HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Baige Online Digital Technology / Equity Capital Markets

<ul>
<li>Baige’s business model is B2B2C, connecting insurance companies/channel partners and C-end users.By mining long-tail needs of end-customers and customizing small/refined/fragmented insurance products according to personalized needs, Baige significantly boost sales.</li>
<li>High customer acquisition costs (referral fees, commissions/service fees) are the pain points, putting pressure on profit margin. The trend of "disintermediation" in the industry is becoming increasingly evident.</li>
<li>The post-money valuation after Series C financing reached about RMB2 billion. Due to smaller revenue scale and lower profitability, we think valuation of Baige should be lower than peers.</li>
</ul>


Baige’s business model is B2B2C, connecting insurance companies/channel partners and C-end users.By mining long-tail needs of end-customers and customizing small/refined/fragmented insurance products according to personalized needs, Baige significantly boost sales.
High customer acquisition costs (referral fees, commissions/service fees) are the pain points, putting pressure on profit margin. The trend of "disintermediation" in the industry is becoming increasingly evident.
The post-money valuation after Series C financing reached about RMB2 billion. Due to smaller revenue scale and lower profitability, we think valuation of Baige should be lower than peers.


Baige Online Digital Technology - The Business Model and the Risks Behind

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 4th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Ali Health, CCB, Giant Biogene.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 4th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Ali Health, CCB, Giant Biogene.


HK Short Interest Weekly: Ali Health, CCB, Giant Biogene

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 11th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB, Pop Mart Intl, Tencent, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 11th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB, Pop Mart Intl, Tencent, China Mobile.


HK Connect Flows Weekly (Jul 11th): Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Sentiment improved modestly, though breadth remains well below recent highs in a subdued price action.</li>
<li>Option activity climbed steadily, with strong Friday Call demand pushing the Put/Call ratio to lower bound.</li>
<li>Financials stood out across price action, volatility, and options activity.</li>
</ul>


Sentiment improved modestly, though breadth remains well below recent highs in a subdued price action.
Option activity climbed steadily, with strong Friday Call demand pushing the Put/Call ratio to lower bound.
Financials stood out across price action, volatility, and options activity.


Hong Kong Single Stock Options Weekly (July 07–11): Financials in Focus as Call Volumes Rise

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK), BYD (1211 HK).</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK), BYD (1211 HK).


Hong Kong Connect Flows (June): Inflows Accelerated, Xiaomi/Tencent Profit Taking Continued

China

ZhongAn Online is China's first online-only insurance company, providing internet insurance services and insurance information technology services. It offers personalized products across health, digital life, consumer finance, and automotive ecosystems, and also provides IT consulting and digital banking services. The company was founded in 2013 and is headquartered in Shanghai, China.

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

ZhongAn Online (6060 HK)

Baige Online Digital Technology - The Business Model and the Risks Behind

Baige's B2B2C model boosts sales by customizing insurance products for customers, but high customer acquisition costs and industry...

Xinyao (Criss) Wang

HK Short Interest Weekly: Ali Health, CCB, Giant Biogene

We analyzed the latest HK SFC report for aggregate short position as of Jul 4th and highlight short interest changes in Ali Health, CCB, Giant...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 11th): Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba,...

Ke Yan, CFA, FRM

Hong Kong Single Stock Options Weekly (July 07–11): Financials in Focus as Call Volumes Rise

Sentiment improved slightly, but breadth remains low in subdued price action. Financials were a standout in price, volatility, and options activity.

John Ley

Hong Kong Connect Flows (June): Inflows Accelerated, Xiaomi/Tencent Profit Taking Continued

We analyzed the Hong Kong Connect Scheme for June and highlighted flows for Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Baige Online Digital Technology - The Business Model and the Risks Behind

​Baige's B2B2C model boosts sales by customizing insurance products for customers, but high customer acquisition costs and industry...

Xinyao (Criss) Wang

HK Short Interest Weekly: Ali Health, CCB, Giant Biogene

We analyzed the latest HK SFC report for aggregate short position as of Jul 4th and highlight short interest changes in Ali Health, CCB, Giant...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 11th): Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba,...

Ke Yan, CFA, FRM

Hong Kong Single Stock Options Weekly (July 07–11): Financials in Focus as Call Volumes Rise

​Sentiment improved slightly, but breadth remains low in subdued price action. Financials were a standout in price, volatility, and options activity.

John Ley

Hong Kong Connect Flows (June): Inflows Accelerated, Xiaomi/Tencent Profit Taking Continued

We analyzed the Hong Kong Connect Scheme for June and highlighted flows for Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Baige's B2B2C model boosts sales by customizing insurance products for customers, but high customer acquisition costs and industry...

Sentiment improved slightly, but breadth remains low in subdued price action. Financials were a standout in price, volatility, and options activity.