IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gogox-holdings" target="_blank" data-smartkarma-citation="entities:35556:1" rel="noopener">GoGoX Holdings (GOGO HK)</a> is a major online intra-city logistics platform in Asia. It has passed the listing hearing for an HKEx IPO to raise US$100-150 million.   </li>
<li>In <a href="https://www.smartkarma.com/insights/gogox-ipo-initiation-a-less-than-perfect-delivery" target="_blank" data-smartkarma-citation="insights:64922" rel="noopener">GOGOX IPO Initiation: A Less than Perfect Delivery</a>, we noted that as the losses are expected to persist over the next three years, we would avoid the IPO.</li>
<li>In this note, we examine the PHIP for the 2021 results and recent developments. The fundamentals remain unattractive and we would give the IPO a pass. </li>
</ul>



GoGoX Holdings (GOGO HK) is a major online intra-city logistics platform in Asia. It has passed the listing hearing for an HKEx IPO to raise US$100-150 million.   
In GOGOX IPO Initiation: A Less than Perfect Delivery, we noted that as the losses are expected to persist over the next three years, we would avoid the IPO.
In this note, we examine the PHIP for the 2021 results and recent developments. The fundamentals remain unattractive and we would give the IPO a pass. 


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.

<ul>
<li>Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>We have covered various aspects of the deal in our earlier notes. In this note, we will undertake a peer comparison. </li>
</ul>


Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
We have covered various aspects of the deal in our earlier notes. In this note, we will undertake a peer comparison. 


Delhivery IPO - Peer Comparison, What It Gains in Growth It Gives up in Margins

<ul>
<li>Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>In this note, we talk about the updates from its RHP.</li>
</ul>


Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
In this note, we talk about the updates from its RHP.


Delhivery Pre-IPO - RHP Updates - Growth Remains Strong, Pricing Remains Under Pressure

Zhihu Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhihu-technology-ltd" target="_blank" data-smartkarma-citation="entities:32185:1" rel="noopener">Zhihu Technology (ZH US)</a> has launched an HKEx dual-primary listing to raise $150-200 million. The H Shares will be priced on 14 April and listed on 22 April.</li>
<li>In <a href="https://www.smartkarma.com/insights/zhihu-dual-primary-listing-a-question-of-judgment" target="_blank" data-smartkarma-citation="insights:68266" rel="noopener">Zhihu Dual-Primary Listing: A Question of Judgment</a>, we stated that while a loss-making tech name is not everybody's cup of tea, Zhihu has resilient performance and an undemanding valuation.  </li>
<li>In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be reasonable, in our view.</li>
</ul>



Zhihu Technology (ZH US) has launched an HKEx dual-primary listing to raise $150-200 million. The H Shares will be priced on 14 April and listed on 22 April.
In Zhihu Dual-Primary Listing: A Question of Judgment, we stated that while a loss-making tech name is not everybody's cup of tea, Zhihu has resilient performance and an undemanding valuation.  
In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be reasonable, in our view.


Zhihu Dual-Primary Listing: HK-ADS Premium/​​​(Discount) Views

<ul>
<li>JD Logistics (JDL) aims to raise around US$1.1bn, with US$400m coming via an institutional placement. The balance will be funded by issuing shares at the same price to JD.com.</li>
<li>We have covered the stock extensively, links to our previous notes are below.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


JD Logistics (JDL) aims to raise around US$1.1bn, with US$400m coming via an institutional placement. The balance will be funded by issuing shares at the same price to JD.com.
We have covered the stock extensively, links to our previous notes are below.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


JD Logistics Placement - Not Wholly Convinced, JD’s US$700m Support Helps

China

ZTO Express (Cayman) Inc. operates as an express delivery company. The Company provides express delivery service through their nationwide network, as well as other value-added logistics services. ZTO Express serves customers globally.

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ZTO Express Cayman (ZTO US)

GOGOX IPO: Growth at All Costs

GOGOX has passed the listing hearing for an HKEx IPO to raise US$100-150m. The fundamentals remain unattractive and we would give the IPO a pass.

Arun George

Delhivery IPO - Peer Comparison, What It Gains in Growth It Gives up in Margins

Delhivery is now looking to raise around US$700m in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Delhivery Pre-IPO - RHP Updates - Growth Remains Strong, Pricing Remains Under Pressure

Delhivery is now looking to raise around US$700m in its India IPO, the company is backed by a host of financial investors, the largest being...

Sumeet Singh

Zhihu Dual-Primary Listing: HK-ADS Premium/(Discount) Views

In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be...

Arun George

JD Logistics Placement - Not Wholly Convinced, JD’s US$700m Support Helps

JD Logistics (JDL) aims to raise around US$1.1bn, with US$400m coming via an institutional placement. The balance will be funded by issuing shares...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GOGOX IPO: Growth at All Costs

GOGOX has passed the listing hearing for an HKEx IPO to raise US$100-150m. The fundamentals remain unattractive and we would give the IPO a pass.

Arun George

Delhivery IPO - Peer Comparison, What It Gains in Growth It Gives up in Margins

Delhivery is now looking to raise around US$700m in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Delhivery Pre-IPO - RHP Updates - Growth Remains Strong, Pricing Remains Under Pressure

Delhivery is now looking to raise around US$700m in its India IPO, the company is backed by a host of financial investors, the largest being...

Sumeet Singh

Zhihu Dual-Primary Listing: HK-ADS Premium/​​​(Discount) Views

In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be...

Arun George

JD Logistics Placement - Not Wholly Convinced, JD’s US$700m Support Helps

JD Logistics (JDL) aims to raise around US$1.1bn, with US$400m coming via an institutional placement. The balance will be funded by issuing shares...

Sumeet Singh

Zhihu Dual-Primary Listing: HK-ADS Premium/(Discount) Views