The total market value exceeds HK $ 16 billion, Dingdang Health is listed in Hong Kong: competing with the giant on the same stage, the start of the second half of the Internet medical treatment

After the first listing of listing at the end of last year, after nine months, Dingdang Health finally boarded the Hong Kong Stock Exchange.

On September 14th, Dingdang Health (HK09886, HK $ 12.1, a market value of HK $ 16.232 billion) was listed on the Hong Kong Stock Exchange. In the Hong Kong IPO, the introduction of cornerstone investors in Dingdang Health includes Sunshine Insurance, Harvest and Jumpcan.

"Daily Economic News" reporter noticed that before listing, Dingdang Health completed a total of 7 rounds of financing, with a total financing amount of more than 3 billion yuan. SoftBank China Capital has been investing in three consecutive rounds in 2017. The investors behind them also include more than ten well -known investment institutions and industrial capital, including China Recruit Bank International, TPG, Taikang Life, Zhongjin, and Hunan High -tech Venture Capital.

In response to the use of fundraising, Dingdang Health issued an announcement that it intends to use about 45.0%of the net amount of global offering for business expansion, such as further developing smart pharmacy networks and improving user growth and participation; about 15.0%is used to optimize the technical system and the technical system and Operating platform; about 10.0%to improve services and business, such as establishing a professional structure of full -time doctors and pharmacists; about 20.0%for the value chain of the company's medical industry, potential investment and acquisition or strategic cooperation; about 10.0%use use Use funds and other general companies.

In terms of equity, according to the prospectus, before the IPO, Yang Wenlong indirectly holds or controls the voting right of 50.48%of Dingdang Health, of which about 21.16%are held through Jianxing Co., Ltd. %Entrusted to arrange or control through voting rights. Among the other investors, the recruitment bank held a total of 7.28%through multiple funds; TPG Capital held 6.34%.

The prospectus disclosed earlier shows that Dingdang Health's core business is mainly divided into three parts: fast medicine services, online diagnosis and treatment consulting services, and chronic diseases and health management.

Tracing back forward, in 2016, Dingdang Health began to build a pharmacy and distribution system, announcing the "Thousands of City and Wanian" plan, and changed the light asset model of distribution with offline pharmacies to cooperate with offline pharmacies. The brand positioning focuses on "28 minutes of medicine".

However, even if you adjust and find a suitable operation model, you have survived the fierce market competition of medicine O2O, but Dingdang Health has not yet made a profit. With the expansion of scale, losses have increased.

From 2019 to 2021, Dingdang's health revenue was 1.276 billion yuan, 2.229 billion yuan, and 3.679 billion yuan, respectively, and the losses were 274 million yuan, 920 million yuan, and 1.599 billion yuan during the year. After the hearing, the latest performance revealed that Dingdang Health's Q1 revenue in 2022 was 987 million yuan, a loss of 404 million yuan.

The Internet dividends are gone, and the Internet big health track of Longgo and Snow has been highly hoped by the "big guys" and countless star capital, including Dingdang Health, Weiyi, Zhiyun Health, Yuanxin Technology, Dr. Chunyu, etc. The journey, to this day, some people are happy and worry.

But overall, investment in Internet medical tracks began to become calm. On the one hand, the high saturation of the pharmaceutical retail market makes the differentiated opportunity. In addition, the Internet medical business is still in the initial exploration stage. The systematic and high -complex medical business shifts to the Internet line operation. There is still no -scale and feasible model, information asymmetry, difficulty in service experience, efficiency and cost balance, these problems are very important, but it is difficult to disappear at this stage.

On the other hand, on the Internet medical track, the three giants of Ali Health, Jingdong Health, and Ping An Good Doctor Lin Lili. The high -intensity investment of the large manufacturer's innovative business and the scale advantage presented in a short period of time are still the cruel facts that subsequent players need to face the face. Essence

Even though insiders in Dingdang Fast Pharmaceutical said in an interview with reporters, "no intention to meet with the giants", but the opportunity does exist on the Internet medical battlefield with uncertainty, but the challenge may be stronger.

As of September 14, Hong Kong stocks closed at noon, Dingdang Health was reported to HK $ 12.2/share, which was 0.17%from the issue price, and the total market value was HK $ 16.125 billion.

Daily Economic News

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