Baidu Secondary Listing - Smaller than Expected, Doing the Bare Minimum
Baidu plans to raise around US$3bn in its secondary listing in Hong Kong. I have covered most aspects of the deal in my earlier note. In this note,...
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Autohome Secondary Listing - Going Down a Different Route
Autohome plans to raise around US$864m in its secondary listing in Hong Kong. Unlike the prior secondary listing, this one contains a sell down as...
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Bilibili Secondary Listing Early Look - Will Probably Be More like JD and NetEase
Bilibili plans to raise around US$3bn in its secondary listing in Hong Kong. The company is said to have filed confidentially in Jan 2021 and is...
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Cloopen Group Holdings IPO Valuation Analysis
Our base case valuation of Cloopen Group Holdings is an implied price per share of $22.2 per share, representing 48% higher than the high end of...
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An Analysis of ADR/HKEX Discount Behavior As The US Listed Chinese Tech Rush To Hong Kong
As the US-listed Chinese tech firms rush for secondary listings on the Hong Kong Stock Exchange, we analyse the ADR/HKEX discount behaviour of the...
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