Tsingtao Placement - Ending the Selldowns with the Biggest One so Far
Fosun aims to raise around US$527m via selling a 3.5% stake in Tsingtao. We have covered three other selldowns by Fosun before.
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Pinduoduo (PDD): 1Q22, Good Quarter, But Lockdown Scares Third-Party Retailers
PDD achieved high growth rates in main businesses and a higher operating margin in 1Q22. However, we believe third-party retailers are scared about...
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Delhivery IPO Trading - Anchor Book Was Good but Overall Demand Was Still Tepid
Delhivery raised around US$680m in its India IPO, the company is backed by a host of financial investors, the largest being Softbank. In this note,...
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Coupang: Decelerating Revenue, Sporadic Profitability and Still Expensive
Coupang's comments on the gross margin outlook are a bit concerning and make us think that the improvement in Q1 was just a one-off. Meantime, the...
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GEM Weekly (6 May 2022): Chinese and South Korean Macro; Xiaomi, Didi, Pinduoduo, JD.com, NetEase
The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of...
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