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.

Pre-IPO Star Sports Medicine (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Cofoe Medical Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Huaqin (3296 HK) - Thoughts on the IPO Pricing and the Outlook

Pre-IPO HLA Group (A/H Listing) - The Outlook Is Not Optimistic

Pre-IPO Good Doctor Cloud Healthcare & Technology Group - Pain Points of Business Models and Outlook

Pre-IPO Suzhou Zelgen Biopharmaceuticals (A/H Listing)- Valuation Relies on Innovative Drug Pipeline

Equity Capital Markets

<ul>
<li>The core business model of Manycore is "cloud-native SaaS subscription + spatial intelligence solutions", and it is transforming from a simple software fee model to a platform-based capability output model.</li>
<li>Manycore’s moat is built on the basis of the triad of "technology + data + leading scenarios", but the core business is strongly correlated with the real estate cycle.</li>
<li>8-10x P/S can be regarded as a relatively conservative lower limit for valuation, while 12-15x P/S can be considered as an upper limit for valuation when market sentiment is optimistic.</li>
</ul>


The core business model of Manycore is "cloud-native SaaS subscription + spatial intelligence solutions", and it is transforming from a simple software fee model to a platform-based capability output model.
Manycore’s moat is built on the basis of the triad of "technology + data + leading scenarios", but the core business is strongly correlated with the real estate cycle.
8-10x P/S can be regarded as a relatively conservative lower limit for valuation, while 12-15x P/S can be considered as an upper limit for valuation when market sentiment is optimistic.


Pre-IPO Manycore Tech - (PHIP Updates) - The Business Model, the Concerns and the Outlook