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

MicroTech (微泰医疗) IPO: Demanding Valuation Despite a Decent Story

MicroTech (微泰医疗) Pre-IPO: Thoughts on Valuation

MicroTech (微泰医疗) Pre-IPO: A Story of Domestic Product Replacing International Competitors

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

MicroTech Medical Hangzhou / Equity Capital Markets

MicroTech raised HKD 1,815 million (USD 233m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, October 18th.
In our previous note, we discussed that the company's core product insulin patch pump system (Equil) has received NMPA approval in 2018 and EU's CE marking in 2017. It has design features that are more appealing than both the tubed players as well as the patch pump competitors. Having said that, we note that the insulin pump market is competitive and the company's sales data after product launch is far from being ideal. The company's pre-IPO investor is decent. The management team has relevant product development experience but is not considered a superstar team. We also provide a forecast for the company's main products and our thoughts on the pre-money valuation.
In this note, we look at the updates since our last note. We re-iterate our view that the valuation is rich for its products with the key challenge being the affordability in China and competition globally.

MicroTech raised HKD 1,815 million (USD 233m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, October 18th.
In our previous note, we discussed that the company's core product insulin patch pump system (Equil) has received NMPA approval in 2018 and EU's CE marking in 2017. It has design features that are more appealing than both the tubed players as well as the patch pump competitors. Having said that, we note that the insulin pump market is competitive and the company's sales data after product launch is far from being ideal. The company's pre-IPO investor is decent. The management team has relevant product development experience but is not considered a superstar team. We also provide a forecast for the company's main products and our thoughts on the pre-money valuation.
In this note, we look at the updates since our last note. We re-iterate our view that the valuation is rich for its products with the key challenge being the affordability in China and competition globally.

MicroTech (微泰医疗) IPO Trading: Rich Valuation Outweigh Selling Point