New Oriental Hong Kong Secondary Trading - Largest ADR/HK Listing Premium Yet
New Oriental Education (EDU US) raised US$1.5bn in its secondary listing. I have covered the background of the deal in my earlier note. In this...
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TRACKING TRAFFIC/Chinese Tourism: Outbound: Comatose | Domestic: Fewer, Shorter Trips = New Normal?
September numbers show almost non-existent outbound travel but a continued gradual recovery in domestic travel demand. Shorter average domestic air...
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GDS Holdings HK Secondary Trading- Strong Coverage but No Discount and Volatile Markets Won't Help
Gds Holdings (Adr) (GDS US) raised around US$1.6bn in its secondary listing in Hong Kong. In this note, I'll talk about the deal dynamics and...
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New Oriental Hong Kong Secondary - Might Be Relatively Small
New Oriental Education (EDU US) plans to raise around US$1bn in its secondary listing in Hong Kong. While the company has filed its PHIP, the exact...
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Is Chinese Tourism Really a 'Growth' Industry?
The effects of the Covid19 pandemic aside, we believe strong (10%+) growth in underlying Chinese tourism demand is becoming more elusive.
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