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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> aims to complete a spin-off of the Cloud Intelligence Group via a stock dividend distribution, with it becoming publicly listed in the next 12 months.  </li>
<li>The Cloud business is pursuing a land-grab strategy to reignite growth. While it is the only profitable Chinese cloud platform, the profitability gap to Amazon AWS highlights the opportunity. </li>
<li>The aim to bring in external strategic investors before the spin-off will provide a valuation benchmark. Our analysis points to a Cloud business valuation range of US$45-58 billion. </li>
</ul>



Alibaba (ADR) (BABA US) aims to complete a spin-off of the Cloud Intelligence Group via a stock dividend distribution, with it becoming publicly listed in the next 12 months.  
The Cloud business is pursuing a land-grab strategy to reignite growth. While it is the only profitable Chinese cloud platform, the profitability gap to Amazon AWS highlights the opportunity. 
The aim to bring in external strategic investors before the spin-off will provide a valuation benchmark. Our analysis points to a Cloud business valuation range of US$45-58 billion. 


Alibaba’s Cloud Intelligence Group Spin-Off: The First Look

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul><li>Philippine telecommunications conglomerate Globe Telecom Inc. is ramping up expansion of its e-wallet unit and online medical business by capitalizing on the widespread adoption of digital services in the Southeast Asian nation, the firm’s chief executive told Caixin.</li><li>The uptake of digital services for transactions surged during the Covid-19 pandemic — especially in the fintech, medical, and healthcare sectors.</li><li>The trend has continued even after the Philippines relaxed virus controls, Globe Telecom President and CEO Ernest Cu said in an interview on the sidelines of the Asia New Vision Forum in Singapore Monday</li></ul>

Philippine telecommunications conglomerate Globe Telecom Inc. is ramping up expansion of its e-wallet unit and online medical business by capitalizing on the widespread adoption of digital services in the Southeast Asian nation, the firm’s chief executive told Caixin.The uptake of digital services for transactions surged during the Covid-19 pandemic — especially in the fintech, medical, and healthcare sectors.The trend has continued even after the Philippines relaxed virus controls, Globe Telecom President and CEO Ernest Cu said in an interview on the sidelines of the Asia New Vision Forum in Singapore Monday

Major Philippines’ Telco Banks On Rapid Digital Services Uptake, CEO Says

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Event-Driven

<ul>
<li>On 28th Mar 2023, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.</li>
<li>Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.</li>
<li>In this note, we will talk about some of the company’s investments and how the overall Holdco would look post restructuring.</li>
</ul>


On 28th Mar 2023, Alibaba (ADR) (BABA US) announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.
Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.
In this note, we will talk about some of the company’s investments and how the overall Holdco would look post restructuring.


Alibaba Potential IPOs - The Final Part - Quick Look at Investees and Eventual Holdco

<ul><li>Two digital banks backed by Ant Group and Tencent Holdings reported a rise in bad loans and slower growth of their balance sheets but also posted higher profits and healthy liquidity metrics</li><li>Ant Group-backed MYbank said its nonperforming loan ratio for 2022 was 1.94%, up 0.41 of a percentage point from the previous year. </li><li>That was still lower than the average ratio of 2.18% for small and midsize enterprise loans in China, according to the online lender’s annual report.</li></ul>

Two digital banks backed by Ant Group and Tencent Holdings reported a rise in bad loans and slower growth of their balance sheets but also posted higher profits and healthy liquidity metricsAnt Group-backed MYbank said its nonperforming loan ratio for 2022 was 1.94%, up 0.41 of a percentage point from the previous year. That was still lower than the average ratio of 2.18% for small and midsize enterprise loans in China, according to the online lender’s annual report.

Top Chinese Digital Banks Report More Bad Loans but Higher Earnings

Cross Asset Strategy

<ul><li>Time banks / In Depth: Why time banks haven’t caught on in China</li><li>Digital banks / Top Chinese digital banks report more bad loans but higher earnings</li><li>Banking / In Depth: China’s banks look to bolster bottom line after lending binge</li></ul>

Time banks / In Depth: Why time banks haven’t caught on in ChinaDigital banks / Top Chinese digital banks report more bad loans but higher earningsBanking / In Depth: China’s banks look to bolster bottom line after lending binge

CX Daily: Why Time Banks Haven’t Caught On in China

China

Ant Group Co., Ltd. develops online payment platforms. The Company produces credit system and financial services platforms which provide consumers and small businesses with safe and convenient inclusive financial services globally. Ant Group provides its services worldwide.

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Ant Group (6688 HK)

Alibaba’s Cloud Intelligence Group Spin-Off: The First Look

The aim to bring in external strategic investors before the spin-off will provide a valuation benchmark. Our analysis points to a Cloud business...

Arun George

Major Philippines’ Telco Banks On Rapid Digital Services Uptake, CEO Says

Philippine telecommunications conglomerate Globe Telecom Inc. is ramping up expansion of its e-wallet unit and online medical business by...

Caixin Global

Alibaba Potential IPOs - The Final Part - Quick Look at Investees and Eventual Holdco

Continuining with our series of notes on Alibaba's planned six way reorganisation, in this note, we talk about its investments and eventual holdco.

Sumeet Singh

Top Chinese Digital Banks Report More Bad Loans but Higher Earnings

Two digital banks backed by Ant Group and Tencent Holdings reported a rise in bad loans and slower growth of their balance sheets but also posted...

Caixin Global

CX Daily: Why Time Banks Haven’t Caught On in China

In Depth: Why time banks haven’t caught on in China. Top Chinese digital banks report more bad loans but higher earnings. In Depth: China’s banks...

Caixin Global

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