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.

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</a> is looking to raise about US$1bn in its upcoming HK IPO. </li>
<li>JD Industrials (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 talk about the positive aspects of the deal.</li>
</ul>



JD Industrials is looking to raise about US$1bn in its upcoming HK IPO. 
JD Industrials (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 talk about the positive aspects of the deal.


JD Industrials Pre-IPO - The Positives - Growing Fast and a Leader in Its Space

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">Jingdong Property (JDP HK)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Jingdong Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
In this note, we will talk about the not so positive aspects of the deal.


JD Property Pre-IPO - The Negatives - Unprofitable Without FV Gain. Gearing Could Limit Growth Plans

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>JD.com had a successful year in 2022, achieving high-quality growth and surpassing 1 trillion RMB in full-year revenues for the first time.</li><li>Despite external challenges, the company was able to maintain high-quality operations and record the highest-ever profitability for the year.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

JD.com had a successful year in 2022, achieving high-quality growth and surpassing 1 trillion RMB in full-year revenues for the first time.Despite external challenges, the company was able to maintain high-quality operations and record the highest-ever profitability for the year.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

JD.com Inc: Proposed Acquisition of Deppon Logistics Co & Other Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">Jingdong Property (JDP HK)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Jingdong Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
In this note, we will talk about the positive aspects of the deal.


JD Property Pre-IPO - The Positives - Active on the Acquisition Front Leading to Growth

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>March parcel volume growth (22.7%) improved against an easy comp (-3.1%) from 2022</li>
<li>Prices are declining, too (-3.2% Y/Y) -- not yet precipitous, but worst since Q1 2022</li>
<li>Based on what we see, ZTO's 2023 volume targets will still be difficult to meet</li>
</ul>


March parcel volume growth (22.7%) improved against an easy comp (-3.1%) from 2022
Prices are declining, too (-3.2% Y/Y) -- not yet precipitous, but worst since Q1 2022
Based on what we see, ZTO's 2023 volume targets will still be difficult to meet


TRACKING TRAFFIC/Chinese Express: Volume Up Versus Weak Comp | Prices Down | Yunda Lags Group

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 Pre-IPO - The Positives - Growing Fast and a Leader in Its Space

JD Industrials is looking to raise about US$1bn in its upcoming HK IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

JD Property Pre-IPO - The Negatives - Unprofitable Without FV Gain. Gearing Could Limit Growth Plans

Jingdong Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive...

Clarence Chu

JD.com Inc: Proposed Acquisition of Deppon Logistics Co & Other Drivers

JD.com had a successful year in 2022, achieving high-quality growth and surpassing 1 trillion RMB in full-year revenues for the first...

Baptista Research

JD Property Pre-IPO - The Positives - Active on the Acquisition Front Leading to Growth

Jingdong Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of...

Clarence Chu

TRACKING TRAFFIC/Chinese Express: Volume Up Versus Weak Comp | Prices Down | Yunda Lags Group

In March, Chinese express industry volume was up 22.7% Y/Y against easy comps, but ASPs declined the most since February 2022. We still believe ZTO...

Tracking Traffic

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