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Will you subscribe for BASECARE's listing in Hong Kong?
恒强投研笔记
joined discussion · Jan 27, 2021 15:49

Hengqiang Investment Research & Hong Kong IPO — Analysis of Subscription Priority for 3 New IPOs (Kuaishou Technology, Xintong Medical, Beikang Medical)

$KUAISHOU-W (01024.HK)$ $MP CARDIOFLOW-B (02160.HK)$ $BASECARE-B (02170.HK)$
First: Subscription recommendation
Yesterday, Kuaishou, Heart通 Medical, and Geneyork Healthcare, three new stocks, were being offered at the same time, turning the allocation battle into a dizzying mess. After a whole day of chaos, the best way to describe it is 'pitch black.' I was planning to take a break today, but then BGI Medical showed up. This is truly a massive collision. The more I say, the more tears flow—time to continue grinding...
Regarding these three new stocks,Our Hengqiang Research TeamSubscription ranking is: Kuaishou Technology > Heart通 Medical=BGI Medical，The protagonist of this article:We will still put our full effort into Beikang,Big players with money getting a 'Yitou' should still be a good choice.(This does not constitute investment advice; risks are borne by yourself.)
If you just want to know the result, then your brief visit can end here. If you want to learn more, then please continue reading with your questions.
Second: Comments on New Stock Subscriptions
1. The first stock in China's third-generation in-vitro fertilization genetic testing kit;
2. A unicorn in the field of assisted reproductive genetic testing;
3. Fast compound growth rate and broad market prospects;
4. CITIC’s sponsorship is as steady as ever, giving confidence.
Third: Total score for the new stock (84.2 points)
$KUAISHOU-W (01024.HK)$ $MP CARDIOFLOW-B (02160.HK)$ $BASECARE-B (02170.HK)$ First: Subscription Recommendations Yesterday, Kuaishou, Xintong, and Jianbei Miaomiao, three new stocks, were simultaneously offered for subscription, making the quota battle really dizzying. After a whole day, it was truly 'pitch black.' I was planning to take a break today, but then another stock, Beikang Medical, came out. It's like a big traffic jam. So much to say, but all I can do is keep working hard... Regarding these three new stocks, our Hengqiang Investment Research subscription priority is: Kuaishou Technology > Xintong Medical = Beikang Medical. The main focus of this article, Beikang Medical, we will still fully subscribe to. Big investors with capital might consider applying for a B-class allotment, which should be pretty good (This does not constitute investment advice; you bear your own risks). If you just want to know the results, that’s where your journey ends. But if you want more details, please continue reading with your questions. Second: New Stock Subscription Review 1. The first company in China for third-generation IVF genetic testing kits; 2. A unicorn in the field of assisted reproductive genetic testing; 3. Fast compound growth rate with broad market prospects; 4. CITIC's sponsorship is as solid as a rock, giving people confidence; Third: Total score for the new stock (84.2 points)   Basic Overview of BGI Medical-B:   Metric One: Industry Heat Score (weight proportion: ...)
 
Basic overview of BGI Healthcare-B:
$KUAISHOU-W (01024.HK)$ $MP CARDIOFLOW-B (02160.HK)$ $BASECARE-B (02170.HK)$ First: Subscription Recommendations Yesterday, Kuaishou, Xintong, and Jianbei Miaomiao, three new stocks, were simultaneously offered for subscription, making the quota battle really dizzying. After a whole day, it was truly 'pitch black.' I was planning to take a break today, but then another stock, Beikang Medical, came out. It's like a big traffic jam. So much to say, but all I can do is keep working hard... Regarding these three new stocks, our Hengqiang Investment Research subscription priority is: Kuaishou Technology > Xintong Medical = Beikang Medical. The main focus of this article, Beikang Medical, we will still fully subscribe to. Big investors with capital might consider applying for a B-class allotment, which should be pretty good (This does not constitute investment advice; you bear your own risks). If you just want to know the results, that’s where your journey ends. But if you want more details, please continue reading with your questions. Second: New Stock Subscription Review 1. The first company in China for third-generation IVF genetic testing kits; 2. A unicorn in the field of assisted reproductive genetic testing; 3. Fast compound growth rate with broad market prospects; 4. CITIC's sponsorship is as solid as a rock, giving people confidence; Third: Total score for the new stock (84.2 points)   Basic Overview of BGI Medical-B:   Metric One: Industry Heat Score (weight proportion: ...)
 
Indicator One: Industry Popularity Score (Weight Proportion: 50%)
90 points
The PGT-A kit that was listed in April 2020 is the first and only kit in China to receive approval from the National Medical Products Administration (NMPA) for third-generation IVF technology (PGT). The category falls under Class III medical devices (the highest level according to NMPA regulations). It is also the only product in the assisted reproductive field to have passed the NMPA's special approval process for innovative medical devices. In other words, BGI Healthcare has become the only certified kit manufacturer in the PGT market currently.Overall: The future growth potential of BGI Healthcare-B in the market remains promising.
$KUAISHOU-W (01024.HK)$ $MP CARDIOFLOW-B (02160.HK)$ $BASECARE-B (02170.HK)$ First: Subscription Recommendations Yesterday, Kuaishou, Xintong, and Jianbei Miaomiao, three new stocks, were simultaneously offered for subscription, making the quota battle really dizzying. After a whole day, it was truly 'pitch black.' I was planning to take a break today, but then another stock, Beikang Medical, came out. It's like a big traffic jam. So much to say, but all I can do is keep working hard... Regarding these three new stocks, our Hengqiang Investment Research subscription priority is: Kuaishou Technology > Xintong Medical = Beikang Medical. The main focus of this article, Beikang Medical, we will still fully subscribe to. Big investors with capital might consider applying for a B-class allotment, which should be pretty good (This does not constitute investment advice; you bear your own risks). If you just want to know the results, that’s where your journey ends. But if you want more details, please continue reading with your questions. Second: New Stock Subscription Review 1. The first company in China for third-generation IVF genetic testing kits; 2. A unicorn in the field of assisted reproductive genetic testing; 3. Fast compound growth rate with broad market prospects; 4. CITIC's sponsorship is as solid as a rock, giving people confidence; Third: Total score for the new stock (84.2 points)   Basic Overview of BGI Medical-B:   Metric One: Industry Heat Score (weight proportion: ...)
 
Indicator Two: Company Fundamentals Score (Weight Proportion: 25%)
85 points
Company Overview:
BGI Healthcare-Bis China's leading innovative platform for assisted reproductive genetic testing solutions and the only company in China with a full range of genetic testing kit product lines covering the entire reproductive cycle. The company’s PGT-A kit is the first and only third-generation IVF genetic testing kit approved by the National Medical Products Administration (NMPA).
The first stock in China for third-generation IVF genetic testing kits;
A unicorn in the field of assisted reproductive genetic testing;
Fast compound growth rate, with vast market prospects;
Series D financing brought in two major pharmaceutical players, Hillhouse and Orbimed;
CITIC’s sponsorship is as steady as a rock, instilling confidence;
Financial aspects:
For the fiscal years 2018-2019 and the first nine months of 2020, the company's revenue was RMB 32.609 million, RMB 55.685 million, and RMB 57.243 million, respectively;
Gross profit for the same periods was RMB 8.137 million, RMB 26.253 million, and RMB 20.477 million, respectively;
The company’s largest expense was R&D costs, which accounted for 57.7%, 35.7%, 34.4%, and 38.4% of total revenue for the respective periods.
Net losses for the same periods were RMB 158 million, RMB 534 million, and RMB 852 million, respectively. Total accumulated losses over three years amounted to RMB 1.544 billion.
Biotech companies listed under -B are very unique, the bigger the losses, the more confident they seem—making them ideal for those looking to invest in high-risk, high-reward dreams.
$KUAISHOU-W (01024.HK)$ $MP CARDIOFLOW-B (02160.HK)$ $BASECARE-B (02170.HK)$ First: Subscription Recommendations Yesterday, Kuaishou, Xintong, and Jianbei Miaomiao, three new stocks, were simultaneously offered for subscription, making the quota battle really dizzying. After a whole day, it was truly 'pitch black.' I was planning to take a break today, but then another stock, Beikang Medical, came out. It's like a big traffic jam. So much to say, but all I can do is keep working hard... Regarding these three new stocks, our Hengqiang Investment Research subscription priority is: Kuaishou Technology > Xintong Medical = Beikang Medical. The main focus of this article, Beikang Medical, we will still fully subscribe to. Big investors with capital might consider applying for a B-class allotment, which should be pretty good (This does not constitute investment advice; you bear your own risks). If you just want to know the results, that’s where your journey ends. But if you want more details, please continue reading with your questions. Second: New Stock Subscription Review 1. The first company in China for third-generation IVF genetic testing kits; 2. A unicorn in the field of assisted reproductive genetic testing; 3. Fast compound growth rate with broad market prospects; 4. CITIC's sponsorship is as solid as a rock, giving people confidence; Third: Total score for the new stock (84.2 points)   Basic Overview of BGI Medical-B:   Metric One: Industry Heat Score (weight proportion: ...)
 
Metric Three: Cornerstone Investor Score (Weighting: 20%)
80 points
Introduction of seven cornerstone investors,OrbiMed Funds, Lake Bleu Prime, CRF, AHAM, WinTwin, Foresight Funds, and IvyRock Funds. Given that this new stock initially appears to be of good quality, it will most likely be priced at the top of the range. The distribution of cornerstone investors is as follows:
$KUAISHOU-W (01024.HK)$ $MP CARDIOFLOW-B (02160.HK)$ $BASECARE-B (02170.HK)$ First: Subscription Recommendations Yesterday, Kuaishou, Xintong, and Jianbei Miaomiao, three new stocks, were simultaneously offered for subscription, making the quota battle really dizzying. After a whole day, it was truly 'pitch black.' I was planning to take a break today, but then another stock, Beikang Medical, came out. It's like a big traffic jam. So much to say, but all I can do is keep working hard... Regarding these three new stocks, our Hengqiang Investment Research subscription priority is: Kuaishou Technology > Xintong Medical = Beikang Medical. The main focus of this article, Beikang Medical, we will still fully subscribe to. Big investors with capital might consider applying for a B-class allotment, which should be pretty good (This does not constitute investment advice; you bear your own risks). If you just want to know the results, that’s where your journey ends. But if you want more details, please continue reading with your questions. Second: New Stock Subscription Review 1. The first company in China for third-generation IVF genetic testing kits; 2. A unicorn in the field of assisted reproductive genetic testing; 3. Fast compound growth rate with broad market prospects; 4. CITIC's sponsorship is as solid as a rock, giving people confidence; Third: Total score for the new stock (84.2 points)   Basic Overview of BGI Medical-B:   Metric One: Industry Heat Score (weight proportion: ...)
 
$KUAISHOU-W (01024.HK)$ $BASECARE-B (02170.HK)$ $MP CARDIOFLOW-B (02160.HK)$ 
Metric Four: Sponsor Performance Score (Weighting: 4%)
85 points
This time for BGI Healthcare-B,CITIC Securities is the sole sponsor; it’s CITIC Securities' debut.The historical performance of sponsor CITIC has been generally solid. Last year, aside from one deal, HBM, which disappointed, they have largely avoided pitfalls.
$KUAISHOU-W (01024.HK)$ $MP CARDIOFLOW-B (02160.HK)$ $BASECARE-B (02170.HK)$ First: Subscription Recommendations Yesterday, Kuaishou, Xintong, and Jianbei Miaomiao, three new stocks, were simultaneously offered for subscription, making the quota battle really dizzying. After a whole day, it was truly 'pitch black.' I was planning to take a break today, but then another stock, Beikang Medical, came out. It's like a big traffic jam. So much to say, but all I can do is keep working hard... Regarding these three new stocks, our Hengqiang Investment Research subscription priority is: Kuaishou Technology > Xintong Medical = Beikang Medical. The main focus of this article, Beikang Medical, we will still fully subscribe to. Big investors with capital might consider applying for a B-class allotment, which should be pretty good (This does not constitute investment advice; you bear your own risks). If you just want to know the results, that’s where your journey ends. But if you want more details, please continue reading with your questions. Second: New Stock Subscription Review 1. The first company in China for third-generation IVF genetic testing kits; 2. A unicorn in the field of assisted reproductive genetic testing; 3. Fast compound growth rate with broad market prospects; 4. CITIC's sponsorship is as solid as a rock, giving people confidence; Third: Total score for the new stock (84.2 points)   Basic Overview of BGI Medical-B:   Metric One: Industry Heat Score (weight proportion: ...)
 
Metric Five: Offering Price Range Score (Weighting: 3%)
85 points
$KUAISHOU-W (01024.HK)$ $MP CARDIOFLOW-B (02160.HK)$ $BASECARE-B (02170.HK)$ First: Subscription Recommendations Yesterday, Kuaishou, Xintong, and Jianbei Miaomiao, three new stocks, were simultaneously offered for subscription, making the quota battle really dizzying. After a whole day, it was truly 'pitch black.' I was planning to take a break today, but then another stock, Beikang Medical, came out. It's like a big traffic jam. So much to say, but all I can do is keep working hard... Regarding these three new stocks, our Hengqiang Investment Research subscription priority is: Kuaishou Technology > Xintong Medical = Beikang Medical. The main focus of this article, Beikang Medical, we will still fully subscribe to. Big investors with capital might consider applying for a B-class allotment, which should be pretty good (This does not constitute investment advice; you bear your own risks). If you just want to know the results, that’s where your journey ends. But if you want more details, please continue reading with your questions. Second: New Stock Subscription Review 1. The first company in China for third-generation IVF genetic testing kits; 2. A unicorn in the field of assisted reproductive genetic testing; 3. Fast compound growth rate with broad market prospects; 4. CITIC's sponsorship is as solid as a rock, giving people confidence; Third: Total score for the new stock (84.2 points)   Basic Overview of BGI Medical-B:   Metric One: Industry Heat Score (weight proportion: ...)
 
3.79% of the offering range, rangeReasonable，pointed out thatBGI Medical Devices-B has a very clear positioning for itself.
Fourth: Forecast of the one-lot allocation rate
$KUAISHOU-W (01024.HK)$ $MP CARDIOFLOW-B (02160.HK)$ $BASECARE-B (02170.HK)$ First: Subscription Recommendations Yesterday, Kuaishou, Xintong, and Jianbei Miaomiao, three new stocks, were simultaneously offered for subscription, making the quota battle really dizzying. After a whole day, it was truly 'pitch black.' I was planning to take a break today, but then another stock, Beikang Medical, came out. It's like a big traffic jam. So much to say, but all I can do is keep working hard... Regarding these three new stocks, our Hengqiang Investment Research subscription priority is: Kuaishou Technology > Xintong Medical = Beikang Medical. The main focus of this article, Beikang Medical, we will still fully subscribe to. Big investors with capital might consider applying for a B-class allotment, which should be pretty good (This does not constitute investment advice; you bear your own risks). If you just want to know the results, that’s where your journey ends. But if you want more details, please continue reading with your questions. Second: New Stock Subscription Review 1. The first company in China for third-generation IVF genetic testing kits; 2. A unicorn in the field of assisted reproductive genetic testing; 3. Fast compound growth rate with broad market prospects; 4. CITIC's sponsorship is as solid as a rock, giving people confidence; Third: Total score for the new stock (84.2 points)   Basic Overview of BGI Medical-B:   Metric One: Industry Heat Score (weight proportion: ...)
 
This public offering consists of 6.667 million shares, with each lot containing 500 shares. Both Group A and Group B have 6,667 lots available. The approximate entry fee for one lot is HKD 13,818. BGI Medical Devices initially appears to have good fundamentals,Based on the current margin financing situation, there is a high probability thatthe oversubscription will exceed 100 times, triggering a clawback mechanism with 50% allocation adjustment. This time, the market is expected to seearound 300,000 subscribers, with an estimated one-lot allocation rate of about 5%. (For reference only)
Fifth,Operational Recommendations
Yesterday, Kuaishou, Heartflow Medical, and JBMH Healthcare all launched their IPOs simultaneously. The competition for subscription quotas really left everyone dizzy, making it a truly bewildering experience summed up in three words: “a total mess.” I originally planned to take a break today, but then BGI Medical Devices came along—it’s like a massive pile-up. However, overlapping IPOs usually mean more opportunities, so we “keyboard warriors,” who are always on standby to grab shares, can’t afford to complain. We just keep working hard…
Regarding these three IPOs,Our Hengqiang Investment ResearchSubscription priority: Kuaishou Technology > Heartflow Medical=Becan Medical，The main subject of this article:We will still fully invest in Becan,Big investors with capital getting a B-share should still be a good move.(This does not constitute investment advice; risks are borne by the investor)
Follow-upWe willAccording toOversubscription ratioSituation，dynamismAdjust the lottery rate for one lot,Please stay tuned for details.Our Hengqiang Investment ResearchofIPO arbitragegroup!
(Disclaimer: This article is merely information organization and idea sharing, not a stock recommendation. Readers' investment decisions should be based on their own judgment.)
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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