APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

Equity Capital Markets

Doosan Robotics  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a> raised around US$318m in its Korea IPO, after pricing its IPO at the top end of the range at KRW26,000/share.</li>
<li>Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.</li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>



Doosan Robotics (454910 KS) raised around US$318m in its Korea IPO, after pricing its IPO at the top end of the range at KRW26,000/share.
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.
In this note, we will talk about the demand for the deal and other trading dynamics.


Doosan Robotics IPO Trading - Strong Insti Subscription Rates but Still Feels like a Punt

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a> is looking to raise up to US$318m in its Korean IPO.</li>
<li>Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.</li>
<li>In our previous notes, we assessed the company’s past performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we share our updated thoughts on valuation.</li>
</ul>



Doosan Robotics (454910 KS) is looking to raise up to US$318m in its Korean IPO.
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.
In our previous notes, we assessed the company’s past performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we share our updated thoughts on valuation.


Doosan Robotics IPO - Updated Thoughts on Valuation - Sentiments Going Out of Control

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>We compiled the public sector bidding result of medical robots in the past one and half years. </li>
<li>Result shows market leaders reinforcing their shares in laparoscopic and orthopaedic robots but in neurosurgery a new challenger has risen</li>
<li>We reiterate the view domestic substitution will likely occur in areas like puncture, natural orifice and microsurgery, which will require new core competencies in machine vision, haptic feedback and AR/VR.</li>
</ul>


We compiled the public sector bidding result of medical robots in the past one and half years. 
Result shows market leaders reinforcing their shares in laparoscopic and orthopaedic robots but in neurosurgery a new challenger has risen
We reiterate the view domestic substitution will likely occur in areas like puncture, natural orifice and microsurgery, which will require new core competencies in machine vision, haptic feedback and AR/VR.


[Blue Lotus Heathcare Sector Update]: Domestic Substitution Takes Nascent Root in Med-Bots

<ul>
<li>2252HK:   NHC issued the "14th Five-Year Plan for Large-Scale Medical Equipment Allocation" ,  the planned quota of laparoscopic robots is slightly lower than our estimated (-)</li>
<li>1801HK/LEGN:Innovent/ISAO co-developed CAR-T received approval in China ahead   of Legend’s CARVIKTI, might try to squeeze in NDRL list this year (+)</li>
<li>LKNCY: Luckin Coffee reported 50mn monthly transacting customers in June(/)</li>
</ul>


2252HK:   NHC issued the "14th Five-Year Plan for Large-Scale Medical Equipment Allocation" ,  the planned quota of laparoscopic robots is slightly lower than our estimated (-)
1801HK/LEGN:Innovent/ISAO co-developed CAR-T received approval in China ahead   of Legend’s CARVIKTI, might try to squeeze in NDRL list this year (+)
LKNCY: Luckin Coffee reported 50mn monthly transacting customers in June(/)


China TMT Update Jul.4-2252HK/1801HK/LEGN/LKNCY:14th Five-Year Plan for Medical Equipment Allocation

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The National Health Commission released "14th Five-Year Plan for the Configuration of Large Medical Equipment", which should drive the upgrading of the whole industry chain and accelerate the import substitution.</li>
<li>The gap between Chinese and Western hospitals can lead to many differences in the logic of future commercialization, such as surgical robots and other high-priced innovative medical devices in China.</li>
<li>The efficacy/safety standards of GLP-1 drugs have been raised sufficiently high. If latecomers’ products fail to be better than Semaglutide/Tirzepatide/Orforglipron, it’s difficult to gain market share through "fast-follow strategy".</li>
</ul>


The National Health Commission released "14th Five-Year Plan for the Configuration of Large Medical Equipment", which should drive the upgrading of the whole industry chain and accelerate the import substitution.
The gap between Chinese and Western hospitals can lead to many differences in the logic of future commercialization, such as surgical robots and other high-priced innovative medical devices in China.
The efficacy/safety standards of GLP-1 drugs have been raised sufficiently high. If latecomers’ products fail to be better than Semaglutide/Tirzepatide/Orforglipron, it’s difficult to gain market share through "fast-follow strategy".


China Healthcare Weekly (Jun.30)-Surgical Robots, Medical Equipment New Policy, Pfizer's Frustration

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.

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.

Edan Instruments Inc develops, produces and sells medical electronic equipments.  The Company's main products are fetal dopplers, electrocardiographs, fetal monitors and ultrasound scanners.

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.

AK Medical Holdings Limited manufactures medical devices. The Company produces and sells orthopedic implants, spinal interbody cages, artificial vertebral bodies, and other products. AK Medical Holdings markets its products throughout Hong Kong.

Dirui Industrial Company Limited develops, manufactures and sells medical testing equipment and corollary reagents. The Company's main products are analyzers used in the research of bodily fluid, biochemical substances, and hematology.

Zhende Medical Co., Ltd. manufactures medical products. The Company researches, develops, produces, and sells medical dressings, pressure treatment and fixation, modern wound care, surgical infection management, and other products. Zhende Medical markets its products worldwide.

Blue Sail Medical Co., Ltd. manufactures and sells PVC gloves and other plastic products. The company also engages in the sale of  nitrile gloves, latex gloves,  paper pulp molding products, and a range of medical equipments.

Truking Technology Limited develops, designs, manufactures, sells and provides services for aqueous pharmaceutical equipment. The Company offers ampoules linkage lines, vial linkage lines, oral liquid linkage lines, and infusion linkage lines, and other related products.

Beijing Bohui Innovation Technology Company Limited develops clinical examination rapid detection technology, manufactures and sells its application systems. The Company's main product is human body trace elements detection system, which include instruments and reagents.

Atrion Corporation, through its subsidiaries, designs, develops, manufactures, markets, sells, and distributes medical products and components.  The Company's products are used in ophthalmic, diagnostic, and cardiovascular procedures. Atrion's products are sold primarily to health care companies which market and distribute its products in conjunction with their name-brand products.

Avanos Medical, Inc. operates as a medical technology company. The Company offers infection prevention, surgical, respiratory, digestive health, and pain management solutions. Avanos Medical serves healthcare sector worldwide.

Pegavision Corp is a result of a joint venture by Pegatron Corp and Kinsus Corp. The Company manufactures and sells soft contact lenses and other ophthalmic medical devices. Pegavision operates in Taiwan.

Paramount Bed Holdings Company Ltd. operates as a holding company. The Company, through its subsidiaries, designs and manufactures hospital, medical, electric, motorized, and orthopedic beds.

Cardiovascular Systems, Inc. developed and manufactures a medical device that removes hardened plaque and calcium from arteries.

Draegerwerk AG & Company KGAA manufactures medical, safety, and aerospace equipment. The Company produces ventilators, monitoring equipment, transport incubators, anesthesia machines, surgical lights, ward equipment, home care equipment, systems for safe breathing in industry, mining and fire fighting, and airplane crew and passenger oxygen systems.

Pulse Biosciences, Inc. operates as a development stage medical device company. The Company offers a local and drug-free technology that utilizes nanosecond pulsed electric fields to induce cell signaling and the activation of cellular pathways in tissue.

Arjo AB develops, manufactures, and markets medical equipment for elderly and disabled patients. The Company offers medical beds, flusher disinfectors, prevention pumps, hygiene lifts, and shower systems. Arjo markets its products worldwide.

Silk Road Medical, Inc. produces and distributes surgical equipment. The Company offers develops and manufactures less-invasive medical devices intended to improve the treatment of carotid artery disease through proprietary transcarotid therapies. Silk Road Medical serves medical sector in the United States.

Genertec Universal Medical Group Company Limited provides healthcare services. The Company offers medical financing, hospital investment and management, digitization, and clinical department upgrade advisory services. Genertec Universal Medical Group serves customers in Hong Kong.

Shanghai MicroPort MedBot Group Co Ltd manufactures and sells medical equipment. The Companu produces and sells laparoscopic surgery robots, orthopedic surgical robots, and other products. Shanghai MicroPort MedBot Group markets its products throughout China.

Shanghai MicroPort MedBot Group (2252 HK)

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Shanghai MicroPort MedBot Group (2252 HK)

Doosan Robotics IPO Trading - Strong Insti Subscription Rates but Still Feels like a Punt

Doosan Robotics (454910 KS) raised around US$318m in its Korea IPO, after pricing its IPO at the top end of the range at KRW26,000/share.

Ethan Aw

Doosan Robotics IPO - Updated Thoughts on Valuation - Sentiments Going Out of Control

Doosan Robotics (454910 KS) is looking to raise up to US$318m in its Korean IPO. In this note, we share our updated thoughts on valuation.

Ethan Aw

[Blue Lotus Heathcare Sector Update]: Domestic Substitution Takes Nascent Root in Med-Bots

Domestic substitution will likely occur in areas like puncture, natural orifice and microsurgery, which will require new core competencies in...

Blue Lotus Research Institute

China TMT Update Jul.4-2252HK/1801HK/LEGN/LKNCY:14th Five-Year Plan for Medical Equipment Allocation

2252HK: "14th Five-Year Plan for Medical Equipment Allocation" , (-) 1801HK/LEGN: CAR-T received approval (+) LKNCY: Luckin Coffee reported 50mn...

Blue Lotus Research Institute

China Healthcare Weekly (Jun.30)-Surgical Robots, Medical Equipment New Policy, Pfizer's Frustration

National Health Commission issued new policy of large medical equipment.The truth of hospital change the commercialization outlook of surgical...

Xinyao (Criss) Wang

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52-week Range

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