HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

IVF Hospital Management Group Limited / Equity Capital Markets

IVF Hospital Management Group Limited (IVF12 HK)

<ul>
<li>IVF Hospital’s profitability and growth momentum look good at this stage, but the Company is still in early stage of development, with obvious gap with leading players in the industry.</li>
<li>IVF penetration rate in China is not high and the rate of improvement is slow. With public hospitals accounting for over 90% market share, IVF Hospital’s growth space is limited.</li>
<li>Licensing is a big barrier for development, slowing down the pace of nationwide expansion. The “good story” should be based on internationalization, which is actually the weakness of IVF Hospital.</li>
</ul>


IVF Hospital’s profitability and growth momentum look good at this stage, but the Company is still in early stage of development, with obvious gap with leading players in the industry.
IVF penetration rate in China is not high and the rate of improvement is slow. With public hospitals accounting for over 90% market share, IVF Hospital’s growth space is limited.
Licensing is a big barrier for development, slowing down the pace of nationwide expansion. The “good story” should be based on internationalization, which is actually the weakness of IVF Hospital.


Pre-IPO IVF Hospital Management Group - The Industry, the Business and the Risks Behind

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Pre-IPO IVF Hospital Management Group - The Industry, the Business and the Risks Behind

IVF Hospital's current performance growth looks healthy. However, due to licensing barriers/competitive landscape, future expansion space is...

Xinyao (Criss) Wang