Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac IPO & Placement Research, China biotech

Angelalign (时代天使) IPO Trading: Concentrated Allocation Despite No Cornerstone

Angelalign Technology (6699 HK): Pricey Valuation Is Clouding the Upside Potential

Align Technology (ALGN US) Vs. Angelalign Technology (6699 HK): Which One Is Better Investment

Angelalign (时代天使) Pre-IPO: A Strong Ending of 2020

Angelalign (时代天使) Pre-IPO: Deserves a Premium to Peers

Angelalign (时代天使) Pre-IPO: Medical Device Player with Consumer Feature

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Angelalign Technology  / Equity Capital Markets

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<p>Angelalign, a dominant clear aligner player in China, has started book building to raise up to USD 375 million in its Hong Kong listing.</p>
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<p>In our previous note, we discussed that the company provides the dentists its proprietary digital system that assists in planning the customized treatment for malocclusion patients and sells the clear aligners.  We think the overall story is interesting, with an under penetrated market, a foreign player side-by-side, strong growth and solid financials. While it sells medical devices, it has a consumer element in the products that is similar to aesthetic products. The company also has a long track record for more than 10 years in the market. We had also compared the company with its close peer and provided our preliminary thoughts on valuation. We also looked at the latest disclosure from the post-hearing prospectus which suggests a strong ending of 2020 with both top line growth and margin expansion.</p>
<p>In this note, we look at the deal terms. We think there is limited upside to our fair value but with the strong sentiment it will go above our fair value. Investors should bid for the deal at the top end.</p>
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Angelalign, a dominant clear aligner player in China, has started book building to raise up to USD 375 million in its Hong Kong listing.


In our previous note, we discussed that the company provides the dentists its proprietary digital system that assists in planning the customized treatment for malocclusion patients and sells the clear aligners.  We think the overall story is interesting, with an under penetrated market, a foreign player side-by-side, strong growth and solid financials. While it sells medical devices, it has a consumer element in the products that is similar to aesthetic products. The company also has a long track record for more than 10 years in the market. We had also compared the company with its close peer and provided our preliminary thoughts on valuation. We also looked at the latest disclosure from the post-hearing prospectus which suggests a strong ending of 2020 with both top line growth and margin expansion.
In this note, we look at the deal terms. We think there is limited upside to our fair value but with the strong sentiment it will go above our fair value. Investors should bid for the deal at the top end.


Angelalign (时代天使) IPO: A Hot Deal that Will Go Above Fair Value