APAC IPOs & Placements

Zhen Zhou, Toh

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

Niu Technologies / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27469" target="_blank" data-smartkarma-citation="entities:27469:1">Niu Technologies (NIU US)</a> is planning to raise US$150m in its upcoming US IPO. Proceeds from the IPO will be mainly used to upgrade and expand of manufacturing facilities, research and develop new products, and expand its distribution network.
Niu is a fast-growing smart e-scooter manufacturer and distributor in China. The company has grown its revenue by 117% and 95% YoY in FY2017 and 1H FY2018 while profitability has been improving with gross margin expansion and adjusted net loss margin shrinking consistently.
Retail sales volume has been the main driver of the strong revenue growth while average selling price per e-scooter had a relatively muted growth. The company has demonstrated strong operating cash flow generation despite relying on franchised stores and distributors to sell its product because the company requires cash upfront payment for most distributors.
In this insight, we will look into the company's operational and financial performance, examine the competition in the electric scooter industry, point out potential corporate governance issues, and suggest questions to ask the management.

Niu Technologies (NIU US) is planning to raise US$150m in its upcoming US IPO. Proceeds from the IPO will be mainly used to upgrade and expand of manufacturing facilities, research and develop new products, and expand its distribution network.
Niu is a fast-growing smart e-scooter manufacturer and distributor in China. The company has grown its revenue by 117% and 95% YoY in FY2017 and 1H FY2018 while profitability has been improving with gross margin expansion and adjusted net loss margin shrinking consistently.
Retail sales volume has been the main driver of the strong revenue growth while average selling price per e-scooter had a relatively muted growth. The company has demonstrated strong operating cash flow generation despite relying on franchised stores and distributors to sell its product because the company requires cash upfront payment for most distributors.
In this insight, we will look into the company's operational and financial performance, examine the competition in the electric scooter industry, point out potential corporate governance issues, and suggest questions to ask the management.

Niu Technologies (小牛电动) Pre-IPO Review - Riding the Second Electric Wave

China

Jiangsu Xinri E-Vehicle Co., Ltd. manufactures and distributes electrical vehicles, spare parts, and components. The Company produces electric scooters, bikes, tricycles, vehicles, and motorcycles. Jiangsu Xinri E-Vehicle serves customers worldwide.

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Jiangsu Xinri E-Vehicle (603787 CH)

Niu Technologies (小牛电动) Pre-IPO Review - Riding the Second Electric Wave

Niu Technologies (NIU US) is planning to raise US$150m in its upcoming US IPO. Proceeds from the IPO will be mainly used to upgrade and expand of...

Zhen Zhou, Toh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)