Gushengtang IPO
Gushengtang is a traditional chinese medicine (TCM) healthcare service provider in China. It provides TCM healthcare services and products via its offline medical institutions and online healthcare platforms.As of the LPD, the firm provided services to customers across 31 provinces via its medical service network, and had 19,203 physicians practicing as of Jun 2021.
While we think there isn’t anything fundamentally wrong with the deal, the firm is operating in a highly fragmented industry and valuation comes in at a premium, despite having margins towards the bottom end of its peer set. Pre-IPO investors, from Mar 2021, would have made gains on listing as well and could remain an overhang post-listing.
Gusbourne is engaged, through its wholly owned subsidiary Gusbourne Estate Limited, in the production and distribution of a range of English sparkling wines from grapes grown in its own vineyards in Kent and West Sussex.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
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