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

JD Industrial Technology  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrials" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (2231713D CH)</a>/JDI, a leading industrial supply chain technology and service provider in China, has filed for a US$1bn IPO. <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> owns a 77.95% stake.</li>
<li>JDI is the largest industrial supply chain technology and service provider in China in terms of GMV, customer coverage and SKU offerings in 2022, according to CIC.</li>
<li>The key elements of the bull case rest on large addressable markets, market share gains, robust product revenue growth underpinned by key accounts, improving underlying margin and strong cash generation.</li>
</ul>



JD Industrials (2231713D CH)/JDI, a leading industrial supply chain technology and service provider in China, has filed for a US$1bn IPO. JD.com Inc (ADR) (JD US) owns a 77.95% stake.
JDI is the largest industrial supply chain technology and service provider in China in terms of GMV, customer coverage and SKU offerings in 2022, according to CIC.
The key elements of the bull case rest on large addressable markets, market share gains, robust product revenue growth underpinned by key accounts, improving underlying margin and strong cash generation.


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrials" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials</a> is looking to raise about US$1bn in its upcoming HK IPO. </li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We undertook a peer comparison in our previous note, in this note we talk about some additional useful information that we found interesting from peer filings.</li>
</ul>



JD Industrials is looking to raise about US$1bn in its upcoming HK IPO. 
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We undertook a peer comparison in our previous note, in this note we talk about some additional useful information that we found interesting from peer filings.


JD Industrials Pre-IPO - Peer Comparison - Some Interesting Nuggets from Peer Filings

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Horizon Construction Development / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-construction-development" target="_blank" data-smartkarma-citation="entities:35117:1" rel="noopener">Horizon Construction Development (1887128D HK)</a> raised around US$210m in its Hong Kong IPO.</li>
<li>HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.</li>
<li>In this note, we will talk about the trading dynamics and valuation.</li>
</ul>



Horizon Construction Development (1887128D HK) raised around US$210m in its Hong Kong IPO.
HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.
In this note, we will talk about the trading dynamics and valuation.


Horizon Construction Dev IPO Trading - Subscription Rates Still Weak, Despite Cornerstone Support

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrials" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (</a>JDI)  is looking to raise about US$1bn in its upcoming HK IPO. </li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>In this note, we will undertake a peer comparison versus domestic and international peers.</li>
</ul>



JD Industrials (JDI)  is looking to raise about US$1bn in its upcoming HK IPO. 
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
In this note, we will undertake a peer comparison versus domestic and international peers.


Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>We spent the second half of last week meeting ECM focused clients in Hong Kong.</li>
<li>Overall, the mood remains somewhat grim for Hong Kong/China and it will be up to a few upcoming deals to open up the market again.</li>
<li>In this note, we talk about some of the feedback for the upcoming IPOs and placements.</li>
</ul>


We spent the second half of last week meeting ECM focused clients in Hong Kong.
Overall, the mood remains somewhat grim for Hong Kong/China and it will be up to a few upcoming deals to open up the market again.
In this note, we talk about some of the feedback for the upcoming IPOs and placements.


ECM Asia Takeaways from Hong Kong Investor Meetings - Rakuten, Growatt, JD Industrial and Others

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com Inc (ADR) (JD US)

JD Industrials IPO: The Bull Case

The key elements of the bull case rest on large TAMs, market share gains, robust product revenue growth underpinned by key accounts, improving...

Arun George

JD Industrials Pre-IPO - Peer Comparison - Some Interesting Nuggets from Peer Filings

JD Industrials is looking to raise about US$1bn in its upcoming HK IPO. In this note we talk about some additional useful information that we...

Sumeet Singh

Horizon Construction Dev IPO Trading - Subscription Rates Still Weak, Despite Cornerstone Support

Horizon Construction Development (1887128D HK) raised around US$210m in its Hong Kong IPO. In this note, we will talk about the trading dynamics...

Ethan Aw

JD Industrials Pre-IPO - Peer Comparison

JD Industrials (JDI) is looking to raise about US$1bn in its upcoming HK IPO. In this note, we undertake a peer comparison.

Sumeet Singh

ECM Asia Takeaways from Hong Kong Investor Meetings - Rakuten, Growatt, JD Industrial and Others

We spent the second half of last week meeting ECM focused clients in Hong Kong. In this note, we talk about some of the investor feedback for live...

Sumeet Singh

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Market Cap (USDm)

P/E

Dividend (Yield)