External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Beijing Airdoc Technology / Equity Bottom-Up

<div><div><div><div><ul><li>Airdoc’s 1H22 revenue declined 24.4% YoY to RMB37.4mn primarily due to decreasing number of users of the SaMDs and high risk assessment solutions amid COVID lockdowns which has led to the shrinking revenue of AI-based software solutions (-26.0% YoY).</li><li>Given the declined revenue size, gross profit was down 30.4% YoY to RMB22.1mn and gross profit margin decreased from 64.1% in 1H21 to 59.0% in 1H22.</li><li>Number of detection cases was negatively impacted by COVID restrictions but has rebounded since June.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Airdoc’s 1H22 revenue declined 24.4% YoY to RMB37.4mn primarily due to decreasing number of users of the SaMDs and high risk assessment solutions amid COVID lockdowns which has led to the shrinking revenue of AI-based software solutions (-26.0% YoY).Given the declined revenue size, gross profit was down 30.4% YoY to RMB22.1mn and gross profit margin decreased from 64.1% in 1H21 to 59.0% in 1H22.Number of detection cases was negatively impacted by COVID restrictions but has rebounded since June.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Airdoc Technology (2251 HK) – Expect Recovery from 2H22

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<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

<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

China

Beijing Airdoc Technology Co. Ltd. is a company headquartered in Beijing, China, that operates as an artificial intelligence start up company that serves medical industry.

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Beijing Airdoc Technology (2251 HK)

Airdoc Technology (2251 HK) – Expect Recovery from 2H22

Given the declined revenue size, gross profit was down 30.4% YoY to RMB22.1mn and gross profit margin decreased from 64.1% in 1H21 to 59.0% in 1H22.

CMB International