Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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Ronshine China Holdings / Equity Capital Markets

Ronshine China Holdings plans to raise US$230-270 through an issuance of primary shares in its IPO. The company seems to have a good reputation as a developer in the Fujian province. However, the deal doesn't score well on our framework and valuations don't look appealing versus peers. Even post the IPO, the company will have one of the highest gearing ratios in the sector and will primarily be funded through borrowings via trust funds. Furthermore, JV's with related party companies have accounted for a substantial proportion of profits in the past. Lack of clarity on how projects will be split between related parties and the company going forward, raises corporate governance issues as well.

Ronshine China Holdings plans to raise US$230-270 through an issuance of primary shares in its IPO. The company seems to have a good reputation as a developer in the Fujian province. However, the deal doesn't score well on our framework and valuations don't look appealing versus peers. Even post the IPO, the company will have one of the highest gearing ratios in the sector and will primarily be funded through borrowings via trust funds. Furthermore, JV's with related party companies have accounted for a substantial proportion of profits in the past. Lack of clarity on how projects will be split between related parties and the company going forward, raises corporate governance issues as well. 

Ronshine China IPO: Needs a Lot More Equity to Be Investable

China

Greentown China Holdings Ltd. develops real estate.  The Company builds residential villas, low-rise apartment buildings, and high-rise apartment buildings for middle and high-income people.

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Greentown China (3900 HK)

Ronshine China IPO: Needs a Lot More Equity to Be Investable

Ronshine China Holdings plans to raise US$230-270 through an issuance of primary shares in its IPO. The company seems to have a good reputation as...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)