Women Yanjie Boss today ’s IPO knocked on the bell, Dingdang’ s health market value of 16 billion

Jiangxi's rich man ushered in the second IPO.

The investment industry-Tiantian IPO was informed that Dingdang Health Technology Group LTD. (referred to as Dingdang Health) landed in Hong Kong stocks from Beijing. This IPO is 12 Hong Kong dollars per share, and the opening price is HK $ 12.34 /Share, the latest market value exceeds HK $ 16.2 billion.

Dingdang Health was created by Yang Wenlong, a 60 -year -old Jiangxi. At the age of 20, he began to break through the rivers and lakes. In 1998, Yang Wenlong left for more than ten years of state -owned pharmaceutical companies, invested 6 million yuan to establish Kangmei Pharmaceutical Company, and opened his career. Under the leadership of Yang Wenlong, Kang Mei gradually grew through the mergers and acquisitions, and eventually formed Chengren He Pharmaceutical. The woman Jieyan was on the north and south of the river by advertising.

In 2014, under the "Internet+" wind, Yang Wenlong saw a new opportunity for pharmaceutical retail. So he waved his hand and started his business again. In 2015, Dingdang was born. Dingdang Health is the same as the O2O takeaway model -28 minutes, and it has risen rapidly in the hot years of Internet medical care.

60 -year -old Jiangxi rich man

Once creating a woman Yan Jie, shiny eye drops

The story of Dingdang Health should start with a rich man in Jiangxi.

In 1962, Yang Wenlong was born in an ordinary family in Fengcheng, Jiangxi. In 1982, Yang Wenlong, who was only 20 years old, was assigned to a state -owned pharmaceutical company in Jiangxi to work. At that time, the daily work was to go to the mountainous area of ​​Zhangshu to buy Chinese medicinal materials. Reputation.

This is 16 years, and this job is not easy. Yang Wenlong once told the media that the most bitter time, he walked from 8 am to 10 pm, and he could even hear the screams of wolves in the mountains.

During the period, he had all ran across Guangdong, Jiangnan, Sichuan and other places, and accumulated rich experience in Yang Wenlong's career in his career. In November 1998, Yang Wenlong began to start a business. This year, he founded Jiangxi Kangmei Medical Health Products Co., Ltd. (hereinafter referred to as: Kangmei).

The following year, Kangmei developed a new type of gynecological health supplies "Maternal Yanjie" washing liquid. Once launched, it quickly became the first brand of domestic women's private protection solution. The market was exploded. Many post -80s and post -90s slogans are no stranger to the slogan "Wash healthier".

Two years later, Yang Wenlong set up Renhe Group. In 2001, Renhe Group acquired "Zhangshu Qili Pharmaceutical Co., Ltd.", "Tonggu Weixin Pharmaceutical Co., Ltd.", and "Xiajiang Sanli Pharmaceutical Factory", and formed the "Jiangxi Renhe Pharmaceutical Co., Ltd. ", The industry territory expands rapidly.

Around 2005, Renhe Group began to try to put on TV advertising. The large -scale "Renhe Shimba New anchor" jointly created by the company and Hunan Satellite TV makes the "shining" products of "who uses the shiny" products popular all over the streets and alleys. Later, the company won 5 golden periods of advertising positions including CCTV's 2006 "Focus Interview" at a high price of 100 million yuan. Stars such as Jay Chou, Lin Xinru, Song Dandan have become the spokesperson for Renhe Pharmaceutical.

But the good times are not long. Around 2008, Renhe Group's development encountered a bottleneck -the goods could not move. Even if a lot of advertisements are made, the revenue is delayed. After investigation, he found that many pharmacies treat Renhe products as a drainage product. It really recommends some non -branded products to users. Most of them are unknown small brands. They do not do advertising. By giving the pharmacy a larger pharmacy Profit space attracts the owner.

This provides a new idea for Yang Wenlong. So from 2009 to 2014, Renhe began to carry out a large number of terminal construction, and went to the pharmacy to promote, publicize, and promote the promotion plan through business personnel.

In 2014, O2O business models such as takeaway broke out. Yang Wenlong saw Meituan as a local life service platform, and the annual transaction volume exceeded 46 billion yuan. He was deeply shocked by his sense of business smell. Yang Wenlong saw that the field of pharmaceutical retail is similar to ordering takeaway models, or it will be a major trend in the future.

As a result, Yang Wenlong's second career began. In February 2015, Dingdang Fast Medicine was officially launched. Earlier, a number of pharmaceutical O2O companies have appeared, such as fast medicine, fast prescriptions, and pharmacies. However, Dingdang Fast Pharmaceutical was the only pharmaceutical O2O company that promised "28 minutes".

"We are selling medicines from a car and one car to a box of medicines." Yang Wenlong once ridiculed for this transformation. This year, Yang Wenlong ranked 1558th in the "2022 Grand List of Holun Global Rich" with 15 billion wealth.

VC/PE lineup is grand

Why hold up an IPO

Simply put, Dingdang Health uses the company's comprehensive online and offline operations to provide users with a full set of real -time medical and health products and services. Business includes fast medicine, online diagnosis and treatment, and slow diseases and health management.

At the beginning, Dingdang Kuaido took the light asset model, that is, it did not open a pharmacy, but instead cooperated with offline pharmacies to provide distribution services. But soon Yang Wenlong discovered that this model could not work, and the promise sent within 28 minutes could not be fulfilled. In 2016, Dingdang Fast Medicine began to explore the model of self -built pharmacies, and planned offline smart pharmacy chain stores in Beijing and Shanghai's core cities.

However, this heavy asset model was questioned as soon as it was launched. In this regard, Yang Wenlong responded that many people thought that the cost of self -built distribution teams was high. This was a misunderstanding. When the distribution volume reached a certain degree, it would be lower than the cooperation with third parties. In the end, this model achieved phased results. Immediately afterwards, Dingdang Fast Medicine opened a new exploration to a better touch. Under the conditions of online APP and offline smart pharmacies, Dingdang Fast Medicine gradually established integrated services in online and offline scenes. In December 2020, Dingdang Fast Medicine incorporated instant service into DTP smart pharmacies and launched "DTP home service".

According to the Ferrusana report, according to the income of 2020, Dingdang Health ranks third in the digital retail pharmacy industry in China, with a market share of 1.0%; according to the 2020 income, Dingdang Health is the largest real -time real -time digital pharmacy industry in China. Products and service providers.

The prospectus shows that Dingdang Health's revenue mainly comes from drugs and medical and health business, as well as other services including marketing services and revenue on the shelves.

However, Dingdang's healthy financial data is not beautiful. In the three fiscal year of 2019, 2020 and 2021, Dingdang's health revenue was 1.276 billion, 2.29 billion, and 3.679 billion yuan, respectively, and corresponding net losses were 274 million, 920 million, and 1.599 billion yuan, respectively. In other words, the cumulative loss of three years is about 2.8 billion yuan.

It is not difficult to see from the data that Dingdang's health "increasing increasing increasing benefits" is not related to the cost of Dingdang Health. According to the prospectus, in 2019, 2020, and 2021, Dingdang's health operating costs are 806 million yuan, 14.62, respectively. RMB 2.516 billion, accounting for 63.2%, 65.6%, and 68.4%of operating income during the same period, that is, the cost of Dingdang health accounted for more than 60%.

Looking at Dingdang Health in the market, Internet medical rivers and lakes have raised their horses, such as user subsidies. Ding Dong Health is no exception. The prospectus shows that during the same period, the company provided users with 208 million yuan, 412 million yuan, and 723 million yuan, which was another expense.

Some people in the industry teased that Dingdang Health was born with the "golden key". Tianyancha shows that in the seven years since its establishment, Dingdang Express Medicine has completed a total of 7 rounds of financing, with a total financing amount of more than 3 billion yuan. Behind it, recruiting banks, TPG, Taikang Life, CICC, Chinese Medicine, Obo Capital, Haier Medical, Haier Medical, Haier Medical, Haier Medical, Haier Medical, Haier Medical, Haier Medical, Haier Medical, Haier Medical, Haier Medical, Haier Medical, Haier Medical, Haier Medical, Haier Medical, and Haier Medical. Yingke Capital, Lanxin Asia SoftBank China and other well -known VC/PE.

Jiang Min, a partner of SoftBank China Capital, said, "As the first institutional investor in Dingdang Health, SoftBank China Capital began to invest in Dingdang Health in three consecutive rounds in 2017, witnessing Dingdang Health from an innovative enterprise to digital medical health to home segmentation The leader of the industry. In China, digital medical care is still in the early stages of commercialization. Dingdang Health also has a wider market space. I look forward to the IPO to become a new starting point for Dingdang's health. crowd."

The latest round of financing was in June last year. Dingdang Fast Medicine completed a strategic financing of US $ 220 million. Institutions follow. It was revealed that the round of financing was $ 1.76 billion (over 11 billion).

Internet medical rush to IPO

Last year, a wave of IPOs emerged on the Internet medical circuit. Yudu Technology and Yantong successfully listed on Hong Kong stocks. Weiyi, Dingdang Health, Yuanxin Technology, Dr. Chunyu, etc. submitted the prospectus.

In January last year, Yudu Technology was listed on the bell on the Hong Kong Stock Exchange. Behind it, there was a post -85 -handed female rich man Palace Rulai, using the "medical brain" Yiducore, which was independently developed, and Gong Ruyi led the medical beyond technology to launch a set of medical solutions based on big data and artificial intelligence (AI) technology technology Essence This has made Yudu Technology optimistic about the market again and again. On the first day of listing, it soared more than 165%, and the market value of the day closed was about 58.8 billion Hong Kong dollars. The opening of Yudu Technology has launched the first shot of the 2021 Internet medical listing. However, due to the adjustment of the medical track valuation, as of press time, the latest market value is only 6.1 billion Hong Kong dollars.

In July of the same year, the "first share of digital medical marketing services" was successfully landed on the Hong Kong Stock Exchange. This is a comprehensive platform website for clinicians to provide professional medical information services. According to the founder Tian Lixin graduated from Tsinghua University's engineering physics major. With the revenue of more than 60%of the precision marketing solutions of more than 60%, medical pulse has become one of the few companies in the Internet medical track that has achieved profitability. The market value exceeds HK $ 20 billion. But now, the latest market value is only HK $ 8.3 billion.

At the same time, many companies are preparing for IPO. On April 19 this year, the parent company of Dr. Miao Shou Yu Xinxin Technology was submitted to the Hong Kong Stock Exchange again after the prospectus failed. He Tao, the founder of Yuanxin Technology, was the founder and CEO of Jianyi.com. Before the establishment of Yuanxin Technology, He Tao had done medical sales. He was a grass -roots hospital manager and also led the Internet transformation of Huayuan Da Pharmacy. Under the leadership of He Tao, the company established in 2015, relying on "selling medicine" as the main business, has become a unicorn in another Internet medical field with a valuation of more than 27 billion. Dr. Miaoshong, Yuanxin Pharmacy, Yuanxin Huibao and other business segments. The stood behind Yuanxin Technology is Sequoia China, Tencent Investment, Qiming Venture Capital, Yifangda, ABI Capital, BOC International and other well -known institutions. There are also Internet medical unicorn and micro -medicine. More than ten years ago, after a painful medical treatment experience of his family, the founder Liao Jieyuan decided to use familiar IT technology to make a platform for people to register for a doctor to see a doctor. As a result, with the "registration", Weiyi continued to transform in the Internet background and developed into a digital health platform covering the entire industry chain of "Internet+Medical Health". Since its establishment, Weiyi has won more than ten rounds of financing. Sequoia China, Tencent Investment, Qiming Venture Capital, Wuyuan Capital and other institutions have participated in it. In February 2021, Weiyi completed more than $ 400 million Pre-IPO financing, with a valuation of nearly $ 7 billion.

However, the road of micro -medicine is not smooth. At present, the prospectus has exceeded 6 months. According to foreign media reports, micro -medicine is considering giving up the traditional IPO, and instead goes on the market by merging with SPAC. This year is the first year of the Hong Kong stock market to implement the SPAC listing mechanism. The micro -medicine listing plan has once again attracted everyone's attention.

In addition, Dr. Chunyu wandered in front of the IPO door. Dr. Chunyu has won the favor of many institutions and enterprises such as Temaseki, Lanchi Venture Capital, Sogou Technology, and Betasman Asia Investment Fund. The company's main symptoms of self -examination and consulting doctors. The founder Zhang Rui proposed that the pentagonal strategy of "doctors, patients, hospitals, medicines/weapons, and insurance" also attracted the same attention. In 2020, Dr. Chunyu's E round was settled, and the stranded listing plan restarted again.

It is not difficult to find that the road to listing of Internet medical companies will be very bumpy. The reason is not difficult to understand. The medical industry is different from the traditional industries empowering by other Internet. Perhaps relying on Internet traffic play can solve the problem of asymmetric and inefficient information in some medical fields. However, the chain of medical services covers many processes of disease prevention, diagnosis, treatment, and rehabilitation. If such a complex chain is copied to the Internet, it is extremely difficult.

Ideal is full, the reality is very skinny. From the perspective of the current Hong Kong stock market, these Internet medical IPOs seem to be very unreasonable. Welcome to them may be more cruel than we imagine.

- END -