Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/venus-medtech-hangzhou-inc/overview" target="_blank" rel="noopener">Venus Medtech</a> is a leading transcatheter heart valve medical device maker based in China. It is the first company to obtain CFDA approval for transcatheter aortic valve replacement (TAVR) devices in China. TAVR devices are used for replacing defected aortic valves in patients with aortic stenosis or aortic regurgitation. VenusA-Valve is the company’s core product which is used in TAVR procedures. Currently, surgical based valve replacement treatment is the widely adopted treatment for aortic valve replacement in China. However, the advantages of TAVR procedures compared to traditional surgical based treatments are currently driving the market which we believe will help the company grow its revenues. TAVR is widely available in the US and other Western countries, however, the Chinese market was a late entrant due to high equipment and facility costs required. The demand for TAVR procedures is growing in China with only a fraction of underlying demand currently supplied by the market. On top of its key product, the company also has several other products which are currently in different stages of pre-clinical and clinical stages with VenusA-Plus expected to receive CFDA approval in 4Q2019.</p>
<p>Venus Medtech has filed for an IPO on the Hong Kong Stock Exchange. The company has not yet disclosed the details of the deal such as the number of shares offered, IPO price range, use of proceeds, etc. According to Bloomberg, the company could raise about US$300-500m through the IPO. We will be discussing the valuation in a separate insight once the company updates the details. We examine the company’s business model and the financials in this insight.</p>

Venus Medtech is a leading transcatheter heart valve medical device maker based in China. It is the first company to obtain CFDA approval for transcatheter aortic valve replacement (TAVR) devices in China. TAVR devices are used for replacing defected aortic valves in patients with aortic stenosis or aortic regurgitation. VenusA-Valve is the company’s core product which is used in TAVR procedures. Currently, surgical based valve replacement treatment is the widely adopted treatment for aortic valve replacement in China. However, the advantages of TAVR procedures compared to traditional surgical based treatments are currently driving the market which we believe will help the company grow its revenues. TAVR is widely available in the US and other Western countries, however, the Chinese market was a late entrant due to high equipment and facility costs required. The demand for TAVR procedures is growing in China with only a fraction of underlying demand currently supplied by the market. On top of its key product, the company also has several other products which are currently in different stages of pre-clinical and clinical stages with VenusA-Plus expected to receive CFDA approval in 4Q2019.
Venus Medtech has filed for an IPO on the Hong Kong Stock Exchange. The company has not yet disclosed the details of the deal such as the number of shares offered, IPO price range, use of proceeds, etc. According to Bloomberg, the company could raise about US$300-500m through the IPO. We will be discussing the valuation in a separate insight once the company updates the details. We examine the company’s business model and the financials in this insight.

Venus Medtech IPO: First Mover Advantage in Chinese TAVR Market to Support Growth

China

Venus MedTech (HangZhou) Inc. develops and sells cardiovascular devices. The Company offers products including aorta, compression loading and conveying systems, and pulmonary artery. Venus MedTech (HangZhou) markets its products throughout China.

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Venus MedTech (2500 HK)

Venus Medtech IPO: First Mover Advantage in Chinese TAVR Market to Support Growth

Venus Medtech is a leading transcatheter heart valve medical device maker based in China. It is the first company to obtain CFDA approval for...

Shifara Samsudeen, ACMA, CGMA

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