Trade Wars

Chinese dental practice smiles at IPO

An investor reacts to an electronic board displaying stock information at a brokerage house in Shanghai, China, March 7, 2016. REUTERS / Aly Song

Braces maker Angelalign Technology shines pearly whites ahead of their market debut. The Chinese maker of clear teeth straighteners plans to raise up to $ 375 million in a Hong Kong IPO. A high-end stock value of $ 3.7 billion implies a forecast of 54 times next year’s earnings, IFR reports. Align Technology (ALGN.O), the $ 46 billion owner of rival Invisalign, is trading 45 times.

Each claims about 40% of the Chinese market, according to a study cited in The Angelalign flyer. American society, however, is struggling to develop there, blame the pandemic, trade wars and “increasing competitive activity”. The local challenger, meanwhile, saw a 75% increase in its 2020 adjusted net profit. A big plus is a large Asian orthodontic database that allows it to customize products for Chinese face types.

Smaller upstarts are also stifling Angelalign thanks to advances in 3D printing technology. For now, however, the company is all smiles. (By Robyn Mak)

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