ECM Daily Briefs | Page 45 of 118

In today’s briefing:

Keppel Infrastructure Trust Placement – Very Well Flagged, Should Expect Some Short Covering
Mankind Pharma Pre-IPO – RHP Updates – A Mixed Bag
BioMarin Pharmaceutical Inc.: A Story Of Two Possible Game Changers & Generics Competition – Key Drivers
FactSet Research Systems Inc.: Collaboration On Continuus Technologies & Other Developments
Paychex Inc.: Strong Margin Expansion & Other Drivers

Keppel Infrastructure Trust Placement – Very Well Flagged, Should Expect Some Short Covering

Keppel Infrastructure Trust (KIT SP) is looking to raise S$125m (US$96m) in its primary placement.
The proceeds in the deal will be used to partially pay down its bridge loan, the latter used in a series of acquisitions made by the REIT in 2022.
Including the preferential offering, the deal would be a large one to digest at 9.4% of the REIT’s current mcap and 89.3 days of three month ADV.

Mankind Pharma Pre-IPO – RHP Updates – A Mixed Bag

Mankind Pharma (MP) is now looking to raise around US$500m in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at various aspects of the deal in our earlier notes. In this note, we talk about the updates from its recently filed RHP.

BioMarin Pharmaceutical Inc.: A Story Of Two Possible Game Changers & Generics Competition – Key Drivers

BioMarin gave a mixed performance in the quarter and failed to meet the revenue expectations of Wall Street despite delivering a double-digit top-line growth.
Its total revenues for the quarter showed an increase despite the continued erosion of the KUVAN market in the US.
Moreover, lower KUVAN product revenues are mostly because of generic competition due to the loss of market individuality in the US.

FactSet Research Systems Inc.: Collaboration On Continuus Technologies & Other Developments

FactSet Research Systems delivered a mixed set of results for the last quarter.
The company’s organic ASV plus professional services growth increased by 9.1% year over year, driven by solid client growth and its sales team’s effective implementation of its pricing increase in the Americas.
We give FactSet Research Systems a ‘Hold’ rating with a revised target price.

Paychex Inc.: Strong Margin Expansion & Other Drivers

Paychex produced strong financial results, with third-quarter total revenue growth of 8% and adjusted diluted earnings per share growth of 12%.
It managed to deliver an all-around beat Revenue for Management Solutions climbed 7% to $1 billion because of new product attachments and auxiliary HR services.
The continued high demand for their ERTC service accounted for about 1% of the quarter’s revenue growth.

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Apr 18

Daily Brief ECM: Anta Sports Placement – A Large Deal to Digest with Unknown Use of Proceeds but Track Record Is Good and more

In today’s briefing:

Anta Sports Placement – A Large Deal to Digest with Unknown Use of Proceeds but Track Record Is Good
ZJLD Group IPO – Sentiment Could See a Positive Shift, Mid-Bottom End Digestible
ZJLD Group IPO: Valuation Insights
Rakuten Bank IPO: First Day Trading
Merdeka Battery Materials IPO Trading – Earnings Might Be Long Drawn Out but Should Perform Fine
ADICON Holdings IPO: The Bull Case
Pinterest Inc: Managing The Social Media Slowdown – Key Drivers
VF Corp: A Balanced Apparel Performer In Wholesale & D2C – Key Drivers
Incyte Corporation: Continued Diversification In Derma & Oncology – Key Drivers
BlackBerry Limited: IoT Diversification And IVY Ecosystem Development – Key Drivers

Anta Sports Placement – A Large Deal to Digest with Unknown Use of Proceeds but Track Record Is Good

Anta Sports Products (2020 HK) aims to raise around US$1.5bn in its top-up placement.
Anta hasn’t specified what it aims to do with the money that it’s looking to raise, furthermore, it’s already net cash.
In this note, we will talk about the placement and run the deal through our ECM framework.

ZJLD Group IPO – Sentiment Could See a Positive Shift, Mid-Bottom End Digestible

ZJLD Group (ZJLD HK) is looking to raise around US$811m in its Hong Kong IPO.
ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.
In this note, we will look at deal dynamics and share our thoughts on valuation.

ZJLD Group IPO: Valuation Insights

ZJLD Group (ZJLD HK) has launched its HKEx listing at HK$10.78-12.98 per share to raise up to US$811 million. Books are open from 17 to 20 April.
We previously discussed the IPO in ZJLD Group IPO: The Bull Case, ZJLD Group IPO: The Bear Case and ZJLD Group IPO: Valuation First Look.
Our valuation analysis suggests that the IPO price range is attractive. Therefore, we would participate in the IPO.

Rakuten Bank IPO: First Day Trading

By Oshadhi Kumarasiri

It appears that Rakuten Bank (5838 JP) received a significant number of subscriptions at the revised offer range, leading the company to set the IPO price at ¥1,400 per share.
The grey market trading suggests that shares are currently trading close to the lower end of the previous IPO price range, indicating a potential upside of 20% on the debut.
The IPO has potential to rise beyond 20% on debut. However, in the event that it does not pop more than 100%, we would looking to buy more shares.

Merdeka Battery Materials IPO Trading – Earnings Might Be Long Drawn Out but Should Perform Fine

Merdeka Battery Materials (2012725D IJ) raised around US$591m in its Indonesian IPO.
It has the largest resource globally in terms of contained nickel at the Konawe Nickel Mine (the SCM Mine), according to Wood Mackenzie.
In this note, we will talk about the trading dynamics and valuation.

ADICON Holdings IPO: The Bull Case

ADICON Holdings Limited (ADI HK) is pre-marketing an HKEx IPO to raise up to US$400 million, according to press reports.
Adicon is the third largest independent clinical laboratories (ICL) service provider in China, with an 8.6% market share of the non-COVID-19 testing market in 2021, according to Frost & Sullivan.
The key elements of the bull case rest on the growing non-COVID-19 testing addressable market, improving market sentiment, strong non-COVID-19 testing growth, stable EBITDA margin and cash generation.

Pinterest Inc: Managing The Social Media Slowdown – Key Drivers

Pinterest ended 2022 on a mixed note as its revenues were below Wall Street expectations.
Given the softening ad market, Pinterest delivered revenue of $877 million in Q4 but it did manage an earnings beat.
Overcoming pandemic challenges and achieving increased user engagement, Pinterest has achieved MAUs of 445 million, higher than in the third quarter.

VF Corp: A Balanced Apparel Performer In Wholesale & D2C – Key Drivers

VF Corp delivered a decent result which happened to be an all-around beat.
In Asia, VF Corp saw a sequential improvement with up in revenue.
VF Corp has new products expanding now, and the new school shoes and UltraRange VR3 are attractive.

Incyte Corporation: Continued Diversification In Derma & Oncology – Key Drivers

Incyte Corporation generated strong financial performance in the last quarter and managed an all-around beat.
Revenues from the commercialized items in the company’s current portfolio increased by 18% year over year.
We give Incyte Corporation a ‘Hold’ rating with a revised target price.

BlackBerry Limited: IoT Diversification And IVY Ecosystem Development – Key Drivers

BlackBerry delivered a mixed result in a challenging macro environment.
Blackberry IoT closed out with strong year-over-year revenue growth.
In the quarter, Blackberry secured an overall 36 new design wins and in multiple auto domains, QNX is winning.

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Apr 17

Daily Brief ECM: TRACKING TRAFFIC/Lalatech IPO: Attractive Segment | ‘Unbelievable’ Cost Control | Hidden Competition and more

In today’s briefing:

TRACKING TRAFFIC/Lalatech IPO: Attractive Segment | ‘Unbelievable’ Cost Control | Hidden Competition
Pre-IPO Beijing Luzhu Biotechnology – The Eventual Revenue Scale and Profit Margins Could Be Limited

TRACKING TRAFFIC/Lalatech IPO: Attractive Segment | ‘Unbelievable’ Cost Control | Hidden Competition

By Daniel Hellberg

Lalatech’s largest segment by revenue — Chinese intra-city on-demand freight — features many of the attributes that are attractive to online logistics intermediaries
At the top of the list of red flags in its prospectus is Lalatech’s company’s dramatic 71% Y/Y reduction in Sales and Marketing expenses last year
Although Lalatech appears to be the leading platform for Chinese intra-city on-demand freight matching, the company faces ‘hidden’ competition from several larger groups

Pre-IPO Beijing Luzhu Biotechnology – The Eventual Revenue Scale and Profit Margins Could Be Limited

By Xinyao (Criss) Wang

Either vaccines or therapeutic biologics, Luzhu’s clinical progress has no advantages. There have been quite a few competing products on the market or candidates with faster development progress than Luzhu.
Luzhu applies the low price strategy to open the market. We’re not sure if it works or not, since it still depends on R&D efficiency, product quality and commercialization capabilities.
We tend to be conservative about the Company’s prospects because its eventual revenue scale and profit margins are likely to be very limited based on our analysis.

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Apr 16

Daily Brief ECM: ECM Weekly (16th Apr 2023) – Rakuten Bank and more

In today’s briefing:

ECM Weekly (16th Apr 2023) – Rakuten Bank, Harita Nickel, Merdeka Battery, ZJLD, Adicon, Supcon

ECM Weekly (16th Apr 2023) – Rakuten Bank, Harita Nickel, Merdeka Battery, ZJLD, Adicon, Supcon

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Momentum appears to be picking up on the IPO front with a few successful listing helping sentiment
On the placement front, GDR flow appears to have resumed.

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Apr 15

Daily Brief ECM: IMotion Automotive Technology Pre-IPO Tearsheet and more

In today’s briefing:

IMotion Automotive Technology Pre-IPO Tearsheet
Equinor ADR: Initiation of Coverage – Recent Acquisitions & Other Drivers
Lloyds Banking Group PLC ADR: Initiation of Coverage – Recent Challenges
Prudential PLC: Initiation of Coverage – Expansion In Emerging Markets & Other Drivers
Old Dominion Freight Line Inc.: Initiation of Coverage – Business Strategy & Key Drivers
West Pharmaceutical Services Inc.: Initiation of Coverage – Business Strategy & Key Drivers
Dover Corporation: Initiation of Coverage – Business Strategy & Key Developments

IMotion Automotive Technology Pre-IPO Tearsheet

IMotion Automotive Technology (1812706D CH) is looking to raise about US$300m in its upcoming HK IPO. The deal will be run by Citibank, Huatai and CCB International.
The company possesses advanced full-stack R&D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series.
Its solutions and products cover a wide price range of vehicles and all types of driving scenarios, including highways, ring roads, complex urban roads, country roads, and parking areas.

Equinor ADR: Initiation of Coverage – Recent Acquisitions & Other Drivers

This is our first report on an international energy major, Equinor.
The company delivered a mixed operational performance for the fourth quarter with below-par revenues but managed an earnings beat.
Equinor improved security for its assets and cyberspace by enforcing tougher security rules, providing more training, and collaborating more closely with law enforcement.

Lloyds Banking Group PLC ADR: Initiation of Coverage – Recent Challenges

This is our first report on Lloyds Banking Group PLC ADR, one of the largest UK-based retail and commercial banking service providers.
During the year, commercial banking balances have increased, driven by attractive corporate, institutional, and FX growth possibilities.
We initiate coverage on the stock of Lloyds Banking Group PLC ADR with a ‘Hold’ rating.

Prudential PLC: Initiation of Coverage – Expansion In Emerging Markets & Other Drivers

This is our first report on Prudential, a major provider of life and health insurance.
Prudential had a very strong quarter with 19% sales growth.
Despite slower revenue recognition in the life insurance market, the company has been witnessing strong cash flows and returned over $800 million to shareholders in the latest quarter.

Old Dominion Freight Line Inc.: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on a major LTL shipping company, Old Dominion Freight Line.
As a result, the company delivered double-digit growth in earnings per diluted share in the fourth quarter.
Besides that, the productive labor expenses as a percentage of revenue decreased by 170 basis points within their direct operating costs, while their purchase transportation costs decreased by 200 basis points.

West Pharmaceutical Services Inc.: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on West Pharmaceutical Services, a major manufacturer of injectable medication delivery and packaging systems.
West Pharmaceutical reported an all-around beat in its last result and generated about 8% growth in organic sales overall.
With COVID-19 excluded, West anticipates that its base organic sales growth was in the low double digits, with proprietary product growth in the mid-teens.

Dover Corporation: Initiation of Coverage – Business Strategy & Key Developments

This is our first report on Dover Corporation, a multifaceted international manufacturer offering cutting-edge machinery and parts, consumables, aftermarket components, software and digital solutions, and support services.
The company’s last result was an all-around beat resulting from a good execution by the management and better price dynamics.
Demand for services, consumables, and pricing decisions helped the quarter be profitable.

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Apr 14

Daily Brief ECM: Tata Technologies Pre-IPO – The Negatives – Still Has a Few Issues and more

In today’s briefing:

Tata Technologies Pre-IPO – The Negatives – Still Has a Few Issues
Rakuten Bank (5838 JP) – A Keenly Priced Quality Addition to the Global Neobanks Universe
PharmaEssentia GDS Issuance – Strong Revenue Growth and Narrowing Losses
Guoquan Food (Shanghai) Pre-IPO Tearsheet
Indegene Limited (1864095D IN) Pre-IPO: Enough Head Room For Long-Term Profitable Growth
Adicon Holdings Pre-IPO – Thoughts on Valuation

Tata Technologies Pre-IPO – The Negatives – Still Has a Few Issues

Tata Technologies (TATATECH IN) (TT) is looking to raise around US$600m in its upcoming India IPO.
Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
In this note we talk about the not-so-positive aspects of the deal.

Rakuten Bank (5838 JP) – A Keenly Priced Quality Addition to the Global Neobanks Universe

By Victor Galliano

Rakuten Bank’s IPO will add an attractively valued Japanese neobank to the globally listed neobank universe; furthermore, the Rakuten Group ecosystem is a powerful tool for customer acquisition and retention
On efficiency metrics, Rakuten Bank scores well versus its key domestic peers as well as global comparables; Rakuten Group companies act as a key conduit for new clients
At the announced issue price of ¥1,400, Rakuten Bank’s PBV ratio implies an attractive 25% discount to its core Japanese peer SBI Sumishin Net Bank, for similar ROE

PharmaEssentia GDS Issuance – Strong Revenue Growth and Narrowing Losses

Pharmaessentia Corp (6446 TT) aims to raise around US$412m (TWD12.6bn) via a GDS issuance. The issuance will be a large one to digest, representing 17.6 days of three month ADV.
The proceeds will be used to accelerate the commercialization, further global clinical trials of BesREMi and conduct R&D in the US for the expansion of the company’s product portfolio.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Guoquan Food (Shanghai) Pre-IPO Tearsheet

Guoquan Food (Shanghai) (1786512D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO.
Guoquan Food (Shanghai) is a home meal solutions provider in China.
Offering a wide variety of home meal solutions products under its Guoquan Shihui (鍋圈食匯) brand, the firm had a total of 755 SKUs as of Dec 22.

Indegene Limited (1864095D IN) Pre-IPO: Enough Head Room For Long-Term Profitable Growth

By Tina Banerjee

Indegene Limited (1864095D IN), a healthtech firm focused on life sciences commercialization is looking to raise INR32B through an IPO, comprises of fresh issue and an offer for sale.
The IPO funds will be used to repay debt, fund capex, pay for one of the company’s past acquisitions, and pursue any future inorganic growth.
Amid a large and growing underpenetrated addressable market, Indegene is poised for long-term profitable growth by leveraging on its marquee clientele, long-standing client relationship, and comprehensive offering.

Adicon Holdings Pre-IPO – Thoughts on Valuation

ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO.
Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&S.
In this note, we talk about our thoughts on valuation.

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Apr 13

Daily Brief ECM: Tata Technologies Pre-IPO – The Positives – A Tata Group Listing After a Long Lull and more

In today’s briefing:

Tata Technologies Pre-IPO – The Positives – A Tata Group Listing After a Long Lull
ZJLD Group IPO: Valuation First Look
Mankind Pharma IPO: The Bear Case
Adicon Holdings Pre-IPO – Peer Comparison – When Your Peers Seem to Stand Out More

Tata Technologies Pre-IPO – The Positives – A Tata Group Listing After a Long Lull

Tata Technologies (TATATECH IN) (TT) is looking to raise around US$600m in its upcoming India IPO.
Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
In this note we talk about the positive aspects of the deal.

ZJLD Group IPO: Valuation First Look

ZJLD Group (ZJLD HK), a baijiu company in China, is set to launch an HKEx IPO to raise US$800-900 million next week, according to press reports.
We previously discussed the IPO in ZJLD Group IPO: The Bull Case and ZJLD Group IPO: The Bear Case.
In this note, we present our forecasts and take the first look at ZJLD’s potential valuation range.

Mankind Pharma IPO: The Bear Case

Mankind Pharma (6596876Z IN), a pharmaceutical company, is seeking to raise up to Rs45 billion (US$550 million) in April, according to press reports.
In Mankind Pharma IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on worrying recent developments, FCF burn, rise in inventory days and a steady decline in RoCE.

Adicon Holdings Pre-IPO – Peer Comparison – When Your Peers Seem to Stand Out More

ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO.
Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&S.
In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.

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Apr 12

Daily Brief ECM: Harita Nickel IPO: Trading Debut and more

In today’s briefing:

Harita Nickel IPO: Trading Debut
JD Property Pre-IPO Tearsheet
Zhejiang Supcon Technology GDR Listing – Momentum Has Been Strong and Not a Large Deal to Process
Harita Nickel IPO Trading – Quality Names in the Bookbuild Should Aid Sentiment
Manyo Factory IPO Valuation Analysis
Mankind Pharma IPO: The Bull Case
ADICON Holdings IPO: Covid Driven Earnings to Decline While Growth Prospects Remain Uncertain
Adicon Holdings Pre-IPO – Too Much Growth from COVID-19

Harita Nickel IPO: Trading Debut

PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) priced its IPO at IDR1,250 per share to raise gross proceeds of US$660 million. The shares will start trading tomorrow.
We previously discussed the IPO in Harita Nickel IPO: The Bull Case, Harita Nickel IPO: The Bear Case and Harita Nickel IPO: Valuation Insights.
Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.

JD Property Pre-IPO Tearsheet

Jingdong Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and others in China and in Asia.
As of Dec 22, the firm’s portfolio of Modern Infrastructure Assets has a total AUM of RMB93.7bn, occupying a total gross floor area (GFA) of 23.3m sqm.

Zhejiang Supcon Technology GDR Listing – Momentum Has Been Strong and Not a Large Deal to Process

Zhejiang Supcon Technology (688777 CH) is looking to raise around US$347m in its Swiss GDR listing. Huatai and CLSA are bookrunners on the deal.
The firm is offering 12.5m GDRs (1 GDR to 2 ordinary A-shares) for sale, at a 8.1-10.8% discount to last close on the A-share leg.
The deal is a relatively small one for the firm to digest, representing just 5.9 days of three month ADV on its A-share leg.

Harita Nickel IPO Trading – Quality Names in the Bookbuild Should Aid Sentiment

PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) raised around US$660m in its Indonesian IPO.
PT Trimegah Bangun Persada Tbk (Harita Nickel, HN) is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.
In this note, we will talk about the trading dynamics and valuation.

Manyo Factory IPO Valuation Analysis

By Douglas Kim

Our base case valuation of Manyo Factory is target price of 29,555 won per share, which represents 111% higher than the high end of the IPO price range.
We estimate the company to generate sales of 147.7 billion won in 2023 (up 45.1% YoY) and its operating margins to improve from 24.1% in 2022 to 24.7% in 2023.
We believe a 20% premium valuation multiple to the comps is appropriate due to its higher sales growth rate, higher operating margins, and higher ROE than the comps.

Mankind Pharma IPO: The Bull Case

By Shifara Samsudeen, ACMA, CGMA

Mankind Pharma (6596876Z IN), a pharmaceutical company, is seeking to raise up to Rs45 billion (US$550 million) in April, according to press reports.
Mankind Pharma is India’s fourth-largest pharmaceutical company in terms of domestic sales and second-largest in terms of sales volume in FY22, according to IQVIA.
The key elements of the bull case rest on a track record of growing brands and market share, accelerating growth rates, and profitability with margins in a relatively tight range.

ADICON Holdings IPO: Covid Driven Earnings to Decline While Growth Prospects Remain Uncertain

ADICON Holdings is one of top three independent clinical laboratories (ICL) in China based on total revenues. The company offers testing services primarily to hospitals and health check centres.
The company’s application for a HKEx listing has been approved and according to news media outlets, ADICON plans to raise around US$400m through the IPO.
Over the last three years, most of ADICON Holdings Limited (ADI HK) ’s growth were driven by Covid-19 related testing services which are likely to see huge decline going forward.

Adicon Holdings Pre-IPO – Too Much Growth from COVID-19

ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO.
Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&S.
Adicon’s revenue growth has been driven by its medical diagnostic testing services segment, during the track record period. However, much of its growth appears to be driven by COVID-19 testing.

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Apr 11

Daily Brief ECM: Trial IPO to Drive Tech Innovation Targeting Convenience Stores and more

In today’s briefing:

Trial IPO to Drive Tech Innovation Targeting Convenience Stores
Manyo Factory IPO Preview
The Meteoric Rise of China’s Hottest Fitness App Keep and Its Ambitious Plans to Go Public

Trial IPO to Drive Tech Innovation Targeting Convenience Stores

By Michael Causton

A lot has been said and written about Trial’s IPO but much of this relates to pass performance and comparing it to supermarkets.
As the company’s latest Trial Go store in Fukuoka shows, Trial is a tech-based retailer and a true discounter, and discounting is where the growth is in Japanese FMCG.
Trial thinks its technology can reduce costs significantly, improving margins while allowing it to roll out more small format stores to compete with convenience stores. It may be right.

Manyo Factory IPO Preview

By Douglas Kim

Manyo Factory is well known for its functional skin care products made from naural ingredients. Its products have been enjoying excellent sales in Japan and Korea.
Given the company’s superior sales growth and operating margins than its peers combined with the large IPO discount, there is likely to be a strong interest in Manyo Factory IPO.
Unlike other major Korean cosmetic companies with poor sales and operating profit in the past three years, Manyo Factory experienced excellent growth of its sales and profits in this period.

The Meteoric Rise of China’s Hottest Fitness App Keep and Its Ambitious Plans to Go Public

By Andrei Zakharov

Keep Inc., the sports technology unicorn and the largest fitness app in China, has renewed its application proof in Hong Kong. Goldman Sachs and CICC are leading the upcoming IPO.
With a mission to make the world move, the fitness app has been making waves in the fitness industry with its innovative approach to online fitness.
Keep fitness app has been downloaded over 300M times since inception and there were 370M+ fitness users in China in 2022, the world’s largest market globally.

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Apr 10

Daily Brief ECM: ZJLD Group Pre-IPO – Thoughts on Valuation and more

In today’s briefing:

ZJLD Group Pre-IPO – Thoughts on Valuation

ZJLD Group Pre-IPO – Thoughts on Valuation