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

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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

Shanghai MicroPort MedBot Group / Equity Capital Markets

Shanghai MicroPort MedBot Group (2252 HK)

<a href="https://www.smartkarma.com/entities/shanghai-microport-medbot-group-co-ltd" target="_blank" data-smartkarma-citation="entities:33485:1" rel="noopener">Shanghai MicroPort MedBot Group (MMG HK)</a> is a global surgical robot company and a subsidiary of <a href="https://www.smartkarma.com/entities/microport-scientific-corp" target="_blank" data-smartkarma-citation="entities:4487:1" rel="noopener">Microport Scientific (853 HK)</a>, a 54.61% shareholder. MicroPort MedBot is pre-marketing an HKEx IPO to raise up to $1 billion, according to press reports.The potential spin-off and listing is Microport's second spin-off of a subsidiary this year. In February 2021, Microport listed <a href="https://www.smartkarma.com/entities/microport-cardioflow" target="_blank" data-smartkarma-citation="entities:31084:1" rel="noopener">CardioFlow-B (2160 HK)</a> at HK$12.20 per share to raise net proceeds of HK$2,356.0 million ($303 million) at the peak of the market. Unsurprisingly, with the regulatory-driven market selloff, MicroPort CardioFlow is trading around 50% below its IPO price. MicroPort MedBot has developed a portfolio with one approved product (DFVision) and eight product candidates at various stages of development, including two candidates (Toumai and Honghu) in the NMPA registration application stage. The core product is the Toumai laparoscopic surgical robot. MicroPort MedBot has a credible management team with relevant surgical robot development experience. For example, Dr He Chao, the president and founder, is one of the leading experts in the Chinese surgical robot industry. In addition to MicroPort, MicroPort MedBot’s shareholders include Zhuhai Gao Ling, CPE, Grand Flight, Creedfont Capital and Biolink Investment. <div class="content-highlight">MicroPort MedBot’s three flagship products (Toumai, Honghui and DFVision) have been admitted to the Green Path, an elite program under which the NMPA grants priority review and accelerated approval. Crucially, the three flagship products are either approved (DFVision commercial launch in 4Q21) or at the registration approval stage, which provides near-term market visibility. Overall, we believe that MicroPort MedBot is worth a closer look. </div>

Shanghai MicroPort MedBot Group (MMG HK) is a global surgical robot company and a subsidiary of Microport Scientific (853 HK), a 54.61% shareholder. MicroPort MedBot is pre-marketing an HKEx IPO to raise up to $1 billion, according to press reports.The potential spin-off and listing is Microport's second spin-off of a subsidiary this year. In February 2021, Microport listed CardioFlow-B (2160 HK) at HK$12.20 per share to raise net proceeds of HK$2,356.0 million ($303 million) at the peak of the market. Unsurprisingly, with the regulatory-driven market selloff, MicroPort CardioFlow is trading around 50% below its IPO price. MicroPort MedBot has developed a portfolio with one approved product (DFVision) and eight product candidates at various stages of development, including two candidates (Toumai and Honghu) in the NMPA registration application stage. The core product is the Toumai laparoscopic surgical robot. MicroPort MedBot has a credible management team with relevant surgical robot development experience. For example, Dr He Chao, the president and founder, is one of the leading experts in the Chinese surgical robot industry. In addition to MicroPort, MicroPort MedBot’s shareholders include Zhuhai Gao Ling, CPE, Grand Flight, Creedfont Capital and Biolink Investment. MicroPort MedBot’s three flagship products (Toumai, Honghui and DFVision) have been admitted to the Green Path, an elite program under which the NMPA grants priority review and accelerated approval. Crucially, the three flagship products are either approved (DFVision commercial launch in 4Q21) or at the registration approval stage, which provides near-term market visibility. Overall, we believe that MicroPort MedBot is worth a closer look. 

MicroPort MedBot IPO Initiation: Helping Mechanical Hands