APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/58-freight-gogox" target="_blank" data-smartkarma-citation="entities:35517:1" rel="noopener">58 Freight (GogoX) (1903638D HK)</a> (GGX) is looking to raise US$200m in its upcoming Hong Kong IPO.</li>
<li>GogoX is an online intra-city logistics platform, operating in more than 30 cities across five countries and regions in Asia, namely, mainland China, Hong Kong, Singapore, Korea, and India. </li>
<li>9M21 results show that the company is back on its spending spree and the cash burn is unlikely to abate in the near term.</li>
</ul>



58 Freight (GogoX) (1903638D HK) (GGX) is looking to raise US$200m in its upcoming Hong Kong IPO.
GogoX is an online intra-city logistics platform, operating in more than 30 cities across five countries and regions in Asia, namely, mainland China, Hong Kong, Singapore, Korea, and India. 
9M21 results show that the company is back on its spending spree and the cash burn is unlikely to abate in the near term.


58 Freight (GogoX) Pre-IPO - PHIP Updates

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>GOGOX is China’s second largest online intra-city logistics platform with operations in Hong kong, Singapore, Korea and India.</li>
<li>The company’s application for a HK listing has been approved and according to news media outlets, will raise US$200-300m through the IPO.</li>
<li>GOGOX’s overseas business has continued growth despite the pandemic, however, China business has been deteriorating due to intense competition.</li>
</ul>


GOGOX is China’s second largest online intra-city logistics platform with operations in Hong kong, Singapore, Korea and India.
The company’s application for a HK listing has been approved and according to news media outlets, will raise US$200-300m through the IPO.
GOGOX’s overseas business has continued growth despite the pandemic, however, China business has been deteriorating due to intense competition.


GOGOX IPO: Overseas Business Maintains Growth but China Biz Under Pressure Due to Competition

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gogox-holdings" target="_blank" data-smartkarma-citation="entities:35556:1" rel="noopener">GoGoX Holdings (GOGO HK)</a> is a major online intra-city logistics platform in Asia. It is pre-marketing an HKEx IPO to raise US$200 million, according to press reports.   </li>
<li>The fundamentals are unattractive as intensifying competition is pressuring growth, increasing losses and spurring cash burn.   </li>
<li>As the losses and cash burn is expected to persist over the next three years, we would give the IPO a pass. </li>
</ul>



GoGoX Holdings (GOGO HK) is a major online intra-city logistics platform in Asia. It is pre-marketing an HKEx IPO to raise US$200 million, according to press reports.   
The fundamentals are unattractive as intensifying competition is pressuring growth, increasing losses and spurring cash burn.   
As the losses and cash burn is expected to persist over the next three years, we would give the IPO a pass. 


GOGOX IPO Initiation: A Less than Perfect Delivery

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huitongda" target="_blank" data-smartkarma-citation="entities:33789:1" rel="noopener">Huitongda (9878 HK)</a> is looking to raise up to US$318m in its Hong Kong IPO.</li>
<li>Huitongda (HTD) is a leading commerce and service platform serving businesses in the lower-tier retail markets of China.</li>
<li>In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.</li>
</ul>



Huitongda (9878 HK) is looking to raise up to US$318m in its Hong Kong IPO.
Huitongda (HTD) is a leading commerce and service platform serving businesses in the lower-tier retail markets of China.
In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.


Huitongda (汇通达) IPO - Not the Right Price

<ul>
<li>
<a href="https://www.smartkarma.com/entities/58-freight-gogox" target="_blank" data-smartkarma-citation="entities:35517:1" rel="noopener">58 Freight (GogoX) (1903638D HK)</a> is looking to raise US$200m in its upcoming Hong Kong IPO.</li>
<li>GogoX is an online intra-city logistics platform, operating in more than 30 cities across five countries and regions in Asia, namely, mainland China, Hong Kong, Singapore, Korea, and India. </li>
<li>It owns and operates two brands, Kuaigou Dache (快狗打车) in mainland China and GOGOX for other countries and region.</li>
</ul>



58 Freight (GogoX) (1903638D HK) is looking to raise US$200m in its upcoming Hong Kong IPO.
GogoX is an online intra-city logistics platform, operating in more than 30 cities across five countries and regions in Asia, namely, mainland China, Hong Kong, Singapore, Korea, and India. 
It owns and operates two brands, Kuaigou Dache (快狗打车) in mainland China and GOGOX for other countries and region.


58 Freight (GogoX) Pre-IPO - Sacrificed Market Share in Pursuit of Profitability

Hong Kong

Feiyu Technology International Co Ltd is a video-game developer. The Company is primarily focused on the development and operation of mobile games.

ABC Multiactive Limited, through its subsidiaries, designs and sells computer software for e-business, Customer Relationship Management (CRM), e-finance, Internet trading, and e-training, and provides related professional and maintenance services.

GET Holdings Limited, through its subsidiaries, provides system solutions to assist its customers in defining their online business strategies. The Company also develop customized e-commerce systems and integrate web applications and platform services.

Sing Lee Software Group Limited, through its subsidiaries, develops and provides information and network technologies and services to the financial industry in China.

China e-Wallet Payment Group Limited provides biometrics and RFID products and solutions. The Company offers biometric access control devices, asset management systems, transport monitoring, and intelligent surveillance solutions. China e-Wallet Payment Group serves customers worldwide.

Aurum Pacific (China) Group Limited provides software solutions. The Company designs and develops comprise translation, information security, Internet application, and entertainment software solutions. Aurum Pacific (China) Group serves customers in Hong Kong.

Founder Holdings Limited, through its subsidiaries, develops software and provides systems integration services.  The Company also distributes computer products and invests in real estate.

Inspur International Limited, through its subsidiaries, distributes, sources, and resells IT (Information Technology) products in Hong Kong, China, and overseas markets.

Sino-i Technology Limited, through its subsidiaries, operates information technology business and provides financial information and related services. The Company also develops and invests in properties, sells consumer packaged electronics products, and trades securities.  In addition, Sino-i Technology operates hotels and distance learning and application services.

Maxnerva Technology Services Ltd offers IT services. The Company provides manufacturing, office, and new retail solutions. Maxnerva Technology Services serves customers in China.

Reckon Limited distributes, publishes, supports and markets financial management software in Australia.  The Company's products are developed locally by the Group or republished under license from Intuit.  The Company's software targets personal financial management, SME financial management and financial planning and are sold under the "Quicken" brand.

DigitalX Ltd operates as a software solutions company. The Company operates in the global digital payments systems industry through disruptive fintech solutions in the remittance and value chain sectors, and allows consumers to make secure and cost-effective money transfers worldwide..

Cheetah Mobile Inc develops internet and mobile enhancement software and applications. The Company develop and operates and internet browser, and internet security, memory saving, power optimization, mobile games, and photo collage applications. Cheetah Mobile operates in China.

Rexit Bhd, through its subsidiaries, provides business application solutions. The Company's services range from conceptual development and project management, to overall systems implementation.  Rexit has developed and owns software application solutions, such as insurance management, imaging and workflow systems, and wireless radio frequency identification tracking systems.

Fun Yours Technology Co. Ltd. develops and sells role-playing computer games in Taiwan.

Appasia Berhad engages in the research, development, and sale of information communication technology (ICT) security systems, and provision of related professional services in Malaysia.

KL-Net Corp. provides system integration services and electronic data interchange (EDI) service, which enables government agencies and businesses process their transactions electronically.  The Company also markets computer hardware and software, and operates Internet portal service website.

Telcoware Co., Ltd. provides mobile infrastructure solutions and services.  The Company's products include wireless transmission of data and voice systems, such as home location registers, gateway location registers, authentication centers, telephony and IP integration systems, and instant messaging.

TOSE CO., LTD. develops gaming software and creates online contents for smartphones and the Internet. The Company also provides arcade games and mobile apps.

Nable Communications, Inc. provides communication solutions for operators, enterprises, and handset vendors. The Company provides IMS enabler solutions, IMS client framework and IP telephony solutions.

Gogox Holdings Limited develops online intra city logistics platforms. The Company provides value added services, capable of catering to evolving demand of shippers, drivers and other participants in our ecosystem. Gogox Holdings provides its services throughout Hong Kong.

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GoGoX Holdings (2246 HK)

58 Freight (GogoX) Pre-IPO - PHIP Updates

58 Freight (GogoX) (1903638D HK) (GGX) is looking to raise US$200m in its upcoming Hong Kong IPO. In this note, we look at GGX’s PHIP updates.

Clarence Chu

GOGOX IPO: Overseas Business Maintains Growth but China Biz Under Pressure Due to Competition

GOGOX is China’s second largest online intra-city logistics platform. The overseas business has continued growth despite the pandemic, however,...

Shifara Samsudeen, ACMA, CGMA

GOGOX IPO Initiation: A Less than Perfect Delivery

GOGOX is pre-marketing an HKEx IPO to raise US$200 million, according to press reports. We believe that the fundamentals are unattractive and we...

Arun George

Huitongda (汇通达) IPO - Not the Right Price

Huitongda (9878 HK) is looking to raise up to US$318m in its Hong Kong IPO. Huitongda (HTD) is a leading commerce and service platform serving...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

58 Freight (GogoX) Pre-IPO - PHIP Updates

58 Freight (GogoX) (1903638D HK) (GGX) is looking to raise US$200m in its upcoming Hong Kong IPO. In this note, we look at GGX’s PHIP updates.

Clarence Chu

GOGOX IPO: Overseas Business Maintains Growth but China Biz Under Pressure Due to Competition

GOGOX is China’s second largest online intra-city logistics platform. The overseas business has continued growth despite the pandemic, however,...

Shifara Samsudeen, ACMA, CGMA

GOGOX IPO Initiation: A Less than Perfect Delivery

GOGOX is pre-marketing an HKEx IPO to raise US$200 million, according to press reports. We believe that the fundamentals are unattractive and we...

Arun George

Huitongda (汇通达) IPO - Not the Right Price

Huitongda (9878 HK) is looking to raise up to US$318m in its Hong Kong IPO. Huitongda (HTD) is a leading commerce and service platform serving...

Clarence Chu

58 Freight (GogoX) Pre-IPO - Sacrificed Market Share in Pursuit of Profitability

58 Freight (GogoX) (1903638D HK) is looking to raise US$200m in its upcoming Hong Kong IPO. GogoX is an online intra-city logistics platform in Asia.

Clarence Chu