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 Crealights Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Anker Innovations Technology (A/H Listing) - The "Shallow-Sea Theory" Does Not Work Well

Pre-IPO Momenta Global (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Changchun High-Tech Industry (A/H Listing) - The Business and the Outlook

Pre-IPO CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

Pre-IPO Zhejiang Shimai Pharmaceutical - It Might Never Be Possible to Make Money

Equity Capital Markets

Qdama International Holding / Equity Capital Markets

<ul>
<li>Qdama’s stepped discount strategy voluntarily gives up the premium space for the products. This low-profit model is difficult to be transformed into a sales advantage through scale expansion.</li>
<li>What the capital market is more concerned about is not the expansion speed, but the sustainability of the model, which will directly affect the valuation logic of Qdama after IPO.</li>
<li>Valuation of Qdama should be lower than MIXUE. Given its leading position but with growth facing limitations due to "flaws" in business model, P/E multiple may not be too high. </li>
</ul>


Qdama’s stepped discount strategy voluntarily gives up the premium space for the products. This low-profit model is difficult to be transformed into a sales advantage through scale expansion.
What the capital market is more concerned about is not the expansion speed, but the sustainability of the model, which will directly affect the valuation logic of Qdama after IPO.
Valuation of Qdama should be lower than MIXUE. Given its leading position but with growth facing limitations due to "flaws" in business model, P/E multiple may not be too high. 


Pre-IPO Qdama International Holding - The Business Model Is Not Sustainable