HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Based on our analysis, the logic of <a href="https://www.smartkarma.com/entities/cloudr-group-limited" target="_blank" data-smartkarma-citation="entities:34459:1" rel="noopener">ClouDr Group</a>’s business model is more solid and feasible than that of Ping An Good Doctor, indicating better outlook.</li>
<li>If compared with JD Health and Alibaba Health,besides the sales of pharmacy supplies and hospital supplies, ClouDr also provides hospital/pharmacy SaaS services, indicating wider business scope and broader development space.</li>
<li>In terms of valuation, <a href="https://www.smartkarma.com/entities/neusoft-xikang-holdings" target="_blank" data-smartkarma-citation="entities:33447:1" rel="noopener">Neusoft Xikang Holdings (NXH HK)</a> is a good comparable company for ClouDr,but investors need to be aware of the market sentiment to new IPOs at that time.</li>
</ul>


Based on our analysis, the logic of ClouDr Group’s business model is more solid and feasible than that of Ping An Good Doctor, indicating better outlook.
If compared with JD Health and Alibaba Health,besides the sales of pharmacy supplies and hospital supplies, ClouDr also provides hospital/pharmacy SaaS services, indicating wider business scope and broader development space.
In terms of valuation, Neusoft Xikang Holdings (NXH HK) is a good comparable company for ClouDr,but investors need to be aware of the market sentiment to new IPOs at that time.


Pre-IPO ClouDr Group - The Logical Business Model Can Support Future Growth

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Neusoft Xikang Healthcare Technology Co Ltd / Equity Capital Markets

Neusoft Xikang Healthcare Technology Co Ltd (0600187D CH)

Neusoft Xikang Healthcare Technology Co Ltd

Neusoft Xikang, a leading neo-healthcare service provider in China, plans to raise up to USD 400m via a Hong Kong listing.Neusoft Xikang started with providing information integration of healthcare institutions for local governments and expanded its business into online healthcare. It then expanded to provide infrastructure for online and offline healthcare services which became the growth driver in recent years. Analysing the company's competitive position is tricky given the vast scope of its business that deals with government, hospitals, primary healthcare institutions, insurers and patients. So is forecasting the inflection point of its profitability.  Having said that, we think the IPO is still interesting and worth following.

Neusoft Xikang, a leading neo-healthcare service provider in China, plans to raise up to USD 400m via a Hong Kong listing.Neusoft Xikang started with providing information integration of healthcare institutions for local governments and expanded its business into online healthcare. It then expanded to provide infrastructure for online and offline healthcare services which became the growth driver in recent years. Analysing the company's competitive position is tricky given the vast scope of its business that deals with government, hospitals, primary healthcare institutions, insurers and patients. So is forecasting the inflection point of its profitability.  Having said that, we think the IPO is still interesting and worth following.

Neusoft Xikang (东软熙康) Pre-IPO: A Long Way to Profit

On the last day of May, <a href="https://www.smartkarma.com/entities/neusoft-medical-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:33446:1" rel="noopener">Neusoft Medical Systems (NMS HK)</a> and <a href="https://www.smartkarma.com/entities/neusoft-xikang-holdings" target="_blank" data-smartkarma-citation="entities:33447:1" rel="noopener">Neusoft Xikang Holdings (NXH HK)</a> submitted their prospectuses to the HKEX at the same time. Actually, the "Neusoft faction" already has two listed companies in A-share and HKEX respectively, namely <a href="https://www.smartkarma.com/entities/neusoft-corp-a" target="_blank" data-smartkarma-citation="entities:6854:1" rel="noopener">Neusoft Corp A (600718 CH)</a> and <a href="https://www.smartkarma.com/entities/neusoft-education-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29234:1" rel="noopener">Neusoft Education Technology Co. Ltd (9616 HK)</a>, with the market value of RMB12 billion and HK$4 billion respectively by the end of July.6, 2021. If Neusoft Medical and <a href="https://www.smartkarma.com/entities/neusoft-xikang-holdings" target="_blank" data-smartkarma-citation="entities:33447:1" rel="noopener">Neusoft Xikang</a> are successfully listed, there will be four public companies in "Neusoft faction". Behind the active capital operation, how about Neusoft Xikang? This insight mainly analyzed the business model and the concerns of the Company.

On the last day of May, Neusoft Medical Systems (NMS HK) and Neusoft Xikang Holdings (NXH HK) submitted their prospectuses to the HKEX at the same time. Actually, the "Neusoft faction" already has two listed companies in A-share and HKEX respectively, namely Neusoft Corp A (600718 CH) and Neusoft Education Technology Co. Ltd (9616 HK), with the market value of RMB12 billion and HK$4 billion respectively by the end of July.6, 2021. If Neusoft Medical and Neusoft Xikang are successfully listed, there will be four public companies in "Neusoft faction". Behind the active capital operation, how about Neusoft Xikang? This insight mainly analyzed the business model and the concerns of the Company.

Pre-IPO Neusoft Xikang Holdings - The Business Model and the Concerns

China

Neusoft Xikang Healthcare Technology Co. Ltd. offers health management solutions. The Company sells healthcare products and offers health information and health assessment services.

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Neusoft Xikang Healthcare Technology Co Ltd (0600187D CH)

Pre-IPO ClouDr Group - The Logical Business Model Can Support Future Growth

The logic of ClouDr is better than Ping An Good Doctor.Whether it can surpass JD Health/Alibaba Health depends on its online mall performance,SaaS...

Xinyao (Criss) Wang

Neusoft Xikang (东软熙康) Pre-IPO: A Long Way to Profit

Neusoft Xikang, a leading neo-healthcare service provider in China, plans to raise up to USD 400m via a Hong Kong listing. We analyzed the...

Ke Yan, CFA, FRM

Pre-IPO Neusoft Xikang Holdings - The Business Model and the Concerns

This article mainly analyzed Neusoft Xikang in terms of the business model, the financial position, and the related concerns.

Xinyao (Criss) Wang

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