HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shanghai Pulse Medical Technology / Equity Capital Markets

<ul>
<li>The products of <a href="https://www.smartkarma.com/entities/shanghai-pulse-medical-technology" target="_blank" data-smartkarma-citation="entities:35581:1" rel="noopener">Shanghai Pulse Medical Technology (PMT HK)</a> have entered the commercialization stage, indicating that the Company has gone through the stage from 0 to 1.</li>
<li>The medical insurance coverage and CE Mark offer Pulse more options in terms of commercialization, which is very vital especially in front of domestic policy risk and unfriendly financing environment.</li>
<li>Next, Pulse needs to focus more on how to increase the market penetration, so as to present promising commercialization results. Overall, we are looking forward to the future of Pulse.</li>
</ul>


The products of Shanghai Pulse Medical Technology (PMT HK) have entered the commercialization stage, indicating that the Company has gone through the stage from 0 to 1.
The medical insurance coverage and CE Mark offer Pulse more options in terms of commercialization, which is very vital especially in front of domestic policy risk and unfriendly financing environment.
Next, Pulse needs to focus more on how to increase the market penetration, so as to present promising commercialization results. Overall, we are looking forward to the future of Pulse.


Pre-IPO Shanghai Pulse Medical Technology - The Industry, the Business and the Concerns

Shukun (Beijing) Technology / Equity Capital Markets

<ul>
<li>China's AI medical imaging industry is still in its infancy, and needs to face industry supervision, data safety, potential compliance issues, doubts on commercialization prospects, NRDL coverage and increasing competition. </li>
<li>Shukun has its obvious technical advantage, rich product portfolio and many registration certificates, but the Company's path to commercialization and profitability still remains to be seen.</li>
<li>Infervision and Airdoc could be the benchmark companies. Considering the strength, the moat, and the potential of Shukun, its valuation could be higher than Infervision and Airdoc.</li>
</ul>


China's AI medical imaging industry is still in its infancy, and needs to face industry supervision, data safety, potential compliance issues, doubts on commercialization prospects, NRDL coverage and increasing competition. 
Shukun has its obvious technical advantage, rich product portfolio and many registration certificates, but the Company's path to commercialization and profitability still remains to be seen.
Infervision and Airdoc could be the benchmark companies. Considering the strength, the moat, and the potential of Shukun, its valuation could be higher than Infervision and Airdoc.


Pre IPO Shukun Technology - Obvious Strength in Technology/Products but Commercialization Is the Key

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.

<ul>
<li>Shanghai Pulse is a leading player in the FFR assessment in China. The company is looking to raise up to USD 200 m via a Hong Kong listing.</li>
<li>We look at the company's key products QFR, OFR and UFR. We also provide our thoughts on the investment thesis.</li>
<li>We think the company has a decent investor backing and meanwhile we also highlight concerns on its management.</li>
</ul>


Shanghai Pulse is a leading player in the FFR assessment in China. The company is looking to raise up to USD 200 m via a Hong Kong listing.
We look at the company's key products QFR, OFR and UFR. We also provide our thoughts on the investment thesis.
We think the company has a decent investor backing and meanwhile we also highlight concerns on its management.


Shanghai Pulse Medical (博动医疗) Pre-IPO: Leading Image-Based FFR Player

China

Shanghai Pulse Medical Technology (PMT HK)

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Shanghai Pulse Medical Technology (PMT HK)

Pre-IPO Shanghai Pulse Medical Technology - The Industry, the Business and the Concerns

Pulse has commercialized its products, with NRDL coverage in China and CE Marks in overseas. So, it has gone through the stage from 0 to 1. Next,...

Xinyao (Criss) Wang

Pre IPO Shukun Technology - Obvious Strength in Technology/Products but Commercialization Is the Key

Shukun has technical advantage, rich products and registration certificates. Due to immature industry, its path to commercialization/profitability...

Xinyao (Criss) Wang

Shanghai Pulse Medical (博动医疗) Pre-IPO: Leading Image-Based FFR Player

Shanghai Pulse Medical is a leading player in the FFR assessment in China. We look at the product line of the company, including QFR, OFR and UFR.

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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