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

Rainbow Children's Medicare / Equity Capital Markets

<ul>
<li>Rainbow Children’s Hospital (RCH) raised around US$200m via issuing a mix of primary and secondary shares in its India IPO.</li>
<li>RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.</li>
<li>In this note, we will talk about our the trading updates.</li>
</ul>


Rainbow Children’s Hospital (RCH) raised around US$200m via issuing a mix of primary and secondary shares in its India IPO.
RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.
In this note, we will talk about our the trading updates.


Rainbow Children’s Hospital IPO Trading - Decent Anchor, Strong Insti Subs but Limited Upside

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.

Event-Driven

<ul>
<li>The CapVest scheme meeting is scheduled for 6 June and the CapVest takeover offer runs from 6 May to 5 July. The BGH takeover is open and ends 20 May.</li>
<li>The independent expert has concluded that both CapVest and BGH’s proposals are fair and reasonable. <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a> shares currently trade above both proposals. </li>
<li>With BGH unwilling to concede to CapVest, it is likely that BGH increases its 20.02% stake at a higher price than its takeover offer, resulting in a higher offer price.  </li>
</ul>


The CapVest scheme meeting is scheduled for 6 June and the CapVest takeover offer runs from 6 May to 5 July. The BGH takeover is open and ends 20 May.
The independent expert has concluded that both CapVest and BGH’s proposals are fair and reasonable. Virtus Health (VRT AU) shares currently trade above both proposals. 
With BGH unwilling to concede to CapVest, it is likely that BGH increases its 20.02% stake at a higher price than its takeover offer, resulting in a higher offer price.  


CapVest Scheme Meeting on 6 Jun, CapVest Takeover Offer Open 6 May to 5 July

<ul>
<li>Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO.</li>
<li>RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.</li>
<li>In this note, we will talk about the recent updates and peer comparison.</li>
</ul>


Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO.
RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.
In this note, we will talk about the recent updates and peer comparison.


Rainbow Children’s Hospital - Recent Updates and Peer Comp

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Equity Bottom-Up

Jinxin Fertility Group  / Equity Bottom-Up

<ul>
<li>Jinxin announced in recent days that it further increases stake in Shenzhen Hospital, Jiuzhou Hospital and Hewanjia Hospital.</li>
<li>In this note, we analyze the impact on the company. We think the acquisition is sensible when the market sentiment is weak. </li>
<li>We also summarize recent industry development and the company's FY2021 results. We are turning relatively more bearish.</li>
</ul>


Jinxin announced in recent days that it further increases stake in Shenzhen Hospital, Jiuzhou Hospital and Hewanjia Hospital.
In this note, we analyze the impact on the company. We think the acquisition is sensible when the market sentiment is weak. 
We also summarize recent industry development and the company's FY2021 results. We are turning relatively more bearish.


Jinxin Fertility: Shenzhen and Yunnan Acquisitions

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>As China’s leading assisted reproductive service provider, <a href="https://www.smartkarma.com/entities/jinxin-fertility-group-ltd" target="_blank" data-smartkarma-citation="entities:28003:1" rel="noopener">Jinxin Fertility Co Ltd (1951 HK)</a> can be negatively affected by the country’s consistently falling birth rate.</li>
<li>The company performed 27,354 IVF cycles in 2021, 20% higher than that of 2020. However, it is still lower than 27,854 IVF cycles performed in 2019, pre-COVID era.</li>
<li>Concern over the fact that the Chinese government may impose restrictions on the for-profit healthcare service providers, like it did for K12 education sector, is souring near-term sentiment.</li>
</ul>


As China’s leading assisted reproductive service provider, Jinxin Fertility Co Ltd (1951 HK) can be negatively affected by the country’s consistently falling birth rate.
The company performed 27,354 IVF cycles in 2021, 20% higher than that of 2020. However, it is still lower than 27,854 IVF cycles performed in 2019, pre-COVID era.
Concern over the fact that the Chinese government may impose restrictions on the for-profit healthcare service providers, like it did for K12 education sector, is souring near-term sentiment.


Jinxin Fertility (1951 HK): Regulatory Risk and Macro Headwind Jeopardize Growth Prospect

China

Shenzhen Neptunus Bioengineering Co., Ltd. develops, manufactures, and markets biochemical pharmaceuticals, biological products, traditional Chinese medicines, and healthcare products.  Through its subsidiaries, the Company also manufactures food.

Searainbow Holding Corp., produces chemical fibers and other textile products. The company, through its subsidiaries, also provides medical e-commerce and on-line games.

Nanjing Pharmaceutical Co. Ltd. distributes a broad range of drugs. The Company also manufactures medicines,medical apparatus, chemical reagents, and glassware.

Guangxi Liuzhou Pharmaceutical Co. Ltd. manufactures pharmaceuticals. The Company researches, develops, produces, processes, and distributes capsules, granules, tablets, pills, plasters, and raw material medicines.

Zhejiang Dian Diagnostics Co., Ltd. provides medical diagnostic solutions, as an outsourcer, to various general hospitals, specialized hospitals, community health service centers (stations), township (county) hospitals, medical centers,  disease prevention and control centers.

China Resources Medical Holdings Company Limited operates hospitals and clinics. The Company offers clinical treatment, healthcare management, public sanitary, and other medical health services. China Resources Medical Holdings also operates supply chain management, financing, real estate development, consumption, and other businesses.

Cachet Pharmaceutical Co., Ltd manages pharmaceutical services, wholesale and retail businesses.  The Company also operates the logistics services related to pharmacy.

Zhejiang Zhenyuan Co., Ltd. wholesales and retails traditional Chinese medicines, Chinese medicine materials, chemical preparations, and healthcare products.  Through its subsidiaries, the Company also manufactures pharmaceuticals.

Shandong Realcan Pharmaceutical Company Limited is a pharmaceutical direct seller. The Company's main business is distributing drugs to high-end medical market, basic health care market and commercial distribution.

Shandong Realcan Pharmaceutical (002589 CH)

China Pioneer Pharma Holdings Ltd is a marketing, promotion and channel management service provider dedicated to imported pharmaceutical products and medical devices in China.

Regis Healthcare Limited is a treatment program that offers Family Therapy, Clinical Psychology, Education and Occupational Therapy.

Chularat Hospital PCL owns medical centers and hospitals. The Company operates a variety of centers specializing in treatments such as hand surgery, open heart surgery, and strokes as well as providing emergency services and patient care. Chularat Hospital serves the medial industry throughout Thailand.

BML, INC. operates medical laboratories and develops software for clinical testing.  The Company conducts clinical testing in a variety of fields, including endocrine, blood and blood plasma, protein, biochemical, virus, immune systems, and bacteria.  BML conducts testing primarily  for hospitals and medical institutions.

Vibhavadi Medical Center Public Company Limited owns and operates the Vibhavadi Hospital. Located in Bangkok, the Hospital provides full range of medical services.

H.U. Group Holdings Inc. provides health care testing services. The Company provides contract clinical testing and clinical laboratory drug services for cancer, malignant tumor, hypothyroidism, diabetes, and infectious diseases. H.U. Group Holdings also conducts sterilization related business.

Rhoen-Klinikum AG operates general, rehabilitation, and emergency health care facilities which offer inpatient and outpatient medical care to various communities in Germany.  These clinics and hospitals offer cardiological, surgical, psychiatric, neurological and neurosurgical, orthopedic, addiction treatment, and physical therapy services.

CVS Group PLC provides animal veterinary and related services. The Company sells animal medicines and a range of pet products directly to consumers. CVS Group operates throughout the United Kingdom.

Netcare Limited is a South African hospital promotion and management company that owns and operates a number of private hospitals and clinics.

Life Healthcare Group Holdings Ltd operates healthcare facilities in South Africa.  The Company operates acute care hospitals, long-term care facilities, physical and cognitive rehabilitation services for disabling injuries, and on-site occupational and primary healthcare services.

Selcuk Ecza Deposu Ticaret ve Sanayi A.S. distributes pharmaceutical products.

Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (SELEC TI)

Selcuk Ecza Deposu Ticaret ve Sanayi A.S.

Jinxin Fertility Group Limited provides assisted reproductive services. The Company offers vitro fertilization services, embryo transfer services, management services, and other services. Jinxin Fertility Group also provides ancillary medical services.

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Jinxin Fertility Group (1951 HK)

Rainbow Children’s Hospital IPO Trading - Decent Anchor, Strong Insti Subs but Limited Upside

Rainbow Children’s Hospital raised around US$200m in its India IPO. In this note, we look at the subscription levels and talk about the trading...

Sumeet Singh

CapVest Scheme Meeting on 6 Jun, CapVest Takeover Offer Open 6 May to 5 July

The shares currently trade above both the CapVest and BGH proposals. It is likely that BGH further increases its stake at a higher price than its...

Arun George

Rainbow Children’s Hospital - Recent Updates and Peer Comp

Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO. In this note, we...

Sumeet Singh

Jinxin Fertility: Shenzhen and Yunnan Acquisitions

We analyze the impact of its recent acquisition of stakes in Shenzhen Hospital and two Yunnan hospitals, and recent industry and company...

Ke Yan, CFA, FRM

Jinxin Fertility (1951 HK): Regulatory Risk and Macro Headwind Jeopardize Growth Prospect

China’s record low birth rate and policy overhangs are souring investor sentiment on Jinxin Fertility. Current COVID situation in China is also not...

Tina Banerjee

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