In today’s briefing:
- ZJLD Group: Limited Near-Term Post-IPO Upside, but Long-Term Prospects Indicate a Promising Future
- JD Property Pre-IPO – The Positives – Active on the Acquisition Front Leading to Growth
ZJLD Group: Limited Near-Term Post-IPO Upside, but Long-Term Prospects Indicate a Promising Future
- ZJLD Group, a founder-led baijiu company, backed by PE firm KKR priced its Hong Kong IPO at HK$10.82/share. ZJLD Group shares are expected to start trading on Thursday, Apr.27.
- The company’s IPO price implies a market cap of ~$4.6B, making it the Hong Kong’s largest IPO this year. Goldman Sachs and China Securities International acted as joint sponsors.
- Baijiu is the world’s most consumed liquor and accounted for ~70% of the alcoholic beverage market in China in 2021. Baijiu has a history of more than 5,000 years.
JD Property Pre-IPO – The Positives – Active on the Acquisition Front Leading to Growth
- 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 other assets in China and in Asia.
- In this note, we will talk about the positive aspects of the deal.
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