IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

JOINN Laboratories IPO: PHIP Points to Progress

JOINN Laboratories IPO: Valuation First Look

JOINN Laboratories IPO Initiation: On-Demand Science

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Joinn Laboratories China  Lt / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/joinn-laboratories-h" target="_blank" data-smartkarma-citation="entities:31498:1" rel="noopener">Joinn Laboratories (H) (6127 HK)</a> is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019, according to Frost &amp; Sullivan. </p></div><div>
<p>In <a href="https://www.smartkarma.com/insights/joinn-laboratories-ipo-initiation-on-demand-science" target="_blank" data-smartkarma-citation="insights:47482" rel="noopener">JOINN Laboratories IPO Initiation: On-Demand Science</a>, we stated that JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we concluded that JOINN’s fundamentals are attractive as the positives outweigh the negatives. In <a href="https://www.smartkarma.com/insights/joinn-laboratories-ipo-phip-points-to-progress" target="_blank" data-smartkarma-citation="insights:47985" rel="noopener">JOINN Laboratories IPO: PHIP Points to Progress</a>, we noted that the 9M20 results reinforce our belief that JOINN is worth a closer look at and has attractive fundamentals. In <a href="https://www.smartkarma.com/insights/joinn-laboratories-ipo-valuation-first-look" target="_blank" data-smartkarma-citation="insights:48172" rel="noopener">JOINN Laboratories IPO: Valuation First Look</a>, we took a first look at the potential AH discount range for JOINN's H-share listing. </p>
<p>JOINN has launched its Hong Kong IPO at an indicative price range of HK$133-151 per H-share to raise net proceeds of HK$5,909.8 million ($762 million), at the mid-point of the price range. Ten cornerstone investors will subscribe for $268 million of the offer shares (33.8% of the offer shares at the mid-point of the IPO price). The cornerstone investors include OrbiMed Funds, Lake Bleu Capital, China Structural Reform Fund, China Pinnacle Equity Management, Sequoia Capital, Janchor Partners, CRF Investment,  Carmignac Funds, Octagon Capital and Valliance Fund.</p>
<div class="content-highlight"><p>Overall, the combination of a reasonable AH discount and relative valuation suggests the proposed H-share price range is attractive, in our view.</p></div>
</div>

Joinn Laboratories (H) (6127 HK) is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019, according to Frost &amp; Sullivan. 
In JOINN Laboratories IPO Initiation: On-Demand Science, we stated that JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we concluded that JOINN’s fundamentals are attractive as the positives outweigh the negatives. In JOINN Laboratories IPO: PHIP Points to Progress, we noted that the 9M20 results reinforce our belief that JOINN is worth a closer look at and has attractive fundamentals. In JOINN Laboratories IPO: Valuation First Look, we took a first look at the potential AH discount range for JOINN's H-share listing. 
JOINN has launched its Hong Kong IPO at an indicative price range of HK$133-151 per H-share to raise net proceeds of HK$5,909.8 million ($762 million), at the mid-point of the price range. Ten cornerstone investors will subscribe for $268 million of the offer shares (33.8% of the offer shares at the mid-point of the IPO price). The cornerstone investors include OrbiMed Funds, Lake Bleu Capital, China Structural Reform Fund, China Pinnacle Equity Management, Sequoia Capital, Janchor Partners, CRF Investment,  Carmignac Funds, Octagon Capital and Valliance Fund.
Overall, the combination of a reasonable AH discount and relative valuation suggests the proposed H-share price range is attractive, in our view.


Hangzhou Tigermed Consulting (A) (300347 CH)

JOINN Laboratories IPO: Valuation Insights