Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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

<a href="https://www.smartkarma.com/entities/waterdrop-inc" target="_blank" data-smartkarma-citation="entities:33018:1" rel="noopener">Waterdrop Inc (WDH US)</a>, a technology platform for insurance and healthcare services in China, aims to raise around US$500m in its US IPO. <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a> owned 22.1% and <a href="https://www.smartkarma.com/entities/swiss-re-ag-1f83dcbc-730e-46fa-82f2-bfe7e8e361a1" target="_blank" data-smartkarma-citation="entities:27914:1" rel="noopener">Swiss Re AG (SREN SW)</a> owned 5.7% of the company prior to its listing.Waterdrop was the largest independent third-party insurance distribution platform in China in terms of first year premium distributed in 2020, as per iResearch. As of Dec 2020, it had insured 79.4m consumers and generated RMB14.4bn of first year premiums. It was also the largest medical crowdfunding platform in China with 340m donors, as of Dec 2020, who had donated over RMB37bn to 1.7m patients.In this note, we will talk about the positive aspects of the deal.

Waterdrop Inc (WDH US), a technology platform for insurance and healthcare services in China, aims to raise around US$500m in its US IPO. Tencent Holdings (700 HK) owned 22.1% and Swiss Re AG (SREN SW) owned 5.7% of the company prior to its listing.Waterdrop was the largest independent third-party insurance distribution platform in China in terms of first year premium distributed in 2020, as per iResearch. As of Dec 2020, it had insured 79.4m consumers and generated RMB14.4bn of first year premiums. It was also the largest medical crowdfunding platform in China with 340m donors, as of Dec 2020, who had donated over RMB37bn to 1.7m patients.In this note, we will talk about the positive aspects of the deal.

Waterdrop Pre-IPO - The Positives - Fast Growth, Strong Backers

APAC IPOs & Placements

Zhen Zhou, Toh

WeDoctor Holdings / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/wedoctor-holdings" target="_blank" data-smartkarma-citation="entities:28931:1" rel="noopener">WeDoctor Holdings (1737089D HK)</a> is looking to raise US$2bn in its upcoming Hong Kong IPO. We Doctor Holdings (WDH) is a digital medical service platform. As per Frost &amp; Sullivan (F&amp;S), WDH is the largest platform in China in terms of the number of Internet hospitals, as of December 31, 2020, and the volume of digital medical consultations provided in 2019. Prior to the filing, we had looked at the background of the company, did an app walkthrough, and brief comparison with other online medical providers like JD Health and Ping An Good Doctor<ul>
<li><a href="https://www.smartkarma.com/insights/wedoctor-pre-ipo-a-more-focused-online-medical-service-provider-than-ping-an-good-doctor" target="_blank" rel="noopener">WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor </a></li>
<li><a href="https://www.smartkarma.com/insights/wedoctor-pre-ipo-background-and-app-walk-through-the-online-medical-directory-and-more" target="_blank" rel="noopener">WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More</a></li>
<li>
<a href="https://www.smartkarma.com/insights/we-doctor-pre-ipo-remedying-pain-points" target="_blank" data-smartkarma-citation="insights:50020" rel="noopener">We Doctor Pre-IPO (微医) - Remedying Pain Points</a> </li>
</ul>In this note, we will compare WDH to other listed China online healthcare tech companies.

WeDoctor Holdings (1737089D HK) is looking to raise US$2bn in its upcoming Hong Kong IPO. We Doctor Holdings (WDH) is a digital medical service platform. As per Frost &amp; Sullivan (F&amp;S), WDH is the largest platform in China in terms of the number of Internet hospitals, as of December 31, 2020, and the volume of digital medical consultations provided in 2019. Prior to the filing, we had looked at the background of the company, did an app walkthrough, and brief comparison with other online medical providers like JD Health and Ping An Good Doctor
WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 
WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More

We Doctor Pre-IPO (微医) - Remedying Pain Points 
In this note, we will compare WDH to other listed China online healthcare tech companies.

We Doctor (微医) Pre-IPO - Peer Comparison - Picking Its Battles Wisely

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Medlive Technology / Equity Capital Markets

Medlive, the largest medical content platform for physicians in China, plans to raise up to USD 500m via a Hong Kong listing.We think 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, there weren't many rounds of capital raising and hence it lacks a long list of pre-IPO investors.

Medlive, the largest medical content platform for physicians in China, plans to raise up to USD 500m via a Hong Kong listing.We think 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, there weren't many rounds of capital raising and hence it lacks a long list of pre-IPO investors.

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

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

On April 1, <a href="https://www.smartkarma.com/entities/wedoctor-holdings" target="_blank" data-smartkarma-citation="entities:28931:1" rel="noopener">WeDoctor Holdings (1737089D HK)</a> filed its prospectus on the Hong Kong Stock Exchange. As one of the earliest digital medical service platform, We Doctor has been reported to be going public since 2018. Finally, the Company officially started the IPO process this time. Different from <a href="https://www.smartkarma.com/entities/jd-health-international-inc" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-health-information-technology-ltd" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Technology (241 HK)</a> whose core business is online pharmacy business, We Doctor mainly focuses on digital medical and health maintenance service. So how about this business model? This insight mainly analyzed the concerns of the Company that deserve to be paid attention to.

On April 1, WeDoctor Holdings (1737089D HK) filed its prospectus on the Hong Kong Stock Exchange. As one of the earliest digital medical service platform, We Doctor has been reported to be going public since 2018. Finally, the Company officially started the IPO process this time. Different from JD Health (6618 HK) and Alibaba Health Information Technology (241 HK) whose core business is online pharmacy business, We Doctor mainly focuses on digital medical and health maintenance service. So how about this business model? This insight mainly analyzed the concerns of the Company that deserve to be paid attention to.

Pre-IPO We Doctor Holdings - Here Are the Concerns

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<a href="https://www.smartkarma.com/entities/wedoctor-holdings" target="_blank" data-smartkarma-citation="entities:28931:1" rel="noopener">WeDoctor Holdings (1737089D HK)</a> is the largest digital medical service platform in China as measured by both the number of internet hospitals as of 31 December 2020 and the volume of digital medical consultations provided in 2019, according to Frost &amp; Sullivan. We Doctor was filed for an HKEx IPO to raise around $2-3 billion, according to press reports. We Doctor counts <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, Hillhouse Capital, <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a>, Sequoia Capital, <a href="https://www.smartkarma.com/entities/goldman-sachs-group-inc" target="_blank" data-smartkarma-citation="entities:785:1" rel="noopener">Goldman Sachs Group (GS US)</a> and Qiming Venture Partners as shareholders. In response to the COVID-19 outbreak, individuals have become increasingly focused on personal health and wellbeing which has driven user acceptance of online healthcare platforms. The proportion of digitalisation in the Chinese health market is expected to increase rapidly from 3.3% in 2019 to 24.0% of total healthcare expenditure in 2030, according to Frost and Sullivan.<div class="content-highlight">Consequently, and despite the choppy markets and waning enthusiasm for Chinese tech, the shares of <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-health-information-technology-ltd" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Technology (241 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-health-international-inc" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a> are up 10%, 1% and 62% YTD, respectively. Overall, for investors willing to brave the IPO markets, we believe that We Doctor is an attractive play on the accelerating digitalisation of China’s healthcare market.</div>

WeDoctor Holdings (1737089D HK) is the largest digital medical service platform in China as measured by both the number of internet hospitals as of 31 December 2020 and the volume of digital medical consultations provided in 2019, according to Frost &amp; Sullivan. We Doctor was filed for an HKEx IPO to raise around $2-3 billion, according to press reports. We Doctor counts Tencent Holdings (700 HK), Hillhouse Capital, AIA Group Ltd (1299 HK), Sequoia Capital, Goldman Sachs Group (GS US) and Qiming Venture Partners as shareholders. In response to the COVID-19 outbreak, individuals have become increasingly focused on personal health and wellbeing which has driven user acceptance of online healthcare platforms. The proportion of digitalisation in the Chinese health market is expected to increase rapidly from 3.3% in 2019 to 24.0% of total healthcare expenditure in 2030, according to Frost and Sullivan.Consequently, and despite the choppy markets and waning enthusiasm for Chinese tech, the shares of Ping An Healthcare and Technology Company Limited (1833 HK), Alibaba Health Information Technology (241 HK) and JD Health (6618 HK) are up 10%, 1% and 62% YTD, respectively. Overall, for investors willing to brave the IPO markets, we believe that We Doctor is an attractive play on the accelerating digitalisation of China’s healthcare market.

We Doctor IPO Initiation: Patient Revolution

China

Alibaba Health Information Technology Limited is an integrated healthcare information and content service provider. The Company uses product identification, authentication, and tracking system data for its healthcare information.

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Alibaba Health Information Tec (241 HK)

Waterdrop Pre-IPO - The Positives - Fast Growth, Strong Backers

Waterdrop Inc, a technology platform for insurance and healthcare services in China, aims to raise around US$500m in its US IPO. Tencent owned...

Sumeet Singh

We Doctor (微医) Pre-IPO - Peer Comparison - Picking Its Battles Wisely

WeDoctor Holdings (1737089D HK) is looking to raise US$2bn in its upcoming Hong Kong IPO. We Doctor Holdings (WDH) is a digital medical service...

Zhen Zhou, Toh

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

Medlive has built a great user base of licensed physicians in China, which is rare among internet healthcare companies. Having said that, the...

Ke Yan, CFA, FRM

Pre-IPO We Doctor Holdings - Here Are the Concerns

This article mainly analyzed the concerns on We Doctor in terms of the core resources, business model, financial position, potential competition,...

Xinyao (Criss) Wang

We Doctor IPO Initiation: Patient Revolution

We Doctor was filed for an HKEx IPO to raise around $2-3 bn. For investors willing to brave the IPO markets, We Doctor is an attractive play on the...

Arun George

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