HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>HealthyWay cannot rely on drug/product sales to achieve rapid expansion of revenue scale because it hasn't huge user base accumulated on e-commerce platforms like Taobao/JD.com, leading to different business model.</li>
<li>Relying on Baidu's search engine to guide traffic could be worthless, because B-end users would not pay for the traffic that cannot provide added value.HealthyWay hasn't a strong cornerstone business. </li>
<li>HealthyWay’s valuation should be lower than that of ClouDr. Due to the lack of imagination space in business model, it would to some extent suppress the valuation growth of HealthyWay.</li>
</ul>


HealthyWay cannot rely on drug/product sales to achieve rapid expansion of revenue scale because it hasn't huge user base accumulated on e-commerce platforms like Taobao/JD.com, leading to different business model.
Relying on Baidu's search engine to guide traffic could be worthless, because B-end users would not pay for the traffic that cannot provide added value.HealthyWay hasn't a strong cornerstone business. 
HealthyWay’s valuation should be lower than that of ClouDr. Due to the lack of imagination space in business model, it would to some extent suppress the valuation growth of HealthyWay.


Pre-IPO HealthyWay - The Business Model Lacks Core Competitiveness

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> raised US$151m in its Korean IPO, after the deal was priced at KRW31,000/share, the top end of its IPO price range.</li>
<li>Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs. </li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>



Fadu (440110 KS) raised US$151m in its Korean IPO, after the deal was priced at KRW31,000/share, the top end of its IPO price range.
Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs. 
In this note, we will talk about the demand for the deal and other trading dynamics.


Fadu IPO Trading - Strong Subscription Rates Compared to Recent Korean IPOs

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>XPEV: Xpeng and Volkswagen cooperation updates, per the analyst call with IR team (/)</li>
<li>3690.HK: NDRC adds guidelines for restoring consumption of catering and tourism (+)</li>
<li>241HK/ 6618HK：Central Discipline Committee launched crackdown on healthcare corruption (-)</li>
</ul>


XPEV: Xpeng and Volkswagen cooperation updates, per the analyst call with IR team (/)
3690.HK: NDRC adds guidelines for restoring consumption of catering and tourism (+)
241HK/ 6618HK：Central Discipline Committee launched crackdown on healthcare corruption (-)


China TMT Update-XPEV/3690HK/241HK/6618HK-Volkswagen Cooperation;Crackdown on Healthcare Corruption

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Equity Bottom-Up

Alibaba Health Information Tec / Equity Bottom-Up

<ul><li>Ali Health would apply more flexibility to the business structure, and we expect this change would positively impact the company's GPM.</li><li>In 2023, we also expect Ali Health to be more aggressive in cooperation with pharmaceuticals to boost its chronic disease management business.</li><li>While we expect the company's adj. profit to continue to improve, we have lowered our TP to HK$5.65 on the lowered valuation of the industry. </li></ul>

Ali Health would apply more flexibility to the business structure, and we expect this change would positively impact the company's GPM.In 2023, we also expect Ali Health to be more aggressive in cooperation with pharmaceuticals to boost its chronic disease management business.While we expect the company's adj. profit to continue to improve, we have lowered our TP to HK$5.65 on the lowered valuation of the industry. 

Ali Health - Business Structure Adjustments Would Improve the Revenue Structure

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 28th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We estimate the outflows to be USD 65.0 million and highlight flows for Kuaishou Technology, Tencent, HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the outflows to be USD 65.0 million and highlight flows for Kuaishou Technology, Tencent, HSBC.


Hong Kong Connect Flows (Jul 28th): Kuaishou Technology, Tencent, HSBC

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.

Price Gauge
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Alibaba Health Information Tec (241 HK)

Pre-IPO HealthyWay - The Business Model Lacks Core Competitiveness

HealthyWay's model is essentially an intermediary business.The seemingly abundant resources may not necessarily transform into substantial revenue...

Xinyao (Criss) Wang

Fadu IPO Trading - Strong Subscription Rates Compared to Recent Korean IPOs

Fadu (440110 KS) raised US$151m in its Korean IPO. In this note, we will talk about the demand for the deal and other trading dynamics.

Ethan Aw

China TMT Update-XPEV/3690HK/241HK/6618HK-Volkswagen Cooperation;Crackdown on Healthcare Corruption

XPEV: Xpeng and Volkswagen cooperation updates(/);3690.HK: NDRC adds guidelines for restoring consumption(+);241HK/6618HK：Central Discipline...

Blue Lotus Research Institute

Ali Health - Business Structure Adjustments Would Improve the Revenue Structure

Ali Health would apply more flexibility to the business structure, and we expect this change would positively impact the company's GPM.

Quam Securities

Hong Kong Connect Flows (Jul 28th): Kuaishou Technology, Tencent, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Kuaishou Technology, Tencent, HSBC.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)