HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Zylox-Tonbridge Medical Technology / Equity Capital Markets

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.

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

Acotec Scientific Holdings / Equity Capital Markets

With the acceleration of the aging process, the prevalence of various vascular diseases continue to rise, and related medical needs have increased dramatically. Among them, interventional therapy has been highly recognized by clinicians and patients with its advantages of less trauma, fewer complications, high safety and less patient pain, and the market demand shows a rapid growth. Therefore, many domestic innovative medical device enterprises accelerated the pace of listing in order to seize more market share. For example, according to the disclosure of the HKEX, <a href="https://www.smartkarma.com/entities/acotec-scientific-holdings-limited" target="_blank" data-smartkarma-citation="entities:32176:1" rel="noopener">Acotec Scientific Holdings (ASH HK)</a> applied to be listed on the main board on February 11, 2021. The following mainly include the insights on business, industry and financial position.

With the acceleration of the aging process, the prevalence of various vascular diseases continue to rise, and related medical needs have increased dramatically. Among them, interventional therapy has been highly recognized by clinicians and patients with its advantages of less trauma, fewer complications, high safety and less patient pain, and the market demand shows a rapid growth. Therefore, many domestic innovative medical device enterprises accelerated the pace of listing in order to seize more market share. For example, according to the disclosure of the HKEX, Acotec Scientific Holdings (ASH HK) applied to be listed on the main board on February 11, 2021. The following mainly include the insights on business, industry and financial position.

Pre-IPO Acotec Scientific Holdings - First-Mover Advantage Together with Challenges

Thematic (Sector/Industry)

1. Industry viewpoints:
<ul>
<li>There is no doubt that the next step is to include biosimilar drugs in the volume-based purchase (VBP).</li>
<li>With the increasing prevalence of diabetes in China and the improvement of people's living and medical standards, the market size of diabetes drugs in China is expanding year by year.</li>
<li>As the penetration of interventional surgery continues to increase, the market of support devices across all interventional fields has a promising future.</li>
</ul>
2. Company news:
News about the new agreements from <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK),</a><a href="https://www.smartkarma.com/entities/luye-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:488:1" rel="noopener">Luye Pharma (2186 HK)</a>, and <a href="https://www.smartkarma.com/entities/huadong-medicine-co-ltd-a" target="_blank" data-smartkarma-citation="entities:18522:1" rel="noopener">Huadong Medicine Co Ltd A (000963 CH)</a>. 
3. Market review: 
Last week, stock price for healthcare sector in A share decreased 2.83%, while CSI 300 decreased 0.5% over the same period of time.
4. Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints:

There is no doubt that the next step is to include biosimilar drugs in the volume-based purchase (VBP).
With the increasing prevalence of diabetes in China and the improvement of people's living and medical standards, the market size of diabetes drugs in China is expanding year by year.
As the penetration of interventional surgery continues to increase, the market of support devices across all interventional fields has a promising future.

2. Company news:
News about the new agreements from BeiGene Ltd (6160 HK),Luye Pharma (2186 HK), and Huadong Medicine Co Ltd A (000963 CH). 
3. Market review: 
Last week, stock price for healthcare sector in A share decreased 2.83%, while CSI 300 decreased 0.5% over the same period of time.
4. Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

China Healthcare Weekly (Feb.19) - VBP on Biosimilar Drugs, Poor Performance of Healthcare Sector

China

Sinocare Inc. develops, manufactures, sells biosensor technology real-time detection products. The Company's main products include rapid trace blood glucose testers, and supporting blood glucose testing strips.

Shinva Medical Instrument Co., Ltd. manufactures and markets medical instruments and equipment.  The Company's products include sterilization equipment, radiation diagnosis and radiotherapy equipment, chemical indication products, and medical environmental protection equipment.

Guangzhou Wondfo Biotech Co.,Ltd. was founded in 1992. The company's line of business includes manufacturing of medical diagnostic tests.  Guangzhou Wondfo Biotech serves customers around the world.

Double Medical Technology Inc. operates as an orthopedic devices manufacturing company. The Company produces and sells physical therapy equipment, orthopedic surgical instruments, injection puncture, and other products. Double Medical Technology markets its products throughout 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.

Shanghai Tofflon Science and Technology Company Limited develops, designs, produces and markets pharmaceutical freeze dryer and related systems. The Company's main products include in-place sterilisation, in-place lyophilization cleaners, laboratory freeze dryers, production freeze dryers, liquid nitrogen freeze dryers and freeze drying systems and equipments.

Shandong Weigao Group Medical Polymer Company Limited, through its subsidiaries, researches and develops, produces, and sells single-use aseptic polymer medical products.

Shandong Weigao Group Medical Polymer Co (1066 HK)

Shandong Pharmaceutical Glass Co., Ltd. manufactures and markets a variety of pharmaceutical glass products including molded vials, tube vials, ampoule, amber vials, infusion vials, and glass tubes.  The Company also manufactures paper packaging boxes and invests in petrochemical industry.

Shandong Pharmaceutical Glass Co., Ltd. A (600529 CH)

Shandong Pharmaceutical Glass Co., Ltd. A

Andon Health Co., Ltd. develops, manufactures and sells medical electronic devices for home use.  The Company's products include blood pressure monitors, blood glucose monitors, and digital thermometers.

Lifetech Scientific Corporation develops, manufactures and markets minimally invasive interventional medical devices for cardiovascular and peripheral vascular diseases and disorders.  The Company produces congenital heart defect occluders, vena cava filters, stent grafts, balloon catheters, and vascular plugs.

Veracyte, Inc. develops molecular tests for oncology. The Company offers molecular cytology and tests for the diagnostic accuracy of cytology samples. Veracyte provides its products and services to healthcare and molecular diagnostic companies in the United States.

NAKANISHI INC. manufactures gyration equipment for dental and industry use. The Company's products include precision spindles and hand-held grinders.

Ossur hf does research and develops prosthetic aids.  The Company also designs, makes, and markets prosthetic and orthotic products, and offers a wide line of customized solutions.  The product line includes Iceross, a silicon socket, the ICEX socket system, and Masterstep, a prosthetic foot.  Ossur operates through a global network of sales outlets and agencies.

Osstem Implant Co., Ltd. manufactures dental implant system. The Company also markets dental management software. Osstem Implant provides products for dental surgery and exports abroad.

Artivion Inc.(Artivion) is a medical device company focused on developing simple, elegant solutions that address cardiac and vascular surgeons' most difficult challenges in treating patients with aortic disease. The company's major products include:aortic stents, stent grafts, prosthetic heart valves, cyropreserved cardiac and vascular allografts, and surgical sealants.

MANI, INC. manufactures medical goods and equipment.  The Company's products include threads and needles for surgeries, surgical knives for eye surgeries, and dental instruments and equipment.

LeMaitre Vascular, Inc. manufactures medical devices for vascular surgeons and interventionists.  The Company develops, produces, and markets disposable and implantable devices for the treatment of peripheral vascular disease, such as stent grafts, anastomotic clips, valvulotomes, radiopaque marking tape, shunts, and embolectomy catheters.

NuVasive, Inc. designs, develops, and markets products for the surgical treatment of spine disorders. The Company's products include Maximum Access Surgery (MAS) and Fusion products.

AtriCure, Inc. develops, manufactures, and sells surgical devices designed to create precise lesions in soft tissues.  The Company's bipolar ablation system is used by cardiothoracic surgeons as a standard treatment alternative to create lesions in heart tissue to block the abnormal electrical impulses that cause atrial fibrillation.

STAAR Surgical Company develops, manufactures, and markets high margin visual implants that improve a patient's quality of vision.  The Company manufactures implantable contact lenses to treat refractive disorders such as myopia.  STAAR also manufactures products for cataract surgery and glaucoma surgery.

Shanghai MicroPort Endovascular MedTech (Gruop) Co., Ltd. develops and sells medical instruments. The Company manufactures and sells peripheral vascular stents, aortic balloon dilation catheters, aortic stent grafts, and other related products. Shanghai MicroPort Endovascular MedTech (Gruop) markets its products primarily throughout China with limited overseas.

Shanghai MicroPort Endovascula (688016 CH)

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Shanghai MicroPort Endovascula (688016 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

Pre-IPO Acotec Scientific Holdings - First-Mover Advantage Together with Challenges

This article analyzed Acotec Scientific in terms of its business, industry characteristics, financial position, and also include the concerns and...

Xinyao (Criss) Wang

China Healthcare Weekly (Feb.19) - VBP on Biosimilar Drugs, Poor Performance of Healthcare Sector

This article analyzed the new document about VBP for biosimilar drugs, diabetes drugs market, support devices market in interventional fields,...

Xinyao (Criss) Wang

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