HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Ascentage Pharma (6855.HK) Placement - Thoughts on The Placing Price and the Outlook

China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

What Happens to China Healthcare? - The Soaring Shares, the Turning Point, and the Top Picks

Pre-IPO Jiangsu Hengrui Medicine - High Valuation Cannot Be Justified

China Healthcare Weekly (Mar.2) - NewCo Model, Pfizer-Summit Deal, Henlius to Enter HK Stock Connect

Pre-IPO Fujian Haixi Pharmaceuticals - The Concerns on the Pipeline and the Outlook

China Healthcare Weekly (Feb.23)-Ping An Good Doctor Shares Surge, China Healthcare Has Bottomed Out

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