HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Beijing Airdoc Technology / Equity Bottom-Up

<ul>
<li>Without entering NRDL and public hospital markets, Airdoc’s core product Airdoc-AIFUNDUS would be hard to generate solid performance due to its high pricing but limited value to patients and doctors.</li>
<li>Due to lockdown/pandemic, we lowered our forecast on revenue growth/gross margin in 2022. As competition intensified, Airdoc's revenue growth and margin could be significantly reduced in the coming years. </li>
<li>The biggest concern for Airdoc is the commercialization prospects. The real turning point for AI medical imaging has not arrived. We are not optimistic that Airdoc will end up profitable. </li>
</ul>


Without entering NRDL and public hospital markets, Airdoc’s core product Airdoc-AIFUNDUS would be hard to generate solid performance due to its high pricing but limited value to patients and doctors.
Due to lockdown/pandemic, we lowered our forecast on revenue growth/gross margin in 2022. As competition intensified, Airdoc's revenue growth and margin could be significantly reduced in the coming years. 
The biggest concern for Airdoc is the commercialization prospects. The real turning point for AI medical imaging has not arrived. We are not optimistic that Airdoc will end up profitable. 


Beijing Airdoc Technology (2251.HK) - Not Optimistic About Turning Loss into Profit

Equity Capital Markets

Shukun (Beijing) Technology / Equity Capital Markets

Shukun (Beijing) Technology (1702626D CH)

<ul>
<li>China's AI medical imaging industry is still in its infancy, and needs to face industry supervision, data safety, potential compliance issues, doubts on commercialization prospects, NRDL coverage and increasing competition. </li>
<li>Shukun has its obvious technical advantage, rich product portfolio and many registration certificates, but the Company's path to commercialization and profitability still remains to be seen.</li>
<li>Infervision and Airdoc could be the benchmark companies. Considering the strength, the moat, and the potential of Shukun, its valuation could be higher than Infervision and Airdoc.</li>
</ul>


China's AI medical imaging industry is still in its infancy, and needs to face industry supervision, data safety, potential compliance issues, doubts on commercialization prospects, NRDL coverage and increasing competition. 
Shukun has its obvious technical advantage, rich product portfolio and many registration certificates, but the Company's path to commercialization and profitability still remains to be seen.
Infervision and Airdoc could be the benchmark companies. Considering the strength, the moat, and the potential of Shukun, its valuation could be higher than Infervision and Airdoc.


Pre IPO Shukun Technology - Obvious Strength in Technology/Products but Commercialization Is the Key

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/58-freight-gogox" target="_blank" data-smartkarma-citation="entities:35517:1" rel="noopener">58 Freight (GogoX) (1903638D HK)</a> (GGX) is looking to raise US$200m in its upcoming Hong Kong IPO.</li>
<li>GogoX is an online intra-city logistics platform, operating in more than 30 cities across five countries and regions in Asia, namely, mainland China, Hong Kong, Singapore, Korea, and India. </li>
<li>9M21 results show that the company is back on its spending spree and the cash burn is unlikely to abate in the near term.</li>
</ul>



58 Freight (GogoX) (1903638D HK) (GGX) is looking to raise US$200m in its upcoming Hong Kong IPO.
GogoX is an online intra-city logistics platform, operating in more than 30 cities across five countries and regions in Asia, namely, mainland China, Hong Kong, Singapore, Korea, and India. 
9M21 results show that the company is back on its spending spree and the cash burn is unlikely to abate in the near term.


58 Freight (GogoX) Pre-IPO - PHIP Updates

<ul>
<li>
<a href="https://www.smartkarma.com/entities/58-freight-gogox" target="_blank" data-smartkarma-citation="entities:35517:1" rel="noopener">58 Freight (GogoX) (1903638D HK)</a> is looking to raise US$200m in its upcoming Hong Kong IPO.</li>
<li>GogoX is an online intra-city logistics platform, operating in more than 30 cities across five countries and regions in Asia, namely, mainland China, Hong Kong, Singapore, Korea, and India. </li>
<li>It owns and operates two brands, Kuaigou Dache (快狗打车) in mainland China and GOGOX for other countries and region.</li>
</ul>



58 Freight (GogoX) (1903638D HK) is looking to raise US$200m in its upcoming Hong Kong IPO.
GogoX is an online intra-city logistics platform, operating in more than 30 cities across five countries and regions in Asia, namely, mainland China, Hong Kong, Singapore, Korea, and India. 
It owns and operates two brands, Kuaigou Dache (快狗打车) in mainland China and GOGOX for other countries and region.


58 Freight (GogoX) Pre-IPO - Sacrificed Market Share in Pursuit of Profitability

AInnovation Technology Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qingdao-ainnovation-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:35405:1" rel="noopener">Qingdao Ainnovation Technology Group Co Ltd (1853807D CH)</a> raised around US$151m after pricing its IPO at HKD26.3/share, at the bottom end of its IPO price range.</li>
<li>Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions.</li>
<li>In this note, we will look at the trading dynamics and current valuation.</li>
</ul>



Qingdao Ainnovation Technology Group Co Ltd (1853807D CH) raised around US$151m after pricing its IPO at HKD26.3/share, at the bottom end of its IPO price range.
Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions.
In this note, we will look at the trading dynamics and current valuation.


Qingdao AInnovation Technology Group IPO Trading - Lukewarm Subscription Rates, Peers Have Corrected

China

Beijing Airdoc Technology provides AI-empowered retina-based solutions for early detection, diagnosis, and health risk assessment of chronic diseases. The company offers AI-based software solutions, such as Airdoc-AIFUNDUS for retinal disease diagnosis, and hardware devices, leveraging retinal imaging and deep learning algorithms. It was founded in 2015 and is headquartered in Beijing, China.

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Beijing Airdoc Technology (2251 HK)