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  ·2021-06-19
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  US IPO Preview | ZeroKr Technology (LDOC.US) Attracts Capital Favor: The "Leading Halo" Despite Losses
  医疗大数据服务行业龙头，在完成阿里健康（00241）最后一轮战略融资后，零氪科技（LDOC.US）首次向美股市场递表上市。
  US IPO Preview | ZeroKr Technology (LDOC.US) Attracts Capital Favor: The "Leading Halo" Despite Losses
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13:30","market":"hk","language":"zh","title":"US IPO Preview | ZeroKr Technology (LDOC.US) Attracts Capital Favor: The \"Leading Halo\" Despite Losses","url":"https://stock-news.laohu8.com/highlight/detail?id=2144615724","media":"智通财经网","summary":"医疗大数据服务行业龙头，在完成阿里健康（00241）最后一轮战略融资后，零氪科技（LDOC.US）首次向美股市场递表上市。","content":"<p><html><body><div>The leader in the medical big data service industry, in completing<a href=\"https://laohu8.com/S/00241\">Alibaba Health</a>(00241) After the final round of strategic financing,<a href=\"https://laohu8.com/S/LDOC\">ZeroKr Technology</a>(LDOC.US) has filed for its first IPO on the U.S. stock market.</p><p>According to Zhitong Finance APP, ZeroKr Technology recently submitted its IPO application for the US stock market, planning to list on Nasdaq.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Bank of America Securities and<a href=\"https://laohu8.com/S/601995\">CICC</a>They are joint underwriters for the IPO. ZeroKr Technology is a medical big data company that provides big data and artificial intelligence to various parties in the pharmaceutical and healthcare industries.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The overall solution, with revenue of 942 million yuan in 2020, is the leader in the domestic medical big data solutions industry, with a market share of more than 10%.</p><p>The company plans to use the funds raised primarily to strengthen its R&D capabilities and technology infrastructure, bring in more oncologists, data scientists, and other experienced professionals, expand its patient care center network and services, and make other capital expenditures. In addition, it is also seeking potential strategic investments and acquisitions.</p><p>Loss-making but still favored by capital</p><p>According to Zhitong Finance APP, ZeroKr Technology was founded in 2014 and focuses on big data services in oncology. It has developed rapidly in recent years. In 2015, it had 80 partner hospitals, and by the end of 2020, it had more than 300 partner hospitals (covering the top ten cancer hospitals in China), caring for more than 3 million Chinese patients. In 2020 and Q1 2021, the company's revenue was RMB 942 million and RMB 223 million, respectively, representing year-on-year increases of 88.8% and 40.7%.</p><p>ZeroKr Technology mainly has three platforms: LinkCare platform, LinkData platform, and LinkSolutions platform. The main customer types are patients and medical institutions, but each platform targets different customer needs.</p><p>LinkCare is a patient-centric digital platform that provides service products including internet hospitals, patient service care centers and artificial intelligence-assisted medical care, and sells innovative drugs, adjuvant drugs and nutritional drugs through the provision of these services. The LinkCare platform has a rapid revenue growth rate, generally exceeding 50% quarterly, and is the company's core revenue source, contributing 84% of revenue in Q1 2021.</p><p>LinkSolutions provides big data and precision life science solutions for medical institutions, including real-world research services, clinical research recruitment, and data insights. The platform is mainly aimed at B-end users, and its revenue growth is accelerating. In Q1 2021, the revenue growth rate was 89.2%, and the current revenue contribution is 16%. LinkData is an AI decision-making platform that includes data extraction, data structure optimization, and data governance. It has a low monetization rate and therefore does not record business operations.</p><p><img src=\"https://img.zhitongcaijing.com/image/20210618/1623994339523178.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1623994339523178.png\"/></p><p>ZeroKr Technology is currently operating at a loss, mainly due to low gross profit. Looking at previous quarters, the gross profit margin was only in the single digits and showed a downward trend, reaching 5.9% in 2021. All three expenses (R&D, administration and sales) are very high. In Q1 2021, the expense ratio of each expense alone exceeded 10%, and the total expense ratio of the three expenses was 46.5%. The company reported a net loss of 138 million yuan in Q1 2021, compared to a cumulative net loss of 1.061 billion yuan since 2019.</p><p>Although the company has suffered long-term losses, it has still attracted capital favor. Since its establishment, it has received five rounds of financing, including many well-known investment institutions such as Broadband Capital CBC, Huiqiao Capital, Qianji Capital, NEA Enyi Investment, China Investment Corporation, Youshan Capital, and CICC Capital. In March 2021, it completed a strategic investment by Alibaba Health. The core reasons for attracting capital are twofold: first, the industry sector is favorable; Second, the company's products and services are excellent and have promising development prospects.</p><p>Worth looking forward to in the growth track</p><p>According to Zhitong Finance APP, China's medical big data market is developing rapidly. In 2019, the market size was US$4.1 billion, with a compound annual growth rate of 43.9% in the past five years. It is expected to reach US$215.4 billion in 2030, with a compound annual growth rate of 43.3%. The penetration rate of medical big data among patients has also continued to increase, reaching 3.1% in 2019, an increase of 2.4 percentage points compared to 2015, with a compound annual growth rate of 43.1%.</p><p><img src=\"https://img.zhitongcaijing.com/image/20210618/1623994354139899.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1623994354139899.png\"/></p><p>ZeroKr Technology's data services have a low direct monetization rate, but they provide pharmaceutical products and services to patients through data services, forming another huge market. China is the world's second largest healthcare market, with a market size of US$944 billion in 2019, and has also achieved double-digit growth in the past five years. In terms of industry competitiveness, the company has a domestic market share of over 10%, while the second largest player accounts for 6.5% of the market share.</p><p>The company not only leads in market share, but is also more competitive than its peers in data product services. The company's three platforms interact, connecting patients, doctors, hospitals and pharmaceutical companies, and have a huge database, which has formed a complete data-driven medical and health ecosystem.</p><p>In the data governance services provided by the company, medical records are structured using the Dress engine intelligent medical record entry system, as well as task intelligent push, minute-level medical record entry, etc., while the Linke APP under Medical Follow-up Voice Care is aimed at the doctor group, effectively connecting patients through structured medical records. The company's products have high market recognition, and the number of cooperating hospitals and medical institutions has also achieved rapid growth.</p><p>ZeroKr Technology's biggest problem at present is its weak profitability, meager gross profit, and consistent net outflow of operating cash flow. However, the company is not currently short of money and has the support of a capital group. As of March 2021, it had 824 million yuan in cash on hand. Because it is an internet platform, its expenditures are mostly operating expenses, mainly including marketing and research and development, and its cash on hand is sufficient to meet its operations for the next few years. The funds raised this time are likely to be used more for acquisitions.</p><p>In conclusion, ZeroKr Technology has a strong growth potential in this sector, with its three major platforms forming a complete data ecosystem and high performance growth. However, it has been suffering losses, which may weaken its attractiveness to investors after its listing. However, the company has ample cash on hand and a strong bullet guarantee strategy for expansion when balancing growth and profitability. As China's largest medical big data solutions service company, ZeroKr Technology is worth looking forward to.</p><p></div></body></html></p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US IPO Preview | ZeroKr Technology (LDOC.US) Attracts Capital Favor: The \"Leading Halo\" Despite Losses</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO Preview | ZeroKr Technology (LDOC.US) Attracts Capital Favor: The \"Leading Halo\" Despite Losses\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-06-18 13:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div>The leader in the medical big data service industry, in completing<a href=\"https://laohu8.com/S/00241\">Alibaba Health</a>(00241) After the final round of strategic financing,<a href=\"https://laohu8.com/S/LDOC\">ZeroKr Technology</a>(LDOC.US) has filed for its first IPO on the U.S. stock market.</p><p>According to Zhitong Finance APP, ZeroKr Technology recently submitted its IPO application for the US stock market, planning to list on Nasdaq.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Bank of America Securities and<a href=\"https://laohu8.com/S/601995\">CICC</a>They are joint underwriters for the IPO. ZeroKr Technology is a medical big data company that provides big data and artificial intelligence to various parties in the pharmaceutical and healthcare industries.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The overall solution, with revenue of 942 million yuan in 2020, is the leader in the domestic medical big data solutions industry, with a market share of more than 10%.</p><p>The company plans to use the funds raised primarily to strengthen its R&D capabilities and technology infrastructure, bring in more oncologists, data scientists, and other experienced professionals, expand its patient care center network and services, and make other capital expenditures. In addition, it is also seeking potential strategic investments and acquisitions.</p><p>Loss-making but still favored by capital</p><p>According to Zhitong Finance APP, ZeroKr Technology was founded in 2014 and focuses on big data services in oncology. It has developed rapidly in recent years. In 2015, it had 80 partner hospitals, and by the end of 2020, it had more than 300 partner hospitals (covering the top ten cancer hospitals in China), caring for more than 3 million Chinese patients. In 2020 and Q1 2021, the company's revenue was RMB 942 million and RMB 223 million, respectively, representing year-on-year increases of 88.8% and 40.7%.</p><p>ZeroKr Technology mainly has three platforms: LinkCare platform, LinkData platform, and LinkSolutions platform. The main customer types are patients and medical institutions, but each platform targets different customer needs.</p><p>LinkCare is a patient-centric digital platform that provides service products including internet hospitals, patient service care centers and artificial intelligence-assisted medical care, and sells innovative drugs, adjuvant drugs and nutritional drugs through the provision of these services. The LinkCare platform has a rapid revenue growth rate, generally exceeding 50% quarterly, and is the company's core revenue source, contributing 84% of revenue in Q1 2021.</p><p>LinkSolutions provides big data and precision life science solutions for medical institutions, including real-world research services, clinical research recruitment, and data insights. The platform is mainly aimed at B-end users, and its revenue growth is accelerating. In Q1 2021, the revenue growth rate was 89.2%, and the current revenue contribution is 16%. LinkData is an AI decision-making platform that includes data extraction, data structure optimization, and data governance. It has a low monetization rate and therefore does not record business operations.</p><p><img src=\"https://img.zhitongcaijing.com/image/20210618/1623994339523178.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1623994339523178.png\"/></p><p>ZeroKr Technology is currently operating at a loss, mainly due to low gross profit. Looking at previous quarters, the gross profit margin was only in the single digits and showed a downward trend, reaching 5.9% in 2021. All three expenses (R&D, administration and sales) are very high. In Q1 2021, the expense ratio of each expense alone exceeded 10%, and the total expense ratio of the three expenses was 46.5%. The company reported a net loss of 138 million yuan in Q1 2021, compared to a cumulative net loss of 1.061 billion yuan since 2019.</p><p>Although the company has suffered long-term losses, it has still attracted capital favor. Since its establishment, it has received five rounds of financing, including many well-known investment institutions such as Broadband Capital CBC, Huiqiao Capital, Qianji Capital, NEA Enyi Investment, China Investment Corporation, Youshan Capital, and CICC Capital. In March 2021, it completed a strategic investment by Alibaba Health. The core reasons for attracting capital are twofold: first, the industry sector is favorable; Second, the company's products and services are excellent and have promising development prospects.</p><p>Worth looking forward to in the growth track</p><p>According to Zhitong Finance APP, China's medical big data market is developing rapidly. In 2019, the market size was US$4.1 billion, with a compound annual growth rate of 43.9% in the past five years. It is expected to reach US$215.4 billion in 2030, with a compound annual growth rate of 43.3%. The penetration rate of medical big data among patients has also continued to increase, reaching 3.1% in 2019, an increase of 2.4 percentage points compared to 2015, with a compound annual growth rate of 43.1%.</p><p><img src=\"https://img.zhitongcaijing.com/image/20210618/1623994354139899.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1623994354139899.png\"/></p><p>ZeroKr Technology's data services have a low direct monetization rate, but they provide pharmaceutical products and services to patients through data services, forming another huge market. China is the world's second largest healthcare market, with a market size of US$944 billion in 2019, and has also achieved double-digit growth in the past five years. In terms of industry competitiveness, the company has a domestic market share of over 10%, while the second largest player accounts for 6.5% of the market share.</p><p>The company not only leads in market share, but is also more competitive than its peers in data product services. The company's three platforms interact, connecting patients, doctors, hospitals and pharmaceutical companies, and have a huge database, which has formed a complete data-driven medical and health ecosystem.</p><p>In the data governance services provided by the company, medical records are structured using the Dress engine intelligent medical record entry system, as well as task intelligent push, minute-level medical record entry, etc., while the Linke APP under Medical Follow-up Voice Care is aimed at the doctor group, effectively connecting patients through structured medical records. The company's products have high market recognition, and the number of cooperating hospitals and medical institutions has also achieved rapid growth.</p><p>ZeroKr Technology's biggest problem at present is its weak profitability, meager gross profit, and consistent net outflow of operating cash flow. However, the company is not currently short of money and has the support of a capital group. As of March 2021, it had 824 million yuan in cash on hand. Because it is an internet platform, its expenditures are mostly operating expenses, mainly including marketing and research and development, and its cash on hand is sufficient to meet its operations for the next few years. The funds raised this time are likely to be used more for acquisitions.</p><p>In conclusion, ZeroKr Technology has a strong growth potential in this sector, with its three major platforms forming a complete data ecosystem and high performance growth. However, it has been suffering losses, which may weaken its attractiveness to investors after its listing. However, the company has ample cash on hand and a strong bullet guarantee strategy for expansion when balancing growth and profitability. As China's largest medical big data solutions service company, ZeroKr Technology is worth looking forward to.</p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/496457.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img.zhitongcaijing.com/image/20210618/20210618133329_51043.png?x-oss-process=image/format,jpg/quality,Q_80","relate_stocks":{},"source_url":"http://www.zhitongcaijing.com/content/detail/496457.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2144615724","content_text":"医疗大数据服务行业龙头，在完成阿里健康（00241）最后一轮战略融资后，零氪科技（LDOC.US）首次向美股市场递表上市。智通财经APP了解到，零氪科技近日递交美股IPO申请，计划在纳斯达克上市，摩根士丹利、美银证券和中金公司是上市的的联席承销商。零氪科技是一家医疗大数据公司，为医药、医疗产业各方提供大数据和人工智能整体解决方案，2020年收入规模为9.42亿元，为国内医疗大数据解决方案行业龙头，市场份额超过10%。该公司计划将此次募资额主要用于加强研发能力和技术基础设施，并引入更多的肿瘤专家、数据科学家和其他经验丰富的专业人士，及扩大患者护理中心网络和服务，以及其他资本支出，此外，也寻求潜在的战略投资和收购。亏损但仍获资本青睐智通财经APP了解到，零氪科技成立于2014 年，专注于肿瘤学的大数据服务，近几年发展迅速，2015年时合作医院80家，至2020年底合作医院已超300家（覆盖国内前十大肿瘤医院），累计照护300余万中国患者。2020年及2021年Q1，该公司收入分别为9.42亿元和2.23亿元，同比分别增长88.8%和40.7%。零氪科技旗下主要有三大平台，分别是LinkCare平台、LinkData平台及LinkSolutions平台，客户类型主要为患者以及医疗机构，不过每个平台针对的目标客户需求不同。LinkCare以患者为中心的数字化平台，提供服务产品包括互联网医院、患者服务关爱中心及人工智能辅助医疗，通过提供这些服务销售创新药物、辅助药物和营养药物。LinkCare平台收入增速较快，按季度增速基本超过50%，是该公司核心收入来源，2021年Q1收入贡献达84%。而LinkSolutions为医疗机构提供大数据及精准生命科学解决方案，包括真实世界研究服务、临床研究招募及数据洞察，该平台主要针对B端用户，收入增长有加速的趋势，2021年Q1收入增速89.2%，目前收入贡献16%。LinkData是AI决策平台，包括数据提取、数据结构优化及数据治理等，货币化率低，因此没有进行业务分录。零氪科技目前处于亏损状态，主要为毛利较低，从往季看，毛利率仅为单位数，且有下降的趋势，2021年为5.9%。而三项费用（研发、行政及销售）都很高，2021年Q1仅各项费用率就都超过10%，三项费用率合计为46.5%。2021年Q1净亏损额1.38亿元，而2019年以来累计净亏损10.61亿元。虽然该公司长期亏损，但仍获得资本青睐，成立至今共拿到了5轮融资，参投的包括宽带资本CBC、汇桥资本、千骥资本、NEA恩颐投资、中国投资公司、优山资本及中金资本等诸多知名投资机构，2021年3月完成由阿里健康的战略投资。而获得资本青睐的核心的原因为两个：一是行业赛道好；二是公司产品服务好具有发展前景。成长赛道下值得期待智通财经APP了解到，中国医疗大数据市场发展迅速，2019 年市场规模为41 亿美元，近五年复合年增长率高达 43.9%，预计 2030 年将达到 2154 亿美元，复合年增长率为43.3%。而医疗大数据在患者的渗透率也持续提升，2019年为3.1%，较2015年提升2.4个百分点，复合年增长率为 43.1%。零氪科技的数据服务的直接变现率较低，但以数据服务为患者提供医药产品及服务，形成另一个庞大的市场，中国是全球第二大医疗保健市场，2019年市场规模高达9440亿美元，近五年也实现双位数的增长水平。而从行业竞争力看，该公司国内市场份额超过10%，而第二大玩家占6.5%的市场份额。该公司的不仅于市场份额领先，在数据产品服务上也比同行具有竞争力。该公司旗下三个平台相互作用，对接患者、医生、医院及医药公司，拥有庞大的数据库，已经形成完整的数据驱动的医疗健康生态。在该公司提供的数据治理服务中，病历结构化采用Dress引擎智能化病历录入系统，及任务智能推送，分钟级病历入库等，而医学随访 Voice Care下面的邻客APP针对于医生群体，通过结构化病历有效对接患者。该公司产品市场认可度较高，合作的医院及医药机构数量也获得就较快的增长。零氪科技目前比较大的问题是盈利能力较弱，毛利微薄，且经营现金流也一直处于净流出的状态。不过该公司目前并不缺钱，背后有资本团支撑，截止2021年3月，账上现金8.24亿元，因为互联网平台，支出方向更多的为经营性支出，主要包括营销及研发，其账上现金足以满足未来几年运营。此次上次募资，或更多用于收购方面的布局。综上看来，零氪科技布局赛道成长性好，旗下的三大平台形成完整的数据生态，业绩高成长，但一直亏损，或可能削弱其上市后对投资者的吸引力。不过该公司账上现金充足，在成长及盈利权衡上，有充足的子弹保证策略倾向于扩张。而作为中国最大的医疗大数据解决方案服务公司，零氪科技值得期待。","news_type":1,"symbols_score_info":{"LDOC":0.9}},"isVote":1,"tweetType":1,"viewCount":4737,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}