HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Zylox-Tonbridge Medical Technology / Equity Capital Markets

<p>On March 23, <a href="https://www.smartkarma.com/entities/zylox-tonbridge-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32974:1" rel="noopener">Zylox-Tonbridge Medical Technology (ZYL HK)</a> submitted its listing application to the Hong Kong Stock Exchange and plans to be listed on the main board. Zylox-Tonbridge was founded in 2012. Since its inception, the Company has adopted and executed the strategic business model of developing innovative medical devices and solutions, focusing on the neuro- and peripheral-vascular interventional medical device market in China. The following mainly included insights on industry characteristics, business analysis and financial position. </p>

On March 23, Zylox-Tonbridge Medical Technology (ZYL HK) submitted its listing application to the Hong Kong Stock Exchange and plans to be listed on the main board. Zylox-Tonbridge was founded in 2012. Since its inception, the Company has adopted and executed the strategic business model of developing innovative medical devices and solutions, focusing on the neuro- and peripheral-vascular interventional medical device market in China. The following mainly included insights on industry characteristics, business analysis and financial position. 

Pre-IPO Zylox-Tonbridge Medical Technology - Promising Market with Challenges

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.</li>
<li>The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.</li>
<li>We see 10 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event. Combined it is about US$1bn to trade one-way.</li>
</ul>


The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
We see 10 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event. Combined it is about US$1bn to trade one-way.


Quiddity Leaderboard ChiNext & ChiNext 50 Jun 25: Great Momentum for the Exp ADDs Vs Exp DELs Trade

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

Event-Driven

Shenzhen Senior Technology-A / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-senior-technology-a" target="_blank" data-smartkarma-citation="entities:29612:1" rel="noopener">Shenzhen Senior Technology-A (300568 CH)</a> is looking to raise around US$275m in its upcoming Switzerland GDR listing. The bookrunner on the deal is Huatai International.</li>
<li>As per media reports, the firm was earlier looking to raise between US$300-400m via a Swiss GDR issuance, having secured approval earlier to sell up to 128m A-shares.</li>
<li>However, given its lackluster share price performance over the past year, the eventual deal size would be capped at around US$275m.</li>
</ul>



Shenzhen Senior Technology-A (300568 CH) is looking to raise around US$275m in its upcoming Switzerland GDR listing. The bookrunner on the deal is Huatai International.
As per media reports, the firm was earlier looking to raise between US$300-400m via a Swiss GDR issuance, having secured approval earlier to sell up to 128m A-shares.
However, given its lackluster share price performance over the past year, the eventual deal size would be capped at around US$275m.


Shenzhen Senior Tech GDR Listing - Early Look - Correction Leaves Its Valuation Palatable

Wuxi Lead Intelligent Equipmen / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipmen (300450 CH)</a> is looking to raise around US$300m in its upcoming Switzerland GDR listing.</li>
<li>As per media reports, Wuxi Lead was said to be looking to raise US$495m via a Swiss GDR issuance, having secured approval to sell up to 78.3m shares.</li>
<li>Given the decline in its share price over the year, the eventual deal size could come to around US$300m as of its current last close.</li>
</ul>



Wuxi Lead Intelligent Equipmen (300450 CH) is looking to raise around US$300m in its upcoming Switzerland GDR listing.
As per media reports, Wuxi Lead was said to be looking to raise US$495m via a Swiss GDR issuance, having secured approval to sell up to 78.3m shares.
Given the decline in its share price over the year, the eventual deal size could come to around US$300m as of its current last close.


Wuxi Lead GDR Listing - Early Look - Another One in the Pipeline, Will Be Net Cash Post-Deal

MicroPort Cardiac Rhythm Management / Equity Capital Markets

<ul>
<li>MicroPort CRM got into CRM device field with global layout mainly through M&amp;A. However, revenue growth in the past three years was unsatisfactory and losses were increasing year by year.</li>
<li>The situation where Boston Scientific/Medtronic/Abbott dominate CRM device overseas markets wouldn’t change. Although China market has big potential theoretically, the actual space remains to be seen due to various challenges.</li>
<li>This IPO application could be aimed at achieving the terms of redemption agreement. Even MicroPort CRM is not in good shape, it is still better than Microport’s other listed subsidiaries.  </li>
</ul>


MicroPort CRM got into CRM device field with global layout mainly through M&amp;A. However, revenue growth in the past three years was unsatisfactory and losses were increasing year by year.
The situation where Boston Scientific/Medtronic/Abbott dominate CRM device overseas markets wouldn’t change. Although China market has big potential theoretically, the actual space remains to be seen due to various challenges.
This IPO application could be aimed at achieving the terms of redemption agreement. Even MicroPort CRM is not in good shape, it is still better than Microport’s other listed subsidiaries.  


Pre IPO MicroPort Cardiac Rhythm Management - The Industry, the Business and the Challenges Ahead

China

Lepu Medical Technology (Beijing) Co., Ltd. develops, produces and sells medical devices and parts.  The Company also offers medical devices consulting services.  The company's products include stent system and blockage system.

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Lepu Medical Technology A (300003 CH)

Pre-IPO Zylox-Tonbridge Medical Technology - Promising Market with Challenges

This insights analyzed Zylox-Tonbridge Medical Technology in terms of the market potential, industry characteristics, business analysis, financial...

Xinyao (Criss) Wang

Quiddity Leaderboard ChiNext & ChiNext 50 Jun 25: Great Momentum for the Exp ADDs Vs Exp DELs Trade

The expected ADDs have been sharply outperforming the expected DELs and that could continue over the next few weeks/months.

Janaghan Jeyakumar, CFA

Shenzhen Senior Tech GDR Listing - Early Look - Correction Leaves Its Valuation Palatable

Shenzhen Senior Tech just launched its US$66m GDR offering. In the base deal, 6.34m GDRs are on offer, at US$9.46–$10.44 each, representing a...

Clarence Chu

Wuxi Lead GDR Listing - Early Look - Another One in the Pipeline, Will Be Net Cash Post-Deal

Wuxi Lead Intelligent Equipmen (300450 CH) is looking to raise around US$300m in its upcoming Switzerland GDR listing, having secured approval to...

Clarence Chu

Pre IPO MicroPort Cardiac Rhythm Management - The Industry, the Business and the Challenges Ahead

MicroPort CRM's' business layout mainly comes from the acquisition of LivaNova, but it's hard to achieve breakthrough in market share. The Company...

Xinyao (Criss) Wang

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