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 Bama Tea - The Business Model, the Challenges and the Outlook

Pre-IPO Kayou - The Strength of Business Model and the Potential Risks Behind

Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

Pre-IPO Vigonvita Life Sciences - The Challenges Behind the Pipeline and the Outlook

Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

Shanghai Keying E-Commerce / Equity Capital Markets

<ul>
<li>The essence of KEYING’s business model is a “middle man” and relies on making money through price difference in the process of sales of goods, but “de-intermediation” is a trend.</li>
<li>The pain point is most retail solution providers are unlikely to become industry giants due to excessive investment/lack the say in core technologies/products.The underlying logic of the industry is changing.</li>
<li>As the platform traffic dividend disappears and the trend of brand self-built teams intensifies, KEYING’s bargaining power is weakening.Valuation should be lower than peers due to weaker performance growth rate/profitability.  </li>
</ul>


The essence of KEYING’s business model is a “middle man” and relies on making money through price difference in the process of sales of goods, but “de-intermediation” is a trend.
The pain point is most retail solution providers are unlikely to become industry giants due to excessive investment/lack the say in core technologies/products.The underlying logic of the industry is changing.
As the platform traffic dividend disappears and the trend of brand self-built teams intensifies, KEYING’s bargaining power is weakening.Valuation should be lower than peers due to weaker performance growth rate/profitability.  


Pre-IPO Shanghai Keying E-Commerce - Concerns About the Business Model and Prospects