Smartkarma Originals
Homecoming For Chinese Companies: Appraisal Rights & Fair Value
On 20 May 2020, the US Senate passed the S. 945 the Holding Foreign Companies Accountable Act, an act which could force the delisting of US-listed...
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ZTO Express Secondary Listing - Smaller than Expected
ZTO Express (ZTO US) plans to raise around US$1.4bn in its secondary listing in Hong Kong. While the company filed its PHIP on Friday, 11th Sep...
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Ant Group IPO: Ant Vs CreditTech Peers
In our previous notes, we suggested that Ant’s medium-term revenue and margins are likely to be driven by its CreditTech business (refer our notes...
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Thoughts on ZTO Express' HK Listing: Expensive & Struggling to Maintain Margins & Cash Flow
We've been bearish on ZTO Express (ZTO US) for some time now. Beyond some accout
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