APAC IPOs & Placements

Zhen Zhou, Toh

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.

Equity Capital Markets

Ruhnn Holding Ltd / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27992" target="_blank" data-smartkarma-citation="entities:27992:1">Ruhnn Holding Ltd (RUHN US)</a> is looking to raise about US$200m in its upcoming IPO.
The company is an internet key opinion leader (KOL) incubator in China. Revenue and GMV grew at impressive rates of 63% and 57% YoY in FY2018, respectively.
The idea of being able to leverage on KOLs influence over consumers to understand demand and retain consumers is interesting but Ruhnn has yet to demonstrate that it has a sustainable business model. 
Gross margin has deteriorated and losses widened as a percentage of revenue. Service fee paid to KOLs as a percentage of revenue has increased and showed little improvement in 9M FY2019.  The company depends heavily on the top KOL, Zhang Dayi, to generate revenue, almost half of the company's GMV and revenue is generated from her.

Ruhnn Holding Ltd (RUHN US) is looking to raise about US$200m in its upcoming IPO.
The company is an internet key opinion leader (KOL) incubator in China. Revenue and GMV grew at impressive rates of 63% and 57% YoY in FY2018, respectively.
The idea of being able to leverage on KOLs influence over consumers to understand demand and retain consumers is interesting but Ruhnn has yet to demonstrate that it has a sustainable business model. 
Gross margin has deteriorated and losses widened as a percentage of revenue. Service fee paid to KOLs as a percentage of revenue has increased and showed little improvement in 9M FY2019.  The company depends heavily on the top KOL, Zhang Dayi, to generate revenue, almost half of the company's GMV and revenue is generated from her.

Ruhnn (如涵) Pre-IPO Review- Significant Concentration Risk

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.

<a href="https://www.smartkarma.com/entities/27992" target="_blank" data-smartkarma-citation="entities:27992:1">Ruhnn Holding Ltd (RUHN US)</a> is an e-commerce platform which drives sales through KOLs (key opinion leaders). Ruhnn is the largest internet KOL facilitator in China as measured by revenue, the number of online stores and GMV in 2018 according to Frost &amp; Sullivan. Ruhnn is backed by <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding (BABA US)</a>, an 8.6% shareholder, and is seeking to raise $200 million through a Nasdaq IPO.<div class="content-highlight">However, Ruhnn’s rhetoric does not match its financial performance. On balance, we are inclined to give this IPO a pass.</div>

Ruhnn Holding Ltd (RUHN US) is an e-commerce platform which drives sales through KOLs (key opinion leaders). Ruhnn is the largest internet KOL facilitator in China as measured by revenue, the number of online stores and GMV in 2018 according to Frost &amp; Sullivan. Ruhnn is backed by Alibaba Group Holding (BABA US), an 8.6% shareholder, and is seeking to raise $200 million through a Nasdaq IPO.However, Ruhnn’s rhetoric does not match its financial performance. On balance, we are inclined to give this IPO a pass.

Ruhnn IPO Preview: Hard to Stay Red-Hot for Long

United States

Ruhnn Holding Limited operates as a holding company. The Company, through its subsidiaries, provides e-commerce and marketing platform that connects a large number of businesses, including brands, online retailers, designers, manufacturers, and suppliers. Ruhnn Holding serves customers in China.

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Ruhnn Holding Ltd (RUHN US)

Ruhnn (如涵) Pre-IPO Review- Significant Concentration Risk

Ruhnn Holding Ltd (RUHN US) is looking to raise about US$200m in its upcoming IPO. The company is an internet key opinion leader (KOL) incubator in...

Zhen Zhou, Toh

Ruhnn IPO Preview: Hard to Stay Red-Hot for Long

Ruhnn Holding Ltd (RUHN US) is an e-commerce platform which drives sales through KOLs (key opinion leaders). Ruhnn is the largest internet KOL...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)