IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

LinkDoc Technology IPO Initiation: Building with Big Data

Yidu Tech IPO Initiation: Patient Revolution

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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

<div><p><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> is a software company that offers healthcare solutions built on big data and artificial intelligence (AI) technologies. Yidu ranked No.1 in terms of revenue among all healthcare big data solution providers in China in 2019 with a market share of 5.0% in the healthcare big data solutions market in China, according to EY. At the proposed IPO price range of HK$23.50-26.30 per share, Yidu will have a market cap of HK$21,191.4-23,716.3 million ($2.7-3.1 billion). At the mid-point of the IPO price range, the total net proceeds are HK$3,691.7 million ($476 million). </p></div><div><p>Eight cornerstone investors will subscribe for $210 million of the offer shares (41.78% of the offer shares at the mid-point of the price range). The cornerstone investors are OrbiMed, Canada Pension Plan Investment Board, Brunei Investment Agency, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, Kerry Holdings, Matthews Funds, 3W Fund Management and China Orient Asset Management.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/yidu-tech-ipo-initiation-patient-revolution" target="_blank" data-smartkarma-citation="insights:46392" rel="noopener">Yidu Tech IPO Initiation: Patient Revolution</a>, we stated that Yidu is an attractive play on China’s healthcare industry rising spend on IT and data services. Overall, we would participate in the IPO due to an attractive IPO price range.</p></div></div></div>

Yidu Tech Inc (2158 HK) is a software company that offers healthcare solutions built on big data and artificial intelligence (AI) technologies. Yidu ranked No.1 in terms of revenue among all healthcare big data solution providers in China in 2019 with a market share of 5.0% in the healthcare big data solutions market in China, according to EY. At the proposed IPO price range of HK$23.50-26.30 per share, Yidu will have a market cap of HK$21,191.4-23,716.3 million ($2.7-3.1 billion). At the mid-point of the IPO price range, the total net proceeds are HK$3,691.7 million ($476 million). Eight cornerstone investors will subscribe for $210 million of the offer shares (41.78% of the offer shares at the mid-point of the price range). The cornerstone investors are OrbiMed, Canada Pension Plan Investment Board, Brunei Investment Agency, Tencent Holdings (700 HK), Kerry Holdings, Matthews Funds, 3W Fund Management and China Orient Asset Management.In Yidu Tech IPO Initiation: Patient Revolution, we stated that Yidu is an attractive play on China’s healthcare industry rising spend on IT and data services. Overall, we would participate in the IPO due to an attractive IPO price range.

Yidu Tech Inc

Yidu Tech IPO: Valuation Insights