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Yunkang Group is a medical operation service provider in China and as per Frost & Sullivan (F&S), had a market share of 3.7% in China’s medical operation service market as per 2020 revenue. With its six independent clinic laboratories (ICL) and on-site diagnostic centers in medical institutions, it provides diagnostic testing services where diagnostic services fees are charged on the type and quantity of tests provided.
Yunkang Group has been a key beneficiary of COVID, recording growth in count of test and revenue growth. Revenue per test has on average been on the rise as well, although limited by pricing caps on COVID tests as mandated by the government. It has also been able to grow its on-site diagnostics centers count.
However, the firm’s performance could be one-off. Excluding COVID-related tests, diagnostic tests performance has been on a downward trend. While there are sector tailwinds at play, the firm operates in a fragmented market and looking at its pre-COVID growth rate, it seems to have trailed its industry peers on that front.
Yunkang Group Pre-IPO
Yunkang Group is looking to raise about US$200m in its upcoming Hong Kong IPO.Yunkang Group is a medical operation service provider in China and as per Frost & Sullivan (F&S), had a market share of 3.7% in China’s medical operation service market as per 2020 revenue. With its six independent clinic laboratories (ICL) and on-site diagnostic centers in medical institutions, it provides diagnostic testing services where diagnostic services fees are charged on the type and quantity of tests provided.
Yunkang Group has been a key beneficiary of COVID, recording growth in count of test and revenue growth. Revenue per test has on average been on the rise as well, although limited by pricing caps on COVID tests as mandated by the government. It has also been able to grow its on-site diagnostics centers count.
However, the firm’s performance could be one-off. Excluding COVID-related tests, diagnostic tests performance has been on a downward trend. While there are sector tailwinds at play, the firm operates in a fragmented market and looking at its pre-COVID growth rate, it seems to have trailed its industry peers on that front.
Underlying
Yunkang Group
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Clarence Chu
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