HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>ClouDr released positive profit alert for 2022. We think ClouDr is in a virtuous circle based on its solid business model. It's a matter of time before ClouDr achieves breakeven. </li>
<li>As the number of hospitals/pharmacies newly deploying SaaS modules increases, and the existing B-end users continue to receive new patients,ClouDr is able to absorb new C-end users at low cost.</li>
<li>When more powerful competitors come in and carve up B-end market, ClouDr's long-term prospects may be uncertain, but its valuation shouldn't be much lower than Ping An Good Doctor. </li>
</ul>


ClouDr released positive profit alert for 2022. We think ClouDr is in a virtuous circle based on its solid business model. It's a matter of time before ClouDr achieves breakeven. 
As the number of hospitals/pharmacies newly deploying SaaS modules increases, and the existing B-end users continue to receive new patients,ClouDr is able to absorb new C-end users at low cost.
When more powerful competitors come in and carve up B-end market, ClouDr's long-term prospects may be uncertain, but its valuation shouldn't be much lower than Ping An Good Doctor. 


ClouDr Group (9955.HK) - Positive Profit Alert for 2022, Thoughts on Business Model and the Concerns

Thematic (Sector/Industry)

<ul>
<li>China's relaxation of COVID-19 control measures is much faster than expected. Due to rising infection rate and mortality rate, China would bear some pressure in the short term. </li>
<li>We analyzed the direct impacts due to COVID policy shift and related investment opportunities. The hardest time of three-year COVID-19 has passed.The playbook of the pandemic is about to end.</li>
<li>With the new leadership taking office, China will be more committed to economic growth after the Two Sessions. Starting from 2023H2, China could formulate independent financial/monetary policies. China will change. </li>
</ul>


China's relaxation of COVID-19 control measures is much faster than expected. Due to rising infection rate and mortality rate, China would bear some pressure in the short term. 
We analyzed the direct impacts due to COVID policy shift and related investment opportunities. The hardest time of three-year COVID-19 has passed.The playbook of the pandemic is about to end.
With the new leadership taking office, China will be more committed to economic growth after the Two Sessions. Starting from 2023H2, China could formulate independent financial/monetary policies. China will change. 


China Makes U-Turn on COVID Policy - Here Are the Direct Impacts and Investment Opportunities

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 9th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tencent, Ping An H&amp;T, Xiaomi, Jiumaojiu, Wuxi Biologics, XPeng.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 9th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tencent, Ping An H&amp;T, Xiaomi, Jiumaojiu, Wuxi Biologics, XPeng.


HK Short Interest Weekly: Tencent, Ping An H&T, Xiaomi, Jiumaojiu, Wuxi Biologics, XPeng

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 9th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight inflows into HKEx, Ping An H&amp;T, and outflows from Tencent, Xiaomi, Li Ning, Meituan, Country Garden Service.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 9th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into HKEx, Ping An H&amp;T, and outflows from Tencent, Xiaomi, Li Ning, Meituan, Country Garden Service.


Hong Kong Connect Flows (Dec 9th): HKEx, Ping An H&T, Tencent, Xiaomi, Li Ning, Meituan

Equity Capital Markets

Medbanks Network Technology / Equity Capital Markets

<ul>
<li>Specialty Pharmacy Business is the main revenue contributor,but it’s hard for Medbanks to achieve breakeven or turn loss into profits by relying on this business due to its low margin.</li>
<li>Physician Research Assistance and Health Insurance Services have higher margin, but they have to face different challenges based on our analysis. They are hard to turn things around.</li>
<li>In fact, Medbanks does not control the core resources or establish high barriers in front of competition. Whether its ecological story would finally work still needs time to verify. </li>
</ul>


Specialty Pharmacy Business is the main revenue contributor,but it’s hard for Medbanks to achieve breakeven or turn loss into profits by relying on this business due to its low margin.
Physician Research Assistance and Health Insurance Services have higher margin, but they have to face different challenges based on our analysis. They are hard to turn things around.
In fact, Medbanks does not control the core resources or establish high barriers in front of competition. Whether its ecological story would finally work still needs time to verify. 


Pre-IPO Medbanks Network Technology - PHIP Updates: The Business Model Has yet to Be Verified

China

Ping An Healthcare and Technology Company Limited provides health care software solutions. The Company offers mobile platform for online consultation, hospital referral and appointment, health management, and wellness interaction services, as well as connects consumers and patients with health care resources. Ping An Healthcare and Technology serves customers in China.

Ping An Healthcare and Technology (1833 HK)

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Ping An Healthcare and Technology (1833 HK)

ClouDr Group (9955.HK) - Positive Profit Alert for 2022, Thoughts on Business Model and the Concerns

ClouDr's in a virtuous circle based on solid business model and is undervalued. It's a matter of time before ClouDr achieves breakeven, but long...

Xinyao (Criss) Wang

China Makes U-Turn on COVID Policy - Here Are the Direct Impacts and Investment Opportunities

China's U-turn on COVID policy will lead to rising infection/mortality rate.We analyzed the direct impact/investment opportunity. Under new...

Xinyao (Criss) Wang

HK Short Interest Weekly: Tencent, Ping An H&T, Xiaomi, Jiumaojiu, Wuxi Biologics, XPeng

We analyzed the latest HK SFC report for aggregate short position as of Dec 9th and highlight short interest changes in Tencent, Ping An H&T,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Dec 9th): HKEx, Ping An H&T, Tencent, Xiaomi, Li Ning, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for HKEx, Ping An H&T, Tencent, Xiaomi, Li Ning, Meituan,...

Ke Yan, CFA, FRM

Pre-IPO Medbanks Network Technology - PHIP Updates: The Business Model Has yet to Be Verified

Medbanks can't turn loss into profit by relying on Specialty Pharmacy Business due to its low margin.Without core resource/high barrier, whether...

Xinyao (Criss) Wang

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52-week Range

Market Cap (USDm)

P/E

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