Bad, Worse, & Worst | Ugly Q320 Results from Yunda, YTO Express, & STO Express
Despite strong volume growth, a price war decimated earnngs for at least three of China's express delivery companies in Q3. Soon these companies...
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New Oriental Hong Kong Secondary - Might Be Relatively Small
New Oriental Education (EDU US) plans to raise around US$1bn in its secondary listing in Hong Kong. While the company has filed its PHIP, the exact...
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Divergent Q320 Results from SF Holding & YTO Express Show Pressure to Consolidate Is Building
SF Holding posted another set of strong results in Q3, while BABA-aligned YTO Express struggled (again). Our view: SF Holding's rising share of...
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GDS Holdings Hong Kong Secondary - Going Big. Will Almost Become Net Cash, for a While.
Gds Holdings (Adr) (GDS US) plans to raise around US$1.6bn in its secondary listing in Hong Kong. I had covered the background of the deal in my...
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TRACKING TRAFFIC/Chinese Express: Pricing Still Weak | STO Q3 Profit Warning | ZTO HK IPO Update
Although volumes bounced back in September, pricing remains weak. We retain our BUY ratings on SF Holding and Best Inc, while ZTO Express remains a...
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