孟令星：中国政法大学商学院讲师、MBA教育中心招生部主任、执业律师、清华大学商法学博士、中国人民大学经济法学博士后、美国哈佛大学进修学者。

[重点词汇]well timed合时宜地oligopoly n. 寡占；寡头买主垄断

Lex专栏：京东健康中期前景不错

Lex_Telemedicine/JD Health: what the doctor ordered

京东的医疗保健子公司在香港上市的时机恰到好处。中国是数字医疗的理想测试平台。不断壮大的中产阶层准备为优质医疗服务付费。

Waiting to consult doctors at their surgeries is becoming old-fashioned among China’s early adopters. Remote medical consultations via platforms such as JD Health have surged during the pandemic. Expect the trend to outlive coronavirus lockdowns. JD Health’s Hong Kong listing, in which it sold $3.5bn of shares, is well timed.

在中国的早期采用者中，在医院等着医生出手术室后向他们咨询的做法已经过时了。新冠疫情期间，通过京东健康(JD Health)等平台进行的远程问诊激增。预计这一趋势将会在抗疫封锁结束后延续。京东健康在香港上市、发售35亿美元股票的时机恰到好处。

The stock rose 56 percent on Tuesday, valuing the offshoot of ecommerce giant JD.com at more than $40bn. Hot money stacked up for the postponed Ant Group listing was one reason for the jump. The industry’s potential was the other.

该股周二大涨56%，对电商巨头京东(JD.com)的这家医疗保健子公司估值超过400亿美元。原本准备追逐蚂蚁集团(Ant Group)上市——已被推迟——的热钱是推高京东健康股价的原因之一。该行业的潜力是另一个原因。

China is a perfect test bed for digital medicine. Public healthcare is under-resourced. The private sphere lacks a restrictive US-style oligopoly. The large ageing population is prepared to pay for the best doctors.

中国是数字医疗的理想测试平台。公共医疗服务资源不足。私营医疗服务领域没有美国那种限制性的寡头垄断。庞大的老龄化人口准备为最优秀的医生付费。

The group’s healthcare revenues grew more than three-quarters in the first half to $1.3bn. It is already profitable.

该集团的医疗保健营收在今年上半年增长逾四分之三，达到13亿美元。它已经实现盈利。

There is room for more. JD Health launched online consultations less than three years ago. The sessions work well for conditions not requiring physical examinations. They are mostly free.

还有更多增长空间。京东健康不到三年前推出在线问诊。对于不需要当场体检的病症，这类问诊效果不错。它们大多是免费的。

Drug sales are the main revenue source, alongside specialist consultations, making JD Health’s the largest online retail pharmaceuticals platform in China. That creates conflicts of interest for online physicians as big as those that conventional practitioners wrestle with.

除了专家咨询外，药品销售是主要营收来源，使京东健康成为中国最大的在线零售药品平台。这给在线医生带来利益冲突，就像传统执业医生面对利益冲突一样。

Charging for consultations would resolve these. Public national medical insurance cannot be used to cover fees from online consultations, absent regulatory reform. But China’s growing middle classes can be persuaded to stump up.

收取问诊费用将解决这些问题。没有监管改革，就不能使用国家公共医保来支付在线问诊的费用。但在这方面，中国不断壮大的中产阶层是可以被说服自己付费的。

JD Health’s parent is a bigger concern for investors. JD.com will be hit by Beijing’s new antitrust regulations. JD Health’s main competitors are healthcare units of Alibaba, Ping An and Tencent, tech giants equally exposed to official disapproval of cross-selling and cross subsidies.

京东健康的母公司对投资者来说是一个更令人担忧的问题。京东将会受到北京方面新的反垄断法规的打击。京东健康的主要竞争对手是阿里巴巴(Alibaba)、平安(Ping An)和腾讯(Tencent)旗下的医疗部门，这些科技巨头同样面临官方对交叉销售和交叉补贴的不认可。

It helps that China’s online healthcare sector is worth just $4bn within a $1tn local healthcare market, too small to inspire direct attacks. The desperate need for medical resources during the pandemic has kept regulators friendly, for now. Companies such as JD Health can curry further official favour by helping with a push to digitise medical records.

在价值1万亿美元的中国医疗保健市场，在线医疗保健行业的价值仅为40亿美元，规模太小，不足以招致直接攻击，这一点有助于该行业的发展。新冠疫情期间对医疗资源的迫切需求，使监管机构迄今保持友好姿态。京东健康等公司还可以帮助推动病历数字化，从而进一步赢得官方的肯定。

JD Health’s enterprise value of 14 times trailing sales is high even by US tech standards. But smaller rival Alibaba Health Information Technology trades at 20 times. Medium-term prospects in this increasingly prosperous, urban nation are good. You might even say they are the picture of health.

即使按照美国科技公司的标准，京东健康14倍于历史销售额的企业价值也是偏高的。但是规模较小的竞争对手阿里健康(AliHealth)的市售率达到20倍。在日益繁荣而城市化的中国，京东健康的中期前景不错。你甚至可以说其前景像是健康的化身。

编辑：颜回