External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Rimag leads in the third-party medical imaging services market in China.</li><li>According to Frost &amp; Sullivan (F&amp;S), the Company was the largest medical group specialized in medical imaging in China in 2023 in terms of medical imaging centers, equipment units, registrations by practicing radiologists who registered the Company as their primary workplace, average daily screening volume, and patient fees.</li><li>With a large population, China has a rapidly expanding market for medical imaging services. According to F&amp;S, China’s medical imaging service market is expected to grow at a CAGR of 13.6% from RMB270.9bn in 2023 to RMB661.5bn in 2030E.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Rimag leads in the third-party medical imaging services market in China.According to Frost &amp; Sullivan (F&amp;S), the Company was the largest medical group specialized in medical imaging in China in 2023 in terms of medical imaging centers, equipment units, registrations by practicing radiologists who registered the Company as their primary workplace, average daily screening volume, and patient fees.With a large population, China has a rapidly expanding market for medical imaging services. According to F&amp;S, China’s medical imaging service market is expected to grow at a CAGR of 13.6% from RMB270.9bn in 2023 to RMB661.5bn in 2030E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Rimag Group (2522 HK) - A Leading Medical Imaging Service Provider in China

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Jiangxi Rimag Group / Equity Capital Markets

<ul>
<li>Jiangxi Rimag Group, a China-based medical imaging center operator and provider of Rimag cloud services, set terms for an IPO and plans to raise ~HK$280M (~$36M) in Hong Kong.</li>
<li>The IPO is expected to be between HK$14.60 and HK$16.80. At the midpoint of the range, Jiangxi Rimag will have a market value of ~HK$5.6B based on 356.3M outstanding shares.</li>
<li>CITIC Securities is leading the offering. CMB International and Huatai International act as joint global coordinators, joint bookrunners and joint lead managers.</li>
</ul>


Jiangxi Rimag Group, a China-based medical imaging center operator and provider of Rimag cloud services, set terms for an IPO and plans to raise ~HK$280M (~$36M) in Hong Kong.
The IPO is expected to be between HK$14.60 and HK$16.80. At the midpoint of the range, Jiangxi Rimag will have a market value of ~HK$5.6B based on 356.3M outstanding shares.
CITIC Securities is leading the offering. CMB International and Huatai International act as joint global coordinators, joint bookrunners and joint lead managers.


Jiangxi Rimag IPO (2522.HK): Global Offering and Valuation Update

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Considering the dominant position of medical imaging centers in public hospitals and challenges from other players, future development space of Rimag would be squeezed,and even will soon encounter growth bottlenecks.</li>
<li>Although Rimag turned losses into profits, we still have doubts about its future profitability due to increasing costs and potential price decline.This business may fail to bring investors decent profits.</li>
<li>Rimag’s post-investment valuation after last round financing isn’t cheap.Given the uncertainty of future revenue growth prospects and the real market space, P/S of below 3 is a more comfortable range.</li>
</ul>


Considering the dominant position of medical imaging centers in public hospitals and challenges from other players, future development space of Rimag would be squeezed,and even will soon encounter growth bottlenecks.
Although Rimag turned losses into profits, we still have doubts about its future profitability due to increasing costs and potential price decline.This business may fail to bring investors decent profits.
Rimag’s post-investment valuation after last round financing isn’t cheap.Given the uncertainty of future revenue growth prospects and the real market space, P/S of below 3 is a more comfortable range.


Pre-IPO Jiangxi Rimag Group (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>Jiangxi Rimag Group, China's largest medical group with focus on medical imaging services, updated its PHIP and may enter the public market in June.</li>
<li>Terms of an IPO have not yet been set. The expected price range and the size of the offering were not disclosed in the company’s filings. </li>
<li>I’m positive on Jiangxi Rimag Group given the fast-growing TAM: third-party medical imaging center market accounts only for ~1% of the PRC medical imaging service market today.</li>
</ul>


Jiangxi Rimag Group, China's largest medical group with focus on medical imaging services, updated its PHIP and may enter the public market in June.
Terms of an IPO have not yet been set. The expected price range and the size of the offering were not disclosed in the company’s filings. 
I’m positive on Jiangxi Rimag Group given the fast-growing TAM: third-party medical imaging center market accounts only for ~1% of the PRC medical imaging service market today.


Jiangxi Rimag IPO: FCF Generation and Margin Expansion. Expect ~30 New Imaging Centers By 2026

<ul>
<li>People think that third-party medical imaging service providers targeting the grassroots market would have considerable development potential.However, even overseas leading players haven’t formed large profit scale after decades of establishment.</li>
<li>Different types of competitors would enter this market, and the consortium formed by public hospitals in grassroots market will be the biggest game changer. Potential legal risks also worth attention.</li>
<li>The profit model is still unclear. It’s uncertain whether the anticipated sizeable scale will eventually materialise. There’s still a long way to explore the third-party imaging industry in China.</li>
</ul>


People think that third-party medical imaging service providers targeting the grassroots market would have considerable development potential.However, even overseas leading players haven’t formed large profit scale after decades of establishment.
Different types of competitors would enter this market, and the consortium formed by public hospitals in grassroots market will be the biggest game changer. Potential legal risks also worth attention.
The profit model is still unclear. It’s uncertain whether the anticipated sizeable scale will eventually materialise. There’s still a long way to explore the third-party imaging industry in China.


Pre-IPO Jiangxi Rimag Group - Unclear Profit Model, Uncertain Future Expansion, and Worrying Outlook

China

Jiangxi Rimag Group Co., Ltd. offers medical imaging services. The Company provides imaging center services, imaging solution services, rimag cloud services, and other services. Jiangxi Rimag Group provides its services throughout Hong Kong.

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Jiangxi Rimag Group (2522 HK)

Rimag Group (2522 HK) - A Leading Medical Imaging Service Provider in China

According to Frost & Sullivan (F&S), the Company was the largest medical group specialized in medical imaging in China in 2023 in terms of medical...

CMB International

Jiangxi Rimag IPO (2522.HK): Global Offering and Valuation Update

I believe that Jiangxi Rimag is the best pure-play way to invest in a third-party medical imaging center market in Mainland China. The company is...

Andrei Zakharov

Pre-IPO Jiangxi Rimag Group (PHIP Updates) - Some Points Worth the Attention

Rimag would face challenges due to increasing competition and potential growth bottlenecks, despite recent profit turnaround. Investors need to be...

Xinyao (Criss) Wang

Jiangxi Rimag IPO: FCF Generation and Margin Expansion. Expect ~30 New Imaging Centers By 2026

Jiangxi Rimag Group restarted Hong Kong IPO and plans to raise capital for expanding medical imaging center network in Mainland China and overseas...

Andrei Zakharov

Pre-IPO Jiangxi Rimag Group - Unclear Profit Model, Uncertain Future Expansion, and Worrying Outlook

Although there's demand in grassroots market, profit/expansion model of third-party medical imaging services is unclear, leading to unsatisfactory...

Xinyao (Criss) Wang

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