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

MicroPort CardioFlow: What You Have to Assume

MicroPort Cardioflow (微创心通) Pre-IPO: Thoughts on Valuation

MicroPort Cardioflow (微创心通) Pre-IPO: Strong Sales Ramp-Up Despite Being Late in Market

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

Microport Cardioflow Medtech / Equity Capital Markets

MicroPort Cardioflow, a leading transcatheter valve therapeutic medical device company spun off from MicroPort Group, started book building to raise up to USD 324m via a listing in Hong Kong.In our previous note, we looked at the company's first-generation TAVR product, VitaFlow. We think it has decent clinical data in terms of efficacy and safety. It was launched two years behind the main competitor, VenusMedtech's VenusA-Valve. Having said that, its sales ramp has been strong since its launch in 2H2019. The company's management team has been working within the MicroPort Group for more than a decade. We believe that the company can leverage the sales network of MicroPort Group. In terms of pre-IPO investors, we note that they are mainly domestic funds but the quality is decent. We think the cornerstone line up is not the best for a healthcare listing and there's also a limited upside of 10% at the high end despite a strong rally for its peer set.<h2>Our previous coverage on Microport Cardioflow</h2><ul>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/microport-cardioflow-pre-ipo-strong-sales-ramp-up-despite-being-late-in-market" target="_blank" rel="noopener">MicroPort Cardioflow (微创心通) Pre-IPO: Strong sales ramp-up despite being late in market</a></li>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/microport-cardioflow-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">MicroPort Cardioflow (微创心通) Pre-IPO: Thoughts on valuation</a></li>
</ul>

MicroPort Cardioflow, a leading transcatheter valve therapeutic medical device company spun off from MicroPort Group, started book building to raise up to USD 324m via a listing in Hong Kong.In our previous note, we looked at the company's first-generation TAVR product, VitaFlow. We think it has decent clinical data in terms of efficacy and safety. It was launched two years behind the main competitor, VenusMedtech's VenusA-Valve. Having said that, its sales ramp has been strong since its launch in 2H2019. The company's management team has been working within the MicroPort Group for more than a decade. We believe that the company can leverage the sales network of MicroPort Group. In terms of pre-IPO investors, we note that they are mainly domestic funds but the quality is decent. We think the cornerstone line up is not the best for a healthcare listing and there's also a limited upside of 10% at the high end despite a strong rally for its peer set.Our previous coverage on Microport Cardioflow
MicroPort Cardioflow (微创心通) Pre-IPO: Strong sales ramp-up despite being late in market
MicroPort Cardioflow (微创心通) Pre-IPO: Thoughts on valuation


Cardioflow (微创心通)  IPO: Limited Upside