In today’s briefing:
- Alibaba’s Cainiao IPO: The First Look
- Keep Pre-IPO – Updates Since Our Last Note – Losses Have Been the Only Constant
- Nikkei 225 Sep 2023 Review – The Mercari Conundrum
Alibaba’s Cainiao IPO: The First Look
- Alibaba (ADR) (BABA US) aims to complete the IPO of Cainiao Smart Logistics (1437124D HK) in the next 12 to 18 months. Alibaba holds a 67% stake in Cainiao.
- Cainiao’s revenue growth, while on a declining trend, remains in double digits. Encouragingly. narrowing losses set a path to profitability.
- On 30 March, Bloomberg reported that Cainiao is currently valued at more than US$20 billion. Our valuation analysis suggests that such a valuation is justifiable.
Keep Pre-IPO – Updates Since Our Last Note – Losses Have Been the Only Constant
- Keep Inc (KEEP HK) is looking to raise around US$100m in its upcoming Hong Kong IPO.
- Keep is an online fitness platform, offering online fitness content, smart fitness devices and fitness products.
- In this note, we discuss the updates since our last note.
Nikkei 225 Sep 2023 Review – The Mercari Conundrum
- Mercari Inc (4385 JP) is potentially a leading candidate for inclusion in the Nikkei 225 in September.
- There are other technical reasons to think it is not.
- This insight looks at the issue of why it might be a leading candidate and why it might not be.
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