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

New Horizon Health IPO: Poised for Growth

New Horizon Health IPO Initiation: Screening for Cancer

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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

New Horizon Health  / Equity Capital Markets

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<p><a href="https://www.smartkarma.com/entities/new-horizon-health-limited" target="_blank" data-smartkarma-citation="entities:31039:1" rel="noopener">New Horizon Health (NHH HK)</a> is a leading player in China’s colorectal cancer screening market. It has two self-developed cancer screening tests - Pupu Tube and ColoClear. At the proposed IPO price range of HK$22.70-26.66 per share, New Horizon will have a market cap of $1.2-1.4 billion. At the mid-point of the IPO price range, the gross proceeds are HK$1.9 billion ($244 million). </p>
<p>In <a href="https://www.smartkarma.com/insights/new-horizon-health-ipo-initiation-screening-for-cancer" target="_blank" data-smartkarma-citation="insights:46909" rel="noopener">New Horizon Health IPO Initiation: Screening for Cancer</a>, we stated that New Horizon is a play on the rapid growth of the cancer screening market in China, particularly the colorectal cancer screening market. We concluded that that New Horizon has the right ingredients to capitalise on this market opportunity.  In <a href="https://www.smartkarma.com/insights/new-horizon-health-ipo-poised-for-growth" target="_blank" data-smartkarma-citation="insights:47722" rel="noopener">New Horizon Health IPO: Poised for Growth</a>, we stated that the PHIP which disclose the 9M20 results and the all-important NMPA approval for ColoClear IVD reinforce our view that New Horizon has attractive fundamentals.</p>
</div><div><div class="content-highlight"><p>Sixteen cornerstone investors will account for up to 55.29% of the offer shares. The cornerstone investors include Invesco, GIC, Lake Bleu Capital and OrbiMed. Overall, we would participate in the IPO due to an attractive IPO price range and good cornerstone support.</p></div></div>


New Horizon Health (NHH HK) is a leading player in China’s colorectal cancer screening market. It has two self-developed cancer screening tests - Pupu Tube and ColoClear. At the proposed IPO price range of HK$22.70-26.66 per share, New Horizon will have a market cap of $1.2-1.4 billion. At the mid-point of the IPO price range, the gross proceeds are HK$1.9 billion ($244 million). 
In New Horizon Health IPO Initiation: Screening for Cancer, we stated that New Horizon is a play on the rapid growth of the cancer screening market in China, particularly the colorectal cancer screening market. We concluded that that New Horizon has the right ingredients to capitalise on this market opportunity.  In New Horizon Health IPO: Poised for Growth, we stated that the PHIP which disclose the 9M20 results and the all-important NMPA approval for ColoClear IVD reinforce our view that New Horizon has attractive fundamentals.
Sixteen cornerstone investors will account for up to 55.29% of the offer shares. The cornerstone investors include Invesco, GIC, Lake Bleu Capital and OrbiMed. Overall, we would participate in the IPO due to an attractive IPO price range and good cornerstone support.

New Horizon Health IPO: Valuation Insights