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 (SMTHT HK)

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

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.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the previous week was another busy week for listings, with mixed results.</li>
<li>On the placements front, we looked at the possible placements for <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN).</a>
</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the previous week was another busy week for listings, with mixed results.
On the placements front, we looked at the possible placements for Meituan (3690 HK) and State Bank Of India (SBIN IN).



ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

APAC IPOs & Placements, Aequitas Research

Troy Wong

APAC IPOs & Placements

<ul>
<li>Shanghai MediTrust Health Technology Group Co., Ltd. (SMHTG) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by GS, HSBC, and CICC.</li>
<li>SMHTG is the largest innovative healthcare payor platform in China, according to Frost &amp; Sullivan (F&amp;S).</li>
<li>SMHTG is transforming the healthcare payment system in China by addressing funding and payment challenges faced by patients, health insurers and pharmaceutical companies.</li>
</ul>


Shanghai MediTrust Health Technology Group Co., Ltd. (SMHTG) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by GS, HSBC, and CICC.
SMHTG is the largest innovative healthcare payor platform in China, according to Frost &amp; Sullivan (F&amp;S).
SMHTG is transforming the healthcare payment system in China by addressing funding and payment challenges faced by patients, health insurers and pharmaceutical companies.


Shanghai MediTrust Health Technology Group Pre-IPO Tearsheet

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Shanghai MediTrust Health Technology Group (SMTHT HK)

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

ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Shanghai MediTrust Health Technology Group Pre-IPO Tearsheet

Shanghai MediTrust Health Technology Group plans to raise $100m in Hong Kong IPO, aiming to revolutionize healthcare payment system in China.

Troy Wong

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Shanghai MediTrust Health Technology Group Pre-IPO Tearsheet

​Shanghai MediTrust Health Technology Group plans to raise $100m in Hong Kong IPO, aiming to revolutionize healthcare payment system in China.

Troy Wong

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

Shanghai MediTrust Health Technology Group plans to raise $100m in Hong Kong IPO, aiming to revolutionize healthcare payment system in China.