Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac IPO & Placement Research, China biotech

Medlive (医脉通) IPO: Candidate for Multi-Bagger

Medlive (医脉通) Pre-IPO: Internet Hospital a Different Ball Game

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.

Equity Capital Markets

Medlive Technology / Equity Capital Markets

Medlive raised HKD 4,001 million (USD 515m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, July 15th.
In our previous note, we discussed that the company has built a great user base of licensed physicians in China, which is rare among internet healthcare companies. Having said that, the monetization from its user base is low. While the near term revenue growth will still come from healthcare marketing services, the company is expanding into the digital chronic disease management segment which is still an underpenetrated market but it is in an infant stage of development without much of a track record. The company has robust financials but the size is small compared to other internet healthcare players. The company's management team is just OK. Given that it is profitable and the main shareholder M3 is listed, there weren't many rounds of capital raising and hence it lacks pre-IPO investors. We also think that it has a big upside for both existing businesses and new business.
In this note, we look at the updates since our last note. The demand for the deal is strong and we expect a strong debut.

Medlive raised HKD 4,001 million (USD 515m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, July 15th.
In our previous note, we discussed that the company has built a great user base of licensed physicians in China, which is rare among internet healthcare companies. Having said that, the monetization from its user base is low. While the near term revenue growth will still come from healthcare marketing services, the company is expanding into the digital chronic disease management segment which is still an underpenetrated market but it is in an infant stage of development without much of a track record. The company has robust financials but the size is small compared to other internet healthcare players. The company's management team is just OK. Given that it is profitable and the main shareholder M3 is listed, there weren't many rounds of capital raising and hence it lacks pre-IPO investors. We also think that it has a big upside for both existing businesses and new business.
In this note, we look at the updates since our last note. The demand for the deal is strong and we expect a strong debut.

Medlive (医脉通) IPO Trading: Expect a Strong Debut