HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Huayuan Medical Group Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huayuan-medical-group-holding-cayman-limited" target="_blank" data-smartkarma-citation="entities:34083:1" rel="noopener">Huayuan Medical Group Holding (HUMG HK)</a> is a manufacturer and supplier of disposable non-latex gloves based in China.</li>
<li>Huayuan’s market position is out of the first echelon. Thanks to COVID-19, its downward trend in performance had been reversed by the pandemic, but such “magic” would not last forever. </li>
<li>Together with other concerns analyzed in the article, we are conservative about the Company's outlook.</li>
</ul>



Huayuan Medical Group Holding (HUMG HK) is a manufacturer and supplier of disposable non-latex gloves based in China.
Huayuan’s market position is out of the first echelon. Thanks to COVID-19, its downward trend in performance had been reversed by the pandemic, but such “magic” would not last forever. 
Together with other concerns analyzed in the article, we are conservative about the Company's outlook.


Pre-IPO Huayuan Medical Group Holding - How to Tell a Good Story After the COVID-19 Magic Disappear?

Hebei Titans Medical Supply Technology Group / Equity Capital Markets

Hebei Titans Medical Supply Technology Group

On June 30, 2021, <a href="https://www.smartkarma.com/entities/hebei-titans-medical-supply-technology-group-co-limited" target="_blank" data-smartkarma-citation="entities:33780:1" rel="noopener">Hebei Titans Medical Supply Technology Group (TMS HK)</a> submitted its listing application to the HKEX and officially started the IPO process. Titans is a leading high-end personal hand protection products manufacturer in China with advanced production technologies and global sales network. The main products of the Company are the nitrile gloves. This insight mainly analyses the industry characteristics, the business and the concerns of Titans.

On June 30, 2021, Hebei Titans Medical Supply Technology Group (TMS HK) submitted its listing application to the HKEX and officially started the IPO process. Titans is a leading high-end personal hand protection products manufacturer in China with advanced production technologies and global sales network. The main products of the Company are the nitrile gloves. This insight mainly analyses the industry characteristics, the business and the concerns of Titans.

Pre-IPO Hebei Titans Medical Supply Technology Group - Insights on the Business and the Concerns

Thematic (Sector/Industry)

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.

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.

Intco Medical Technology  Lt / Equity Capital Markets

In the evening of June 1st, <a href="https://www.smartkarma.com/entities/intco-medical-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:29782:1" rel="noopener">Intco Medical Technology Co., Ltd-A (300677 CH)</a> released a pre-sell down disclosure stating that the key shareholder Frank Liu and other management plan to collectively sell 22 million shares of the company.
Intco is ambitious to become the world' number one glove players, but we view this event as negative catalyst for Intco's A-share price and believe it will plague its Hong Kong listing. 
<h2>Our previous coverage on Intco A+H</h2>
<ul>
<li><a href="https://www.smartkarma.com/insights/intco-medical-a-h-from-china-no-1-to-global-no-1" target="_blank" rel="noopener">Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1</a></li>
</ul>

In the evening of June 1st, Intco Medical Technology Co., Ltd-A (300677 CH) released a pre-sell down disclosure stating that the key shareholder Frank Liu and other management plan to collectively sell 22 million shares of the company.
Intco is ambitious to become the world' number one glove players, but we view this event as negative catalyst for Intco's A-share price and believe it will plague its Hong Kong listing. 
Our previous coverage on Intco A+H

Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1


Intco Medical (英科医疗) A+H: A-Share Sell-Down a Red Flag

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Post market close on 28 May, the China Securities Index Company announced the changes to the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX)</a> that will be effective after the close of trading on 11 June.There are 25 inclusions and exclusions in the review with an estimated one-way turnover of 3.67%.There are 10 trading days to implementation of the changes. There are 4 inclusions that will have over 1 day of ADV to buy from passive funds while there are 15 deletions that will have over 1 day of ADV to sell. The actual impact could be higher as cash and carry baskets are rebalanced and active managers reposition their portfolios to no deviate too far from their benchmark.The inclusions have outperformed the deletions by 15% over the last month and while there could be a pop in the returns over the next few sessions, we recommend gradually exiting existing positions and re-entering prior to implementation on a selloff in the trade.

Post market close on 28 May, the China Securities Index Company announced the changes to the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX) that will be effective after the close of trading on 11 June.There are 25 inclusions and exclusions in the review with an estimated one-way turnover of 3.67%.There are 10 trading days to implementation of the changes. There are 4 inclusions that will have over 1 day of ADV to buy from passive funds while there are 15 deletions that will have over 1 day of ADV to sell. The actual impact could be higher as cash and carry baskets are rebalanced and active managers reposition their portfolios to no deviate too far from their benchmark.The inclusions have outperformed the deletions by 15% over the last month and while there could be a pop in the returns over the next few sessions, we recommend gradually exiting existing positions and re-entering prior to implementation on a selloff in the trade.

CSI300 Index Rebalance: 25 Changes as Long/Short Trade Does Well

China

Intco Medical Technology Co.,Ltd. manufactures and distributes medical supplies. The Company produces disposable gloves, wheelchairs, gauzes, electrodes, and other products. Intco Medical Technology markets its products throughout China.

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Intco Medical Technology Lt (300677 CH)

Pre-IPO Huayuan Medical Group Holding - How to Tell a Good Story After the COVID-19 Magic Disappear?

This article mainly analyzed Huayuan Medical Group in terms of the industry characteristics, the future trend, the market pattern, the business...

Xinyao (Criss) Wang

Pre-IPO Hebei Titans Medical Supply Technology Group - Insights on the Business and the Concerns

The article analyzed Titans in terms of its the industry characteristics (the development pattern, the outlook), the business (compared with peers)...

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

CSI300 Index Rebalance: 25 Changes as Long/Short Trade Does Well

There are 25 changes to the CSI300 Index that will be implemented at the close on 11 June. One-way turnover is 3.67% and the adds have outperformed...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Huayuan Medical Group Holding - How to Tell a Good Story After the COVID-19 Magic Disappear?

This article mainly analyzed Huayuan Medical Group in terms of the industry characteristics, the future trend, the market pattern, the business...

Xinyao (Criss) Wang

Pre-IPO Hebei Titans Medical Supply Technology Group - Insights on the Business and the Concerns

The article analyzed Titans in terms of its the industry characteristics (the development pattern, the outlook), the business (compared with peers)...

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

Intco Medical (英科医疗) A+H: A-Share Sell-Down a Red Flag

Intco's shareholders are selling down their stake in the A-share market. We view this as negative catalyst for Intco's A-share price and believe it...

Ke Yan, CFA, FRM

CSI300 Index Rebalance: 25 Changes as Long/Short Trade Does Well

There are 25 changes to the CSI300 Index that will be implemented at the close on 11 June. One-way turnover is 3.67% and the adds have outperformed...

Brian Freitas