In today’s briefing:
- Keep IPO Valuation Analysis: The Minimum Offer Price Looks Attractive. Trading Debut: July 12, 2023
- J&T Global Express Pre-IPO, Part 1: Chinese Express Operation | ‘Haven’t We Met Somewhere Before?’
Keep IPO Valuation Analysis: The Minimum Offer Price Looks Attractive. Trading Debut: July 12, 2023
- Keep Inc., the largest online fitness platform in China, set terms for HK IPO and plans to raise ~HK$667M at the high end of the range at HK$61.46/share.
- CICC is leading the offering and Keep Inc (KEEP HK) will trade under the stock code “3650”. The company offers ~10.8M shares at a price range of HK$28.92-HK$61.46.
- The low end of the range implies an IPO valuation of HK$15B, which looks attractive and is equal to the last round valuation of ~$2B that was led by SoftBank.
J&T Global Express Pre-IPO, Part 1: Chinese Express Operation | ‘Haven’t We Met Somewhere Before?’
- In this insight we look at the development of J&T’s China business over the past few years, including J&T’s purchase of Best Inc’s express operation in late 2021
- We also compare J&T’s Chinese operation to five listed Chinese express companies in terms of scale, market position, financial performance, and relationships with e-comm platforms
- Finally, we present a framework for the valuation of J&T’s China business, and offer a list of questions we would ask management as the company prepares for its IPO
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