Medical Services Provider Dingdang Health Passes HKEx Listing Hearing
According to a document disclosed by the Hong Kong Stock Exchange (HKEx) on August 17, Dingdang Health, a digital medical services provider, has passed its listing hearing. Its sponsors are CICC and CMB International.
Dingdang Health, established in 2014, promotes the transformation and upgrading of China’s medical industry by creating real-time drug retail and diagnosis and treatment solutions. Its main businesses include medicine delivery, online health consultations, treatment for chronic diseases and health management.
It currently provides users with a simplified real-time medicine purchasing experience. Its distribution outlets are mainly composed of hundreds of smart pharmacies in nearly 20 cities, providing users with efficient and convenient medicine delivery, online health consultation and medication guidance.
In June 2021, Dingdang Health announced that it had obtained a new round of financing totaling $220 million, led by TPG Capital Asia, OrbiMed and Redview Capital, followed by Valance, Orchid Asia, Summer Capital and Yingke PE.
The revenues of Dingdang Health in 2018, 2019 and 2020 were 585 million yuan, 1.276 billion yuan and 2.229 billion yuan respectively. Its revenue in the first quarter of 2021 was 780 million yuan, compared with 500 million yuan in the same period of 2020.
The losses in 2018, 2019 and 2020 were 103 million yuan, 274 million yuan and 920 million yuan respectively. In addition, it lost 767 million yuan in the first quarter of 2021, compared with a net loss of 32.97 million yuan in the same period of 2020.
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According to a report by Frost & Sullivan, Dingdang Health was a leading services provider in China’s digital retail pharmacy industry in terms of 2021 revenue, ranking third with a market share of 1.0%, while the market shares of the first and second service providers were 10.0% and 6.5% respectively.