Core Viewpoint - Yunqi Capital Limited, a 5.1% shareholder of STAAR Surgical Company, has expressed its concerns regarding the adjournment of STAAR's Special Meeting of Stockholders to vote on the proposed sale to Alcon Inc. [1] Group 1 - Yunqi Capital Limited is an investment management firm that advises funds and holds a significant stake in STAAR Surgical Company [1] - The decision to adjourn the Special Meeting of Stockholders was made by STAAR Surgical and Alcon Inc. [1] - The proposed sale to Alcon was initially announced in August [1]

Core Points - Alcon and STAAR Surgical have agreed to adjourn STAAR's Special Meeting of Stockholders originally scheduled for October 23, 2025, in relation to their merger agreement [1][2] - The new date for the Special Meeting is set for November 6, 2025, at 8:30 a.m. Pacific Time, with the record date for eligible stockholders remaining September 12, 2025 [2] Company Information - Alcon is a global leader in eye care with over 75 years of experience, offering a wide range of products that enhance sight and improve lives, impacting over 260 million people annually in more than 140 countries [3] - STAAR Surgical specializes in implantable phakic intraocular lenses, providing vision correction solutions that reduce or eliminate the need for glasses or contact lenses, with over 3 million ICLs sold in more than 75 countries [4]

Summary of the Webinar on the Chinese Medtech Market Industry Overview - The focus of the webinar was on the **Chinese Medtech market**, highlighting its evolution and current dynamics [3][8] - The Chinese healthcare system is transitioning towards **efficiency, cost containment**, and **domestic self-reliance** [3] Key Points and Arguments - **Historical Growth**: The Medtech market in China experienced rapid growth due to healthcare modernization, an aging population, and supportive government policies, including universal insurance coverage and significant public health investments [3][10] - **Recent Challenges**: The market is facing headwinds due to government policies favoring local companies, such as "Buy Local" directives and Volume Based Procurement (VBP), which have reduced prices and disrupted demand for capital equipment [3][4] - **Market Share Dynamics**: Multinational companies (MNCs) are losing market share in hospital-facing Medtech sectors (e.g., imaging, diagnostics) to local competitors, while they remain focused on premium segments where innovation gaps exist [4][41] - **Consumer Medtech Growth**: In contrast, the Consumer Medtech sector, particularly in self-pay markets like dental and ophthalmology, is expected to see high-single to double-digit growth due to low penetration rates and brand loyalty [4][30] Financial Implications - **Sales Exposure**: For many Medtech companies, China now represents a smaller share of total sales. For example, Smith & Nephew's sales from China are projected to drop from 7% in 2019 to approximately 3% in 2025 [5][7] - **Company Exposure Categorization**: - **Risk**: Companies like Philips, Healthineers, and Coloplast face significant risks due to their exposure to the Chinese market - **Neutral**: Companies such as Medtronic and Abbott have a neutral stance - **Opportunity**: Companies like Alcon and Carl Zeiss are seen as having growth opportunities in China [5][7] Market Dynamics - **Healthcare Spending Trends**: China's healthcare spending grew at a **17% CAGR from 2000 to 2015**, followed by an **8% CAGR through 2022** [10] - **Policy Shifts**: Major policy changes since 2015 have aimed to strengthen domestic industry, impacting MNCs' operations [13][14] - **Local Competition**: Local players are rapidly gaining market share, particularly in highly penetrated markets like medical imaging [44][45] Consumer Medtech Insights - **Adoption Rates**: Consumer Medtech markets have lower starting points for adoption, allowing for significant growth potential. For instance, dental implant adoption in China is still below that of developed markets [24][30] - **Self-Pay Market Dynamics**: The self-pay nature of these markets allows for greater price elasticity and brand influence, benefiting international players [25][27] - **Brand Importance**: Brand recognition plays a crucial role in maintaining market share against local competitors, especially in private healthcare settings [27][51] Future Outlook - **Growth Prospects**: The outlook for Consumer Medtech in China remains optimistic over the next 5-10 years, while caution is advised for capital equipment and orthopedics due to increased local competition [41][41] - **Regulatory Impact**: Changes in public health systems can influence private pay markets, as seen with recent VBP programs [39] Conclusion - The Chinese Medtech market is undergoing significant transformation, with both challenges and opportunities for multinational companies. The focus on local competition and policy shifts necessitates a strategic approach for MNCs to navigate this evolving landscape [3][4][41]

Core Thesis - Alcon Inc. is positioned for growth due to favorable industry trends and new product launches, despite recent underperformance in organic growth [2][4]. Industry Trends - The ocular health sector is benefiting from an aging population and increasing myopia rates, driven by higher screen time [2]. - The company is a leading player in the ocular health market, which is expected to see significant growth [2][4]. Company Performance - Alcon's stock was trading at $76.55 as of October 8th, with trailing and forward P/E ratios of 34.77 and 20.96 respectively [1]. - Recent organic growth has slowed, leading to underperformance, but the outlook is expected to improve significantly [2][5]. Product Pipeline - The commercialization of new products, including the UNITY surgical platform and a new weekly contact lens, is anticipated to drive revenue growth and improve margins [3][4]. - A new prescription treatment for dry eye is also expected to contribute positively to the company's growth trajectory [3]. Investment Opportunity - The combination of industry tailwinds, a strong product pipeline, and potential for accelerated adoption suggests that Alcon's stock could be re-rated positively as fundamentals improve [4]. - The company represents a compelling investment opportunity with a clear path to growth acceleration and significant upside potential [4].

Group 1 - Alcon Inc. is identified as one of the best beaten down stocks to buy according to hedge funds, with a recent price target reduction from BTIG to $91 while maintaining a "Buy" rating [1][2] - Concerns have been raised regarding a potential decrease in the number of patients seeking medical treatment, influenced by negative headlines affecting the MedTech sector, along with uncertainties from increased tariffs on Chinese imports [2] - Alcon's recent product launches, including Unity VCS, Voyager, PanOptix Pro, Precision7, Systane Pro PF, and Tryptyr, are generating strong early demand, positioning the company for accelerated top-line growth and cash generation [3] Group 2 - Parnassus Investments has initiated a position in Alcon, highlighting its market leadership in the eye care industry and the expectation that its culture of innovation will drive market share gains and revenue growth [3] - Despite the potential of Alcon as an investment, some analysts believe that certain AI stocks may offer greater upside potential with less downside risk [3]

Core Viewpoint - Yunqi Capital Limited, a 5.1% shareholder of STAAR Surgical Company, opposes the proposed sale of STAAR to Alcon Inc. on the terms announced on August 5, 2025 [1] Group 1 - Yunqi Capital has issued a letter to the Board of Directors of STAAR expressing its opposition to the sale [1] - The opposition is based on the terms of the sale proposed to Alcon Inc. [1]

Core Viewpoint - Broadwood Partners and its affiliates announced that Institutional Shareholder Services Inc. (ISS) recommended shareholders of STAAR Surgical Company to vote "AGAINST" the proposed acquisition by Alcon Inc. [1] Group 1 - ISS is the third proxy advisory firm to recommend against the proposed merger [1]

Core Points - Broadwood Partners, L.P. and its affiliates have commented on STAAR Surgical Company's recent filing with the SEC regarding a supplement to its definitive proxy statement related to the proposed acquisition by Alcon Inc. [1] Company Summary - Broadwood Partners owns 27.5% of STAAR Surgical Company [1]

Group 1 - Broadwood Partners, L.P. and its affiliates own 27.5% of STAAR Surgical Company's outstanding common shares [1] - Broadwood is urging fellow shareholders to vote against the proposed acquisition of STAAR by Alcon Inc. [1] - The acquisition terms were announced on August 5, 2025 [1]

Core Viewpoint - STAAR Surgical Company strongly disagrees with the recommendation issued by Glass, Lewis & Co. regarding its pending merger with Alcon [1] Company Summary - STAAR Surgical is a global leader in phakic IOLs, specifically with its EVO family of Implantable Collamer® Lenses for vision correction [1] - The company is currently involved in a merger process with Alcon, a significant player in the eye care industry [1]