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/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Guming Holdings (Guming) is a maker of freshly-made beverages in China.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
Guming Holdings (Guming) is a maker of freshly-made beverages in China.
In this note, we will talk about the not so positive aspects of the deal.


Guming Holdings (Goodme) Pre-IPO - The Negatives - Growth Sustainability Remains a Question Mark

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Guming Holdings (Guming) is a maker of freshly-made beverages in China.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
Guming Holdings (Guming) is a maker of freshly-made beverages in China.
In this note, we will talk about the positive aspects of the deal.


Guming Holdings (Goodme) Pre-IPO - The Positives - Benefited from Scaling Its Store Network

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Guming generates revenue mainly from the sales of goods/equipment to its franchisees (or ToB business). So, Guming’s future growth depends significantly on its ability to operate and expand store network.</li>
<li>China’s freshly-made beverage market is highly competitive. Guming is unlikely to catch up with MIXUE, but Guming will be overtaken by the rest players if it fails to compete effectively.</li>
<li>Due to Guming’s business model, investors're hard to see the real picture of Guming solely based on its revenue/profits. Guming’s valuation should be higher than <a href="https://www.smartkarma.com/entities/nayuki-holdings" target="_blank" data-smartkarma-citation="entities:32149:1" rel="noopener">Nayuki </a>but lower than MIXUE.</li>
</ul>


Guming generates revenue mainly from the sales of goods/equipment to its franchisees (or ToB business). So, Guming’s future growth depends significantly on its ability to operate and expand store network.
China’s freshly-made beverage market is highly competitive. Guming is unlikely to catch up with MIXUE, but Guming will be overtaken by the rest players if it fails to compete effectively.
Due to Guming’s business model, investors're hard to see the real picture of Guming solely based on its revenue/profits. Guming’s valuation should be higher than Nayuki but lower than MIXUE.


Pre-IPO Guming Holdings - The Current Market Position Is Not Secure

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> is looking to raise US$300m in its upcoming Hong Kong IPO. The bookrunners on the deal are Goldman Sachs, and UBS.</li>
<li>Guming Holdings (Guming) is a maker of freshly-made beverages in China.</li>
<li>As per CIC, its “Good me” brand is China’s largest mid-priced freshly-made tea store brand in terms of both GMV in 2023 and store count as of Dec 2023.</li>
</ul>



Guming Holdings (GUM HK) is looking to raise US$300m in its upcoming Hong Kong IPO. The bookrunners on the deal are Goldman Sachs, and UBS.
Guming Holdings (Guming) is a maker of freshly-made beverages in China.
As per CIC, its “Good me” brand is China’s largest mid-priced freshly-made tea store brand in terms of both GMV in 2023 and store count as of Dec 2023.


Guming Holdings (Goodme) Pre-IPO Tearsheet

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

Cross Asset Strategy

<ul><li>PPP / Cover Story: How regulation shake-up cast public-private partnerships into limbo</li><li><p>Hong Kong /In Depth: Mainlanders flood Hong Kong talent program</p></li><li><p>Ji Yue /Baidu, Geely offer limited help to stalled EV brand</p></li></ul>

PPP / Cover Story: How regulation shake-up cast public-private partnerships into limboHong Kong /In Depth: Mainlanders flood Hong Kong talent programJi Yue /Baidu, Geely offer limited help to stalled EV brand

CX Daily: How Regulation Shake-Up Cast Public-Private Partnerships Into Limbo 

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Guming Holdings (GUM HK)

Guming Holdings (Goodme) Pre-IPO - The Negatives - Growth Sustainability Remains a Question Mark

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive...

Clarence Chu

Guming Holdings (Goodme) Pre-IPO - The Positives - Benefited from Scaling Its Store Network

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects...

Clarence Chu

Pre-IPO Guming Holdings - The Current Market Position Is Not Secure

In the context of rapid growth in freshly-made tea beverage market, Guming has performed well. However, due to fierce competition and disadvantages...

Xinyao (Criss) Wang

Guming Holdings (Goodme) Pre-IPO Tearsheet

Guming Holdings (GUM HK) is looking to raise US$300m in its upcoming Hong Kong IPO. The bookrunners on the deal are Goldman Sachs, and UBS. Guming...

Clarence Chu

CX Daily: How Regulation Shake-Up Cast Public-Private Partnerships Into Limbo

PPP / Cover Story: How regulation shake-up cast public-private partnerships into limbo A Shenzhen-listed garden landscaping company recently...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)