APAC IPOs & Placements

Zhen Zhou, Toh

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

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. 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>
</ul>In this note, we will take a closer look at the company’s business models, financials, operating data and share our initial thoughts on the company.

WeDoctor Holdings (1737089D HK)  is looking to raise US$2bn in its upcoming Hong Kong IPO. 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
In this note, we will take a closer look at the company’s business models, financials, operating data and share our initial thoughts on the company.

We Doctor Pre-IPO (微医) - Remedying Pain Points

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

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

JD Health International  / Equity Bottom-Up

<ul>
<li>JD Health (JDH)’s revenue growth rate accelerated to 81% yoy in 2H20, compared to 76% yoy in 1H20.</li>
<li>JDH’s product revenue grew more rapidly than the two competitors, Alibaba Health (241 HK) and Ping An (1833 HK).</li>
<li>We conclude an upside of 25%.</li>
</ul>
Aequitas Research coverage on JD Health:
<a href="https://www.smartkarma.com/insights/jd-health-quick-note-index-inclusions-weights-and-valuation-update" target="_blank" data-smartkarma-citation="insights:46163" rel="noopener">JD Health (京东健康) Quick Note - Index Inclusions, Weights, and Valuation Update</a> 
<a href="https://www.smartkarma.com/insights/jd-health-ipo-trading-looking-to-be-a-solid-debut" target="_blank" data-smartkarma-citation="insights:46088" rel="noopener">JD Health (京东健康) IPO Trading - Looking to Be a Solid Debut</a>


JD Health (JDH)’s revenue growth rate accelerated to 81% yoy in 2H20, compared to 76% yoy in 1H20.
JDH’s product revenue grew more rapidly than the two competitors, Alibaba Health (241 HK) and Ping An (1833 HK).
We conclude an upside of 25%.

Aequitas Research coverage on JD Health:
JD Health (京东健康) Quick Note - Index Inclusions, Weights, and Valuation Update 
JD Health (京东健康) IPO Trading - Looking to Be a Solid Debut 

JD Health (6618 HK): 2H20, Faster Than 1H20 and Alibaba Health

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>The 5th volume-based purchase (VBP) could be kicked off in May or June this year, and then officially implement in July.</li>
<li>The National Health Care Security Administration pays high attention to the promotion of "Internet +" medical insurance payment.</li>
<li>The specialized hospitals in China are expected to have more growth potential than general hospitals. 
</li>
</ul>Company news:News about the updated progress of new drugs from <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, and <a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a>.Market review: Last week, stock price for healthcare sector in A share increased 2.81%, while CSI 300 increased 2.45% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The 5th volume-based purchase (VBP) could be kicked off in May or June this year, and then officially implement in July.
The National Health Care Security Administration pays high attention to the promotion of "Internet +" medical insurance payment.
The specialized hospitals in China are expected to have more growth potential than general hospitals. 

Company news:News about the updated progress of new drugs from Innovent Biologics Inc (1801 HK), Shanghai Henlius Biotech (2696 HK), and Everest Medicines (1952 HK).Market review: Last week, stock price for healthcare sector in A share increased 2.81%, while CSI 300 increased 2.45% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

China’s largest online healthcare platform and retail pharmacy <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>  reported its maiden earnings post its IPO in December 2020. The company reported its 2H2020 and full-year results on Monday (29th March) after market which saw revenues increasing 78.8% YoY during full-year 2020. For 2H2020, JD Health’s revenues grew 81.2% YoY compared to a 76% YoY increase during 1H2020.Read our previous insights on JD Health's IPO:<a href="https://www.smartkarma.com/insights/jd-health-ipo-trading-update-be-ready-to-buy-if-it-drops-post-index-inclusion" target="_blank" data-smartkarma-citation="insights:46543" rel="noopener">JD Health IPO Trading Update: Be Ready to Buy if It Drops Post Index Inclusion</a> <a href="https://www.smartkarma.com/insights/jd-health-ipo-attractive-even-at-high-end-on-cheapness-and-gearing-to-healthcare-transformation" target="_blank" data-smartkarma-citation="insights:45699" rel="noopener">JD Health IPO: Attractive Even at High End on Cheapness and Gearing to Healthcare Transformation</a> <a href="https://www.smartkarma.com/insights/jd-health-pre-ipo-peer-comparison-reveals-jd-health-s-financials-are-stronger-than-competition" target="_blank" data-smartkarma-citation="insights:44876" rel="noopener">JD Health Pre-IPO: Peer Comparison Reveals JD Health’s Financials Are Stronger than Competition</a> <a href="https://www.smartkarma.com/insights/jd-health-pre-ipo-poised-to-benefit-from-structural-changes-in-healthcare-in-china-and-the-pandemic" target="_blank" data-smartkarma-citation="insights:44220" rel="noopener">JD Health Pre-IPO: Poised to Benefit from Structural Changes in Healthcare in China and the Pandemic</a>

China’s largest online healthcare platform and retail pharmacy JD Health (6618 HK)  reported its maiden earnings post its IPO in December 2020. The company reported its 2H2020 and full-year results on Monday (29th March) after market which saw revenues increasing 78.8% YoY during full-year 2020. For 2H2020, JD Health’s revenues grew 81.2% YoY compared to a 76% YoY increase during 1H2020.Read our previous insights on JD Health's IPO:JD Health IPO Trading Update: Be Ready to Buy if It Drops Post Index Inclusion JD Health IPO: Attractive Even at High End on Cheapness and Gearing to Healthcare Transformation JD Health Pre-IPO: Peer Comparison Reveals JD Health’s Financials Are Stronger than Competition JD Health Pre-IPO: Poised to Benefit from Structural Changes in Healthcare in China and the Pandemic 

JD Health 2020 Results: Strong Top Line Growth; Slight Decline in Margins Is Less of a Concern

China

JD Health International Inc. operates drug stores. The Company retails Chinese and Western medicines, nutrition products, health care products, and other products. JD Health International markets its products throughout China.

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JD Health International (6618 HK)

We Doctor Pre-IPO (微医) - Remedying Pain Points

We Doctor is looking to raise US$2bn in its upcoming Hong Kong IPO. The company filed its draft prospectus with the Hong Kong Exchange

Zhen Zhou, Toh

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

JD Health (6618 HK): 2H20, Faster Than 1H20 and Alibaba Health

JD Health’s revenue growth rate accelerated to 81% yoy in 2H20, compared to 76% yoy in 1H20. JD Health’s product revenue grew more rapidly than...

Ming Lu

China Healthcare Weekly (Apr.2)

This article analyzed the upcoming 5th volume-based purchase, the "Internet +" medical insurance payment, the specialized hospital market...

Xinyao (Criss) Wang

JD Health 2020 Results: Strong Top Line Growth; Slight Decline in Margins Is Less of a Concern

JD Health’s 2020 results prove that the company’s business is sustainable beyond Covid-19 as evidenced by strong growth in revenues during the...

Shifara Samsudeen, ACMA, CGMA

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