Coupang IPO: Valuation Insights
The $27-30 price range implies gross proceeds up to $3.6 billion and values Coupang at $46-51 billion. At the price range, Coupang is attractively...
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JD.com (JD): Found More Exclusive Advantages, But Need More Reasonable Price
JD has more exclusive users than Pinduoduo and Alibaba’s Taobao. JD runs an asset-light strategy in the fresh food market. We still believe the...
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Pinduoduo (PDD US): Know When to Fold, Know When to Run
Pinduoduo's (PDD US) share price jumped 2.2x since last November. The company will have a tough time meeting lofty consensus expectations. Rotate...
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Alibaba (BABA US): Ant Group Woes Overly Priced-In
In this report, we summarize the potential impact of the recently announced regulation by CBIRC on Ant Group and why its value remains intact,...
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Autohome Secondary Listing - Doesn’t Need the Cash at All
Autohome plans to raise around US$1bn in its secondary listing in Hong Kong. The company is said to have filed confidentially in Jan 2021 and won...
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