External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Shanghai United Imaging Health / Equity Bottom-Up

<ul><li>United Imaging’s 9M24 revenue declined by 6.4% YoY to RMB6,954mn, with 3Q24 revenue down by 25.0% YoY to RMB1.6bn.</li><li>This downturn was primarily due to a challenging domestic market environment, marked by stringent industry regulations and delays in equipment renewal projects.</li><li>Attributable net profit in 9M24 decreased by 36.9% YoY to RMB671mn, with net profit margin falling by 4.7 ppts. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Imaging’s 9M24 revenue declined by 6.4% YoY to RMB6,954mn, with 3Q24 revenue down by 25.0% YoY to RMB1.6bn.This downturn was primarily due to a challenging domestic market environment, marked by stringent industry regulations and delays in equipment renewal projects.Attributable net profit in 9M24 decreased by 36.9% YoY to RMB671mn, with net profit margin falling by 4.7 ppts. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Imaging (688271 CH) - Anticipating a Rapid Rebound in Domestic Business

<ul><li>United Imaging reported 1H24 revenue of RMB5,333mn, up by 1.2% YoY. Attributable net profit increased by 1.3% YoY to RMB950mn.</li><li>Despite facing a challenging domestic market environment characterized by stringent industry regulations and delays in equipment renewal projects, United Imaging delivered resilient performance thanks to the rapid growth of overseas business and maintenance services.</li><li>The rising revenue contribution from mid-to-high-end products and services drove the company's gross margin up by 1.7ppts YoY to 50.4% in 1H24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Imaging reported 1H24 revenue of RMB5,333mn, up by 1.2% YoY. Attributable net profit increased by 1.3% YoY to RMB950mn.Despite facing a challenging domestic market environment characterized by stringent industry regulations and delays in equipment renewal projects, United Imaging delivered resilient performance thanks to the rapid growth of overseas business and maintenance services.The rising revenue contribution from mid-to-high-end products and services drove the company's gross margin up by 1.7ppts YoY to 50.4% in 1H24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Imaging (688271 CH) - Resilient 1H24 Performance Amid Market Headwinds

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Benefiting from changes in pandemic prevention policies and favorable reimbursement policy support, TCM injections market would end its years of continuous decline and enter a period of rapid growth again.</li>
<li>After Novo Nordisk acquires Catalent, China CXOs would be less likely to obtain the global GLP-1 orders. As MNCs rethink supply chain issues, China CXOs would face more challenges.</li>
<li>Against the backdrop of anti-corruption/import substitution, investment logic of United Imaging is solid. However, the biggest issue is high valuation. Fundamentals're difficult to support more than RMB100 billion market value.</li>
</ul>


Benefiting from changes in pandemic prevention policies and favorable reimbursement policy support, TCM injections market would end its years of continuous decline and enter a period of rapid growth again.
After Novo Nordisk acquires Catalent, China CXOs would be less likely to obtain the global GLP-1 orders. As MNCs rethink supply chain issues, China CXOs would face more challenges.
Against the backdrop of anti-corruption/import substitution, investment logic of United Imaging is solid. However, the biggest issue is high valuation. Fundamentals're difficult to support more than RMB100 billion market value.


China Healthcare Weekly (Mar.22)-TCM Injection Revive, China CXO Lag Behind in GLP-1, United Imaging

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.</li>
<li>The changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a> and a bunch of other mainland China indices will be announced after market close on Friday.</li>
<li>Relatively quiet week for ETF flows with no major creations or redemptions during the week.</li>
</ul>


The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.
The changes for the CSI 300, CSI 500, STAR50, SSE50 and a bunch of other mainland China indices will be announced after market close on Friday.
Relatively quiet week for ETF flows with no major creations or redemptions during the week.


Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Shares of Jiangxi Rimag Group, a medical group with focus on medical imaging in China, rose 200%+ since IPO and massively outperformed Hang Seng Index.</li>
<li>A Nanchang-based medical imaging center operator priced its IPO at HK$14.98/share and raised ~HK$183M in June. Cornerstone investors have agreed to acquire ~8M H shares.</li>
<li>I expect key cornerstone investor may sell shares after 200%+ post-IPO gains as early lock-up period will end on December 6th, 2024.</li>
</ul>


Shares of Jiangxi Rimag Group, a medical group with focus on medical imaging in China, rose 200%+ since IPO and massively outperformed Hang Seng Index.
A Nanchang-based medical imaging center operator priced its IPO at HK$14.98/share and raised ~HK$183M in June. Cornerstone investors have agreed to acquire ~8M H shares.
I expect key cornerstone investor may sell shares after 200%+ post-IPO gains as early lock-up period will end on December 6th, 2024.


Jiangxi Rimag Group Lock-Up Expiry: Cornerstone Investor May Sell Shares After 200%+ Post-IPO Gains

China

Shanghai United Imaging Healthcare Co., Ltd. develops, manufactures, and distributes medical imaging systems and equipment. The Company produces computed tomography scanners, mobile medical devices, molecular imaging instruments, magnetic resonance equipment, and others. Shanghai United Imaging Healthcare also offers equipment leasing services.

Shanghai United Imaging Health (688271 CH)

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Shanghai United Imaging Health (688271 CH)

United Imaging (688271 CH) - Anticipating a Rapid Rebound in Domestic Business

United Imaging’s 9M24 revenue declined by 6.4% YoY to RMB6,954mn, with 3Q24 revenue down by 25.0% YoY to RMB1.6bn. This downturn was primarily due...

CMB International

United Imaging (688271 CH) - Resilient 1H24 Performance Amid Market Headwinds

United Imaging reported 1H24 revenue of RMB5,333mn, up by 1.2% YoY. Attributable net profit increased by 1.3% YoY to RMB950mn.

CMB International

China Healthcare Weekly (Mar.22)-TCM Injection Revive, China CXO Lag Behind in GLP-1, United Imaging

TCM injection market would end its years of decline and enter a period of rapid growth again. As MNCs rethink supply chain issues, China CXOs would...

Xinyao (Criss) Wang

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Jiangxi Rimag Group Lock-Up Expiry: Cornerstone Investor May Sell Shares After 200%+ Post-IPO Gains

Jiangxi Rimag Group shares have massively outperformed and rose 200%+ since IPO in June. Early lock-up period will end in December for major...

Andrei Zakharov

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