HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Xunfei Healthcare Technology / Equity Capital Markets

<ul>
<li>In healthcare AI industry, the commercialization process is complex and burdened with challenges. Related products mainly plays an auxiliary role in medical scenarios, rather than a core support or rigid-demand. </li>
<li>The idea of creating corresponding solutions for C-end and B-end customers by FUNFEI is not inappropriate. However, both B-end and C-end businesses of FUNFEI have encountered varying degrees of problems.</li>
<li>We’re not optimistic about XUNFEI's profitability. The sluggish stock price performance after Airdoc’s listing indicates that the market/investors have not fully recognized healthcare AI enterprises, leading to low valuation.</li>
</ul>


In healthcare AI industry, the commercialization process is complex and burdened with challenges. Related products mainly plays an auxiliary role in medical scenarios, rather than a core support or rigid-demand. 
The idea of creating corresponding solutions for C-end and B-end customers by FUNFEI is not inappropriate. However, both B-end and C-end businesses of FUNFEI have encountered varying degrees of problems.
We’re not optimistic about XUNFEI's profitability. The sluggish stock price performance after Airdoc’s listing indicates that the market/investors have not fully recognized healthcare AI enterprises, leading to low valuation.


Pre-IPO Xunfei Healthcare Technology - Continuous Losses Will Be the Norm

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

Qingdao Ainnovation Technology Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qingdao-ainnovation-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:35405:1" rel="noopener">Qingdao Ainnovation Technology Group (2121 HK)</a> was listed on 27th Jan 2022, with its one-year lockup expiring on 27th January 2023.</li>
<li>Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions.</li>
<li>Coming up for one-year lockup expiry are the pre-IPO shareholders. Bulk of them are in the money as some have invested as early as 2018.</li>
</ul>



Qingdao Ainnovation Technology Group (2121 HK) was listed on 27th Jan 2022, with its one-year lockup expiring on 27th January 2023.
Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions.
Coming up for one-year lockup expiry are the pre-IPO shareholders. Bulk of them are in the money as some have invested as early as 2018.


AInnovation Technology Lock-Up - US$670m Worth of Pre-IPO Investment Is Still Well in the Money

Equity Bottom-Up

Beijing Airdoc Technology / Equity Bottom-Up

<ul>
<li>Without entering NRDL and public hospital markets, Airdoc’s core product Airdoc-AIFUNDUS would be hard to generate solid performance due to its high pricing but limited value to patients and doctors.</li>
<li>Due to lockdown/pandemic, we lowered our forecast on revenue growth/gross margin in 2022. As competition intensified, Airdoc's revenue growth and margin could be significantly reduced in the coming years. </li>
<li>The biggest concern for Airdoc is the commercialization prospects. The real turning point for AI medical imaging has not arrived. We are not optimistic that Airdoc will end up profitable. </li>
</ul>


Without entering NRDL and public hospital markets, Airdoc’s core product Airdoc-AIFUNDUS would be hard to generate solid performance due to its high pricing but limited value to patients and doctors.
Due to lockdown/pandemic, we lowered our forecast on revenue growth/gross margin in 2022. As competition intensified, Airdoc's revenue growth and margin could be significantly reduced in the coming years. 
The biggest concern for Airdoc is the commercialization prospects. The real turning point for AI medical imaging has not arrived. We are not optimistic that Airdoc will end up profitable. 


Beijing Airdoc Technology (2251.HK) - Not Optimistic About Turning Loss into Profit

Shukun (Beijing) Technology / Equity Capital Markets

<ul>
<li>China's AI medical imaging industry is still in its infancy, and needs to face industry supervision, data safety, potential compliance issues, doubts on commercialization prospects, NRDL coverage and increasing competition. </li>
<li>Shukun has its obvious technical advantage, rich product portfolio and many registration certificates, but the Company's path to commercialization and profitability still remains to be seen.</li>
<li>Infervision and Airdoc could be the benchmark companies. Considering the strength, the moat, and the potential of Shukun, its valuation could be higher than Infervision and Airdoc.</li>
</ul>


China's AI medical imaging industry is still in its infancy, and needs to face industry supervision, data safety, potential compliance issues, doubts on commercialization prospects, NRDL coverage and increasing competition. 
Shukun has its obvious technical advantage, rich product portfolio and many registration certificates, but the Company's path to commercialization and profitability still remains to be seen.
Infervision and Airdoc could be the benchmark companies. Considering the strength, the moat, and the potential of Shukun, its valuation could be higher than Infervision and Airdoc.


Pre IPO Shukun Technology - Obvious Strength in Technology/Products but Commercialization Is the Key

<ul>
<li>
<a href="https://www.smartkarma.com/entities/58-freight-gogox" target="_blank" data-smartkarma-citation="entities:35517:1" rel="noopener">58 Freight (GogoX) (1903638D HK)</a> (GGX) is looking to raise US$200m in its upcoming Hong Kong IPO.</li>
<li>GogoX is an online intra-city logistics platform, operating in more than 30 cities across five countries and regions in Asia, namely, mainland China, Hong Kong, Singapore, Korea, and India. </li>
<li>9M21 results show that the company is back on its spending spree and the cash burn is unlikely to abate in the near term.</li>
</ul>



58 Freight (GogoX) (1903638D HK) (GGX) is looking to raise US$200m in its upcoming Hong Kong IPO.
GogoX is an online intra-city logistics platform, operating in more than 30 cities across five countries and regions in Asia, namely, mainland China, Hong Kong, Singapore, Korea, and India. 
9M21 results show that the company is back on its spending spree and the cash burn is unlikely to abate in the near term.


58 Freight (GogoX) Pre-IPO - PHIP Updates

China

Beijing Airdoc Technology Co. Ltd. is a company headquartered in Beijing, China, that operates as an artificial intelligence start up company that serves medical industry.

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Beijing Airdoc Technology (2251 HK)

Pre-IPO Xunfei Healthcare Technology - Continuous Losses Will Be the Norm

The willingness to purchase healthcare AI products/services is not strong enough. The real turning point for commercialization of healthcare AI...

Xinyao (Criss) Wang

AInnovation Technology Lock-Up - US$670m Worth of Pre-IPO Investment Is Still Well in the Money

Qingdao Ainnovation Technology Group (2121 HK) was listed on 27th Jan 2023, with its one-year lockup expiring on 27th January 2023. Coming up for...

Clarence Chu