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

Shanghai Hanyu (捍宇医疗) Pre-IPO: Not a Straight-A but Listing at Right Time

Peijia Medical (沛嘉医疗) IPO: Hot Deal at Discount

Peijia Medical (沛嘉医疗) Pre-IPO: Deserves Valuation Premium for the TAVR Late Comer

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

Shanghai Hanyu Medical Technology / Equity Capital Markets

Shanghai Hanyu Medical Technology (SHM HK)

Shanghai Hanyu is a leading domestic player in the mitral valve devices market. The company plans to raise up to USD 500 million via a Hong Kong listing.The company's core mitral valve edge-to-edge repair product ValveClamp is developed by the Zhongshan Hospital in Shanghai and is currently undergoing a confirmatory trial. Unlike the clip structure used in benchmark products, ValveClamp has an upper arm and lower arm that reduces the operational complexity of capturing mitral valves. It also takes a transapical path that reduces the scanning requirement. Having said that, the company is also developing transfemoral-based edge-to-edge product ValveClasp to cater to a wider range of patients that do not like the transapical path. The commercial launch of the ValveClamp will be in early 2023.  Both the company's management experience and pre-IPO investor line-up are mediocre. Given the strong listing performance of aortic valve replacement peers, we think the deal will likely be hot. In this note, we will provide a forecast for its core product and the pre-money valuation.

Shanghai Hanyu is a leading domestic player in the mitral valve devices market. The company plans to raise up to USD 500 million via a Hong Kong listing.The company's core mitral valve edge-to-edge repair product ValveClamp is developed by the Zhongshan Hospital in Shanghai and is currently undergoing a confirmatory trial. Unlike the clip structure used in benchmark products, ValveClamp has an upper arm and lower arm that reduces the operational complexity of capturing mitral valves. It also takes a transapical path that reduces the scanning requirement. Having said that, the company is also developing transfemoral-based edge-to-edge product ValveClasp to cater to a wider range of patients that do not like the transapical path. The commercial launch of the ValveClamp will be in early 2023.  Both the company's management experience and pre-IPO investor line-up are mediocre. Given the strong listing performance of aortic valve replacement peers, we think the deal will likely be hot. In this note, we will provide a forecast for its core product and the pre-money valuation.

Shanghai Hanyu (捍宇医疗) Pre-IPO: Thoughts on Valuation