Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cainiao-smart-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:36859:1" rel="noopener">Cainiao Smart Logistics</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a>’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.</li>
<li>Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Cainiao Smart Logistics, Alibaba Group Holding (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.
Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.
In this note, we talk about the not-so-positive aspects of the deal.


Cainiao Pre-IPO - The Negatives - Growth Still Driven by China Ops, Pricing Pressure Persists

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cainiao-smart-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:36859:1" rel="noopener">Cainiao Smart Logistics</a> ,  <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a>’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.</li>
<li>Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Cainiao Smart Logistics ,  Alibaba Group Holding (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.
Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.
In this note, we talk about the positive aspects of the deal.


Cainiao Pre-IPO - The Postivies - Evolving into a Global Player, Decent Revenue Growth

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>On 28th Mar 2023, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.</li>
<li>Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.</li>
<li>In our previous note, we highlighted which division could list. In this note, we will look at Cainiao.</li>
</ul>


On 28th Mar 2023, Alibaba (ADR) (BABA US) announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.
Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.
In our previous note, we highlighted which division could list. In this note, we will look at Cainiao.


Alibaba Potential IPOs - Part 2 - An Early Look at Cainiao, US$10bn+

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

United Parcel Service Cl B / Equity Bottom-Up

<ul><li>United Parcel Service, Inc. delivered a mixed result in the recent quarter, with revenues below market expectations but managed to surpass the analyst consensus regarding earnings.</li><li>Consolidated revenue for the quarter was $22.1 billion, a 10.9% decrease from the prior year.</li><li>All three segments showed flexibility in the quarter, reducing total expenses by $2.1 billion compared to the same period last year.</li></ul>

United Parcel Service, Inc. delivered a mixed result in the recent quarter, with revenues below market expectations but managed to surpass the analyst consensus regarding earnings.Consolidated revenue for the quarter was $22.1 billion, a 10.9% decrease from the prior year.All three segments showed flexibility in the quarter, reducing total expenses by $2.1 billion compared to the same period last year.

United Parcel Service Inc.: The Digital Power Play Boosting Revenues in 2023! - Major Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.


SF Holdings A/H Listing - Recent Filing and Other Updates

United States

United Parcel Service, Inc.(UPS) delivers packages and documents throughout the United States and in other countries and territories.  The Company also provides global supply chain services and less-than-truckload transportation, primarily in the U.S. UPS's business consists of integrated air and ground pick-up and delivery network

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

United Parcel Service Cl B (UPS US)

Cainiao Pre-IPO - The Negatives - Growth Still Driven by China Ops, Pricing Pressure Persists

Cainiao, Alibaba Group Holding (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO. In this note, we talk...

Sumeet Singh

Cainiao Pre-IPO - The Postivies - Evolving into a Global Player, Decent Revenue Growth

Cainiao Smart Logistics , Alibaba Group Holding (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.

Sumeet Singh

Alibaba Potential IPOs - Part 2 - An Early Look at Cainiao, US$10bn+

Alibaba has confirmed that Cainiao will the first mini-Baba to list on its own. Baba in its filing stated that it obtained HKEX approval for the...

Sumeet Singh

United Parcel Service Inc.: The Digital Power Play Boosting Revenues in 2023! - Major Drivers

United Parcel Service, Inc. delivered a mixed result in the recent quarter, with revenues below market expectations but managed to surpass the...

Baptista Research

SF Holdings A/H Listing - Recent Filing and Other Updates

SF Holding, China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing. In this note, we look at the recent...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)