IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/linkdoc-technology-limited" target="_blank" data-smartkarma-citation="entities:33499:1" rel="noopener">LinkDoc (LDOC US)</a> is a Chinese healthtech company. LinkDoc consists of LinkCare, a digital care platform for patients with critical diseases, LinkData, an AI-enabled curation system for longitudinal medical data, and LinkSolutions, a data-driven precision life sciences solution platform that helps life sciences companies accelerate clinical research and real-world adoption.</div><div></div><p>LinkDoc is backed by Temasek (11.7% of outstanding shares), NEA Partners (10.2%), China Broadband Capital (9.2%), <a href="https://www.smartkarma.com/entities/alibaba-health-information-technology-ltd" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Technology (241 HK)</a> (8.4%) and MBK Partners (6.3%).</p><div><p>At the mid-point of the proposed IPO price range of $17.50-19.50 per ADS, LinkDoc will have a market cap of $1.6 billion. At the mid-point of the IPO price range, the net proceeds are $182.7 million, below the rumoured $500 million raise target. LinkDoc has received $115 million indications of interest (57.4% of the ADSs being offered) from existing shareholders (Alibaba Health, Lake Bleu, Temasek) worth $60 million and new investors (UBS Asset Management, Hudson Bay, Sage Partners) worth $55 million. </p></div><div><p>In <a href="https://www.smartkarma.com/insights/linkdoc-technology-ipo-initiation-building-with-big-data" target="_blank" data-smartkarma-citation="insights:53384" rel="noopener">LinkDoc Technology IPO Initiation: Building with Big Data</a>, we opined that LinkDoc is a play on China’s healthcare industry rising spend on IT and data services. LinkDoc focuses on oncology and has established the largest online oncology physician and patient engagement community in China. LinkDoc is benefiting from the trend of big data solutions adoption in healthcare by delivering solid growth and steadily reducing loss margins. Overall, we believe that LinkDoc is an attractive play on these market dynamics.</p></div><div>
<div class="content-highlight"><p>Our relative valuation analysis suggests that LinkDoc is fairly valued at the low-end of the IPO price range. Consequently, we are inclined to sit on the sidelines awaiting a more attractive entry point.   </p></div>
<div><p><strong><em>For readers interested in IPOs of upcoming healthtech companies, we highlight: </em></strong></p></div>
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<p><a href="https://www.smartkarma.com/insights/medlive-technology-ipo-initiation-what-s-up-doc" target="_blank" data-smartkarma-citation="insights:53683" rel="noopener">Medlive Technology IPO Initiation: What's Up, Doc?</a> </p>
<p><a href="https://www.smartkarma.com/insights/medlive-technology-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:53879" rel="noopener">Medlive Technology IPO: Valuation Insights</a> </p>
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<div><p><a href="https://www.smartkarma.com/insights/we-doctor-ipo-initiation-patient-revolution" target="_blank" data-smartkarma-citation="insights:50009" rel="noopener">We Doctor IPO Initiation: Patient Revolution</a> </p></div>
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LinkDoc (LDOC US) is a Chinese healthtech company. LinkDoc consists of LinkCare, a digital care platform for patients with critical diseases, LinkData, an AI-enabled curation system for longitudinal medical data, and LinkSolutions, a data-driven precision life sciences solution platform that helps life sciences companies accelerate clinical research and real-world adoption.LinkDoc is backed by Temasek (11.7% of outstanding shares), NEA Partners (10.2%), China Broadband Capital (9.2%), Alibaba Health Information Technology (241 HK) (8.4%) and MBK Partners (6.3%).At the mid-point of the proposed IPO price range of $17.50-19.50 per ADS, LinkDoc will have a market cap of $1.6 billion. At the mid-point of the IPO price range, the net proceeds are $182.7 million, below the rumoured $500 million raise target. LinkDoc has received $115 million indications of interest (57.4% of the ADSs being offered) from existing shareholders (Alibaba Health, Lake Bleu, Temasek) worth $60 million and new investors (UBS Asset Management, Hudson Bay, Sage Partners) worth $55 million. In LinkDoc Technology IPO Initiation: Building with Big Data, we opined that LinkDoc is a play on China’s healthcare industry rising spend on IT and data services. LinkDoc focuses on oncology and has established the largest online oncology physician and patient engagement community in China. LinkDoc is benefiting from the trend of big data solutions adoption in healthcare by delivering solid growth and steadily reducing loss margins. Overall, we believe that LinkDoc is an attractive play on these market dynamics.
Our relative valuation analysis suggests that LinkDoc is fairly valued at the low-end of the IPO price range. Consequently, we are inclined to sit on the sidelines awaiting a more attractive entry point.   
For readers interested in IPOs of upcoming healthtech companies, we highlight: 

Medlive Technology IPO Initiation: What's Up, Doc? 
Medlive Technology IPO: Valuation Insights 

We Doctor IPO Initiation: Patient Revolution 


LinkDoc Technology IPO: Valuation Insights

APAC IPOs & Placements

Zhen Zhou, Toh

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.

<p><a href="https://www.smartkarma.com/entities/linkdoc-technology-limited" target="_blank" data-smartkarma-citation="entities:33499:1" rel="noopener">LinkDoc (LDOC US)</a> is looking to raise about US$500m in its upcoming U.S. IPO.</p><p>LinkDoc is a data-driven and AI-enabled healthcare technology company. The company operates data-driven digital infrastructures to serve different stakeholders in the healthcare ecosystem. The company has a focus on oncology with its patient care centres providing oncology patients with continuous care.</p><p>In this note, we compare LinkDoc to other China healthcare companies.</p><p>We have previously covered the IPO in: </p><ul><li dir="ltr" aria-level="1"><p><a href="https://www.smartkarma.com/insights/linkdoc-pre-ipo-intricately-embedded-in-the-oncology-industry" target="_blank" data-smartkarma-citation="insights:53324" rel="noopener">LinkDoc (零氪科技) Pre-IPO - Intricately Embedded in the Oncology Industry</a> </p></li></ul>

LinkDoc (LDOC US) is looking to raise about US$500m in its upcoming U.S. IPO.LinkDoc is a data-driven and AI-enabled healthcare technology company. The company operates data-driven digital infrastructures to serve different stakeholders in the healthcare ecosystem. The company has a focus on oncology with its patient care centres providing oncology patients with continuous care.In this note, we compare LinkDoc to other China healthcare companies.We have previously covered the IPO in: LinkDoc (零氪科技) Pre-IPO - Intricately Embedded in the Oncology Industry 

LinkDoc (零氪科技) Pre-IPO - Peer Comparison - A Niche that Doesn’t Give a Clear Advantage

Medlive Technology / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/medlive-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32985:1" rel="noopener">Medlive Technology (MLT HK)</a> is the largest online professional physician platform in China as measured by the number of registered physician users as of 31 December 2020, according to Frost &amp; Sullivan. Medlive derives most of its revenue from providing solutions that facilitate healthcare marketing to physicians. Medlive ranked first among physician platform-based digital healthcare marketing service providers in China as measured by revenue in 2020, with a 21.4% market share, according to Frost &amp; Sullivan. Medlive is pre-marketing an HKEx IPO to raise around $500 million, according to press reports.</p><p>Medlive is a JV between <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a> and Tiantian, each with 50% stakes. Medlive has been a consolidated subsidiary of M3, with M3 holding the right to nominate the majority of Medlive directors, but M3 will forego this right upon Medlive's listing. Also, upon listing, M3 will be deconsolidated (equity-method affiliate) from M3 financials. </p><p>Digital healthcare marketing service providers focus on various aspects of the digital healthcare marketing market and have competitive advantages in different areas. For example, internet hospitals and pharmaceutical e-commerce platforms, such as <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 Healthcare and Technology Company Limited (1833 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-health-international-inc" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a>, have large consumer user bases for advertising and selling non-prescription drugs. Medlive believes that it can compete with these players for a slice of healthcare companies’ marketing budgets due to its large and engaged physician user base, which enables it to reach a wider group of physicians more efficiently and achieve a better return on marketing spending. </p><div class="content-highlight"><p>Medlive has strong fundamentals due to fast-paced revenue growth, rising margin and strong cash generation. Overall, we believe that the Medlive IPO is worth a look. </p></div><p><strong><em>For readers interested in IPOs of upcoming healthtech companies, we highlight:</em></strong> </p><p><a href="https://www.smartkarma.com/insights/linkdoc-technology-ipo-initiation-building-with-big-data" target="_blank" data-smartkarma-citation="insights:53384" rel="noopener">LinkDoc Technology IPO Initiation: Building with Big Data</a> </p><p><a href="https://www.smartkarma.com/insights/we-doctor-ipo-initiation-patient-revolution" target="_blank" data-smartkarma-citation="insights:50009" rel="noopener">We Doctor IPO Initiation: Patient Revolution</a> </p>

Medlive Technology (MLT HK) is the largest online professional physician platform in China as measured by the number of registered physician users as of 31 December 2020, according to Frost &amp; Sullivan. Medlive derives most of its revenue from providing solutions that facilitate healthcare marketing to physicians. Medlive ranked first among physician platform-based digital healthcare marketing service providers in China as measured by revenue in 2020, with a 21.4% market share, according to Frost &amp; Sullivan. Medlive is pre-marketing an HKEx IPO to raise around $500 million, according to press reports.Medlive is a JV between M3 Inc (2413 JP) and Tiantian, each with 50% stakes. Medlive has been a consolidated subsidiary of M3, with M3 holding the right to nominate the majority of Medlive directors, but M3 will forego this right upon Medlive's listing. Also, upon listing, M3 will be deconsolidated (equity-method affiliate) from M3 financials. Digital healthcare marketing service providers focus on various aspects of the digital healthcare marketing market and have competitive advantages in different areas. For example, internet hospitals and pharmaceutical e-commerce platforms, such as Ping An Healthcare and Technology Company Limited (1833 HK) and JD Health (6618 HK), have large consumer user bases for advertising and selling non-prescription drugs. Medlive believes that it can compete with these players for a slice of healthcare companies’ marketing budgets due to its large and engaged physician user base, which enables it to reach a wider group of physicians more efficiently and achieve a better return on marketing spending. Medlive has strong fundamentals due to fast-paced revenue growth, rising margin and strong cash generation. Overall, we believe that the Medlive IPO is worth a look. For readers interested in IPOs of upcoming healthtech companies, we highlight: LinkDoc Technology IPO Initiation: Building with Big Data We Doctor IPO Initiation: Patient Revolution 

Medlive Technology IPO Initiation: What's Up, Doc?

<p><a href="https://www.smartkarma.com/entities/linkdoc-technology-limited" target="_blank" data-smartkarma-citation="entities:33499:1" rel="noopener">LinkDoc (LDOC US)</a> is a Chinese healthtech company. LinkDoc consists of <em>LinkCare</em>, a digital care platform for patients with critical diseases, <em>LinkData</em>, an AI-enabled curation system for longitudinal medical data, and <em>LinkSolutions</em>, a data-driven precision life sciences solution platform that helps life sciences companies accelerate clinical research and real-world adoption</p><p>LinkDoc is backed by Temasek (11.7% of outstanding shares), NEA Partners (10.2%), China Broadband Capital (9.2%), <a href="https://www.smartkarma.com/entities/alibaba-health-information-technology-ltd" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Technology (241 HK)</a> (8.4%) and MBK Partners (6.3%). LinkDoc is pre-marketing a Nasdaq IPO to raise as much as $500 million, according to press reports.</p><p>LinkDoc is a play on China’s healthcare industry rising spend on IT and data services. In China, oncology has the highest growth in healthcare spend among all therapeutic areas as China has the world’s largest oncology patient pool. Big data solutions adoption has been one of the key trends of realising value from large data troves and oncology has been a major part of the healthcare big data market.</p><div class="content-highlight"><p>LinkDoc focuses on oncology and has established the largest online oncology physician and patient engagement community in China. LinkDoc is benefiting from these trends by delivering solid growth and steadily reducing loss margins. Overall, we believe that LinkDoc is an attractive play on these market dynamics.</p></div>

LinkDoc (LDOC US) is a Chinese healthtech company. LinkDoc consists of LinkCare, a digital care platform for patients with critical diseases, LinkData, an AI-enabled curation system for longitudinal medical data, and LinkSolutions, a data-driven precision life sciences solution platform that helps life sciences companies accelerate clinical research and real-world adoptionLinkDoc is backed by Temasek (11.7% of outstanding shares), NEA Partners (10.2%), China Broadband Capital (9.2%), Alibaba Health Information Technology (241 HK) (8.4%) and MBK Partners (6.3%). LinkDoc is pre-marketing a Nasdaq IPO to raise as much as $500 million, according to press reports.LinkDoc is a play on China’s healthcare industry rising spend on IT and data services. In China, oncology has the highest growth in healthcare spend among all therapeutic areas as China has the world’s largest oncology patient pool. Big data solutions adoption has been one of the key trends of realising value from large data troves and oncology has been a major part of the healthcare big data market.LinkDoc focuses on oncology and has established the largest online oncology physician and patient engagement community in China. LinkDoc is benefiting from these trends by delivering solid growth and steadily reducing loss margins. Overall, we believe that LinkDoc is an attractive play on these market dynamics.

LinkDoc Technology IPO Initiation: Building with Big Data

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<p>On March 29, 2021, <a href="https://www.smartkarma.com/entities/medlive-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32985:1" rel="noopener">Medlive Technology (MLT HK)</a> submitted its listing application to the Hong Kong Stock Exchange. Medlive is the largest online professional physician platform in China. Actually, the digital medical information services is a popular market that is favored by capital. For example,  in 2017, KKR acquired WebMD Health for about $2.8 billion. In China, in 2020, DXY (Ding Xiang Yuan) obtained $500 million of investment from Trustbridge Partners, Tencent and Hillhouse Capital. ByteDance also acquired Baikemy.com for RMB500 million. So how is the future prospects of Medlive? The following mainly analyzed the strength and challenges for the Company.</p>

On March 29, 2021, Medlive Technology (MLT HK) submitted its listing application to the Hong Kong Stock Exchange. Medlive is the largest online professional physician platform in China. Actually, the digital medical information services is a popular market that is favored by capital. For example,  in 2017, KKR acquired WebMD Health for about $2.8 billion. In China, in 2020, DXY (Ding Xiang Yuan) obtained $500 million of investment from Trustbridge Partners, Tencent and Hillhouse Capital. ByteDance also acquired Baikemy.com for RMB500 million. So how is the future prospects of Medlive? The following mainly analyzed the strength and challenges for the Company.

Pre-IPO Medlive Technology - Here Are the Strength and the Challenges

China

Wedoctor Group operates health care software businesses. The Company provides registration, medical advice, and other services. Wedoctor Group conducts business in China. 

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WeDoctor Holdings (1737089D HK)

LinkDoc Technology IPO: Valuation Insights

Our valuation analysis suggests that LinkDoc is fairly valued at the low-end of the IPO price range. Consequently, we are inclined to sit on the...

Arun George

LinkDoc (零氪科技) Pre-IPO - Peer Comparison - A Niche that Doesn’t Give a Clear Advantage

LinkDoc (LDOC US) is looking to raise about US$500m in its upcoming U.S. IPO. LinkDoc is a data-driven and AI-enabled healthcare technology company.

Zhen Zhou, Toh

Medlive Technology IPO Initiation: What's Up, Doc?

Medlive is pre-marketing an HKEx IPO to raise around $500 million, according to press reports. The fundamentals are strong due to fast-paced...

Arun George

LinkDoc Technology IPO Initiation: Building with Big Data

LinkDoc is pre-marketing a Nasdaq IPO to raise as much as $500 million, according to press reports. Overall, we believe that LinkDoc’s fundamentals...

Arun George

Pre-IPO Medlive Technology - Here Are the Strength and the Challenges

The article analyzed Medlive Technology in terms of both the strength (market potential, industry outlook, physician resources) and challenges...

Xinyao (Criss) Wang

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