Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and manufacturing as top priorities.</li>
<li>The nation's banks will be instrumental in providing consumption financing to spur a virtual growth driver for the economy.  Easing monetary policies will be in addition to the trade-in programs.</li>
<li>Consumer in service sectors like e-commerce, travel &amp; tourism, healthcare, elderly care and AI will benefit from increasing consumption.  Local brands stand to gain market share against foreign competitors.</li>
</ul>


China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and manufacturing as top priorities.
The nation's banks will be instrumental in providing consumption financing to spur a virtual growth driver for the economy.  Easing monetary policies will be in addition to the trade-in programs.
Consumer in service sectors like e-commerce, travel &amp; tourism, healthcare, elderly care and AI will benefit from increasing consumption.  Local brands stand to gain market share against foreign competitors.


CHINA HOUSEHOLD CONSUMPTION: Unlocking Growth Potential in Five-Year Plan

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shanghai MediTrust Health Technology Group / Equity Capital Markets

Shanghai MediTrust Health Technology Group

<ul>
<li>The essence of MediTrust’s business model is building an ecosystem of "Internet/AI + drugs + medical services + insurance". The core competitiveness lies in the network effect of medical payments.</li>
<li>Smart Pharma Solution overly relies on pharmaceutical companies' promotion budgets and is susceptible to the impact of industry policies. Smart Insurance Solution is facing the industry dilemma of poor profitability.</li>
<li>Post-Money valuation after Series C+ financing is RMB11.68bn. Based on 2024 revenue of RMB2.035bn, P/S is 5.7x. We think valuation of MediTrust should be lower than <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Good Doctor</a>
</li>
</ul>


The essence of MediTrust’s business model is building an ecosystem of "Internet/AI + drugs + medical services + insurance". The core competitiveness lies in the network effect of medical payments.
Smart Pharma Solution overly relies on pharmaceutical companies' promotion budgets and is susceptible to the impact of industry policies. Smart Insurance Solution is facing the industry dilemma of poor profitability.
Post-Money valuation after Series C+ financing is RMB11.68bn. Based on 2024 revenue of RMB2.035bn, P/S is 5.7x. We think valuation of MediTrust should be lower than Ping An Good Doctor



Pre-IPO Shanghai MediTrust Health Technology Group - The Business Model and the Concerns Behind

160 Health International / Equity Capital Markets

<ul>
<li>This "high input, low output" model has led 160 Health into a profit predicament when its revenue failed to grow in tandem.The turnaround from losses to profits is far away.</li>
<li>160 Health operates as a distributor, but VBP has shifted more procurement activities to direct transactions between hospitals and manufacturers, thereby reducing pricing flexibility for intermediaries such as 160 Health.</li>
<li>Valuation of 160 Health should be lower than PAGD, JD Health, Alibaba health, who have turned losses into profits and established mature business foundation and model, but higher than ClouDr.</li>
</ul>


This "high input, low output" model has led 160 Health into a profit predicament when its revenue failed to grow in tandem.The turnaround from losses to profits is far away.
160 Health operates as a distributor, but VBP has shifted more procurement activities to direct transactions between hospitals and manufacturers, thereby reducing pricing flexibility for intermediaries such as 160 Health.
Valuation of 160 Health should be lower than PAGD, JD Health, Alibaba health, who have turned losses into profits and established mature business foundation and model, but higher than ClouDr.


Pre-IPO 160 Health (PHIP Updates) - Some Points Worth the Attention

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Alibaba Health Information Tec / Equity Capital Markets

<ul>
<li>Banks are offering US$500m of <a href="https://www.smartkarma.com/entities/alibaba-health-information-tec" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Tec (241 HK)</a> stock in order to allow Exchangeable Bond investors to hedge their exposure.</li>
<li>Alibaba Health (AH) stock has been heading in the wrong direction for the past few years and it remains unclear if the EB offering was well flagged.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Banks are offering US$500m of Alibaba Health Information Tec (241 HK) stock in order to allow Exchangeable Bond investors to hedge their exposure.
Alibaba Health (AH) stock has been heading in the wrong direction for the past few years and it remains unclear if the EB offering was well flagged.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Alibaba Health Placement - Delta Placement for EB, but Track Record Isn’t Great

<ul>
<li>The business model of QingSong is a platform offering comprehensive healthcare services and tailored financial resources. By connecting different stakeholders, QingSong can monetize its user base, creating a virtuous cycle.</li>
<li>Qingsong’s revenue structure has undergone significant changes. However, if Qingsong's future business focus is on Qingsong Healthcare services, it may be difficult to generate large-scale profits in the end.</li>
<li>Listed insurance intermediary platforms have been in the shadow of a decline in stock prices. So, there is concerns that future share price performance of QingSong may not be optimistic.  </li>
</ul>


The business model of QingSong is a platform offering comprehensive healthcare services and tailored financial resources. By connecting different stakeholders, QingSong can monetize its user base, creating a virtuous cycle.
Qingsong’s revenue structure has undergone significant changes. However, if Qingsong's future business focus is on Qingsong Healthcare services, it may be difficult to generate large-scale profits in the end.
Listed insurance intermediary platforms have been in the shadow of a decline in stock prices. So, there is concerns that future share price performance of QingSong may not be optimistic.  


QingSong Health Corporation - Pain Points of the Business Model and the Outlook

China

Ping An Healthcare and Technology Company Limited provides health care software solutions. The Company offers mobile platform for online consultation, hospital referral and appointment, health management, and wellness interaction services, as well as connects consumers and patients with health care resources. Ping An Healthcare and Technology serves customers in China.

Ping An Healthcare and Technology (1833 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ping An Healthcare and Technology (1833 HK)

CHINA HOUSEHOLD CONSUMPTION: Unlocking Growth Potential in Five-Year Plan

China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and...

David Mudd

Pre-IPO Shanghai MediTrust Health Technology Group - The Business Model and the Concerns Behind

MediTrust's business model focuses on building an ecosystem with core competitiveness in the network effect of medical payments.But the business...

Xinyao (Criss) Wang

Pre-IPO 160 Health (PHIP Updates) - Some Points Worth the Attention

The "high input, low output" model has led 160 Health into profit predicament when revenue fails to grow in tandem.Valuation would be lower than...

Xinyao (Criss) Wang

Alibaba Health Placement - Delta Placement for EB, but Track Record Isn’t Great

Banks are offering US$500m of Alibaba Health Information Tec (241 HK) stock in order to allow Exchangeable Bond investors to hedge their exposure.

Sumeet Singh

QingSong Health Corporation - Pain Points of the Business Model and the Outlook

By connecting different stakeholders, QingSong can monetize user base. As revenue structure has undergone big changes, it may be hard to generate...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CHINA HOUSEHOLD CONSUMPTION: Unlocking Growth Potential in Five-Year Plan

China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and...

David Mudd

Pre-IPO Shanghai MediTrust Health Technology Group - The Business Model and the Concerns Behind

​MediTrust's business model focuses on building an ecosystem with core competitiveness in the network effect of medical payments.But the business...

Xinyao (Criss) Wang

Pre-IPO 160 Health (PHIP Updates) - Some Points Worth the Attention

The "high input, low output" model has led 160 Health into profit predicament when revenue fails to grow in tandem.Valuation would be lower than...

Xinyao (Criss) Wang

Alibaba Health Placement - Delta Placement for EB, but Track Record Isn’t Great

Banks are offering US$500m of Alibaba Health Information Tec (241 HK) stock in order to allow Exchangeable Bond investors to hedge their exposure.

Sumeet Singh

QingSong Health Corporation - Pain Points of the Business Model and the Outlook

By connecting different stakeholders, QingSong can monetize user base. As revenue structure has undergone big changes, it may be hard to generate...

Xinyao (Criss) Wang

MediTrust's business model focuses on building an ecosystem with core competitiveness in the network effect of medical payments.But the business...