Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, a few large Hong Kong IPOs managed to launch their bookbuild over the past week.</li>
<li>There were no large placements launched this week, although <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> kept many occupied.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, a few large Hong Kong IPOs managed to launch their bookbuild over the past week.
There were no large placements launched this week, although Atlas Arteria (ALX AU) kept many occupied.


ECM Weekly (25th Sep 2022) - Onewo, Leapmotor, CALB, Socionext, WCP, Sula, Jenscare, EbixCash, Atlas

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Jenscare Scientific / Equity Capital Markets

<ul>
<li>Jenscare, a China based structural heart disease focused medical device company, plans to raise up to USD 30m via a Hong Kong listing.</li>
<li>In our previous insight, we discussed that there have been many TAVR companies listed in Hong Kong but we think Jenscare has a differentiated portfolio.</li>
<li>In this note, we will look at updates in its latest filing and highlight massive delays in its product candidates. We also provide a quick thought on its valuation.</li>
</ul>


Jenscare, a China based structural heart disease focused medical device company, plans to raise up to USD 30m via a Hong Kong listing.
In our previous insight, we discussed that there have been many TAVR companies listed in Hong Kong but we think Jenscare has a differentiated portfolio.
In this note, we will look at updates in its latest filing and highlight massive delays in its product candidates. We also provide a quick thought on its valuation.


Jenscare (宁波健世科技) Pre-IPO:  Massive Delays After Missing the Boat

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jenscare-scientific-co-ltd" target="_blank" data-smartkarma-citation="entities:33525:1" rel="noopener">Jenscare Scientific (JCS HK)</a> is developing interventional products for the treatment of structural heart diseases. Its core product LuX-Valve is expected to become the first commercialized TTVR product in China.</li>
<li>With its comprehensive portfolio and early mover advantage, Jenscare is well-positioned to capitalize on large and underpenetrated China’s structural heart diseases treatment market worth of RMB20.3 billion in 2030.</li>
<li>Jenscare Scientific plans to raise $30 million (HKD234 million) in its third application for a Hong Kong IPO, with CICC and Citigroup being the joint sponsors.</li>
</ul>



Jenscare Scientific (JCS HK) is developing interventional products for the treatment of structural heart diseases. Its core product LuX-Valve is expected to become the first commercialized TTVR product in China.
With its comprehensive portfolio and early mover advantage, Jenscare is well-positioned to capitalize on large and underpenetrated China’s structural heart diseases treatment market worth of RMB20.3 billion in 2030.
Jenscare Scientific plans to raise $30 million (HKD234 million) in its third application for a Hong Kong IPO, with CICC and Citigroup being the joint sponsors.


Jenscare Scientific (JCS HK) Pre-IPO: Product Differentiation Is the Key Reason to Subscribe

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The main bottleneck in this market in China is the severe shortage of doctors and limited qualified hospitals to carry out such surgery, leading to lower-than-expected market penetration/sales performance.</li>
<li>
<a href="https://www.smartkarma.com/entities/jenscare-scientific-co-ltd" target="_blank" data-smartkarma-citation="entities:33525:1" rel="noopener">Jenscare Scientific (JCS HK)</a>’s products have to face fierce competition, without obvious advantage of development progress, or the progress has already lagged behind the competitors. </li>
<li>Overall, good valuation cannot be supported without promising commercialization outlook. We are not sure whether Jenscare can finally achieve the ideal return in the case of unfriendly external environment.</li>
</ul>


The main bottleneck in this market in China is the severe shortage of doctors and limited qualified hospitals to carry out such surgery, leading to lower-than-expected market penetration/sales performance.

Jenscare Scientific (JCS HK)’s products have to face fierce competition, without obvious advantage of development progress, or the progress has already lagged behind the competitors. 
Overall, good valuation cannot be supported without promising commercialization outlook. We are not sure whether Jenscare can finally achieve the ideal return in the case of unfriendly external environment.


Pre-IPO Jenscare Scientific - Difficult to Achieve Expected Commercialization Results

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> has a rich pipeline with a leadership position in the PCI balloon markets.</li>
<li>Its global business layout would also help the Company “hedge” the negative domestic policy impact or regulation changes.</li>
<li>However, the fierce competition, market pattern, industry characteristics, centralized procurement and other concerns should not be neglected.</li>
</ul>



OrbusNeich Medical Group (NEICHZ HK) has a rich pipeline with a leadership position in the PCI balloon markets.
Its global business layout would also help the Company “hedge” the negative domestic policy impact or regulation changes.
However, the fierce competition, market pattern, industry characteristics, centralized procurement and other concerns should not be neglected.


Pre-IPO OrbusNeich Medical Group - The Industry, the Business and the Concerns

Hong Kong

Jenscare Scientific Co., Ltd. manufactures and distributes medical devices. The Company produces transcatheter tricuspid valve replacement systems and others. Jenscare Scientific offers treatment solutions targeting different types of structural heart diseases, including tricuspid valve diseases, aortic valve diseases, mitral valve diseases, heart failure, and others.

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Jenscare Scientific (9877 HK)

ECM Weekly (25th Sep 2022) - Onewo, Leapmotor, CALB, Socionext, WCP, Sula, Jenscare, EbixCash, Atlas

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Jenscare (宁波健世科技) Pre-IPO: Massive Delays After Missing the Boat

We look at updates in Jenscare's latest filing and highlight massive delays in its product candidates as it is pre-marketing the listing. We also...

Ke Yan, CFA, FRM

Pre-IPO Jenscare Scientific - Difficult to Achieve Expected Commercialization Results

Jenscare’s products have to face fierce competition, with slow development progress. The severe shortage of doctors and limited qualified hospitals...

Xinyao (Criss) Wang

Pre-IPO OrbusNeich Medical Group - The Industry, the Business and the Concerns

The rich pipeline and large global business will help OrbusNeich “hedge” negative domestic policy impact. But fierce competition, slow progress in...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (25th Sep 2022) - Onewo, Leapmotor, CALB, Socionext, WCP, Sula, Jenscare, EbixCash, Atlas

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Jenscare (宁波健世科技) Pre-IPO: Massive Delays After Missing the Boat

We look at updates in Jenscare's latest filing and highlight massive delays in its product candidates as it is pre-marketing the listing. We also...

Ke Yan, CFA, FRM

Jenscare Scientific (JCS HK) Pre-IPO: Product Differentiation Is the Key Reason to Subscribe

Jenscare Scientific, a China-based medical device company, is looking to raise $30 million through HK IPO. The company has filed application for...

Tina Banerjee

Pre-IPO Jenscare Scientific - Difficult to Achieve Expected Commercialization Results

Jenscare’s products have to face fierce competition, with slow development progress. The severe shortage of doctors and limited qualified hospitals...

Xinyao (Criss) Wang

Pre-IPO OrbusNeich Medical Group - The Industry, the Business and the Concerns

The rich pipeline and large global business will help OrbusNeich “hedge” negative domestic policy impact. But fierce competition, slow progress in...

Xinyao (Criss) Wang