In today’s briefing:
- Beijing Fourth Paradigm US$1.1bn Lockup Expiry – Needs Some Selling to Improve Its Liquidity
- Pre-IPO Carote Ltd (PHIP Updates) – High Performance Growth May Not Be Sustainable
- Hive Box – Pre-IPO: To Understand Who Pays and Why They Pay
Beijing Fourth Paradigm US$1.1bn Lockup Expiry – Needs Some Selling to Improve Its Liquidity
- Beijing Fourth Paradigm Technology (6682 HK) was listed in Hong Kong on 28th Sept 2023 after raising US$130m. Its one-year lockup will expire on 27th Sept 2024.
- Beijing Fourth Paradigm is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
Pre-IPO Carote Ltd (PHIP Updates) – High Performance Growth May Not Be Sustainable
- Relying mainly on online channels and successful internationalization strategy, CAROTE’s performance growth showed strong momentum in recent years. However, after the short-term demand outbreak, future performance growth could slow down.
- CAROTE adopts a product strategy similar to ZARA, launching a massive product matrix, constantly attracting consumers’ interest, but the innovation capability and core competitiveness of products are not high.
- Valuation of CAROTE could be higher than Vesync (2148 HK).If Trump is elected, the friction/trade war between China and US may escalate, which is detrimental to CAROTE’s future valuation performance.
Hive Box – Pre-IPO: To Understand Who Pays and Why They Pay
- Delivery workers would like to pay to save their time.
- Retailers would also like to pay for return delivery to raise their service quality.
- However, product buyers have to pay, but would not like to pay the delay fee.
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