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

Shanghai Henlius Biotech IPO Initiation: Going Large

Shanghai Henlius Biotech IPO: Cash Breakeven Analysis

Venus Medtech IPO Initiation: The Heart of the Business

Uncompromised, Independent, Conflict-Free Research

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 Henlius Biotech  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> is a biopharmaceutical company and a non-wholly owned subsidiary of <a href="https://www.smartkarma.com/entities/shanghai-fosun-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:8045:1" rel="noopener">Shanghai Fosun Pharmaceutical (Group) (2196 HK)</a>, a 61% shareholder. Henlius has launched a Hong Kong IPO to raise up to $477 million. It is the first large IPO after weeks of protests in Hong Kong.<div class="content-highlight">In <a href="https://www.smartkarma.com/insights/shanghai-henlius-biotech-ipo-initiation-going-large" target="_blank" rel="noopener">our initiation note</a>, we stated that most of the core products have strong prospects. Overall, the combination of decent cornerstone support and a reasonable valuation makes Henlius tempting particularly at the low-end of the pricing range.  </div>For reference, our previous notes: Initiation note: <a href="https://www.smartkarma.com/insights/shanghai-henlius-biotech-ipo-initiation-going-large" target="_blank" data-smartkarma-citation="insights:31876" rel="noopener">Shanghai Henlius Biotech IPO Initiation: Going Large</a>  Cash-breakeven study: <a href="https://www.smartkarma.com/insights/shanghai-henlius-biotech-ipo-cash-breakeven-analysis" target="_blank" data-smartkarma-citation="insights:31986" rel="noopener">Shanghai Henlius Biotech IPO: Cash Breakeven Analysis</a>

Shanghai Henlius Biotech (2696 HK) is a biopharmaceutical company and a non-wholly owned subsidiary of Shanghai Fosun Pharmaceutical (Group) (2196 HK), a 61% shareholder. Henlius has launched a Hong Kong IPO to raise up to $477 million. It is the first large IPO after weeks of protests in Hong Kong.In our initiation note, we stated that most of the core products have strong prospects. Overall, the combination of decent cornerstone support and a reasonable valuation makes Henlius tempting particularly at the low-end of the pricing range.  For reference, our previous notes: Initiation note: Shanghai Henlius Biotech IPO Initiation: Going Large  Cash-breakeven study: Shanghai Henlius Biotech IPO: Cash Breakeven Analysis 

Shanghai Fosun Pharmaceutical (Group) (2196 HK)

Shanghai Henlius Biotech IPO: Valuation Prescribed at Low-End