Autohome Secondary Listing - Doesn’t Need the Cash at All
Autohome plans to raise around US$1bn in its secondary listing in Hong Kong. The company is said to have filed confidentially in Jan 2021 and won...
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Bilibili Secondary Listing Early Look - 4Q20 Results Quick Note
Bilibili plans to raise around US$3bn in its secondary listing in HK, as per media reports. The company is said to have filed confidentially in Jan...
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Coupang Pre-IPO - Earnings Forecast and Valuation
Coupang, the largest product e-commerce player in Korea, aims to raise around US$3bn in its US listing. The company has earlier obtained...
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Coupang - Valuation Analysis
Our base case valuation of Coupang is EV of $55.6 billion and implied market cap of $60.1 billion. We have used EV/GP as our primary method of...
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Pinduoduo: Unlikely to Meet 4Q20 Consensus
During its short tenure on Nasdaq, Pinduoduo has twice failed to meet consensus quarterly revenue estimates and its share price declined by...
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