On May 9, Medical Health Technology Platform Micromedical Holdings Co., Ltd. (hereinafter referred to as “micro-medicineâ€) announced the completion of a strategic financing of US$500 million, and AIA Insurance Holdings Co., Ltd. and NWS Holdings Co., Ltd. strategically led the investment. This round of financing is the largest pre-IPO financing currently completed by China's healthcare technology industry. After the completion of the financing, the valuation of micro-medicine is US$5.5 billion.
Micromedical Group, formerly known as Registered Network, was founded in 2010 and provides diagnostic and online booking services. It is one of the few online medical service providers. Earlier, it was reported that the micro-medicine will complete the IPO to Hong Kong by the end of this year.
Liao Jieyuan, Chairman and CEO of Micromedical, said: "The addition of new investors such as AIA and NWS Holdings will accelerate our growth and bring about win-win synergies."
Internet medical technology unicorn "safe and good doctor" suffered a break
At the time of the full micro-doctoral, investors, and the largest pre-market financing of the domestic medical health technology industry, another Internet medical technology company that was previously popular and famous, was a good doctor. However, it has suffered a break in the Hong Kong stock market.
Ping An Good Doctor is one of the four “unicorns†under Ping An, and is also recognized as the pioneer of the Chinese Internet medical health market in the eyes of investment institutions. After the Hong Kong stock market implemented the new listing policy, the first listed "unicorn" company was a safe doctor. At the beginning of the unicorn's departure, investors in the secondary market showed great enthusiasm for Ping An's doctors. During the public offering period, they over-subscribed 654 times and frozen funds exceeded 376.8 billion.
As an Internet medical technology company favored by investors, Ping An has both relatively good user data and less-than-good financial reports.
According to relevant data, Ping An’s registered users reached 192 million in 2017, with an average monthly active customer of 33 million and an average monthly paying user of 900,000.
In 2015-2017, Ping An's doctors' operating income was 2.78, 6.01, 1.868 billion yuan, and the compound annual growth rate was as high as 159%. However, behind the rapid growth of revenue, large-scale marketing and management Expenses, in the past three years, the company reported a net loss of 3.23, 7.58, 1.01 billion yuan.
Although the most important data of Internet companies is not revenues and profits, however, high-profile doctors who go public in Hong Kong and brokers who sing more sings are welcoming the moment.
On May 4th, the market turned face on the first day of Ping An’s doctor’s listing. After the high opening, it went down all the way. The first trading day barely kept the issue price, but the second day of the first listing was broken, and the high-profile listing was on the third day. Ping An’s doctor’s share price once again dipped, and the decline was over 10%.
The news of breaking the news not only stimulated the secondary market, which is full of expectations for the safe doctors, but also undoubtedly poured cold water on the investment institutions in the primary market. According to the person in charge of the investment institution, the Internet medical and health market has been receiving much attention. After being generally optimistic about the Hong Kong stocks of Ping An Good Doctor, as a reference and comparison, there will be some influence on the investment targets in this field.
Too crazy, welcoming "breaking hair", micro-medical asking price of 5.5 billion US dollars valuation
Regarding the weak performance of the stock price, Ping An’s doctors stressed in an interview with the media: “Ping An Good Doctor is currently publicly appearing in the capital market. We are concerned about the development and growth of our own company. We are more concerned about long-term development regarding stock price changes.â€
A few days ago, Ping An’s Hong Kong stock trading showed that institutional investors such as UBS and JPMorgan had invested 400 million (HK$) to buy Ping An’s stock. At the same time, market sources said that HSBC is selling its shares.
From the business point of view, Ping An Good Doctor is complementary to other Ping An businesses in Ping An Group's large medical system.
Consumer medical and health malls are currently the main source of income for Ping An doctors, while family doctor services, which are based on online medical consulting services, account for only 16.2% of the total, with a revenue of only 1.651 million yuan.
Compared with the business data in 2015, the average single-day consultation volume of Ping An Doctor has increased from 40,000 to 370,000, an increase of 825%, and the business income has only increased by 463,000 yuan.
It can be seen that it is not realistic to simply rely on marginalized consultation services to obtain high returns. Therefore, for the current large-scale Internet medical platform, this business can only be used as a basic business and traffic portal to generate more business opportunities.
Micro-medicine, which has just completed financing with a valuation of up to 5.5 billion US dollars, currently has four business lines: micro-medicine, micro-medicine, micro-medicine and micro-medical insurance. Among them, micro-medical is the core of the current micro-medicine, the longest-serving business line, and the most likely to be listed on the business.
According to data released by micro-medicine, as of January 2018, the cumulative contracted orders of Micro Medical has exceeded 1.2 million units. With the carrier of Micro Medical, micro-medical doctors can not only charge for hardware sales, but also get service fees including medical, medical and insurance.
It is reported that the micro-medicine is actively negotiating with the local health planning committee to use micro-medicine to infiltrate community families and improve the accessibility of family doctor services.
Compared with Ping An's good doctors, from the business point of view, micro-medicine has realized a closed loop of business in medical, medical, insurance, and medical clouds. Through business comparison, micro-medicine self-construction business is closed-loop, and its micro-medical business is closer to core medical care, satisfying the supply-demand relationship between patients and medical institutions.
However, compared with the 192 million users previously disclosed by Ping An Good Doctor, the average monthly activity is 33 million. The micro-medical online registration, prescription and diagnosis and treatment platform has 150 million registered users, and the monthly users are 27 million. From the business data, there is still a big gap.
Financially, Ping An’s doctor is still at a loss stage, and micro-medicine is currently known to be unprofitable, after his chief strategy officer Jeff Chen said the company will make a profit in the first quarter of 2018.
According to the person in charge of the investment institution, although the online medical service project has more imaginative space, from the valuation point of view, the micro-medical valuation of this round is 5.5 billion US dollars, and the valuation of Ping An’s Hong Kong stock IPO is estimated at 7.5 billion to 10 billion US dollars. Compared to the value, the price is not cheap.
More than the eyes! The secondary market "votes with the feet"; the primary market "pays for the bill"
According to the third-party point of view provided by Ping An Doctor, “A lot of new stocks fluctuate after listing, which is also a normal squeeze out of water. This means opportunities for value investors. What's more, investing like a safe doctor The leading enterprises in the industry test the investor's shareholding patience, and the more patience the shareholding is, it is more conducive to investors' expansion of the stock market value."
There is no fear of the unicorn star in the secondary market Internet medical health market, and the recent data from the micro-medicine said that it plans to be listed within 18 months. Under the pressure of safe and healthy doctors, investors in the primary market still have a strong interest and confidence in this imaginative industry, and completed a $500 million investment in micro-medicals with a valuation of US$5.5 billion. . Prior to this, the micro-medicine has completed three rounds of financing, which is divided into A rounds. In January 2012, Morningside Ventures, Wind and Investment jointly invested US$22 million; In the B round, in October 2014, Tencent led the investment. Fosun Capital, Morningside Ventures, and Qiming Venture Capital jointly invested US$106.4 million; in Round C, in September 2015, the joint investment of China Development Finance, Tencent and Fosun Pharma reached US$394 million.
Micro-medicine said that this round of financing has gathered a number of well-known leading institutions in the industry, and new and old shareholders will provide strong momentum for the future growth and sustainable development of micro-medicine. Micro-medicine will strengthen the use of the Internet, big data, artificial intelligence technology to drive the "medical, pharmaceutical, and insurance" industry upgrades, promote the efficiency of existing medical health service systems and the popularization of managed medical and health services through scientific and technological means, and strengthen its platform services. ability.
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