HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

MedSci Healthcare Holdings / Equity Capital Markets

<ul>
<li>The large physician network is actually the cornerstone for <a href="https://www.smartkarma.com/entities/medsci-healthcare-holdings-limited" target="_blank" data-smartkarma-citation="entities:35939:1" rel="noopener">MedSci Healthcare (MHH HK)</a>’s precision omni-channel marketing solutions and RWS solutions, and also the key to support the overall investment logic.</li>
<li>In fierce competition, how to retain physician network for a long time, convert them into business value continuously and achieve the high growth trend expected by the market is challenging.</li>
<li>In terms of valuation, MedSci’s valuation could be higher than Medlive due to its stronger physician platform solutions business and medical professional network, but could be lower than HUAYIWANG. </li>
</ul>


The large physician network is actually the cornerstone for MedSci Healthcare (MHH HK)’s precision omni-channel marketing solutions and RWS solutions, and also the key to support the overall investment logic.
In fierce competition, how to retain physician network for a long time, convert them into business value continuously and achieve the high growth trend expected by the market is challenging.
In terms of valuation, MedSci’s valuation could be higher than Medlive due to its stronger physician platform solutions business and medical professional network, but could be lower than HUAYIWANG. 


Pre-IPO MedSci Healthcare Holdings - The Investment Logic, the Business Analysis and the Risks

Equity Bottom-Up

<ul>
<li>The improvement of Medlive’s profitability in 22H1 seems more related to the large decreased income tax expense rather than any obvious improvement of main business or any other logic.</li>
<li>The single main business structure and insufficient core competitiveness add uncertainty to the Company's long-term prospects, which makes it difficult to significantly improve the valuation.</li>
<li>Medlive is under double pressure of "squeezing bubble" in healthcare industry and “the fading of traffic dividend” in Internet industry.Its growth logic/business model will be more scrutinized by the market.</li>
</ul>


The improvement of Medlive’s profitability in 22H1 seems more related to the large decreased income tax expense rather than any obvious improvement of main business or any other logic.
The single main business structure and insufficient core competitiveness add uncertainty to the Company's long-term prospects, which makes it difficult to significantly improve the valuation.
Medlive is under double pressure of "squeezing bubble" in healthcare industry and “the fading of traffic dividend” in Internet industry.Its growth logic/business model will be more scrutinized by the market.


Medlive Technology (2192.HK) 22H1- The Growth Logic/Business Model Is More Scrutinized by the Market

Huayiwang Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huayiwang-technology-inc" target="_blank" data-smartkarma-citation="entities:35518:1" rel="noopener">Huayiwang Technology (1985554D HK)</a> is strong in its digital medical education solutions, which is the cornerstone business for the continuous expansion of other solution offerings and ecosystem.</li>
<li>HUAYIWANG charges service fees mainly from pharmaceutical companies, which could be a more sustainable profit model than charging from patients directly.</li>
<li>However, the increasing competition and potential risk of losing medical professionals could shake the foundations of HUAYIWANG's business. </li>
</ul>



Huayiwang Technology (1985554D HK) is strong in its digital medical education solutions, which is the cornerstone business for the continuous expansion of other solution offerings and ecosystem.
HUAYIWANG charges service fees mainly from pharmaceutical companies, which could be a more sustainable profit model than charging from patients directly.
However, the increasing competition and potential risk of losing medical professionals could shake the foundations of HUAYIWANG's business. 


Pre-IPO Huayiwang Technology - The Business Model Is Reasonable, but There Are Also Challenges

Hong Kong

HUAYIWANG Technology Inc. operates as an online platform for health care workers. The Company provides digital medical education solutions, digital medical education solutions, and digital health service solutions. HUAYIWANG Technology provides services for healthcare professionals, medical device companies, and patients.

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Huayiwang Technology (1985554D HK)

Pre-IPO MedSci Healthcare Holdings - The Investment Logic, the Business Analysis and the Risks

The physician network is the cornerstone for MedSci’s business model/logic. How to retain physicians for a long time, convert them into business...

Xinyao (Criss) Wang

Medlive Technology (2192.HK) 22H1- The Growth Logic/Business Model Is More Scrutinized by the Market

Medlive is under the double pressure of "squeezing bubble" in healthcare industry and “fading of traffic dividend” in Internet industry. Its growth...

Xinyao (Criss) Wang

Pre-IPO Huayiwang Technology - The Business Model Is Reasonable, but There Are Also Challenges

The business model of taking medical professional network as the foundation for expansion of other solution offerings/ecosystem is logical....

Xinyao (Criss) Wang

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