Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Beijing Airdoc Technology / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/beijing-airdoc-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33524:1" rel="noopener">Beijing Airdoc Technology (2251 HK)</a> is a leading company providing AI-empowered retina-based early detection, diagnosis and health risk-assessment solutions. Of the company’s core products, only AIFUNDUS 1.0 has currently received the NMPA approval (in August 2020) and has generated limited revenue so far from this product. The company also has two other versions of AIFUNDUS that are AIFUNDUS 2.0 and 3.0 and once these products are commercialised, they would become strong revenue generators for the company.</p><p>The company has announced the terms for its IPO and plans to issue 22.26m shares (21.5% of the total shares outstanding post-IPO) at an indicative IPO price range of HK$75.1-81.3 per share. At the midpoint of the IPO price range of HK$78.20 per share, Airdoc will raise net proceeds of HK$1.6bn (US$210m) at a market capitalisation of HK$8.1bn and a post-money enterprise value of HK$5.8bn.</p><p>The company plans to use approx. 50.0% of the net IPO proceeds on further developing and commercialising the core product Airdoc-AIFUNDUS. Airdoc plans to allocate another 19.0% of the net proceeds on funding the R&amp;D and manufacturing of hardware devices and another 10% for health risk assessment solutions.</p><p>Airdoc has entered into cornerstone investment agreements with a number of investors for an aggregate of US$69.5m (approx. HK$540.6m/representing 31.0% of the offer shares) at the midpoint of the IPO price range of HK$78.20 per share. These cornerstone investors include CloudAlpha (US$15m), GF Fund (US$10m), IvyRock (US$7m), Lake Bleu Prime (US$5m), LAV (US$10m), LMR (US$7.5m), OrbiMed (US$5m) and WT (10m).</p>

Beijing Airdoc Technology (2251 HK) is a leading company providing AI-empowered retina-based early detection, diagnosis and health risk-assessment solutions. Of the company’s core products, only AIFUNDUS 1.0 has currently received the NMPA approval (in August 2020) and has generated limited revenue so far from this product. The company also has two other versions of AIFUNDUS that are AIFUNDUS 2.0 and 3.0 and once these products are commercialised, they would become strong revenue generators for the company.The company has announced the terms for its IPO and plans to issue 22.26m shares (21.5% of the total shares outstanding post-IPO) at an indicative IPO price range of HK$75.1-81.3 per share. At the midpoint of the IPO price range of HK$78.20 per share, Airdoc will raise net proceeds of HK$1.6bn (US$210m) at a market capitalisation of HK$8.1bn and a post-money enterprise value of HK$5.8bn.The company plans to use approx. 50.0% of the net IPO proceeds on further developing and commercialising the core product Airdoc-AIFUNDUS. Airdoc plans to allocate another 19.0% of the net proceeds on funding the R&amp;D and manufacturing of hardware devices and another 10% for health risk assessment solutions.Airdoc has entered into cornerstone investment agreements with a number of investors for an aggregate of US$69.5m (approx. HK$540.6m/representing 31.0% of the offer shares) at the midpoint of the IPO price range of HK$78.20 per share. These cornerstone investors include CloudAlpha (US$15m), GF Fund (US$10m), IvyRock (US$7m), Lake Bleu Prime (US$5m), LAV (US$10m), LMR (US$7.5m), OrbiMed (US$5m) and WT (10m).

Beijing Airdoc Technology IPO: Forecasts and Valuation

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.

<p><a href="https://www.smartkarma.com/entities/uju-holding" target="_blank" data-smartkarma-citation="entities:34824:1" rel="noopener">Uju Holding (1948 HK)</a> is looking to raise up to US$141m in its Hong Kong IPO.</p><p>Uju Holding is a one-stop cross media online marketing solutions provider that works with media partners to market its advertiser customer’s products and/or services. Incorporated in 2018, the firm contributed approximately 1.1% of the total marketing gross billing of China’s online marketing market in 2020, as per iResearch. For FY20 and 4M21, the firm had worked with 1,028 and 651 advertiser customers and 32 and 21 media partners, respectively. </p><p>During its track period, Uju Holding has recorded strong growth in its operating numbers and topline has followed closely as well. Its U-Engine platform, launched in 2020 could change the dynamics with its advertiser customers and improve efficiency. Cornerstones are also noteworthy and could aid sentiment but isn’t a large amount nonetheless. However, margins have been falling and the firm’s business model centers around a small number of participants. Combined with operating in a fragmented market, margins could be further compressed. </p>

Uju Holding (1948 HK) is looking to raise up to US$141m in its Hong Kong IPO.Uju Holding is a one-stop cross media online marketing solutions provider that works with media partners to market its advertiser customer’s products and/or services. Incorporated in 2018, the firm contributed approximately 1.1% of the total marketing gross billing of China’s online marketing market in 2020, as per iResearch. For FY20 and 4M21, the firm had worked with 1,028 and 651 advertiser customers and 32 and 21 media partners, respectively. During its track period, Uju Holding has recorded strong growth in its operating numbers and topline has followed closely as well. Its U-Engine platform, launched in 2020 could change the dynamics with its advertiser customers and improve efficiency. Cornerstones are also noteworthy and could aid sentiment but isn’t a large amount nonetheless. However, margins have been falling and the firm’s business model centers around a small number of participants. Combined with operating in a fragmented market, margins could be further compressed. 

Uju Holding IPO - Margin Compression Looks to Persist

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<div><p><a href="https://www.smartkarma.com/entities/beijing-airdoc-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33524:1" rel="noopener">Beijing Airdoc Technology (2251 HK)</a><span> is a global market leader and pioneer in providing AI-empowered retina-based early detection, auxiliary diagnosis and health risk assessment solutions. The core product is Airdoc-AIFUNDUS which is an AI-based Software-as-a-Medical Device (SaMD) that uses deep learning algorithms to accurately detect and diagnose chronic diseases from retinal images. Airdoc-AIFUNDUS (1.0), the first version of the core product, was commercialised at the start of 2021. </span></p></div><div><p>At the proposed IPO price range of HK$75.10-81.30 per share, Airdoc will have a market cap of HK$7,778-8,420 million ($1.0-1.1 billion). At the mid-point of the IPO price range, the net proceeds are HK$1,632.7 million ($210 million).</p></div><div><p>Eight cornerstone investors will purchase $69.5 million worth of the offer shares (31.0% of the offer shares at the mid-point of the IPO price range). Three out of the eight cornerstones are existing investors. They are LAV Group, Lake Bleu Capital and OrbiMed. The remaining cornerstones which are not existing shareholders are CloudAlpha Capital, GF Fund, IvyRock Funds, LMR Fund and WT Funds.</p></div><div><p>In <a href="https://www.smartkarma.com/insights/airdoc-technology-ipo-initiation-seeing-the-light" target="_blank" data-smartkarma-citation="insights:58501" rel="noopener">Airdoc Technology IPO Initiation: Seeing the Light</a>, we opined that, unlike most healthcare IPO hopefuls, Airdoc has recently commercially launched a version of its core product. With industry-leading sensitivity and specificity achieved in multi-centre clinical trials, Airdoc-AIFUNDUS has the potential to succeed in a competitive market. We concluded that Airdoc is worth a closer look.</p></div><div><div><div class="content-highlight"><p>Our valuation analysis suggests that the IPO price range is attractive. We also note that the mid-point of the IPO price range is a modest 5.7% discount to the last valuation round (Series D to raise $38 million on 30 April 2021).  </p></div></div></div>

Beijing Airdoc Technology (2251 HK) is a global market leader and pioneer in providing AI-empowered retina-based early detection, auxiliary diagnosis and health risk assessment solutions. The core product is Airdoc-AIFUNDUS which is an AI-based Software-as-a-Medical Device (SaMD) that uses deep learning algorithms to accurately detect and diagnose chronic diseases from retinal images. Airdoc-AIFUNDUS (1.0), the first version of the core product, was commercialised at the start of 2021. At the proposed IPO price range of HK$75.10-81.30 per share, Airdoc will have a market cap of HK$7,778-8,420 million ($1.0-1.1 billion). At the mid-point of the IPO price range, the net proceeds are HK$1,632.7 million ($210 million).Eight cornerstone investors will purchase $69.5 million worth of the offer shares (31.0% of the offer shares at the mid-point of the IPO price range). Three out of the eight cornerstones are existing investors. They are LAV Group, Lake Bleu Capital and OrbiMed. The remaining cornerstones which are not existing shareholders are CloudAlpha Capital, GF Fund, IvyRock Funds, LMR Fund and WT Funds.In Airdoc Technology IPO Initiation: Seeing the Light, we opined that, unlike most healthcare IPO hopefuls, Airdoc has recently commercially launched a version of its core product. With industry-leading sensitivity and specificity achieved in multi-centre clinical trials, Airdoc-AIFUNDUS has the potential to succeed in a competitive market. We concluded that Airdoc is worth a closer look.Our valuation analysis suggests that the IPO price range is attractive. We also note that the mid-point of the IPO price range is a modest 5.7% discount to the last valuation round (Series D to raise $38 million on 30 April 2021).  

Airdoc Technology IPO: Valuation Insights

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<p><a href="https://www.smartkarma.com/entities/beijing-airdoc-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33524:1" rel="noopener">Beijing Airdoc Technology (2251 HK)</a>  is looking to raise up to US$232m in its Hong Kong IPO</p>
<p>Beijing AirDoc Technology (BAT) is an AI-based medical device company with a focus on AI-empowered retina-based early detection, diagnosis and health risk assessment solutions.</p>
<p>Our previous coverage of the IPO:</p>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/beijing-airdoc-pre-ipo-a-niche-field-with-merits-but-can-it-sell" target="_blank" data-smartkarma-citation="insights:57416" rel="noopener">Beijing Airdoc (北京鹰瞳科技) Pre-IPO - A Niche Field with Merits but Can It Sell?</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/beijing-airdoc-pre-ipo-updates-on-1q21-results-and-competition" target="_blank" data-smartkarma-citation="insights:58187" rel="noopener">Beijing Airdoc (北京鹰瞳科技) Pre-IPO - Updates on 1Q21 Results and Competition</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/beijing-airdoc-pre-ipo-new-phip-updates" target="_blank" data-smartkarma-citation="insights:59517" rel="noopener">Beijing Airdoc (北京鹰瞳科技) Pre-IPO - New PHIP Updates</a> </li>
</ul>

Beijing Airdoc Technology (2251 HK)  is looking to raise up to US$232m in its Hong Kong IPO
Beijing AirDoc Technology (BAT) is an AI-based medical device company with a focus on AI-empowered retina-based early detection, diagnosis and health risk assessment solutions.
Our previous coverage of the IPO:


Beijing Airdoc (北京鹰瞳科技) Pre-IPO - A Niche Field with Merits but Can It Sell? 

Beijing Airdoc (北京鹰瞳科技) Pre-IPO - Updates on 1Q21 Results and Competition 

Beijing Airdoc (北京鹰瞳科技) Pre-IPO - New PHIP Updates 


Beijing Airdoc (北京鹰瞳科技) IPO - Reasonable Valuation for a Small Niche

<p><a href="https://www.smartkarma.com/entities/beijing-airdoc-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33524:1" rel="noopener">Beijing Airdoc Technology (BAT HK)</a>  is looking to raise up to US$300m in its upcoming Hong Kong IPO. The company re-filed its Post Hearing Information Pack (PHIP) last week and was reported to be looking to launch its IPO this week.</p><p>Beijing AirDoc Technology (BAT) is an AI-based medical device company with a focus on AI-empowered retina-based early detection, diagnosis and health risk assessment solutions.</p><p>In this note, we will take a look at the company’s updated results from its new PHIP filing.</p>

Beijing Airdoc Technology (BAT HK)  is looking to raise up to US$300m in its upcoming Hong Kong IPO. The company re-filed its Post Hearing Information Pack (PHIP) last week and was reported to be looking to launch its IPO this week.Beijing AirDoc Technology (BAT) is an AI-based medical device company with a focus on AI-empowered retina-based early detection, diagnosis and health risk assessment solutions.In this note, we will take a look at the company’s updated results from its new PHIP filing.

Beijing Airdoc (北京鹰瞳科技) Pre-IPO - New PHIP Updates

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)

Beijing Airdoc Technology IPO: Forecasts and Valuation

Airdoc plans to raise US$210m at the midpoint of the IPO price range. We believe Airdoc's IPO is attractively priced and there is further upside to...

Shifara Samsudeen, FCMA, CGMA

Uju Holding IPO - Margin Compression Looks to Persist

Uju Holding (1948 HK) is looking to raise up to US$141m in its Hong Kong IPO. The firm is a one-stop cross media online marketing solutions...

Clarence Chu

Airdoc Technology IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range is attractive. We also note that the mid-point of the IPO price range is a modest 5.7%...

Arun George

Beijing Airdoc (北京鹰瞳科技) IPO - Reasonable Valuation for a Small Niche

Beijing Airdoc Technology (2251 HK) is looking to raise up to US$232m in its Hong Kong IPO Beijing AirDoc Technology (BAT) is an AI-based medical...

Sumeet Singh

Beijing Airdoc (北京鹰瞳科技) Pre-IPO - New PHIP Updates

Beijing Airdoc Technology (BAT HK) is looking to raise up to US$300m in its upcoming Hong Kong IPO. The company re-filed its Post Hearing...

Sumeet Singh

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