Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

Jiayuan Services Holdings Limited / Equity Capital Markets

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<p><a href="https://www.smartkarma.com/entities/jiayuan-services-holdings-limited" target="_blank" data-smartkarma-citation="entities:29205:1" rel="noopener">Jiayuan Services (1153 HK)</a> ("JSH") is the latest property management service companies to list. The Offer Price is <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1208/9541652/2020120800036.pdf" target="_blank" rel="noopener">$3.86</a>, towards the upper end of the indicative Offer Price range of HK$3.15-HK$4.05/share.</p>
<p>JSH is the spin-off of <a href="https://www.smartkarma.com/entities/jiayuan-international-group" target="_blank" data-smartkarma-citation="entities:22631:1" rel="noopener">Jiayuan International (2768 HK)</a>, which will own 75% in JSH after the IPO, down from 100% currently, before over-allotment.</p>
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<p>JSH will raise HK$0.579bn (US$0.074bn), before over-allotment.  </p>
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<p>On an FY20E PER metric, JSH is pitched at a premium to a basket of peers, and well-above similar-sized property management companies. </p>
<p>Shares commence trading tomorrow.</p>
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<p>More below the fold. </p>
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Jiayuan Services (1153 HK) ("JSH") is the latest property management service companies to list. The Offer Price is $3.86, towards the upper end of the indicative Offer Price range of HK$3.15-HK$4.05/share.
JSH is the spin-off of Jiayuan International (2768 HK), which will own 75% in JSH after the IPO, down from 100% currently, before over-allotment.


JSH will raise HK$0.579bn (US$0.074bn), before over-allotment.  


On an FY20E PER metric, JSH is pitched at a premium to a basket of peers, and well-above similar-sized property management companies. 
Shares commence trading tomorrow.


More below the fold. 


Jiayuan Services (1153 HK): Small Player At A Big Price

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.

<p><a href="https://www.smartkarma.com/entities/jiayuan-services" target="_blank" data-smartkarma-citation="entities:29205:1" rel="noopener">Jiayuan Services (1811351D HK)</a> (JS) is looking to raise about US$100m in its upcoming Hong Kong IPO.</p><p>The company is the property management arm of <a href="https://www.smartkarma.com/entities/jiayuan-international-group" target="_blank" data-smartkarma-citation="entities:22631:1" rel="noopener">Jiayuan International (2768 HK)</a> . As of December 2019, JS had a total contracted GFA of 38.8m sqm which covered 38  cities and 14 provinces in China as shown below. The company is headquartered in Jiaxing and has experience operating in the Yangtze Delta Region. </p>

Jiayuan Services (1811351D HK) (JS) is looking to raise about US$100m in its upcoming Hong Kong IPO.The company is the property management arm of Jiayuan International (2768 HK) . As of December 2019, JS had a total contracted GFA of 38.8m sqm which covered 38  cities and 14 provinces in China as shown below. The company is headquartered in Jiaxing and has experience operating in the Yangtze Delta Region. 

Jiayuan Services (佳源服务) Pre-IPO - Another Small Property Management Company

China

Jiayuan Sevices Holdings Limited offers property management services. The Company provides cleaning, security, gardening and landscaping, repair and maintenance, and other services. Jiayuan Services Holdings provides its services throughout China.

Jiayuan Services Holdings Limited (1153 HK)

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Jiayuan Services Holdings Limited (1153 HK)

Jiayuan Services (1153 HK): Small Player At A Big Price

I see no compelling reason why a management service company of this size, should be priced at a premium to larger, more liquid, and in many cases,...

David Blennerhassett

Jiayuan Services (佳源服务) Pre-IPO - Another Small Property Management Company

Jiayuan Services (1811351D HK) (JS) is looking to raise about US$100m in its upcoming Hong Kong IPO.The company is the property management arm of...

Zhen Zhou, Toh

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