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.

Equity Capital Markets

Hygeia Healthcare Group / Equity Capital Markets

<p>Hygeia Healthcare Group, a leading oncology specialized healthcare group, started pre-marketing its USD 300 million Hong Kong listing. </p><p>The company operates its own hospitals, provides third-party radiotherapy service and manages partner hospitals. The company's recent growth has been driven by ramping up of its self-owned hospitals that were opened during the track record period. Its track record of ramping up newly established hospitals has been stellar. The company also has an ambitious expansion plan for the next three years, including the expansion of existing facilities and establishing greenfield hospitals. We estimate that the expansion of 3 existing hospitals will add 51% GFA and 93-121% bed capacity. Greenfield hospitals will increase GFA and bed capacity by 126% and 210-274% respectively. In addition, the company is backed by reputable healthcare investors. </p><p>In this note, we will look at new numbers disclosed in the post-hearing prospectus. We value the company at USD 1.6 bn.</p><h2>Our previous coverage on Hygeia</h2><ul><li dir="ltr"><p><a href="https://www.smartkarma.com/insights/hygeia-healthcare-pre-ipo-the-making-of-jinxin-in-the-oncology-segment" target="_blank" rel="noopener">Hygeia Healthcare (海吉亚) Pre-IPO: The making of Jinxin in the oncology segment</a></p></li></ul>

Hygeia Healthcare Group, a leading oncology specialized healthcare group, started pre-marketing its USD 300 million Hong Kong listing. The company operates its own hospitals, provides third-party radiotherapy service and manages partner hospitals. The company's recent growth has been driven by ramping up of its self-owned hospitals that were opened during the track record period. Its track record of ramping up newly established hospitals has been stellar. The company also has an ambitious expansion plan for the next three years, including the expansion of existing facilities and establishing greenfield hospitals. We estimate that the expansion of 3 existing hospitals will add 51% GFA and 93-121% bed capacity. Greenfield hospitals will increase GFA and bed capacity by 126% and 210-274% respectively. In addition, the company is backed by reputable healthcare investors. In this note, we will look at new numbers disclosed in the post-hearing prospectus. We value the company at USD 1.6 bn.Our previous coverage on HygeiaHygeia Healthcare (海吉亚) Pre-IPO: The making of Jinxin in the oncology segment

Hygeia Healthcare (海吉亚) Pre-IPO: PHIP Updates and Thoughts on Valuation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<p><a href="https://www.smartkarma.com/entities/hygeia-healthcare-group" target="_blank" data-smartkarma-citation="entities:28875:1" rel="noopener">Hygeia Healthcare Group (1702613D CH)</a> is the largest oncology healthcare group in China as measured by the revenue generated from radiotherapy-related services in 2019, according to Frost &amp; Sullivan. Hygeia is backed by Warburg Pincus (17.24% shareholder), Boyu (7.75%), CITIC Capital (5.17%) and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a> (2.37%).</p><div class="content-highlight"><p>Hygeia is a play on China’s oncology healthcare service market which is influenced by structural trends such as increasing market share of radiotherapy, the rise of private hospitals and the growing popularity of multi-discipline treatments. Overall, Hygeia has strong fundamentals and is a good IPO candidate, in our view.</p></div>

Hygeia Healthcare Group (1702613D CH) is the largest oncology healthcare group in China as measured by the revenue generated from radiotherapy-related services in 2019, according to Frost &amp; Sullivan. Hygeia is backed by Warburg Pincus (17.24% shareholder), Boyu (7.75%), CITIC Capital (5.17%) and WuXi AppTec Co. Ltd. (2359 HK) (2.37%).Hygeia is a play on China’s oncology healthcare service market which is influenced by structural trends such as increasing market share of radiotherapy, the rise of private hospitals and the growing popularity of multi-discipline treatments. Overall, Hygeia has strong fundamentals and is a good IPO candidate, in our view.

Hygeia Healthcare IPO Initiation: On-Call

<p>Hygeia Healthcare Group, a leading oncology specialized healthcare group, is planning to raise to USD 500 million via a Hong Kong listing. </p><p>The company operates its own hospitals, provides third-party radiotherapy service and manages partner hospitals. The company's recent growth has been driven by ramping up of its self-owned hospitals that were opened during the track record period. Its track record of ramping up newly established hospitals has been amazing. </p><p>The company also has an ambitious expansion plan for the next three years, including the expansion of existing facilities and establishing greenfield hospitals. We estimate that the expansion of 3 existing hospitals will add 51% GFA and 95-123% bed capacity. Greenfield hospitals will increase GFA and bed capacity by 126% and 214-280% respectively.</p><p>The company is backed by reputable healthcare investors. Our preliminary valuation of USD 1.1 billion implies that there is an upside from its pre-IPO valuation. </p><hr><div><p>If you have not read our 2019 IPO Analytic Series, please have a look:</p></div><div><div><h2>Aequitas Research 2019 IPO Analytics</h2></div></div><div><ul>
<li><a href="https://www.smartkarma.com/insights/aequitas-2019-ipos-and-placements-performance-things-we-got-right-wrong-and-things-we-plan-to-do" target="_blank" rel="noopener">Aequitas 2019  IPOs and Placements Performance - Things we got right/wrong and things we plan to do</a></li>
<li><a href="https://www.smartkarma.com/insights/2019-hong-kong-ipo-analytics-highlight-of-brokers-and-sectors-performance" target="_blank" rel="noopener">2019 Hong Kong IPO Analytics: Highlight of Brokers’ and Sectors’ Performance</a></li>
<li><a href="https://www.smartkarma.com/insights/2019-hong-kong-ipo-analytics-how-did-insti-and-retail-coverage-impact-deal-performance" target="_blank" rel="noopener">2019 Hong Kong IPO Analytics: How Did Insti and Retail Coverage Impact Deal Performance</a></li>
</ul></div>

Hygeia Healthcare Group, a leading oncology specialized healthcare group, is planning to raise to USD 500 million via a Hong Kong listing. The company operates its own hospitals, provides third-party radiotherapy service and manages partner hospitals. The company's recent growth has been driven by ramping up of its self-owned hospitals that were opened during the track record period. Its track record of ramping up newly established hospitals has been amazing. The company also has an ambitious expansion plan for the next three years, including the expansion of existing facilities and establishing greenfield hospitals. We estimate that the expansion of 3 existing hospitals will add 51% GFA and 95-123% bed capacity. Greenfield hospitals will increase GFA and bed capacity by 126% and 214-280% respectively.The company is backed by reputable healthcare investors. Our preliminary valuation of USD 1.1 billion implies that there is an upside from its pre-IPO valuation. If you have not read our 2019 IPO Analytic Series, please have a look:Aequitas Research 2019 IPO Analytics
Aequitas 2019  IPOs and Placements Performance - Things we got right/wrong and things we plan to do
2019 Hong Kong IPO Analytics: Highlight of Brokers’ and Sectors’ Performance
2019 Hong Kong IPO Analytics: How Did Insti and Retail Coverage Impact Deal Performance


Hygeia Healthcare (海吉亚) Pre-IPO: The Making of Jinxin in the Oncology Segment

China

Hygeia is a China based oncology healthcare group.

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Hygeia Healthcare Group (6078 HK)

Hygeia Healthcare (海吉亚) Pre-IPO: PHIP Updates and Thoughts on Valuation

Hygeia Healthcare Group, a leading oncology specialized healthcare group, started pre-marketing its USD 300 million Hong Kong listing. The company...

Ke Yan, CFA, FRM

Hygeia Healthcare IPO Initiation: On-Call

Hygeia Healthcare Group (1702613D CH) is the largest oncology healthcare group in China as measured by the revenue generated from...

Arun George

Hygeia Healthcare (海吉亚) Pre-IPO: The Making of Jinxin in the Oncology Segment

Hygeia Healthcare Group, a leading oncology specialized healthcare group, is planning to raise to USD 500 million via a Hong Kong listing. The...

Ke Yan, CFA, FRM

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52-week Range

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