Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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>We talk about what we see and hear here on the ground, that the company may not mention in its prospectus.</li>
<li>We believe Cainiao has the ambition to take the whole logistics chain from retailers’ doors to shoppers’ doors since the company’s inception.</li>
<li>We also believe Cainiao has been trying to take competitors’ market share by taking their client lists.</li>
</ul>


We talk about what we see and hear here on the ground, that the company may not mention in its prospectus.
We believe Cainiao has the ambition to take the whole logistics chain from retailers’ doors to shoppers’ doors since the company’s inception.
We also believe Cainiao has been trying to take competitors’ market share by taking their client lists.


Cainiao Pre-IPO: An on the Ground Introduction

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

J&T Global Express  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Express</a>, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



J&amp;T Express, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
In this note, we talk about the positive aspects of the deal.


J&T Global Express Pre-IPO - The Positives - Growing Fast, Expanding Geographically

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Express</a>, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



J&amp;T Express, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
In this note, we talk about the not-so-positive aspects of the deal.


J&T Global Express Pre-IPO - The Negatives - Adjusted Sales Growth Was Negative

<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

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<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 (1437124D HK)</a> 's March 2023 quarterly and full-year results can be found within Alibaba's full-year earnings report, which was released on Thursday May 18</li>
<li>In both the March quarter and its fiscal year, CaiNiao showed improved Adjusted EBITDA results, though in both periods the tech-centric logistics network still reported losses</li>
<li>Revenue growth slowed to 18% Y/Y in the March quarter, and parent <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> indicated CaiNiao will target an IPO in 2024, a bit later than some expected</li>
</ul>



Cainiao Smart Logistics (1437124D HK) 's March 2023 quarterly and full-year results can be found within Alibaba's full-year earnings report, which was released on Thursday May 18
In both the March quarter and its fiscal year, CaiNiao showed improved Adjusted EBITDA results, though in both periods the tech-centric logistics network still reported losses
Revenue growth slowed to 18% Y/Y in the March quarter, and parent Alibaba (ADR) (BABA US) indicated CaiNiao will target an IPO in 2024, a bit later than some expected


Full-Year Results for Alibaba's CaiNiao: Reduced Losses, Slower Growth, and A (Likely) 2024 IPO

China

YTO Express Group Co., Ltd. provides global express services. The Company also provides general cargo warehousing, domestic air transport agency, car rental, supply chain management, and other related services throughout China..

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YTO Express (600233 CH)

Cainiao Pre-IPO: An on the Ground Introduction

We believe Cainiao has the ambition to take the whole logistics chain from retailers’ doors to shoppers’ doors by taking competitors' client lists...

Ming Lu

J&T Global Express Pre-IPO - The Positives - Growing Fast, Expanding Geographically

J&T Global Express won listing approval yesterday. The company is due to file its updated PHIP and will begin marketing in the coming week.

Sumeet Singh

J&T Global Express Pre-IPO - The Negatives - Adjusted Sales Growth Was Negative

J&T Global Express won listing approval yesterday. The company is due to file its updated PHIP and will begin marketing in the coming week.

Sumeet Singh

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

Full-Year Results for Alibaba's CaiNiao: Reduced Losses, Slower Growth, and A (Likely) 2024 IPO

In response to the news CaiNiao Smart Logistics has applied to list its shares in Hong Kong, we're re-upping this insight

Tracking Traffic

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