Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

There has been an uptick in Softbank news this week as we enter the last stretch of the quarter. On one hand there has been good news as Vision Fund 2’s public portfolio expands, thanks to a successful listing for Zhangmen, two coincident IPO investments and an IPO filing for investee Dingdong Maicai. But the long-expected bankruptcy of Katerra also means another $2bn of Vision Fund value has been wiped off the board so what markets are hearing on Softbank remains decidedly mixed. We have updated our Softbank tables including public portfolio valuations, the holding company discount, and the IPO pipeline.

There has been an uptick in Softbank news this week as we enter the last stretch of the quarter. On one hand there has been good news as Vision Fund 2’s public portfolio expands, thanks to a successful listing for Zhangmen, two coincident IPO investments and an IPO filing for investee Dingdong Maicai. But the long-expected bankruptcy of Katerra also means another $2bn of Vision Fund value has been wiped off the board so what markets are hearing on Softbank remains decidedly mixed. We have updated our Softbank tables including public portfolio valuations, the holding company discount, and the IPO pipeline.  

Softbank Group - Shares Drift as Discount Settles in 40% Range

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

Zhangmen Education / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/shanghai-zhangxiaomen-education-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33383:1" rel="noopener">Zhangmen Education (ZME US)</a> is looking to raise US$100m in its upcoming U.S. IPO. The US$100m amount is a placeholder. The company raised about US$250m in its Series E funding from various investors.Zhangmen Education (ZE) is a China after-school tutoring online education company focused on providing personalized online courses to K-12 students. The company has two formats of offerings namely, one-on-one and small-class. ZE also offers early childhood courses through other programs.In this note, we will look at the company’s operating data and financials, and share our initial thoughts on the IPO.

Zhangmen Education (ZME US) is looking to raise US$100m in its upcoming U.S. IPO. The US$100m amount is a placeholder. The company raised about US$250m in its Series E funding from various investors.Zhangmen Education (ZE) is a China after-school tutoring online education company focused on providing personalized online courses to K-12 students. The company has two formats of offerings namely, one-on-one and small-class. ZE also offers early childhood courses through other programs.In this note, we will look at the company’s operating data and financials, and share our initial thoughts on the IPO.

Zhangmen Education (掌门教育) - Leader in One-On-One Market but There Are Concerns

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<a href="https://www.smartkarma.com/entities/shanghai-zhangxiaomen-education-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33383:1" rel="noopener">Zhangmen Education (ZME US)</a>  is an online education company focused on providing personalised courses to K-12 students in China. The company’s core course offerings include one-on-one and small-class after-school tutoring services that cover all K-12 academic subjects.According to Frost &amp; Sullivan, the company has been ranked the largest online K-12 one-on-one after-school tutoring service provider in China in terms of gross billings since 2017. The company had a 31.9% market share in 2020.Zhangmen has filed for an IPO to list its shares in the US and has a placeholder indication to raise about US$100m. According to news media outlets, the company is said to be looking to raise about US$300m.

Zhangmen Education (ZME US)  is an online education company focused on providing personalised courses to K-12 students in China. The company’s core course offerings include one-on-one and small-class after-school tutoring services that cover all K-12 academic subjects.According to Frost &amp; Sullivan, the company has been ranked the largest online K-12 one-on-one after-school tutoring service provider in China in terms of gross billings since 2017. The company had a 31.9% market share in 2020.Zhangmen has filed for an IPO to list its shares in the US and has a placeholder indication to raise about US$100m. According to news media outlets, the company is said to be looking to raise about US$300m.

Zhangmen Education IPO: Risks Outweigh the Very Few Positives

China

Shanghai Zhangxiaomen Education Technology Co. Ltd. provides educational services. The Company offers personal counseling, educational information consolidation, and other services. Shanghai Zhangxiaomen Education Technology also develops education technologies.

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Zhangmen Education (ZME US)

Softbank Group - Shares Drift as Discount Settles in 40% Range

SBG reports incremental progress on its Vision Fund liquidity plans but c. $9bn in public VF valuation losses is a headwind. Shares now trade in...

Kirk Boodry

Zhangmen Education (掌门教育) - Leader in One-On-One Market but There Are Concerns

Zhangmen Education (ZE) is looking to raise US$100m in its upcoming U.S. IPO. The company is a China after-school tutoring online education company.

Zhen Zhou, Toh

Zhangmen Education IPO: Risks Outweigh the Very Few Positives

Zhangmen is an online education company focused on providing personalised courses to K-12 students in China and the company has filed for an IPO in...

Shifara Samsudeen, ACMA, CGMA

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