGI/Jinxin would be the direct beneficiaries of related policy. We analyzed the industry characteristics, investment rationale, key risks and comparison with peers of these companies. 


China Population Policies Impact on Healthcare Companies Series - Part 1

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

Equity Capital Markets

ADICON Holdings Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a>  is looking to raise about US$400m in its upcoming HK IPO. </li>
<li>Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&amp;S.</li>
<li>In this note, we talk about our thoughts on valuation. </li>
</ul>



ADICON Holdings Limited (ADI HK)  is looking to raise about US$400m in its upcoming HK IPO. 
Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&amp;S.
In this note, we talk about our thoughts on valuation. 


Adicon Holdings Pre-IPO - Thoughts on Valuation

Thematic (Sector/Industry)

<ul>
<li>The rapid spread of monkeypox to different groups of people in different countries has alarmed scientists, governments and health officers, but monkeypox virus is relatively mild in severity and infectivity.</li>
<li>China will bear the pressure of imported cases. But due to China’s zero-covid policy and long-term emergency reserve of smallpox vaccine, there's no need to panic at the current stage.</li>
<li>There're investment opportunities, but it’s difficult for related companies to replicate the growth story of COVID-19 products. The market's reaction to monkeypox is overdone. Investors are recommended to be rational.  </li>
</ul>


The rapid spread of monkeypox to different groups of people in different countries has alarmed scientists, governments and health officers, but monkeypox virus is relatively mild in severity and infectivity.
China will bear the pressure of imported cases. But due to China’s zero-covid policy and long-term emergency reserve of smallpox vaccine, there's no need to panic at the current stage.
There're investment opportunities, but it’s difficult for related companies to replicate the growth story of COVID-19 products. The market's reaction to monkeypox is overdone. Investors are recommended to be rational.  


Industry viewpoints:<ul>
<li>The newly released education and training policy increased the short-term volatility in healthcare sector, especially those subsectors with high valuation.</li>
<li>Recently, the Nanjing COVID-19 outbreak (the Delta variant) has spread widely in China.</li>
<li>Favorable policies would support the further expansion of anti-HIV drug market in China. </li>
</ul>Company news:News about the updated progress on drugs and R&amp;D Center of <a href="https://www.smartkarma.com/entities/cstone-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:27882:1" rel="noopener">CStone Pharmaceuticals (2616 HK)</a>, <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a> and <a href="https://www.smartkarma.com/entities/jacobio-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:29696:1" rel="noopener">Jacobio Pharmaceuticals (1167 HK)</a>.Market review: Last week, stock price for healthcare sector in A share increased 0.9%, while CSI 300 increased 2.29% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The newly released education and training policy increased the short-term volatility in healthcare sector, especially those subsectors with high valuation.
Recently, the Nanjing COVID-19 outbreak (the Delta variant) has spread widely in China.
Favorable policies would support the further expansion of anti-HIV drug market in China. 
Company news:News about the updated progress on drugs and R&amp;D Center of CStone Pharmaceuticals (2616 HK), Akeso Biopharma Inc (9926 HK) and Jacobio Pharmaceuticals (1167 HK).Market review: Last week, stock price for healthcare sector in A share increased 0.9%, while CSI 300 increased 2.29% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

The genetic testing industry in China is like a rising star – the favorable policy of precision medicine, the increasing industry scale and the long-term optimism about the growth potential from Chinese private equity firms and venture capitals have indicated tremendous opportunities.

The genetic testing industry in China is like a rising star – the favorable policy of precision medicine, the increasing industry scale and the long-term optimism about the growth potential from Chinese private equity firms and venture capitals have indicated tremendous opportunities.  

Insights on China Genetic Testing Industry

China

Da An Gene Company Limited of Sun Yat-Sen University researches, develops, manufactures, and sells fluorescence Polymerase Chain Reaction (PCR) diagnostic kits and related medical equipment.  The Company's products are used in diagnosing Hepatitis B virus, Hepatitis C virus, Mycobacterium tuberculosis, chlamydia trachomatis, and SARS coronavirus.

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Da An Gene Co Ltd Sun Yat A (002030 CH)

China Population Policies Impact on Healthcare Companies Series - Part 1

China's population problem is already very serious. So, the government has begun to take a series of measures to optimize fertility policies. We...

Xinyao (Criss) Wang

Adicon Holdings Pre-IPO - Thoughts on Valuation

ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO. In this note, we talk about our thoughts on valuation.

Ethan Aw

Monkeypox and Its Impact on China

Monkeypox's rapid spread raises concerns. China bears the pressure of imported cases, but it’s difficult to replicate the growth story of COVID-19...

Xinyao (Criss) Wang

China Healthcare Weekly (Aug.6)

The insight mainly analyzed increasing short-term volatility in healthcare sector by newly released education policy, Nanjing COVID-19 outbreak,...

Xinyao (Criss) Wang

Insights on China Genetic Testing Industry

This article analyzed China genetic testing industry in the perspective of favorable policy, market potential, future trend, investment trend in...

Xinyao (Criss) Wang

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