HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shanghai MicroPort MedBot Group / Equity Bottom-Up

<ul>
<li>Recently, MicroPort MedBot’s Toumai laparoscopic surgical robot has obtained a registration certificate for launching by NMPA, indicating the hope of breaking the monopoly of Da Vinci robots in the market.</li>
<li>The strong policy support as well as the medical insurance coverage offer a viable way for the commercialization of surgical robots in China, which is very important. </li>
<li>Although it would take some time to improve the overall market penetration in China, we are still optimistic about the outlook of <a href="https://www.smartkarma.com/entities/shanghai-microport-medbot-group-co-ltd" target="_blank" data-smartkarma-citation="entities:33485:1" rel="noopener">Shanghai MicroPort MedBot Group (2252 HK)</a>.</li>
</ul>


Recently, MicroPort MedBot’s Toumai laparoscopic surgical robot has obtained a registration certificate for launching by NMPA, indicating the hope of breaking the monopoly of Da Vinci robots in the market.
The strong policy support as well as the medical insurance coverage offer a viable way for the commercialization of surgical robots in China, which is very important. 
Although it would take some time to improve the overall market penetration in China, we are still optimistic about the outlook of Shanghai MicroPort MedBot Group (2252 HK).


Shanghai MicroPort MedBot Group (2252.HK) - Optimistic About the Outlook

<ul>
<li>
<a href="https://www.smartkarma.com/entities/venus-medtech-hangzhou-inc" target="_blank" data-smartkarma-citation="entities:28257:1" rel="noopener">Venus MedTech (2500 HK)</a> is taking the lead in TAVR industry, but <a href="https://www.smartkarma.com/entities/peijia-medical" target="_blank" data-smartkarma-citation="entities:28862:1" rel="noopener">Peijia Medical (9996 HK)</a> has advantages in development progress of future products. So, the market pattern is not yet determined.</li>
<li>The high cost of TAVR surgery is the main reason for lower-than-expected sales performance of related companies and low market penetration. The fierce competition would also bring more challenges. </li>
<li>A good solution is to enter developing markets with CE mark, which would offer a new commercialization option and also a wider expansion beyond just European and American markets.</li>
</ul>



Venus MedTech (2500 HK) is taking the lead in TAVR industry, but Peijia Medical (9996 HK) has advantages in development progress of future products. So, the market pattern is not yet determined.
The high cost of TAVR surgery is the main reason for lower-than-expected sales performance of related companies and low market penetration. The fierce competition would also bring more challenges. 
A good solution is to enter developing markets with CE mark, which would offer a new commercialization option and also a wider expansion beyond just European and American markets.


Peijia Medical (9996.HK) Vs Venus MedTech (2500.HK) Vs CardioFlow (2160.HK)-Pain Points and Solution

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

OrbusNeich Medical Group Holdings / Equity Capital Markets

<ul>
<li>OrbusNeich Medical Group focuses on coronary and peripheral interventional instruments, such as balloons and stents used in PCI (coronary)/PTA (peripheral) procedures.</li>
<li>Comprehensive and innovative product portfolio for endovascular interventional procedures, established global sales network, and robust pipeline are the major strength of OrbusNeich.</li>
<li>Fierce competition, commoditized nature of the offering, centralized procurement leading to substantial price drop are some of the concerns for the company.</li>
</ul>


OrbusNeich Medical Group focuses on coronary and peripheral interventional instruments, such as balloons and stents used in PCI (coronary)/PTA (peripheral) procedures.
Comprehensive and innovative product portfolio for endovascular interventional procedures, established global sales network, and robust pipeline are the major strength of OrbusNeich.
Fierce competition, commoditized nature of the offering, centralized procurement leading to substantial price drop are some of the concerns for the company.


Pre-IPO OrbusNeich Medical Group: A Scale Player, With Comprehensive Portfolio in PCI Balloon Market

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.

MicroPort NeuroTech / Equity Capital Markets

<ul>
<li>Microport NeuroTech is a leading neuro-interventional device company in China. The company is looking to raise up to USD 300m via a Hong Kong listing.</li>
<li>We look at the company's key segments and products. We like the company's comprehensive coverage of neuro-interventional devices.</li>
<li>Its management team has decent experience as it is a spin-off from Microport. We also highlight the risk of the stock.</li>
</ul>


Microport NeuroTech is a leading neuro-interventional device company in China. The company is looking to raise up to USD 300m via a Hong Kong listing.
We look at the company's key segments and products. We like the company's comprehensive coverage of neuro-interventional devices.
Its management team has decent experience as it is a spin-off from Microport. We also highlight the risk of the stock.


Microport NeuroTech (微创脑科学) Pre-IPO: Decent Name for Neuro-Interventional Devices

Thematic (Sector/Industry)

<ul>
<li>In 2021/1H, the neuro-interventional industry attracted great enthusiasm from investors, but starting from 2021/2H, things began to change and investors quickly returned to rationality.</li>
<li>The major concerns are the product homogenization, fierce market competition and the negative impact of centralized procurement policy. We summarized our policy interpretation to help investors make a prediction.</li>
<li>In terms of future trends, the grassroots market and the international markets are the breakthrough points for domestic neuro-interventional enterprises, which would be the main criteria for decision-making.</li>
</ul>


In 2021/1H, the neuro-interventional industry attracted great enthusiasm from investors, but starting from 2021/2H, things began to change and investors quickly returned to rationality.
The major concerns are the product homogenization, fierce market competition and the negative impact of centralized procurement policy. We summarized our policy interpretation to help investors make a prediction.
In terms of future trends, the grassroots market and the international markets are the breakthrough points for domestic neuro-interventional enterprises, which would be the main criteria for decision-making.


Concerns and Outlook on China Neuro-Interventional Industry

China

Microport Scientific Corp. manufactures interventional and minimally invasive devices for keyhole surgery. The Company's products are used to treat vascular diseases and is developing devices to treat diabetes and orthopedic diseases.

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Microport Scientific (853 HK)

Shanghai MicroPort MedBot Group (2252.HK) - Optimistic About the Outlook

MicroPort MedBot’s Toumai laparoscopic surgical robot has successfully launched. We analyzed related policy impact, the strength of Toumai, the...

Xinyao (Criss) Wang

Peijia Medical (9996.HK) Vs Venus MedTech (2500.HK) Vs CardioFlow (2160.HK)-Pain Points and Solution

We analyzed the TAVR business of Venus, MicroPort CardioFlow and Peijia. We also analyzed the competition pattern, concerns, pain points of TAVR...

Xinyao (Criss) Wang

Pre-IPO OrbusNeich Medical Group: A Scale Player, With Comprehensive Portfolio in PCI Balloon Market

This insight has analyzed the product offerings, strength, and weakness of OrbusNeich Medical Group ahead of its IPO. The company intends to raise...

Tina Banerjee

Microport NeuroTech (微创脑科学) Pre-IPO: Decent Name for Neuro-Interventional Devices

Microport NeuroTech is a leading neuro-interventional device player in China with proven track record of R&D and commercialization. The company is...

Ke Yan, CFA, FRM

Concerns and Outlook on China Neuro-Interventional Industry

The insight analyzed China neuro-interventional industry including the reason of cool-down in primary market, the product homogenization, fierce...

Xinyao (Criss) Wang

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