111 Inc. (1药网) IPO Review - Key Operating Metrics of B2C Segment Has Been Declining

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

<a href="https://www.smartkarma.com/entities/ecmoho-limited" target="_blank" data-smartkarma-citation="entities:28312:1" rel="noopener">Ecmoho (MOHO US)</a>, an integrated solutions provider in the non-medical and wellness industry, is looking to raise US$150m in its upcoming U.S. IPO.
Revenue grew by 103% and 112% in FY2018 and 6M 2019 respectively. Business seems to be scaling well as it works with more brand partners while repeat purchase rate has improved from 32% in 2016 to 35% in 6M 2019.
However, we think that the company looked more like a middle man distributing health and wellness products and has no advantage or moat over other online healthcare and wellness product distributors. Shareholders selling in the IPO suggests an eagerness to exit their investments which does not bode well for sentiment.

Ecmoho (MOHO US), an integrated solutions provider in the non-medical and wellness industry, is looking to raise US$150m in its upcoming U.S. IPO.
Revenue grew by 103% and 112% in FY2018 and 6M 2019 respectively. Business seems to be scaling well as it works with more brand partners while repeat purchase rate has improved from 32% in 2016 to 35% in 6M 2019.
However, we think that the company looked more like a middle man distributing health and wellness products and has no advantage or moat over other online healthcare and wellness product distributors. Shareholders selling in the IPO suggests an eagerness to exit their investments which does not bode well for sentiment.

Ecmoho (易恒健康) Pre-IPO Review - More Like a Middleman