In today’s briefing:
- China Tourism Group A/H Listing – Updates from Revised Filing and Quick Thoughts on Valuation
- Kingsoft Cloud: Thoughts on HK Dual Primary Listing
China Tourism Group A/H Listing – Updates from Revised Filing and Quick Thoughts on Valuation
- China Tourism Group Duty Free Corporation Limited (CDF) now aims to raise US$2-3bn in its H-share listing in Hong Kong.
- As per Frost & Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.
- In this note, we will talk about the recent updates from its revised filings and revisit valuations.
Kingsoft Cloud: Thoughts on HK Dual Primary Listing
- Kingsoft Cloud (KC US) is the largest independent cloud service provider in China in terms of revenue in 2021 and its clientele includes the likes of ByteDance and Xiaomi.
- KC is listed in NASDAQ and has filed for a dual primary listing on HKEx and has not disclosed the amount that it plans to raise from the stock issuance.
- We are broadly positive on the company’s growth prospects and discuss the details below.
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