In today’s briefing:
- CALB Pre-IPO – Peer Comparison – Top Growth, Bottom Margins, Fastest Expansion Plans
- 4Paradigm IPO: Is Third-Time a Charm?
- PayMate India Pre-IPO – Burning Cash with Significant Concentration Risk
- Blue Jet Healthcare Pre-IPO Tearsheet
- Pre-IPO Jenscare Scientific – Difficult to Achieve Expected Commercialization Results
- Jenscare Scientific (JCS HK) Pre-IPO: Product Differentiation Is the Key Reason to Subscribe
CALB Pre-IPO – Peer Comparison – Top Growth, Bottom Margins, Fastest Expansion Plans
- CALB aims to raise around US$1.5bn in its Hong Kong IPO.
- CALB undertakes design, R&D, production and sales of EV batteries and Energy Storage Systems (ESS) products.
- In this note, we undertake a peer comparison and talk about the company’s expansion plans.
4Paradigm IPO: Is Third-Time a Charm?
- 4Paradigm (1764934D HK) is a pioneer and leader in enterprise AI. Company offers platform-centric AI solutions to enterprises that can be deployed on a large scale to support decision making.
- The company was ranked the largest player in the platform-centric decision-making AI market in China in 2021 and has filed for a HKEx listing for the third-time this month.
- 4Paradigm’s top line and margins have improved since we last wrote on the company.
PayMate India Pre-IPO – Burning Cash with Significant Concentration Risk
- PayMate India Ltd (935383Z IN) is looking to raise approximately US$193m in its upcoming India IPO.
- PayMate India is a business to business (B2B) payments and services provider that digitizes, automates and streamlines B2B payments in supply chains.
- The firm remains unprofitable even on a gross profit level. Its cash burn also appears unsustainable as it has been financing its operations through equity raises.
Blue Jet Healthcare Pre-IPO Tearsheet
- Blue Jet Healthcare Ltd (BJHC IN) is looking to raise about US$300m in its upcoming India IPO. The deal will be run by Kotak, ICICI Securities and JP Morgan.
- Blue Jet Healthcare (BJH) is a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products targeted toward innovator pharmaceutical companies and multinational generic pharmaceutical companies.
- It operates via a contract development and manufacturing organization (CDMO) model with specialized chemistry capabilities in contrast media intermediates and high-intensity sweeteners, including saccharin and its salts.
Pre-IPO Jenscare Scientific – Difficult to Achieve Expected Commercialization Results
- The main bottleneck in this market in China is the severe shortage of doctors and limited qualified hospitals to carry out such surgery, leading to lower-than-expected market penetration/sales performance.
- Jenscare Scientific (JCS HK)’s products have to face fierce competition, without obvious advantage of development progress, or the progress has already lagged behind the competitors.
- Overall, good valuation cannot be supported without promising commercialization outlook. We are not sure whether Jenscare can finally achieve the ideal return in the case of unfriendly external environment.
Jenscare Scientific (JCS HK) Pre-IPO: Product Differentiation Is the Key Reason to Subscribe
- Jenscare Scientific (JCS HK) is developing interventional products for the treatment of structural heart diseases. Its core product LuX-Valve is expected to become the first commercialized TTVR product in China.
- With its comprehensive portfolio and early mover advantage, Jenscare is well-positioned to capitalize on large and underpenetrated China’s structural heart diseases treatment market worth of RMB20.3 billion in 2030.
- Jenscare Scientific plans to raise $30 million (HKD234 million) in its third application for a Hong Kong IPO, with CICC and Citigroup being the joint sponsors.
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