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.

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 based on registered physician users in 2020 (Source: Frost &amp; Sullivan). The company generates revenues primarily through offering digital marketing services to pharmaceuticals and healthcare companies, research and education/learning content to physicians and internet hospital services to patients.Medlive has filed for an IPO to list its shares on the Hong Kong Stock Exchange and plans to raise proceeds of about US$500m. The company is backed by the Japanese healthcare and medical-related services platform M3.Medlive is well positioned to benefit from growing demand for digital healthcare marketing and digital healthcare education and information services in China driven by increased health awareness, technological advancements, prevalence of chronic conditions and favourable government policies.In this insight, we discuss in detail Medlive’s business model, segments, industry prospects and the company’s top line growth. In a follow-up insight, we will be discussing the company’s margins.

Medlive Technology (MLT HK)  is the largest online professional physician platform in China based on registered physician users in 2020 (Source: Frost &amp; Sullivan). The company generates revenues primarily through offering digital marketing services to pharmaceuticals and healthcare companies, research and education/learning content to physicians and internet hospital services to patients.Medlive has filed for an IPO to list its shares on the Hong Kong Stock Exchange and plans to raise proceeds of about US$500m. The company is backed by the Japanese healthcare and medical-related services platform M3.Medlive is well positioned to benefit from growing demand for digital healthcare marketing and digital healthcare education and information services in China driven by increased health awareness, technological advancements, prevalence of chronic conditions and favourable government policies.In this insight, we discuss in detail Medlive’s business model, segments, industry prospects and the company’s top line growth. In a follow-up insight, we will be discussing the company’s margins.

Medlive Tech IPO (Part I): Diversified Services and a Major Beneficiary of Digital Healthcare Market

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/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

On March 29, 2021, <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> submitted its listing application to the Hong Kong Stock Exchange. Medlive is the largest online professional physician platform in China. Actually, the digital medical information services is a popular market that is favored by capital. For example,  in 2017, KKR acquired WebMD Health for about $2.8 billion. In China, in 2020, DXY (Ding Xiang Yuan) obtained $500 million of investment from Trustbridge Partners, Tencent and Hillhouse Capital. ByteDance also acquired Baikemy.com for RMB500 million. So how is the future prospects of Medlive? The following mainly analyzed the strength and challenges for the Company.

On March 29, 2021, Medlive Technology (MLT HK) submitted its listing application to the Hong Kong Stock Exchange. Medlive is the largest online professional physician platform in China. Actually, the digital medical information services is a popular market that is favored by capital. For example,  in 2017, KKR acquired WebMD Health for about $2.8 billion. In China, in 2020, DXY (Ding Xiang Yuan) obtained $500 million of investment from Trustbridge Partners, Tencent and Hillhouse Capital. ByteDance also acquired Baikemy.com for RMB500 million. So how is the future prospects of Medlive? The following mainly analyzed the strength and challenges for the Company.

Pre-IPO Medlive Technology - Here Are the Strength and the Challenges

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Medlive, the largest medical content platform for physicians in China, plans to raise up to USD 500m via a Hong Kong listing.We think the company has built a great user base of licensed physicians in China, which is rare among internet healthcare companies. Having said that, the monetization from its user base is low. While the near-term revenue growth will still come from healthcare marketing services, the company is expanding into the digital chronic disease management segment which is still an underpenetrated market but it is in an infant stage of development without much of a track record. The company has robust financials but the size is small compared to other internet healthcare players. The company's management team is just OK. Given that it is profitable, there weren't many rounds of capital raising and hence it lacks a long list of pre-IPO investors.

Medlive, the largest medical content platform for physicians in China, plans to raise up to USD 500m via a Hong Kong listing.We think the company has built a great user base of licensed physicians in China, which is rare among internet healthcare companies. Having said that, the monetization from its user base is low. While the near-term revenue growth will still come from healthcare marketing services, the company is expanding into the digital chronic disease management segment which is still an underpenetrated market but it is in an infant stage of development without much of a track record. The company has robust financials but the size is small compared to other internet healthcare players. The company's management team is just OK. Given that it is profitable, there weren't many rounds of capital raising and hence it lacks a long list of pre-IPO investors.

Medlive (医脉通) Pre-IPO: Internet Hospital a Different Ball Game

WeDoctor Holdings / Equity Capital Markets

On April 1, <a href="https://www.smartkarma.com/entities/wedoctor-holdings" target="_blank" data-smartkarma-citation="entities:28931:1" rel="noopener">WeDoctor Holdings (1737089D HK)</a> filed its prospectus on the Hong Kong Stock Exchange. As one of the earliest digital medical service platform, We Doctor has been reported to be going public since 2018. Finally, the Company officially started the IPO process this time. Different from <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> and <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> whose core business is online pharmacy business, We Doctor mainly focuses on digital medical and health maintenance service. So how about this business model? This insight mainly analyzed the concerns of the Company that deserve to be paid attention to.

On April 1, WeDoctor Holdings (1737089D HK) filed its prospectus on the Hong Kong Stock Exchange. As one of the earliest digital medical service platform, We Doctor has been reported to be going public since 2018. Finally, the Company officially started the IPO process this time. Different from JD Health (6618 HK) and Alibaba Health Information Technology (241 HK) whose core business is online pharmacy business, We Doctor mainly focuses on digital medical and health maintenance service. So how about this business model? This insight mainly analyzed the concerns of the Company that deserve to be paid attention to.

Pre-IPO We Doctor Holdings - Here Are the Concerns

Hong Kong

Medlive Technology Co., Ltd. operates as an online professional physician platform. The Company provides medical information, clinical guidelines, medical conferences, case readings, diagnosis and treatment knowledge base, and other medical information. Medlive Technology offers services in China.

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Medlive Technology (2192 HK)

Medlive Tech IPO (Part I): Diversified Services and a Major Beneficiary of Digital Healthcare Market

Medlive is well positioned to benefit from the growing demand for digital healthcare services in China.Covid-19 has further accelerated this demand...

Shifara Samsudeen, ACMA, CGMA

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

Pre-IPO Medlive Technology - Here Are the Strength and the Challenges

The article analyzed Medlive Technology in terms of both the strength (market potential, industry outlook, physician resources) and challenges...

Xinyao (Criss) Wang

Medlive (医脉通) Pre-IPO: Internet Hospital a Different Ball Game

Medlive has built a great user base of licensed physicians in China, which is rare among internet healthcare companies. Having said that, the...

Ke Yan, CFA, FRM

Pre-IPO We Doctor Holdings - Here Are the Concerns

This article mainly analyzed the concerns on We Doctor in terms of the core resources, business model, financial position, potential competition,...

Xinyao (Criss) Wang

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