IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

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Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/linklogis" target="_blank" data-smartkarma-citation="entities:31126:1" rel="noopener">Linklogis (LINK HK)</a> is a leading technology solution provider for supply chain finance in China. Its solutions optimise the payment cycle of supply chain transactions and digitalize the entire workflow of supply chain finance. Linklogis was the leading technology solution providers in China with a 20.5% market share of supply chain finance transactions processed in 9M20, according to CIC. Linklogis is backed by <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, CITIC Capital, GIC and <a href="https://www.smartkarma.com/entities/standard-chartered-plc" target="_blank" data-smartkarma-citation="entities:193:1" rel="noopener">Standard Chartered (STAN LN)</a>. Linklogis has filed for a Hong Kong IPO to raise as much as $500 million, according to press reports.</p><p>Linklogis is a play on China’s supply chain finance market. SMEs in China had an average of 92 days of accounts receivable outstanding in 2019, higher than 51 days on average in the US. It could also take up to 6 to 12 months for SMEs to receive final payments. The Chinese government has introduced a series of supportive policies to direct funding towards small businesses, including imposing SME lending growth targets for banks. Supply chain finance has proven to be a useful way to bridge the financing gap of SMEs, as it allows SMEs to get quick access to payment and funding at low costs. In 9M20, Linklogis’ customers helped their SME suppliers obtain low-cost financing at an average financing cost of 5.4%, significantly lower than the cost of financing extended to SMEs relying on their own creditworthiness that ranges from 10% to 20%, according to CIC.</p><div class="content-highlight"><p>Linklogis is an attractive play on these market dynamics by combining an attractive monetisation model, high customer retention rate (strong revenue visibility) and good operating leverage.</p></div>

Linklogis (LINK HK) is a leading technology solution provider for supply chain finance in China. Its solutions optimise the payment cycle of supply chain transactions and digitalize the entire workflow of supply chain finance. Linklogis was the leading technology solution providers in China with a 20.5% market share of supply chain finance transactions processed in 9M20, according to CIC. Linklogis is backed by Tencent Holdings (700 HK), CITIC Capital, GIC and Standard Chartered (STAN LN). Linklogis has filed for a Hong Kong IPO to raise as much as $500 million, according to press reports.Linklogis is a play on China’s supply chain finance market. SMEs in China had an average of 92 days of accounts receivable outstanding in 2019, higher than 51 days on average in the US. It could also take up to 6 to 12 months for SMEs to receive final payments. The Chinese government has introduced a series of supportive policies to direct funding towards small businesses, including imposing SME lending growth targets for banks. Supply chain finance has proven to be a useful way to bridge the financing gap of SMEs, as it allows SMEs to get quick access to payment and funding at low costs. In 9M20, Linklogis’ customers helped their SME suppliers obtain low-cost financing at an average financing cost of 5.4%, significantly lower than the cost of financing extended to SMEs relying on their own creditworthiness that ranges from 10% to 20%, according to CIC.Linklogis is an attractive play on these market dynamics by combining an attractive monetisation model, high customer retention rate (strong revenue visibility) and good operating leverage.

Hong Kong

Inspur International Limited, through its subsidiaries, distributes, sources, and resells IT (Information Technology) products in Hong Kong, China, and overseas markets.

Founder Holdings Limited, through its subsidiaries, develops software and provides systems integration services.  The Company also distributes computer products and invests in real estate.

NetDragon Websoft, Inc. develops online internet games. The Company offers tracks player behaviour and purchasing patterns to design games that cater to their customers' tastes. NetDragon Websoft operates worldwide.

Feiyu Technology International Co Ltd is a video-game developer. The Company is primarily focused on the development and operation of mobile games.

ABC Multiactive Limited, through its subsidiaries, designs and sells computer software for e-business, Customer Relationship Management (CRM), e-finance, Internet trading, and e-training, and provides related professional and maintenance services.

GET Holdings Limited, through its subsidiaries, provides system solutions to assist its customers in defining their online business strategies. The Company also develop customized e-commerce systems and integrate web applications and platform services.

AGTech Holdings Ltd. provides professional lottery services in China. The Company offers game content and software, hardware and terminals, and online and mobile lottery systems.

Azeus Systems Holdings Limited is an information technology services provider, focusing on software development and system implementation services.  The Company also provides maintenance and support services and operates business process outsourcing.

Sing Lee Software Group Limited, through its subsidiaries, develops and provides information and network technologies and services to the financial industry in China.

China e-Wallet Payment Group Limited provides biometrics and RFID products and solutions. The Company offers biometric access control devices, asset management systems, transport monitoring, and intelligent surveillance solutions. China e-Wallet Payment Group serves customers worldwide.

Gamania Digital Entertainment Co., Ltd. develops and publishes online games for the Internet and wireless applications as well as PC (Personal Computer) game software.  The Company develops an Internet-based interactive games platform capable of hosting numerous players simultaneously and charges players by time through pre-paid game card.

G-treeBNT Co Ltd. is a venture company researching and developing multimedia software for digital appliances.  The Company has three main business areas including Embedded 2D/3D Multimedia Platform Solutions, Mobile Services, and Embedded GUI content.

Shenzhen Ysstech Info-tech Co., Ltd provides software solutions for the financial industry in the PRC.

Digital Arts Inc. develops Internet filtering software for business, private, and educational use.  Its product protects users and network from harmful Internet contents and prevents inappropriate usages.

COMPUTER ENGINEERING & CONSULTING LTD. is an independent computer software development company.  The Company also installs, manages, and provides maintenance services for network systems.  Computer Engineering & Consulting also develops and sells packaged software.

Inspur Software Co., Ltd. develops communication and enterprise management software, as well as provides network engineering technology services. The Company also operates in import and export trading and provides cable transportation for the Tai Mountain in Shandong province.

OneSpan Inc. provides software services. The Company designs and develops security software and e-signature solutions that protects devices and financial transactions from fraud and misuse. OneSpan delivers risk analytics, mobile security, and authentication services. OneSpan serves clients worldwide.

Fixstars Corporation provides software products and computer programming services. The Company was founded in 2002.

NHN Corp. provides the variety of online and mobile games. The company offers web board, MMORPG, FPS, sports, casual, and other games.

Infomedia Limited develops and supplies electronic parts catalogues for the automotive industry. The Company's catalogues are used by various car dealers worldwide allowing them to find replacement parts required by a customer or service mechanic.  The Company also provides dealer management systems for the automotive industry.

Linklogis Inc operates as a technology solution provider. The company develops cloud native solutions and supply chain finance technology solutions which optimize the payment cycle of supply chain transactions and digitalize the entire workflow of supply chain finance. Linklogis provides its services throughout Hong Kong.

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Linklogis (9959 HK)

Linklogis IPO Initiation: ISupply

Linklogis is an attractive play on China’s supply chain finance market by combining an attractive monetisation model, high customer retention rate...

Arun George

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