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

New Horizon Health 1H21: On Track to a Strong Year

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New Horizon Health 1H23: Management Call Takeaway

New Horizon Health (诺辉健康) IPO: Room to Fly

New Horizon Health (诺辉健康) Pre-IPO:  Thoughts on Valuation

New Horizon Health (诺辉健康) Pre-IPO: Comparison with Exact Sciences

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

New Horizon Health  / Equity Capital Markets

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<p>New Horizon Health raised HKD 1,898 million (USD 244m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, Feb 18th.</p>
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<p>In our previous note (A hot medical device deal in making), we discussed that NH Health provides cancer screen kits for convenient early screening targeting populations recommended for regular cancer screening. The company's approved product ColoClear has an impressive accuracy compared with peer products for colorectal cancer. In addition to ColoClear, it also offers a more mass-market product, Pupu Tube for home-based testing. The company's products have a huge unmet market and a high barrier to entry. We believe its uniqueness as the only investable stock in the segment will make the deal interesting for investors. The company's management has good prior working experience and is backed by a strong lineup of international and domestic investors. We have compared the company's product with the benchmark product, Exact Sciences' Cologuard. We think the company's ColoClear is ahead of the Cologuard with improvement in clinical reading and the technology used. We valued the company's core product, ColoClear at USD 2.6 bn and the company at USD 3.1bn on a SOTP basis. </p>
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<p>In this note, we will discuss that the sentiment is strong for both retail books and institutional book. There are strong demands from the institution side and the supply is scarce. Hence we think the deal will do very well on debut. </p>
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<h2>Our previous coverage on New Horizon Health</h2>
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<ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/new-horizon-health-pre-ipo-a-hot-medical-device-deal-in-making" target="_blank" rel="noopener">New Horizon Health (诺辉健康) Pre-IPO: A Hot Medical Device Deal in Making</a></li>
<li><a href="https://www.smartkarma.com/insights/new-horizon-health-pre-ipo-comparison-with-exact-sciences" target="_blank" rel="noopener">New Horizon Health (诺辉健康) Pre-IPO: Comparison with Exact Sciences</a></li>
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<p><a href="https://www.smartkarma.com/insights/new-horizon-health-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">New Horizon Health (诺辉健康) Pre-IPO: Thoughts on valuation</a></p>
</li>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/new-horizon-health-ipo-room-to-fly" target="_blank" rel="noopener">New Horizon Health (诺辉健康) IPO: Room to Fly</a></li>
</ul>
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New Horizon Health raised HKD 1,898 million (USD 244m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, Feb 18th.


In our previous note (A hot medical device deal in making), we discussed that NH Health provides cancer screen kits for convenient early screening targeting populations recommended for regular cancer screening. The company's approved product ColoClear has an impressive accuracy compared with peer products for colorectal cancer. In addition to ColoClear, it also offers a more mass-market product, Pupu Tube for home-based testing. The company's products have a huge unmet market and a high barrier to entry. We believe its uniqueness as the only investable stock in the segment will make the deal interesting for investors. The company's management has good prior working experience and is backed by a strong lineup of international and domestic investors. We have compared the company's product with the benchmark product, Exact Sciences' Cologuard. We think the company's ColoClear is ahead of the Cologuard with improvement in clinical reading and the technology used. We valued the company's core product, ColoClear at USD 2.6 bn and the company at USD 3.1bn on a SOTP basis. 


In this note, we will discuss that the sentiment is strong for both retail books and institutional book. There are strong demands from the institution side and the supply is scarce. Hence we think the deal will do very well on debut. 

Our previous coverage on New Horizon Health



New Horizon Health (诺辉健康) Pre-IPO: A Hot Medical Device Deal in Making
New Horizon Health (诺辉健康) Pre-IPO: Comparison with Exact Sciences

New Horizon Health (诺辉健康) Pre-IPO: Thoughts on valuation

New Horizon Health (诺辉健康) IPO: Room to Fly




New Horizon Health (诺辉健康) IPO Trading: Supply-Demand Imbalance