In today’s briefing:
- UBTech Robotics IPO Preview
- New Ruipeng Pet Group Pre-IPO Peer Comparison – Largest Domestic Player, but Smallest Margins
- IndiaFirst Life Insurance Pre-IPO – Hardly Stands Out as One of the Smallest Players
- CStone Pharmaceuticals Placement (2616.HK) – There Is No Certainty that the Dilemma Will Reverse
UBTech Robotics IPO Preview
- UBTech Robotics is trying to complete its IPO in Hong Kong in the coming weeks. UBTech Robotics is a leading artificial intelligence based robotics company headquartered in China.
- UBTech Robotics received very fat valuations in the past couple of years. Back in January 2021, it was reported that the company’s valuation reached as high as $7 billion.
- In China’s smart education robot based solution market, UBTech Robotics is the number one player.
New Ruipeng Pet Group Pre-IPO Peer Comparison – Largest Domestic Player, but Smallest Margins
- New Ruipeng Pet Group (RPET US) is looking to raise at least US$100m in its upcoming US IPO.
- New Ruipeng Pet Group (Ruipeng) is a pet services platform, primarily offering pet care services, supply chain services and local services, covering the entire lifecycle of pets.
- In our previous notes, we have looked at the company’s past performance. In this note, we undertake a peer comparison.
IndiaFirst Life Insurance Pre-IPO – Hardly Stands Out as One of the Smallest Players
- IndiaFirst Life Insurance (1083896D IN) is looking to raise about US$250m in its upcoming India IPO.
- IndiaFirst Life Insurance (IFLI) is a private life insurer in India with a product portfolio of retail and group products, ranging across different segments.
- Its GWP and AUM have grown over the track record period. However, bottomline growth has on the other hand, declined further.
CStone Pharmaceuticals Placement (2616.HK) – There Is No Certainty that the Dilemma Will Reverse
- The revenue brought by CStone’s differentiated layout of pipeline does not match the R&D investment. CStone needs to in-license more late-stage products, but the Company is not cash rich.
- CStone was incubated by WuXi Bio. Its business model is“VC+IP+CRO”. Cstone doesn’t have independent R&D capability. The increasingly low cost performance of in-licensed products has made the capital “reconsider” .
- Cstone doesn’t have the potential to be a biopharma as it licensed out the key/core candidates. Its future valuation growth would be “discounted”. Corporate governance/instability is also a concern.
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