IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

Equity Capital Markets

Medlive Technology / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/medlive-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32985:1" rel="noopener">Medlive Technology (MLT HK)</a> is the largest online professional physician platform in China as measured by the number of registered physician users as of 31 December 2020, according to Frost &amp; Sullivan. Medlive derives most of its revenue from providing solutions that facilitate healthcare marketing to physicians. Medlive ranked first among physician platform-based digital healthcare marketing service providers in China as measured by revenue in 2020, with a 21.4% market share, according to Frost &amp; Sullivan. Medlive is pre-marketing an HKEx IPO to raise around $500 million, according to press reports.Medlive is a JV between <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a> and Tiantian, each with 50% stakes. Medlive has been a consolidated subsidiary of M3, with M3 holding the right to nominate the majority of Medlive directors, but M3 will forego this right upon Medlive's listing. Also, upon listing, M3 will be deconsolidated (equity-method affiliate) from M3 financials. Digital healthcare marketing service providers focus on various aspects of the digital healthcare marketing market and have competitive advantages in different areas. For example, internet hospitals and pharmaceutical e-commerce platforms, such as <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> 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>, have large consumer user bases for advertising and selling non-prescription drugs. Medlive believes that it can compete with these players for a slice of healthcare companies’ marketing budgets due to its large and engaged physician user base, which enables it to reach a wider group of physicians more efficiently and achieve a better return on marketing spending. <div class="content-highlight">Medlive has strong fundamentals due to fast-paced revenue growth, rising margin and strong cash generation. Overall, we believe that the Medlive IPO is worth a look. </div>For readers interested in IPOs of upcoming healthtech companies, we highlight: <a href="https://www.smartkarma.com/insights/linkdoc-technology-ipo-initiation-building-with-big-data" target="_blank" data-smartkarma-citation="insights:53384" rel="noopener">LinkDoc Technology IPO Initiation: Building with Big Data</a> <a href="https://www.smartkarma.com/insights/we-doctor-ipo-initiation-patient-revolution" target="_blank" data-smartkarma-citation="insights:50009" rel="noopener">We Doctor IPO Initiation: Patient Revolution</a>

Medlive Technology (MLT HK) is the largest online professional physician platform in China as measured by the number of registered physician users as of 31 December 2020, according to Frost &amp; Sullivan. Medlive derives most of its revenue from providing solutions that facilitate healthcare marketing to physicians. Medlive ranked first among physician platform-based digital healthcare marketing service providers in China as measured by revenue in 2020, with a 21.4% market share, according to Frost &amp; Sullivan. Medlive is pre-marketing an HKEx IPO to raise around $500 million, according to press reports.Medlive is a JV between M3 Inc (2413 JP) and Tiantian, each with 50% stakes. Medlive has been a consolidated subsidiary of M3, with M3 holding the right to nominate the majority of Medlive directors, but M3 will forego this right upon Medlive's listing. Also, upon listing, M3 will be deconsolidated (equity-method affiliate) from M3 financials. Digital healthcare marketing service providers focus on various aspects of the digital healthcare marketing market and have competitive advantages in different areas. For example, internet hospitals and pharmaceutical e-commerce platforms, such as Ping An Healthcare and Technology Company Limited (1833 HK) and JD Health (6618 HK), have large consumer user bases for advertising and selling non-prescription drugs. Medlive believes that it can compete with these players for a slice of healthcare companies’ marketing budgets due to its large and engaged physician user base, which enables it to reach a wider group of physicians more efficiently and achieve a better return on marketing spending. Medlive has strong fundamentals due to fast-paced revenue growth, rising margin and strong cash generation. Overall, we believe that the Medlive IPO is worth a look. For readers interested in IPOs of upcoming healthtech companies, we highlight: LinkDoc Technology IPO Initiation: Building with Big Data We Doctor IPO Initiation: Patient Revolution 

Medlive Technology IPO Initiation: What's Up, Doc?

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

After <a href="https://www.smartkarma.com/entities/yidu-tech-inc" target="_blank" data-smartkarma-citation="entities:29245:1" rel="noopener">Yidu Tech Inc (2158 HK)</a>  was successfully listed on the HKEX in January this year, another healthcare big data company, <a href="https://www.smartkarma.com/entities/linkdoc-technology-limited" target="_blank" data-smartkarma-citation="entities:33499:1" rel="noopener">LinkDoc (LDOC US)</a>, has filed for an IPO in the U.S. recently. However, it should not be ignored that although the market size is growing, the China healthcare big data industry is still in its early days. Meanwhile, it is worth mentioning that the market value of Yidu Tech has dropped from over HK$60 billion at the time of listing to about HK$40 billion by the end of June 23, 2021. So, how is the prospects of LinkDoc’s IPO? This article mainly analyzed the concerns that worth the attention of investors.

After Yidu Tech Inc (2158 HK)  was successfully listed on the HKEX in January this year, another healthcare big data company, LinkDoc (LDOC US), has filed for an IPO in the U.S. recently. However, it should not be ignored that although the market size is growing, the China healthcare big data industry is still in its early days. Meanwhile, it is worth mentioning that the market value of Yidu Tech has dropped from over HK$60 billion at the time of listing to about HK$40 billion by the end of June 23, 2021. So, how is the prospects of LinkDoc’s IPO? This article mainly analyzed the concerns that worth the attention of investors.

LinkDoc Technology (LDOC.US) - Here Are the Concerns

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.

<a href="https://www.smartkarma.com/entities/linkdoc-technology-limited" target="_blank" data-smartkarma-citation="entities:33499:1" rel="noopener">LinkDoc (LDOC US)</a>  offers a data-driven and AI-enabled healthcare technology platform that offers high-quality continuous care services to patients with critical diseases and data-driven precision life sciences solutions.According to Frost &amp; Sullivan, the company has successfully built China’s first and the largest data-driven digital infrastructure for precision medicine which consists of three subsystems, LinkCare, LinkData and LinkSolutions, where these three systems interact with one another to form an innovative data-driven digital infrastructure for personalised care and precision medicine.LinkDoc is backed by <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 the company has filed for an IPO to list its shares in the US and could raise as much as US$500m through the IPO.

LinkDoc (LDOC US)  offers a data-driven and AI-enabled healthcare technology platform that offers high-quality continuous care services to patients with critical diseases and data-driven precision life sciences solutions.According to Frost &amp; Sullivan, the company has successfully built China’s first and the largest data-driven digital infrastructure for precision medicine which consists of three subsystems, LinkCare, LinkData and LinkSolutions, where these three systems interact with one another to form an innovative data-driven digital infrastructure for personalised care and precision medicine.LinkDoc is backed by Alibaba Health Information Technology (241 HK) and the company has filed for an IPO to list its shares in the US and could raise as much as US$500m through the IPO.

LinkDoc Technology IPO: Big Data for Cancer Care

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<div class="content-highlight">
Founded in 2014, <a href="https://www.smartkarma.com/entities/linkdoc-technology-limited" target="_blank" data-smartkarma-citation="entities:33499:1" rel="noopener">LinkDoc (LDOC US)</a> is getting ready for an IPO in the United States in the coming days. <a href="https://www.reuters.com/technology/alibaba-health-backed-linkdoc-files-us-ipo-2021-06-14/" target="_blank" rel="noopener">LinkDoc Technology</a> is a medical data company in China backed by Alibaba Health Information Tech's subsidiary. Other major investors include Ally Bridge Group and CBC Capital.
LinkDoc provides oncology (cancer-focused) healthcare services. The company plans to use the IPO proceeds to strengthen R&amp;D, M&amp;As, and working capital. Morgan Stanley, BofA Securities and CICC are the main underwriters for the IPO.
LinkDoc is planning to raise about $500 million in this IPO. LinkDoc provides big data and AI driven healthcare services with focus on cancer-related cares. One of the company's leading competitor is <a href="https://www.smartkarma.com/entities/yidu-tech-inc" target="_blank" data-smartkarma-citation="entities:29245:1" rel="noopener">Yidu Tech Inc (2158 HK)</a> which raised $610 million in a Hong Kong IPO listing in January 2021.
</div>


Founded in 2014, LinkDoc (LDOC US) is getting ready for an IPO in the United States in the coming days. LinkDoc Technology is a medical data company in China backed by Alibaba Health Information Tech's subsidiary. Other major investors include Ally Bridge Group and CBC Capital.
LinkDoc provides oncology (cancer-focused) healthcare services. The company plans to use the IPO proceeds to strengthen R&amp;D, M&amp;As, and working capital. Morgan Stanley, BofA Securities and CICC are the main underwriters for the IPO.
LinkDoc is planning to raise about $500 million in this IPO. LinkDoc provides big data and AI driven healthcare services with focus on cancer-related cares. One of the company's leading competitor is Yidu Tech Inc (2158 HK) which raised $610 million in a Hong Kong IPO listing in January 2021.


<a href="https://www.smartkarma.com/entities/linkdoc-technology-limited" target="_blank" data-smartkarma-citation="entities:33499:1" rel="noopener">LinkDoc (LDOC US)</a> is a Chinese healthtech company. LinkDoc consists of LinkCare, a digital care platform for patients with critical diseases, LinkData, an AI-enabled curation system for longitudinal medical data, and LinkSolutions, a data-driven precision life sciences solution platform that helps life sciences companies accelerate clinical research and real-world adoptionLinkDoc is backed by Temasek (11.7% of outstanding shares), NEA Partners (10.2%), China Broadband Capital (9.2%), <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> (8.4%) and MBK Partners (6.3%). LinkDoc is pre-marketing a Nasdaq IPO to raise as much as $500 million, according to press reports.LinkDoc is a play on China’s healthcare industry rising spend on IT and data services. In China, oncology has the highest growth in healthcare spend among all therapeutic areas as China has the world’s largest oncology patient pool. Big data solutions adoption has been one of the key trends of realising value from large data troves and oncology has been a major part of the healthcare big data market.<div class="content-highlight">LinkDoc focuses on oncology and has established the largest online oncology physician and patient engagement community in China. LinkDoc is benefiting from these trends by delivering solid growth and steadily reducing loss margins. Overall, we believe that LinkDoc is an attractive play on these market dynamics.</div>

LinkDoc (LDOC US) is a Chinese healthtech company. LinkDoc consists of LinkCare, a digital care platform for patients with critical diseases, LinkData, an AI-enabled curation system for longitudinal medical data, and LinkSolutions, a data-driven precision life sciences solution platform that helps life sciences companies accelerate clinical research and real-world adoptionLinkDoc is backed by Temasek (11.7% of outstanding shares), NEA Partners (10.2%), China Broadband Capital (9.2%), Alibaba Health Information Technology (241 HK) (8.4%) and MBK Partners (6.3%). LinkDoc is pre-marketing a Nasdaq IPO to raise as much as $500 million, according to press reports.LinkDoc is a play on China’s healthcare industry rising spend on IT and data services. In China, oncology has the highest growth in healthcare spend among all therapeutic areas as China has the world’s largest oncology patient pool. Big data solutions adoption has been one of the key trends of realising value from large data troves and oncology has been a major part of the healthcare big data market.LinkDoc focuses on oncology and has established the largest online oncology physician and patient engagement community in China. LinkDoc is benefiting from these trends by delivering solid growth and steadily reducing loss margins. Overall, we believe that LinkDoc is an attractive play on these market dynamics.

LinkDoc Technology IPO Initiation: Building with Big Data

China

LinkDoc Technology Limited operates as a medical data solutions and oncology big data services provider. The Company provides medical big data integration, medical images intelligent diagnosis, medical research, and other services. LinkDoc Technology serves medical institutions and pharmaceutical companies in China.

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LinkDoc (LDOC US)

Medlive Technology IPO Initiation: What's Up, Doc?

Medlive is pre-marketing an HKEx IPO to raise around $500 million, according to press reports. The fundamentals are strong due to fast-paced...

Arun George

LinkDoc Technology (LDOC.US) - Here Are the Concerns

This article mainly analyzed concerns on LinkDoc in terms of main revenue source, profitability compared with peers, investment in R&D, barriers on...

Xinyao (Criss) Wang

LinkDoc Technology IPO: Big Data for Cancer Care

LinkDoc’s exposure into oncology market places the company at a distinctive advantage as oncology is one of the fastest growing segments of the...

Shifara Samsudeen, ACMA, CGMA

LinkDoc Technology IPO Preview

In this insight, we provide a preview of LinkDoc IPO, which provides big data and AI driven healthcare services with focus on cancer-related cares.

Douglas Kim

LinkDoc Technology IPO Initiation: Building with Big Data

LinkDoc is pre-marketing a Nasdaq IPO to raise as much as $500 million, according to press reports. Overall, we believe that LinkDoc’s fundamentals...

Arun George

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