HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shanghai MicroPort MedBot Group / Equity Capital Markets

On June 10th, 2021, <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 (MMG HK)</a> filed a prospectus with the HKEX, which greatly excited the domestic surgical robot industry. MicroPort MedBot is not the earliest entrant in the surgical robot industry, but it is developing rapidly. In 2014, <a href="https://www.smartkarma.com/entities/microport-scientific-corp" target="_blank" data-smartkarma-citation="entities:4487:1" rel="noopener">Microport Scientific (853 HK)</a> started to develop the laparoscopic surgery robot and incubated it as an internal project. In 2015, MicroPort MedBot was registered and established in China. After just five year’s development, MicroPort MedBot has become a globally top-tiered surgical robot company, and also the important reason for the current high valuation of MicroPort. This article mainly analyzed the industry characteristics, the core products, the business models and the concerns of MicroPort MedBot.

On June 10th, 2021, Shanghai MicroPort MedBot Group (MMG HK) filed a prospectus with the HKEX, which greatly excited the domestic surgical robot industry. MicroPort MedBot is not the earliest entrant in the surgical robot industry, but it is developing rapidly. In 2014, Microport Scientific (853 HK) started to develop the laparoscopic surgery robot and incubated it as an internal project. In 2015, MicroPort MedBot was registered and established in China. After just five year’s development, MicroPort MedBot has become a globally top-tiered surgical robot company, and also the important reason for the current high valuation of MicroPort. This article mainly analyzed the industry characteristics, the core products, the business models and the concerns of MicroPort MedBot.

Pre-IPO MicroPort MedBot - The Core Products, the Business Model and the Concerns

Equity Bottom-Up

Tinavi Medical Technologies / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/tinavi-medical-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:33453:1" rel="noopener">Tinavi Medical Technologies (688277 CH)</a>, currently the only and first public domestic surgical robot company, was listed on the SSE STAR Market in July 2020. After the IPO, the stock price was as high as RMB141.6/share, but now it has fallen to RMB41/share on June 8, 2021, down over 245%. In fact, the operating performance shed some light. From 2017 to 2020, Tinavi sold 16, 20, 41 and 30 robots respectively, with total sales of 107 robots in four years, and achieved revenue of RMB73 million, RMB127 million, RMB230 million and RMB136 million, and corresponding net profit/loss of RMB21 million, RMB-366,000, RMB-34 million and RMB-54 million, respectively from 2017 to 2020. This article mainly analyzed the potential reasons for poor performance, the concerns on business model and the comparison with peers.

Tinavi Medical Technologies (688277 CH), currently the only and first public domestic surgical robot company, was listed on the SSE STAR Market in July 2020. After the IPO, the stock price was as high as RMB141.6/share, but now it has fallen to RMB41/share on June 8, 2021, down over 245%. In fact, the operating performance shed some light. From 2017 to 2020, Tinavi sold 16, 20, 41 and 30 robots respectively, with total sales of 107 robots in four years, and achieved revenue of RMB73 million, RMB127 million, RMB230 million and RMB136 million, and corresponding net profit/loss of RMB21 million, RMB-366,000, RMB-34 million and RMB-54 million, respectively from 2017 to 2020. This article mainly analyzed the potential reasons for poor performance, the concerns on business model and the comparison with peers.

Tinavi Medical Technologies (688277.CH) - Time Is Running Out for Tinavi

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Beijing Huafeng Test & Control / Event-Driven

<div>The <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">SSE STAR 50 (STAR50 INDEX)</a> is a free float market cap weighted and is made up of the 50 largest stocks based on full market cap that are listed on the STAR Market.</div><div>
The review period for the September rebalance ends on 31 July, the results of the rebalance will be announced towards the end of August and the changes will be implemented at the close of trading on 10 September.
A maximum of 5 changes are permitted in a single review.
At the September review, potential deletions include <a href="https://www.smartkarma.com/entities/shanghai-shen-lian-biomedical" target="_blank" data-smartkarma-citation="entities:30339:1" rel="noopener">Shanghai Shen Lian Biomedical (688098 CH)</a>, <a href="https://www.smartkarma.com/entities/piesat-information-technology" target="_blank" data-smartkarma-citation="entities:30328:1" rel="noopener">Piesat Information Technology (688066 CH)</a>, <a href="https://www.smartkarma.com/entities/guangzhou-fang-bang-electr-a" target="_blank" data-smartkarma-citation="entities:30313:1" rel="noopener">Guangzhou Fang Bang Electr-A (688020 CH)</a>, <a href="https://www.smartkarma.com/entities/shenzhen-lifotronic-techno-a" target="_blank" data-smartkarma-citation="entities:30395:1" rel="noopener">Shenzhen Lifotronic Techno-A (688389 CH)</a> and <a href="https://www.smartkarma.com/entities/appotronics-corp-ltd" target="_blank" data-smartkarma-citation="entities:28235:1" rel="noopener">Appotronics Corp Ltd (688007 CH)</a>. 
With index rules that are not specific, there are two sets of possible inclusions depending on the minimum listing history used for the stocks.
The likelier inclusions are Eyebright Medical Technology Beijing Co Ltd (688050 CH), Sinocelltech Group Ltd (688520 CH), <a href="https://www.smartkarma.com/entities/beijing-huafeng-test-con-a" target="_blank" data-smartkarma-citation="entities:30367:1" rel="noopener">Beijing Huafeng Test &amp; Con-A (688200 CH)</a>, <a href="https://www.smartkarma.com/entities/tinavi-medical-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:33453:1" rel="noopener">Tinavi Medical Technologies (688277 CH)</a> and <a href="https://www.smartkarma.com/entities/zhejiang-orient-gene-biotech-a" target="_blank" data-smartkarma-citation="entities:30379:1" rel="noopener">Zhejiang Orient Gene Biotech-A (688298 CH)</a>. 
The less likely inclusions are Zhejiang Supcon Technology Co Ltd (688777 CH), Tianneng Battery Group Co Ltd (688819 CH), Bestechnic Shanghai Co Ltd (688608 CH), 3Peak Inc (688536 CH) and <a href="https://www.smartkarma.com/entities/pylon-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:33153:1" rel="noopener">Pylon Technologies Co Ltd (688063 CH)</a>.
We think it is likelier that the index committee uses a 12 month minimum listing history and the estimated one-way turnover will be 6.36%.
</div>

The SSE STAR 50 (STAR50 INDEX) is a free float market cap weighted and is made up of the 50 largest stocks based on full market cap that are listed on the STAR Market.
The review period for the September rebalance ends on 31 July, the results of the rebalance will be announced towards the end of August and the changes will be implemented at the close of trading on 10 September.
A maximum of 5 changes are permitted in a single review.
At the September review, potential deletions include Shanghai Shen Lian Biomedical (688098 CH), Piesat Information Technology (688066 CH), Guangzhou Fang Bang Electr-A (688020 CH), Shenzhen Lifotronic Techno-A (688389 CH) and Appotronics Corp Ltd (688007 CH). 
With index rules that are not specific, there are two sets of possible inclusions depending on the minimum listing history used for the stocks.
The likelier inclusions are Eyebright Medical Technology Beijing Co Ltd (688050 CH), Sinocelltech Group Ltd (688520 CH), Beijing Huafeng Test &amp; Con-A (688200 CH), Tinavi Medical Technologies (688277 CH) and Zhejiang Orient Gene Biotech-A (688298 CH). 
The less likely inclusions are Zhejiang Supcon Technology Co Ltd (688777 CH), Tianneng Battery Group Co Ltd (688819 CH), Bestechnic Shanghai Co Ltd (688608 CH), 3Peak Inc (688536 CH) and Pylon Technologies Co Ltd (688063 CH).
We think it is likelier that the index committee uses a 12 month minimum listing history and the estimated one-way turnover will be 6.36%.


STAR Board - STAR50 Index Rebalance Sep Preview: Stocks On The Move

China

Tinavi Medical Technologies Co.,Ltd. manufactures medical equipment. The Company produces orthopedic surgery robots, surgical navigation equipment, and other equipment. Tinavi Medical Technologies also operates import and export businesses.

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Tinavi Medical Technologies (688277 CH)

Pre-IPO MicroPort MedBot - The Core Products, the Business Model and the Concerns

This article analyzed MicroPort MedBot in terms of the industry characteristics, the core products, the business models (compared with Intuitive...

Xinyao (Criss) Wang