Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>Substantial disagreements over the video streamer DouYu International’s strategic direction, prompts ownership re-think at Tencent; </li>
<li>Tencent is allegedly privatizing Douyu near the bottom of the market; and </li>
<li>Unlike the JD.com move, this transaction maximizes shareholder value while getting into regulatory compliance. </li>
</ul>


Substantial disagreements over the video streamer DouYu International’s strategic direction, prompts ownership re-think at Tencent; 
Tencent is allegedly privatizing Douyu near the bottom of the market; and 
Unlike the JD.com move, this transaction maximizes shareholder value while getting into regulatory compliance. 


Tencent Holdings – Getting Its House In Order

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huitongda" target="_blank" data-smartkarma-citation="entities:33789:1" rel="noopener">Huitongda (1566215D CH)</a> is a fast-growing commerce and service platform focused on China’s lower-tier retail market. It will launch an HKEx IPO on Monday to raise up to US$318 million.</li>
<li>In <a href="https://www.smartkarma.com/insights/huitongda-network-ipo-initiation-clicks-to-bricks" target="_blank" data-smartkarma-citation="insights:63428" rel="noopener">Huitongda Network IPO Initiation: Clicks to Bricks</a>, we noted the positives (addressable market, solid growth and profitability) and key negatives (low margins which reflect a fragmented and competitive market).   </li>
<li>For investors willing to brave the gloomy IPO market, our valuation analysis suggests that the IPO price range is attractive at the low end of the price range. </li>
</ul>



Huitongda (1566215D CH) is a fast-growing commerce and service platform focused on China’s lower-tier retail market. It will launch an HKEx IPO on Monday to raise up to US$318 million.
In Huitongda Network IPO Initiation: Clicks to Bricks, we noted the positives (addressable market, solid growth and profitability) and key negatives (low margins which reflect a fragmented and competitive market).   
For investors willing to brave the gloomy IPO market, our valuation analysis suggests that the IPO price range is attractive at the low end of the price range. 


Huitongda Network IPO: Valuation Insights

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Market Research expects that e-commerce will grow 15% and 13% in following two years.</li>
<li>Big platforms, such as Alibaba and JD.com will still have advantage in the growth.</li>
<li>The risk is that consumers care significantly more about product brand than platform reputation.</li>
</ul>


Market Research expects that e-commerce will grow 15% and 13% in following two years.
Big platforms, such as Alibaba and JD.com will still have advantage in the growth.
The risk is that consumers care significantly more about product brand than platform reputation.


Alibaba (BABA): Don’t Be Pessimistic About E-Commerce, Especially Big Platforms

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Bilibili launched a shopping cart feature (Xiaohuangche) recently on its livestreaming platform which enables users to purchase goods while watching a live-stream.</li>
<li>This comes at a time; China’s common prosperity crackdown has set its eyes on livestreaming e-commerce.</li>
<li>Bilibili has been looking at ways to improve its monetisation to reduce losses, but we think the new initiative will likely add further pressure on deteriorating margins.</li>
</ul>


Bilibili launched a shopping cart feature (Xiaohuangche) recently on its livestreaming platform which enables users to purchase goods while watching a live-stream.
This comes at a time; China’s common prosperity crackdown has set its eyes on livestreaming e-commerce.
Bilibili has been looking at ways to improve its monetisation to reduce losses, but we think the new initiative will likely add further pressure on deteriorating margins.


Bilibili Makes a Late Entry into Livestreaming E-Commerce; Timing Is Not Just Right

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huitongda" target="_blank" data-smartkarma-citation="entities:33789:1" rel="noopener">Huitongda (1566215D CH)</a> is a fast-growing commerce and service platform focused on China’s lower-tier retail market. It is pre-marketing an HKEx IPO to raise US$400-500 million.</li>
<li>The positives are a large addressable market, solid top-line growth and profitability. The key negative is the low margin profile which reflects a fragmented and competitive market. </li>
<li>Overall, we think that the positives outweigh the negatives and this IPO is worth a closer look.   </li>
</ul>



Huitongda (1566215D CH) is a fast-growing commerce and service platform focused on China’s lower-tier retail market. It is pre-marketing an HKEx IPO to raise US$400-500 million.
The positives are a large addressable market, solid top-line growth and profitability. The key negative is the low margin profile which reflects a fragmented and competitive market. 
Overall, we think that the positives outweigh the negatives and this IPO is worth a closer look.   


Huitongda Network IPO Initiation: Clicks to Bricks

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

Tencent Holdings – Getting Its House In Order

TENCENT: Substantial disagreements over DouYu’s strategic direction, has caused a re-think at Tencent. Unlike the JD.com move, the Douyu move makes...

Thomas J. Monaco

Huitongda Network IPO: Valuation Insights

Huitongda will launch an HKEx IPO on Monday to raise up to US$318m. Our valuation analysis suggests that the IPO price range is attractive at the...

Arun George

Alibaba (BABA): Don’t Be Pessimistic About E-Commerce, Especially Big Platforms

E-commerce will grow 15% and 13% in following two years. Big platforms will have advantage in the growth. The risk is that consumers care more...

Ming Lu

Bilibili Makes a Late Entry into Livestreaming E-Commerce; Timing Is Not Just Right

Bilibili launched a shopping cart feature on its livestreaming platform. This comes at a time China’s common prosperity crackdown has set its eyes...

Shifara Samsudeen, ACMA, CGMA

Huitongda Network IPO Initiation: Clicks to Bricks

Huitongda is pre-marketing an HKEx IPO to raise US$400-500 million. Overall, we think that the positives outweigh the negatives and this IPO is...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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