HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shulan Health Management / Equity Capital Markets

<ul>
<li>Private general hospitals are the core business of Shulan, but the business model for general hospitals is not good - heavy assets, challenging operations, low profits, difficult to expand nationwide. </li>
<li>Even with the endorsement of renowned academician Dr. Li Lanjuan, whether Shulan's hospitals can attract constantly sufficient patient flow remains a question. Most patients still prioritize public hospitals for treatment.</li>
<li>Due to the lack of solid profit model and expansion model, we're not optimistic about Shulan's profitability and future financial performance. Shulan may be in a state of long-term loss.</li>
</ul>


Private general hospitals are the core business of Shulan, but the business model for general hospitals is not good - heavy assets, challenging operations, low profits, difficult to expand nationwide. 
Even with the endorsement of renowned academician Dr. Li Lanjuan, whether Shulan's hospitals can attract constantly sufficient patient flow remains a question. Most patients still prioritize public hospitals for treatment.
Due to the lack of solid profit model and expansion model, we're not optimistic about Shulan's profitability and future financial performance. Shulan may be in a state of long-term loss.


Pre-IPO Shulan Health Management - Hard to Bring Investors Expected Returns Due to Poor Profit Model

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>
<a href="https://www.smartkarma.com/entities/shulan-health-management" target="_blank" data-smartkarma-citation="entities:40124:1" rel="noopener">Shulan Health Management (1807987D CH)</a> is looking to raise around US$150m in its Hong Kong IPO. The deal will be run by CICC, and Citic Securities.</li>
<li>Shulan Health Management (SHM) is a technology-driven healthcare group in China that integrates healthcare services and medical research and education.</li>
<li>The firm owned and operated three private general hospitals and provided hospital management services to 14 partner hospitals in China as of March 31, 2023.</li>
</ul>



Shulan Health Management (1807987D CH) is looking to raise around US$150m in its Hong Kong IPO. The deal will be run by CICC, and Citic Securities.
Shulan Health Management (SHM) is a technology-driven healthcare group in China that integrates healthcare services and medical research and education.
The firm owned and operated three private general hospitals and provided hospital management services to 14 partner hospitals in China as of March 31, 2023.


Shulan Health Management Pre-IPO Tearsheet

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Shulan Health Management (SHULAN HK)

Pre-IPO Shulan Health Management - Hard to Bring Investors Expected Returns Due to Poor Profit Model

Even with the endorsement of renowned academician Dr. Li Lanjuan, Shulan's profitability/national expansion ability remain a concern.Investors...

Xinyao (Criss) Wang

Shulan Health Management Pre-IPO Tearsheet

Shulan Health Management (1807987D CH) is looking to raise around US$150m in its Hong Kong IPO. The deal will be run by CICC, and Citic Securities.

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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