Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Tencent known to outspend its peers on strategic investments, has made only around 80 investments and acquisitions so far this year compared to more than 200 deals done in 2021.</li>
<li>Tencent’s vast investment portfolio has attracted regulatory scrutiny and it’s the market’s belief that Tencent was asked to divest some of its stake in other leading tech players in China.</li>
<li>However, over the last few months, Tencent has been increasingly investing on companies operating in the medical field.</li>
</ul>


Tencent known to outspend its peers on strategic investments, has made only around 80 investments and acquisitions so far this year compared to more than 200 deals done in 2021.
Tencent’s vast investment portfolio has attracted regulatory scrutiny and it’s the market’s belief that Tencent was asked to divest some of its stake in other leading tech players in China.
However, over the last few months, Tencent has been increasingly investing on companies operating in the medical field.


Tencent Increases Its Investment in Medical and Healthcare

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

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.

Beijing Yuanxin Technology Group Co Ltd / Equity Capital Markets

Beijing Yuanxin Technology Group Co Ltd (1865453D CH)

<ul>
<li>Beijing Yuanxin Tech (BYT) is looking to raise US$500m in its upcoming Hong Kong IPO.</li>
<li>As per F&amp;S, the firm is the No. 1 integrated healthcare fulfilment platform in China focusing on prescription drugs</li>
<li>In this note, we look at the company’s fundamentals and operations and share our thoughts about the IPO.</li>
</ul>


Beijing Yuanxin Tech (BYT) is looking to raise US$500m in its upcoming Hong Kong IPO.
As per F&amp;S, the firm is the No. 1 integrated healthcare fulfilment platform in China focusing on prescription drugs
In this note, we look at the company’s fundamentals and operations and share our thoughts about the IPO.


Beijing Yuanxin (北京圆心) Pre-IPO - Growing at the Expense of Margins

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Shukun (Beijing) Technology / Equity Capital Markets

Shukun (Beijing) Technology (1702626D CH)

<a href="https://www.smartkarma.com/entities/shukun-beijing-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:34403:1" rel="noopener">Shukun (Beijing) Technology Co., Ltd. (1702626D CH)</a> is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM, BofA, and BOCI.Shukun Technology is a healthcare company that employs AI technology to assist treatment. Its AI-powered Digital Doctor analyses medical imaging data and assists doctors in disease screening, diagnosis and therapy selection. As of the latest practicable date (15 Sept 2021), its DigitalDoc portfolio included 12 products and 25 product candidates covering five critical therapeutic areas, including heart, brain, abdomen, chest and musculoskeletal system. The firm’s DigitalDoc products have been adopted by over 1,200 hospitals in China, including approximately 80% of the Top 100 Hospitals and over 30% of all Class III Grade A hospitals.

Shukun (Beijing) Technology Co., Ltd. (1702626D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM, BofA, and BOCI.Shukun Technology is a healthcare company that employs AI technology to assist treatment. Its AI-powered Digital Doctor analyses medical imaging data and assists doctors in disease screening, diagnosis and therapy selection. As of the latest practicable date (15 Sept 2021), its DigitalDoc portfolio included 12 products and 25 product candidates covering five critical therapeutic areas, including heart, brain, abdomen, chest and musculoskeletal system. The firm’s DigitalDoc products have been adopted by over 1,200 hospitals in China, including approximately 80% of the Top 100 Hospitals and over 30% of all Class III Grade A hospitals.

Dingdang Health Technology / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/dingdang-health-technology-group-ltd" target="_blank" data-smartkarma-citation="entities:33528:1" rel="noopener">Dingdang Health Technology Group (DDH HK)</a>, China’s largest product and service provider in the on-demand digital pharmacy industry has filed for an IPO to list its shares on the Hong Kong Stock Exchange. According to news media outlets, the company plans to raise about US$250-300m through the IPO.The ongoing regulatory overhaul in the Chinese tech sector and NMPA’s draft measures to increase supervision and regulate the country’s online pharmaceutical sales have impacted JD Health and other players in the market. WeDoctor who also offers online healthcare services in China filed for a HKEx listing in April this year and the company has not been able to progress yet with its planned IPO.In this insight, we take a look at DingDang Health’s business model, segments, revenues, margins and the outlook on the company.

Dingdang Health Technology Group (DDH HK), China’s largest product and service provider in the on-demand digital pharmacy industry has filed for an IPO to list its shares on the Hong Kong Stock Exchange. According to news media outlets, the company plans to raise about US$250-300m through the IPO.The ongoing regulatory overhaul in the Chinese tech sector and NMPA’s draft measures to increase supervision and regulate the country’s online pharmaceutical sales have impacted JD Health and other players in the market. WeDoctor who also offers online healthcare services in China filed for a HKEx listing in April this year and the company has not been able to progress yet with its planned IPO.In this insight, we take a look at DingDang Health’s business model, segments, revenues, margins and the outlook on the company.  

DingDang Health IPO: Solid Business Model and Strong Financials; Regulatory Environment Concerning

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)

Tencent Increases Its Investment in Medical and Healthcare

While all eyes are on possible stake sale of its investments, Tencent is quietly investing on medical and healthcare fields, should help minimise...

Shifara Samsudeen, FCMA, CGMA

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

Beijing Yuanxin (北京圆心) Pre-IPO - Growing at the Expense of Margins

Beijing Yuanxin Tech (BYT) is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we look at the company's past performance.

Sumeet Singh

Shukun Technology Pre-IPO Tearsheet

Shukun (Beijing) Technology Co., Ltd. (1702626D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM,...

Clarence Chu

DingDang Health IPO: Solid Business Model and Strong Financials; Regulatory Environment Concerning

Though the on-demand digital pharmacy market is forecasted to see robust growth, the ongoing development in the Chinese online pharmaceutical...

Shifara Samsudeen, FCMA, CGMA

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