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olivLaw · US equity research

Akso Health Group AHG

Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)

1.33USD+9.92% · 1 dayClose 04 Nov 2026

Akso Health Group is a China-based company listed on NASDAQ that has moved from microlending and social e-commerce into medical device sales and online healthcare services. Net revenues were 13.8 million USD in fiscal 2026, and the net loss narrowed compared with the prior year, which makes the shift into healthcare worth following closely.

At the close of 04 Nov 2026, Akso Health Group (AHG) stock was 1.33 USD (+9.92% on the day), with market capitalisation 2.2 bn USD, P/E 133.0 on diluted EPS of 0.01 USD over the last 12 months, dividend yield 29.87%, beta 0.58, 52-week range 0.69–2.50 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
2.2 bn USD
shares as of 31 Mar 2025
P/E (TTM)
133.0
Diluted EPS TTM 0.01 · TTM to 31 Mar 2026
E/P (TTM)
0.75%
TTM to 31 Mar 2026
Dividend yield
29.87%
DPS 12m 0.40
Beta (2y)
0.58
Volatility (1y) 95%
52-week range
0.692.50

Price history

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Technical reading

RSI (14)
56.4
strong (55–70)
Bollinger (20, 2)
1.17 – 1.43
in the upper half of the band · %B 0.62 · band width 20.1%
SMA 50 / 200
1.04 / 1.51
mixed trend
MACD (12, 26, 9)
0.06 / 0.08
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+14.7%−1.1%+15.8 pp—
3 months−8.9%−0.5%−8.5 pp—
6 months−35.1%+4.4%−39.5 pp—
Year to date−18.9%+12.3%−31.2 pp—
1 year−16.4%+13.5%−29.9 pp+0.9%
3 years+15.7%+76.4%−60.8 pp+3.9%
5 years−69.3%+63.7%−133.0 pp—
Max drawdown (1y)
−72.4%
13 Mar 2026 → 29 Sept 2026
Max drawdown (5y)
−94.5%
08 Nov 2021 → 27 Jul 2023
Compound annual growth (5y)
−21.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 80 percentile of its own 5-quarter history (min 7.4, median 24.8, max 228.0; quarters with earnings only).

Fiscal years

Fiscal year⚠ 201920202021⚠ 20222023202420252026
Revenue3.7 m6.9 m1.8 m6.0 m13.2 m2.4 m14.8 m13.8 m
Revenue YoY—+87.1%−74.6%—+119.7%−81.7%+512.1%−6.4%
Net income5.5 m-71.2 m-34.8 m-16.9 m-1.4 m-9.5 m-135.0 m-18.7 m
Net income YoY—−1,386.9%unavailable—unavailableunavailableunavailableunavailable
Diluted EPS0.10-1.46-0.71-0.28-0.020.070.160.01
Diluted EPS YoY—−1,560.0%unavailable—unavailableunavailable+128.6%−93.8%
net %149.7%-1,029.7%-1,984.5%-280.9%-10.3%-391.8%-913.4%-135.0%
Free cash flow-1.7 m-58.5 munavailable-8.6 munavailableunavailable1.0 m-12.8 m

The series breaks before 2019, 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 31 Mar 2026

Cash
170.6 k USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
180.9 m USD
Total assets
189.6 m USD
Debt / equity
unavailable
Current ratio
21.77x
ROE
-9.8%
ROA
-9.2%
FCF margin
-92.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
2.4 m
2025
14.8 m
2026
13.8 m

SEC (XBRL)· 23 Jul 2026verified

Cost of revenue
2024
2.3 m
2025
15.1 m
2026
13.8 m

SEC (XBRL)· 23 Jul 2026verified

Gross profit
2024
122.1 k
2025
-281.5 k
2026
-11.3 k

SEC (XBRL)· 23 Jul 2026verified

Research & development
2024
—
2025
—
2026
—

SEC (XBRL)· 29 Dec 2022verified

SG&A
2024
8.6 m
2025
3.6 m
2026
4.0 m

SEC (XBRL)· 23 Jul 2026verified

Operating income
2024
-8.6 m
2025
-166.3 m
2026
-20.7 m

SEC (XBRL)· 23 Jul 2026verified

Depreciation & amortisation
2024
—
2025
2.1 m
2026
2.4 m

SEC (XBRL)· 23 Jul 2026verified

EBITDA
2024
—
2025
-164.2 m ≈
2026
-18.3 m ≈

SEC (XBRL)· 23 Jul 2026derived

Interest expense
2024
—
2025
—
2026
—

SEC (XBRL)· 14 Jul 2023verified

Pre-tax income
2024
-9.1 m
2025
-166.3 m
2026
-20.7 m

SEC (XBRL)· 23 Jul 2026verified

Income tax
2024
25.0 k
2025
-30.8 m
2026
-2.0 m

SEC (XBRL)· 23 Jul 2026verified

Net income
2024
-9.5 m
2025
-135.0 m
2026
-18.7 m

SEC (XBRL)· 23 Jul 2026verified

Diluted EPS
2024
0.07
2025
0.16
2026
0.01

SEC (XBRL)· 23 Jul 2026verified

Weighted average diluted shares
2024
141.5 m
2025
855.3 m
2026
2.2 bn

SEC (XBRL)· 23 Jul 2026verified

Balance sheet · USD

Cash
2024
85.2 m
2025
176.2 m
2026
170.6 k

SEC (XBRL)· 23 Jul 2026verified

Receivables
2024
—
2025
954.2 k
2026
1.3 m

SEC (XBRL)· 23 Jul 2026verified

Inventories
2024
191.2 k
2025
190.2 k
2026
200.1 k

SEC (XBRL)· 23 Jul 2026verified

Current assets
2024
142.0 m
2025
196.1 m
2026
189.5 m

SEC (XBRL)· 23 Jul 2026verified

Property, plant & equipment, net
2024
—
2025
16.1 k
2026
12.0 k

SEC (XBRL)· 23 Jul 2026verified

Goodwill
2024
52.1 m
2025
10.8 m
2026
—

SEC (XBRL)· 14 Aug 2025verified

Intangibles (excl. goodwill)
2024
—
2025
7.9 m
2026
58.3 k

SEC (XBRL)· 23 Jul 2026verified

Total assets
2024
142.0 m
2025
215.0 m
2026
189.6 m

SEC (XBRL)· 23 Jul 2026verified

Current liabilities
2024
3.6 m
2025
13.8 m
2026
8.7 m

SEC (XBRL)· 23 Jul 2026verified

Total liabilities
2024
3.6 m
2025
15.8 m
2026
8.7 m

SEC (XBRL)· 23 Jul 2026verified

Equity
2024
138.4 m
2025
199.2 m
2026
180.9 m

SEC (XBRL)· 23 Jul 2026verified

Shares outstanding at year end
2024
437.2 m
2025
1.7 bn
2026
—

SEC (XBRL)· 14 Aug 2025verified

Cash flow · USD

Operating cash flow
2024
1.4 m
2025
1.2 m
2026
-12.8 m

SEC (XBRL)· 23 Jul 2026verified

Capex
2024
—
2025
154.5 k
2026
1.6 k

SEC (XBRL)· 23 Jul 2026verified

Free cash flow
2024
—
2025
1.0 m ≈
2026
-12.8 m ≈

SEC (XBRL)· 23 Jul 2026derived

Investing cash flow
2024
-54.7 m
2025
-105.9 m
2026
-163.5 m

SEC (XBRL)· 23 Jul 2026verified

Financing cash flow
2024
131.7 m
2025
195.9 m
2026
350.0 k

SEC (XBRL)· 23 Jul 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-6.4%
computed by olivLawFY 2026
Revenue CAGR 3Y
1.6%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
51.1%
computed by olivLawFY 2021 → FY 2026
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-93.8%
computed by olivLawFY 2026
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
-1,350.9%
computed by olivLawFY 2026

Profitability

Gross margin
-0.1%
computed by olivLawFY 2026
EBITDA margin
-132.5%
computed by olivLawFY 2026
EBIT margin
-149.7%
computed by olivLawFY 2026
Net margin
-135.0%
computed by olivLawFY 2026
FCF margin
-92.5%
computed by olivLawFY 2026

Returns

ROE
-9.8%
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026
ROA
-9.2%
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026
ROIC
unavailable
input data missing
ROCE
-11.4%
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
21.8x
computed by olivLawbalance sheet at 31 Mar 2026
Quick ratio
21.7x
computed by olivLawbalance sheet at 31 Mar 2026
Cash ratio
0.0x
computed by olivLawbalance sheet at 31 Mar 2026

Cash

Operating cash flow
-12.8 m USD
computed by olivLawFY 2026
Capital expenditure
1.6 k USD
computed by olivLawFY 2026
Free cash flow
-12.8 m USD
computed by olivLawFY 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
29 days
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026
Days inventory outstanding
5 days
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
2.2 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
133.0x
computed by olivLawFY 2026
Earnings yield
0.8%
computed by olivLawFY 2026
P/B
12.2x
computed by olivLawbalance sheet at 31 Mar 2026
P/S
159.2x
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-0.6%
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026
Dividend yield
29.9%
computed by olivLawFY 2026
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 37.5% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.33 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 2.2 bn USD

Key indicators

Market capitalisation
2.2 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
P/E (TTM)
133.0x
computed by olivLawFY 2026
P/B
12.2x
computed by olivLawbalance sheet at 31 Mar 2026
EV/EBITDA
unavailable
input data missing
ROE
-9.8%
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026
Net margin
-135.0%
computed by olivLawFY 2026
Revenue growth (YoY)
-6.4%
computed by olivLawFY 2026
Dividend yield
29.9%
computed by olivLawFY 2026

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 31 Mar 2026
Latest balance sheet date: 31 Mar 2026
Share count (cover of the latest filing), as of: 31 Mar 2025
Source: SEC (XBRL)published 23 Jul 2026
verified 300derived 1

Score by group

38% · Insufficient data

Estimated value range

Low
2.70
USD per share
Mid
3.12
USD per share
High
3.70
USD per share
Price: 1.33 USD
The price is below the range
Potential to the central value: 134.8% (value / price − 1)
Margin of safety: 57.4% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.17 – 7.02 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E0.17 – 0.38 (Mid 0.26)
    27 companies used · median multiple 25.7x · quartiles 17.3x – 37.8x
    ACN, AMTM, BR, CART, CPAY, DLO, EBAY, EXLS, FICO, FIS, FLYW, GRAB, HQY, IMXI, LQDT, LYFT, MA, MELI, MSCI, OPRX, PYPL, QNST, RBA, RELY, TNET, UBER, WU
  • Dividend discount (DDM)5.22 – 7.02 (Mid 5.99)
Multiple comparisons use the SIC vertical: Services-Business Services, NEC (SIC 7389)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-135.0%5 (vs peers)17%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth1.6%13 (on a fixed band)22%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet21.8x100 (on a fixed band)11%
P/E (TTM) · Valuation133.0x0 (vs peers)28%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-0.6%0 (on a fixed band)22%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partial13/100 · 1/2 factors with a value
  • Quality· partial5/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation0/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Akso Health Group (AHG). Latest full fiscal year: 2026; data up to 2026-03-31.

Figures computed from the financial statements: revenue 13.8 m USD in 2026; YoY growth -6.4%; net margin -135.0%; ROE -9.8%.

The estimated value range is 2.70–3.70 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.12 USD, the price of 1.33 USD leaves a potential of 134.8% (value / price − 1) and a margin of safety of 57.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 21.8x
  • The price is below the estimated value range

What contradicts it

  • Net margin: -135.0%
  • Revenue CAGR 3Y: 1.6%
  • P/E (TTM): 133.0x
  • FCF yield: -0.6%
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
133.0x
vertical median 26.2x
above median (+407.5%)
EV/EBITDA
—
vertical median 17.2x
P/S
159.2x
vertical median 2.2x
above median (+7,202.0%)
P/B
12.2x
vertical median 2.9x
above median (+322.5%)
ROE
-9.8%
vertical median 12.4%
below median (−179.1%)
Net margin
-135.0%
vertical median 8.0%
below median (−1,797.4%)
EBIT margin
-149.7%
vertical median 11.6%
below median (−1,395.2%)
Revenue YoY
-6.4%
vertical median 9.8%
below median (−165.5%)
Net debt/EBITDA
—
vertical median 1.1x
Dividend yield
29.9%
vertical median 1.1%
above median (+2,591.4%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
UBERUber Technologies, Inc.142.7 bn41.312.4%6.1%+18.3%−20% / +24%
MELIMercadoLibre, Inc.88.2 bn47.327.5%5.3%+39.1%−16% / +7%
EBAYeBay Inc.54.9 bn27.246.6%16.9%+7.9%+51% / +205%
PYPLPayPal Holdings, Inc.50.0 bn11.523.8%13.8%+4.3%−4% / +4%
MSCIMsci Inc.48.2 bn35.7—40.3%+9.7%+20% / +29%
FISVFiserv, Inc.33.0 bn—-17.0%-18.9%+3.6%+1% / −52%
CPAYCorpay, Inc27.5 bn25.430.5%22.7%+13.9%+42% / +74%
GPNGlobal Payments Inc.25.4 bn—-4.1%-9.1%−0.4%+27% / −17%
BRBroadridge Financial Solutions, Inc.21.4 bn20.940.2%13.9%+8.5%−17% / −2%
RBARB Global, Inc17.6 bn39.98.8%10.0%+7.2%−3% / +49%
FISFidelity National Information Services, Inc.15.3 bn4.423.0%26.8%+5.4%−55% / −49%
FICOFair Isaac Corp15.1 bn20.3—34.1%+15.9%−61% / −36%
CARTMaplebear Inc.13.7 bn32.417.1%12.0%+10.8%+41% / +145%
HQYHealthequity, Inc.9.0 bn39.411.4%17.4%+9.5%+3% / +62%
LYFTLyft, Inc.7.1 bn2.7152.6%42.3%+9.2%−11% / +60%
EXLSExlservice Holdings, Inc.6.5 bn25.727.7%11.1%+13.6%+9% / +52%
RELYRemitly Global, Inc.5.8 bn16.435.9%19.1%+29.4%+100% / +26%
AMTMAmentum Holdings, Inc.5.4 bn26.74.5%1.4%+71.6%−22% / unavailable
DLODLocal Limited4.1 bn21.437.2%18.0%+46.6%+3% / −19%
TNETTrinet Group, Inc.3.1 bn18.1141.6%3.6%−0.9%+14% / −42%
FLYWFlywire Corporation2.7 bn36.39.1%10.3%+26.6%+56% / −6%
TICTIC Solutions, Inc.2.3 bn—-7.1%-5.6%unavailable+10% / unavailable
AHGAkso Health Group2.2 bn133.0-9.8%-135.0%−6.4%−16% / +16%
WUThe Western Union Company2.1 bn6.336.8%8.3%−3.8%−25% / −43%
LQDTLiquidity Services, Inc1.5 bn45.815.0%6.8%+31.2%+56% / +144%

1- and 3-year price returns: for AHG from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Akso Health Group is a China-based company listed on NASDAQ that has moved from microlending and social e-commerce into medical device sales and online healthcare services. Net revenues were 13.8 million USD in fiscal 2026, and the net loss narrowed compared with the prior year, which makes the shift into healthcare worth following closely.

    SWOT

    Strengths

    • The company has full control over Tianjin Wangyi Cloud, which allows it to integrate online services 1.
    • Its history of moving from microlending to healthcare shows management's ability to reorient the business 1.
    • The company has relationships with medical device suppliers and distributors in China 1.

    Weaknesses

    • Revenue is concentrated among a small number of car insurance clients 1.
    • The company has reported significant impairments of goodwill and intangible assets in recent years 1.
    • Medical device sales fell to zero in fiscal 2026 1.

    Opportunities

    • Acquiring online hospitals and pharmacy chains could extend the company's services in China 1.
    • If the synergy between physical and online hospitals works, the company could grow consultation revenue 1.
    • Diversifying clients beyond car insurance could reduce dependence on a few partners 1.

    Threats

    • Regulatory changes on personal data and cybersecurity could raise costs 1.
    • Disruption of digital traffic suppliers could reduce the leads delivered 1.
    • Intense competition in online hospitals and pharmacies could slow growth 1.

    Risks

    • Dependence on insurance clientshigh

      A small number of insurance companies generate most revenue. Losing or reducing the budget of one of them could seriously affect the financial position 1.

    • Dependence on traffic suppliershigh

      If relations with digital traffic suppliers deteriorate, the company could deliver fewer leads to insurers 1.

    • Personal data securityhigh

      The company processes sensitive client data, and a security breach could lead to liability and loss of trust 1.

    • Infrastructure riskmedium

      Services depend on China's internet network and on data centres located in the country, with no business interruption insurance 1.

    • Asset impairmentmedium

      The company recorded significant impairments of goodwill and intangible assets, which shows the risk that acquisitions may not reach their value 1.

    Investment thesis

    What would need to be true (bull case)

    • If the integration of Tianjin Wangyi Cloud succeeds and synergy with physical hospitals is confirmed, the company could build a more stable revenue stream in digital health 1.
    • The net loss narrowed compared with the prior year, which could point to better cost discipline 1.
    • The company's experience reorienting its business in recent years could facilitate further healthcare acquisitions if conditions are favourable 1.

    What would break the thesis

    • Revenue is highly concentrated and fell compared with the prior year, which could indicate a business that is still fragile 1.
    • Large impairments of goodwill and intangible assets could suggest earlier acquisitions were overvalued 1.
    • Chinese regulation can change operating conditions for online hospitals and pharmacies quickly, which could affect the company's plans 1.

    What to watch

    • Development of car insurance promotion revenue and client countnext 10-K
    • New acquisitions of online hospitals or pharmacy chains2027
    • Stability of relations with digital traffic suppliersnext 10-K
    • Results of integrating Tianjin Wangyi CloudQ1 2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The company was founded as Hexindai Inc. and operated a P2P lending platform until it disposed of it in December 2020, then became Xiaobai Maimai Inc. and, from December 2021, Akso Health Group. According to the 20-F 1, it now focuses on selling medical devices and providing marketing promotion services. Net revenues were 13.8 million USD in fiscal 2026 1.

    Medical device sales run through Qingdao Akso in China, which distributes devices such as defibrillators and anesthesia laryngoscopes to distributors and end users. The subsidiary Akso Online MediTech previously sold COVID-19 rapid tests in the US, but these sales ceased at the start of 2023 1.

    Since April 2024, through Tianjin Wangyi Cloud, the company has provided promotion services to car insurance broker agencies and earns commissions based on recommendations made. The company now holds 100% of Tianjin Wangyi Cloud, which operates an online hospital and sells medicines online 1.

    Segments

    Marketing promotion services

    In fiscal 2026, marketing promotion service revenue was 13,835,063 USD, effectively all of revenue 1. The company depends on a small number of insurance company clients and on digital traffic suppliers that bring potential car insurance buyers 1.

    Medical devices

    Medical device sales were 415,020 USD in fiscal 2025 and nil in fiscal 2026, according to the revenue table in the report 1. The segment has effectively stopped, leaving the company without revenue from this line.

    Online healthcare and pharmacies

    The company intends to acquire online hospitals and independent pharmacy chains in China, but says such acquisitions will be made at judicious timing and subject to favorable market and regulatory conditions 1. Results in this segment will depend on integrating the acquisitions already made 1.

    Market context

    The company operates in healthcare services and digital health in China, a market with intense competition among online hospitals and pharmacies. The report also describes the car insurance marketing market, where the company sells its referral services 1. In that market, revenues depend on the marketing budgets of a few large clients 1.

    The report describes the e-commerce market for medical products and supplements, as well as telemedicine services, as expanding in China, without quantifying the market size 1. The company says it wants to benefit from the synergy between online medicine and physical hospitals 1.

    Trends

    • Integration of online medicine with physical hospitalstailwind

      The company argues that synergy between online medicine and physical hospitals could create value if integration succeeds 1.

    • Regulation of digital healthheadwind

      Acquisitions of online hospitals and pharmacies depend on regulatory conditions in China, which could slow the company's plans 1.

    • Dependence on insurance clientsheadwind

      Concentration among insurance company clients makes revenue sensitive to changes in their budgets 1.

    • Demand for online medical servicesmixed

      If demand for online consultations keeps growing, Tianjin Wangyi Cloud could become a more stable source of revenue 1.

    Competitive position

    The 20-F does not name direct competitors, but competition in online healthcare services and independent pharmacies in China is described as intense 1. The company competes with other digital traffic and marketing providers in car insurance promotion 1.

    In car insurance promotion the company relies on external traffic suppliers, and losing one could reduce the number of leads delivered 1. Competition in this niche could affect the company's margins 1.

    • Digital traffic suppliers for car insurance

      External traffic and digital marketing providers on which the company depends to reach potential buyers 1.

    • Online hospitals and health platforms in China

      Operators of online consultations and medicine sales that compete with the company's services 1.

    • Pharmacy chains in China

      Companies operating pharmacy chains that the company intends to acquire or compete with 1.

    • Medical device suppliers

      Distributors and manufacturers of medical equipment with which the company competes in the Chinese market 1.

    News & filings

    Sources

    1. [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / Akso Health Group · 23 Jul 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.