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

Cardioflow (微创心通)  IPO: Limited Upside

MicroPort CardioFlow: What You Have to Assume

MicroPort MedBot Pre-IPO - RoboDoc - Pre-Revenue, Has a Large Competitor but a Large Market as Well

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 is a transcatheter valve therapeutic medical device company incubated from the MicroPort Group. The company aims to raise up to USD 300m via a Hong Kong listing.We looked at the company's first generation TAVR product, VitaFlow (<a href="https://www.smartkarma.com/insights/microport-cardioflow-pre-ipo-strong-sales-ramp-up-despite-being-late-in-market" target="_blank" rel="noopener">link to note</a>). 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 on 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. In this note, we will take a close look at the company’s valuation. We are of the view that the company’s fair value should be around USD 3.0 billion.

MicroPort Cardioflow is a transcatheter valve therapeutic medical device company incubated from the MicroPort Group. The company aims to raise up to USD 300m via a Hong Kong listing.We looked at the company's first generation TAVR product, VitaFlow (link to note). 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 on 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. In this note, we will take a close look at the company’s valuation. We are of the view that the company’s fair value should be around USD 3.0 billion.

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