Digital Medical Service Provider Dingdang Health Debuts in Hong Kong
Dingdang Health, a digital medical services provider, was officially listed on the main board of the Hong Kong Stock Exchange with “9886” as the ticker symbol on September 14. Its stock price closed at HK $12 per share today giving the company a market value of about HK $16.098 billion.
Dingdang Health, established in 2014, promotes the transformation and upgrading of China’s medical industry by creating instant drug retail and medical consultation dominated by online-to-offline solutions. According to a Frost & Sullivan report, it is the largest product and service provider in China’s digital pharmacy industry and the third largest service provider in China’s digital retail pharmacy industry.
At present, its main businesses include medicine delivery, online health consultations, treatment for chronic diseases and health management.
Dingdang Health has set up 351 smart pharmacies in 17 cities throughout China, providing users with efficient and convenient medicine delivery.
Online diagnosis and treatment services are provided by Dingdang’s Internet hospitals and medical teams. The medical team includes 20 full-time and 72 part-time doctors, more than 800 external doctors cooperating with third-party medical institutions, and other medical professionals including 427 pharmacists. Chronic disease and health management supplement the first two services.
For the last few years and the beginning of this year, the company has recorded medicine delivery services through online direct sales channels and offline channels totalling 14.1 million (2018), 26.4 million (2019), 40.5 million (2020), 60.5 million (2021) and 15.8 million (Q1 of 2022). In the same period, Dingdang Health provided about 100,000, 2.2 million, 4.4 million, 6.8 million and 1.8 million online consultations.
It is worth noting that the synergy between Dingdang Health’s online diagnosis and treatment service and medicine delivery service has successfully improved users’ willingness to purchase products. From 2018 to 2021 and the first quarter of 2022, the conversion rate from online diagnosis and treatment services to sales orders was 51.4%, 69.9%, 68.8%, 77.5% and 81.1%, respectively.
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From 2018 to 2021, the total number of registered users of Dingdang Health’s self-operated platforms increased from about 15.9 million to about 33 million at a compound annual growth rate of 27.6%. The number further increased to about 33.9 million in the first quarter of 2022.