China EV Suppliers Look to Bypass U.S. Curbs.

"SINGAPORE -- Chinese battery companies critical to electric vehicles are pursuing deals with U.S. free-trade partners South Korea and Morocco, seeking to tap growing demand in America and bypass rules aimed at shutting them out of the market.

Chinese businesses that supply raw materials to make EV batteries have announced at least nine joint ventures and investments worth more than $4.5 billion in South Korea this year, according to a Wall Street Journal review of stock-exchange filings.

At least four Chinese firms said they plan to build plants in Morocco producing battery-related products. 

Morocco sits on over 70% of the world's known phosphate reserve, a raw material key to EV batteries.

By working out of the two countries, the Chinese suppliers hope to supply car and battery makers eligible for incentives doled out by the $430 billion Inflation Reduction Act, which rewards businesses that source materials domestically or from free-trade partners.

Over the next two years, the new law shuts out battery content and critical materials from "foreign entities of concern," a provision industry experts say is targeted at minimizing China's involvement in America's EV supply chain.

Analysts say Chinese suppliers hope such joint ventures will allow customers to continue sourcing from them and still access incentives, which offsets more than one-tenth the cost of an average EV.

"The Chinese don't have much choice," said Johan Bracht, a McKinsey analyst.

An executive at Shenzhen, China-based GEM Co. said its partnership with a South Korean firm would help the raw-material refiner meet IRA conditions and help the firm tap demand for EVs globally.

"We won't give up on the U.S. market," said Pan Hua, deputy general manager at GEM. "The U.S. can't completely shut out Chinese suppliers from its market either, as much of the upstream supply chain is concentrated in China."

GEM said in March that it would collectively invest as much as $900 million with South Korean companies SK On and EcoPro Materials to build a precursor plant in South Korea by the end of 2024.

SK On, an EV battery maker whose partners include Ford and Hyundai, has two factories in the U.S. and plans to build three more.

South Korea EV suppliers benefit from partnering with Chinese firms to access key materials and expertise in processing, industry experts say.

Other Chinese suppliers mention in public statements their Korean joint ventures would help them expand internationally, with several listing the U.S. and Europe as target markets.

Chinese battery companies have long eyed expansion in the U.S., the world's second-largest auto market behind China, and the money offered by the IRA accelerated their timeline of doing business there. At the same time, intense competition and overcapacity challenges in China are driving firms to seek opportunities overseas.

Analysts say one wild card is that U.S. authorities haven't defined what constitutes a "foreign entity of concern" in the IRA.

The U.S. hasn't defined what level of Chinese involvement and at what stage of the supply chain is acceptable for auto and battery producers to qualify for tax credits, they say.

This uncertainty means there is a risk that such joint ventures could ultimately be barred from receiving incentives, said Chris Berry, founder of energy metals consulting firm House Mountain Partners. "How involved China can be with different parts of the supply chain is an open question," Berry said.

China's role as indirect beneficiary of the IRA has come under scrutiny by American politicians.

Ford last month put on hold a $3.5 billion plant making EV batteries with Chinese battery giant Contemporary Amperex Technology, in Michigan. The move followed months of pressure from key lawmakers in Washington about its Chinese partner.

Ford said it was pausing work there until the company was confident about operating the plant competitively.

Chinese companies are the world's biggest producers of the four key components needed in EV battery production -- cathodes, anodes, electrolytes and separators, according to industry analyst SNE Research.

The country has a chokehold over much of the capacity needed to refine metals such as lithium, cobalt and manganese to make them suitable for battery production, said Lukasz Bednarski, a research analyst at S&P Global.

As a result, it is difficult for the U.S. and Europe to build an independent EV battery supply chain without China's help, at least in the near term, Bednarski added.

Three of the largest battery materials suppliers in China -- GEM, Huayou Cobalt and CNGR Advanced Materials -- have been the most active signing such cross-border deals, citing growing global investment restrictions against China as reasons for cooperation.

Many of the newly formed Chinese partnerships with South Korean and Moroccan firms produce precursors, a mix of metals required for making cathodes.

Batteries are the most expensive component of an EV, accounting for about 40% of the cost of the car.

Zhejiang, China-based Huayou Cobalt has formed partnerships with the battery subsidiary of South Korean business titans Posco Holdings and LG Chem to build plants in South Korea this year, while Guizhou-based CNGR joined with Posco and its subsidiary to invest $1.13 billion to build two factories in the nation.

In Morocco, LG Chem last month said it would join with Huayou Cobalt and its parent company to build lithium refining and cathode materials plants, joining CNGR and Chinese lithium producer Sichuan Yahua Industrial, which have partnerships there to produce materials for EV batteries.

Huayou Cobalt, Sichuan Yahua, LG Chem and Posco didn't respond to requests for comment. CNGR reiterated a public statement that the deal will help the company's global expansion.

Chinese and South Korean companies are bracing for the possibility that these joint ventures wouldn't be deemed as IRA-compliant.

Posco Future M, the Posco subsidiary with Chinese partnerships, has said the company will modify their joint-venture agreements to reduce the stake of Chinese partners, should their partnership fall short of IRA requirements.

CNGR said in a stock exchange statement that the firm and its partner may sell shares in the venture, in the event of a major change of laws and policies. GEM's Pan said the company is preparing for unfavorable rule changes by avoiding majority ownership in any joint venture in South Korea." [1]

1. China EV Suppliers Look to Bypass U.S. Curbs. Liang, Rachel; Lin, Liza.  Wall Street Journal, Eastern edition; New York, N.Y.. 13 Oct 2023: B.1.

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Verte pagrįstos sveikatos technologijų įmonės gauna naują finansavimą

  „Bendrovės, siekiančios nukreipti sveikatos sistemą link verte pagrįstos [1] priežiūros, fiksuoja didelį rizikos finansavimą, nepaisant tokio požiūrio į medicinos paslaugas sudėtingumo ir niūrios pradinio finansavimo rinkos.

 

     Įprastos mokamos sveikatos priežiūros paslaugos sumoka gydytojams už paslaugų teikimą.

 

     Naujesni, verte pagrįsti mokėjimo modeliai susieja mokėjimus su kokybe ir rezultatais – sistema, sukurta siekiant suderinti gydytojų, pacientų ir draudikų paskatas. Rizikos remiamos įmonės teikia priežiūrą, naudodamos verte pagrįstas struktūras arba parduoda programinę įrangą, kad padėtų gydytojams ir draudikams veikti pagal šį formatą.

 

     Kelios verte pagrįstos įmonės šiais metais užbaigė 100 mln. dolerių ar daugiau rizikos etapą, įskaitant „Main Street Health“, kuri surinko 315 mln. dolerių kaimo sveikatos priežiūros praktikai aptarnauti; Aledade, nepriklausomų pirminės sveikatos priežiūros įstaigų tinklas, surinkęs 260 mln. ir inkstų priežiūros startuolis „Strive Health“, surinkęs 166 mln.

 

     Remiantis Silicio slėnio banko (SVB) duomenimis, šiais metais 1% sveikatos technologijų finansavimo buvo 100 milijonų dolerių ar daugiau, nuo 4% 2022 m. ir 8% 2021 m.

 

     Verte pagrįstos priežiūros įmonės sulaukia susidomėjimo, net finansavimo rinkai atvėsus. Remiantis SVB duomenimis, JAV ir Europos sveikatos technologijų startuoliai, prekiaujantys technologijomis pagrįstus sveikatos priežiūros produktus ar paslaugas, iki rugpjūčio 1 d. pritraukė 8,15 mlrd.dolerių, kas yra mažiau negu praėjusių metų greitis, kai šios kompanijos surinko 23,07 mlrd. dolerių per visus metus.

 

     „Apskritai manome, kad verte pagrįsta priežiūra yra teisingas kelias“, – sakė Annie Lamont, rizikos įmonės „Oak HC/FT“, pagrindinės gatvės investuotojos, vadovaujančioji partnerė.

 

     Verte pagrįstoms priežiūros įmonėms dažnai reikia didelio finansavimo, kad įgytų rinkos dalį.

 

     Tai kelia klausimų, kiek šiandieninių startuolių galės surinkti kapitalą, reikalingą išgyventi, kaip didelės tvarios įmonės. Daugelis investuotojų nori spręsti verte pagrįstų modelių sudėtingumą, nes vis daugiau gydytojų ir draudikų mano, kad tai būdas sumažinti išlaidas ir pagerinti pacientų sveikatą.

 

     Investuotojai reaguoja į sveikatos draudikų pastangas ištirti verte pagrįstus priežiūros modelius. Pavyzdžiui, „Medicare“ siekia, kad iki 2030 m. visi apmokami paslaugų davėjai pradėtų teikti vertybėmis pagrįstą priežiūrą.

 

     Rizikos kapitalo remiamos įmonės praėjusio dešimtmečio pradžioje pradėjo pirminės sveikatos priežiūros, milžiniškos rinkos, verte pagrįstos priežiūros modelius, sakė Julie Ebert, SVB gyvybės mokslų ir sveikatos priežiūros bankininkystės vykdomoji direktorė. Tarp jų yra „Oak Street Health“, susikūrusi 2012 m., kad rūpintųsi vyresnio amžiaus amerikiečiais. CVS Health įsigijo įmonę gegužę sudarant 10,6 mlrd. dolerių.

 

     Ji pridūrė, kad šių įmonių sėkmė dabar prisideda prie rinkos pagreitėjimo, įskaitant naujų įmonių, kurios pritaiko savo paslaugas konkrečioms pacientų grupėms, pavyzdžiui, žmonėms, sergantiems inkstų ligomis, steigimą.

 

     „Įmonės pagaliau pradeda užsidirbti pinigų“, – sakė Ebert.

 

     Nešvilyje, Ten., vykstantys Main Street Health darbai susiję su kaimo pirminės sveikatos priežiūros praktika, kad padėtų jiems veikti pagal verte pagrįstas struktūras. Norėdami tai padaryti, ji derasi dėl susitarimų su sveikatos draudikais, kurie padengia gydytojų praktikos pacientus.

 

     Paprastai vienas iš iššūkių, susijusių su verte pagrįstos priežiūros srityje, yra tai, kad įmonės turi sukaupti pakankamai pacientų, kad parodytų, jog jų modelis yra veiksmingas, sakė Marissa Moore, rizikos investuotojo „Omers Ventures“ investuotoja. Kad tai padarytų, jos turi užimti didelę rinkos dalį, o tam reikia daug laiko, pinigų ir žmonių“, – sakė ji." [2]

 

1. "Kas yra verte pagrįstos priežiūros įmonės?  Verte pagrįsta priežiūra yra sveikatos priežiūros teikimo modelis, pagal kurį paslaugų teikėjams – ligoninėms, laboratorijoms, gydytojams, slaugytojams ir kitiems – mokama atsižvelgiant į pacientų sveikatos rezultatus ir teikiamų paslaugų kokybę. Pagal kai kurias verte pagrįstas sutartis paslaugų teikėjai dalijasi finansine rizika su sveikatos draudimo bendrovėmis. "

 

2. Business News: Value-Based Healthtech Companies Draw New Financing. Gormley, Brian.  Wall Street Journal, Eastern edition; New York, N.Y.. 13 Oct 2023: B.3.

Value-Based Healthtech Companies Draw New Financing.

"Companies seeking to steer the health system toward value-based care are capturing significant venture funding despite the complexity of this approach to medical services and a tepid startup financing market.

Conventional fee-for-service healthcare pays doctors for providing services. 

Newer, value-based payment models tie payments to quality and outcomes, a system designed to align incentives among doctors, patients and insurers. Venture-backed companies are delivering care through value-based structures or selling software to help doctors and insurers operate under this format.

Several value-based companies have closed venture rounds of $100 million or more this year, including Main Street Health, which raised $315 million to serve rural healthcare practices; Aledade, a network of independent primary-care practices that picked up $260 million; and kidney-care startup Strive Health, which collected $166 million.

This year, 1% of healthtech financings have been $100 million or more, down from 4% in 2022 and 8% in 2021, according to Silicon Valley Bank, which says half of this year's megadeals in healthtech have been in value-based care companies.

Value-based care companies are drawing interest even as the financing market cools. U.S. and European healthtech startups -- which sell tech-enabled healthcare products or services -- raised $8.15 billion in venture capital through Aug. 1, which is behind last year's pace, when these companies collected $23.07 billion for the full year, according to SVB.

"In general, we believe that value-based care is the way to go," said Annie Lamont, a managing partner at venture firm Oak HC/FT, a Main Street investor.

Value-based care companies often require significant funding to gain market share.

That raises questions about how many of today's startups will be able to raise the capital needed to survive as large sustainable businesses. Many investors are willing to tackle the complexities of value-based models as more doctors and insurers view it as a solution to lowering costs while improving patients' health.

Investors are responding to a push by health insurers to explore value-based care models. Medicare, for example, aims to move all fee-for-service beneficiaries onto value-based care by 2030.

Venture-backed companies early last decade pioneered value-based care models in primary care, a giant market, said Julie Ebert, managing director, life science and healthcare banking for SVB. They include Oak Street Health, which formed in 2012 to provide care for older Americans. CVS Health acquired the company in May in a $10.6 billion deal.

The success of these companies is contributing to momentum in the market now, including the formation of startups that tailor their services to specific patient populations, such as people with kidney disease, she added.

"Companies are finally starting to make money," Ebert said.

Nashville, Tenn.-based Main Street Health strikes deals with rural primary-care practices to help them operate under value-based structures. To do so, it negotiates agreements with health insurers who cover patients in physician practices.

Generally, one challenge to value-based care is that companies need to accumulate a sufficient volume of patients to show that their model is effective, said Marissa Moore, an investor with venture investor Omers Ventures. To do that, they must capture a large portion of the market, which requires a significant amount of time and money and people, she said." [2]

 

1.  "What are value-based care companies? Value-Based Care (VBC) is a health care delivery model under which providers — hospitals, labs, doctors, nurses and others — are paid based on the health outcomes of their patients and the quality of services rendered. Under some value-based contracts, providers share in financial risk with health insurance companies."  

2. Business News: Value-Based Healthtech Companies Draw New Financing. Gormley, Brian.  Wall Street Journal, Eastern edition; New York, N.Y.. 13 Oct 2023: B.3.

We stink, Lithuanian brothers, our outdoor toilets really stink.

 We don't have money. Landsbergis steals our money through the machinations of golden spoons for the army, grows a goatee and laughs at us. That's why.  And the EU will give us millions in fines for those outdoor toilets. 

Dvokiam, broliai lietuviai, labai dvokiam mūsų lauko tualetais.

Nes neturim pinigų. Landsbergis mūsų pinigus išvagia per auksinių šaukštų kariuomenei machinacijas, augina ožio barzdelę ir juokiasi iš mūsų. Todėl taip blogai. O ES mums duos milijonines baudas už tuos lauko tualetus.