In today’s briefing:
- Jinmao Property Services IPO – Premium Asking Valuation and Cornerstones Took up 80% of Deal
- Yunkang IPO: Core Business Growth to Slow Down Post-Covid
Jinmao Property Services IPO – Premium Asking Valuation and Cornerstones Took up 80% of Deal
- Jinmao Property Services (JM HK) is looking to raise around US$105m in its Hong Kong IPO.
- At listing, it is asking for a steep premium and 82% of the deal size has already been taken up by cornerstones, not leaving a whole lot for other investors.
- In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.
Yunkang IPO: Core Business Growth to Slow Down Post-Covid
- Yunkang Group (YK HK) is a medical operation service provider in China and offers a full suite of diagnostic testing services.
- The company’s earnings had a boost in 2020 with the pandemic which resulted in huge demand for Covid-19 diagnostic tests.
- Yunkang has filed for an IPO to raise about US$200m. We expect the company’s earnings to gradually decline with pandemic conditions easing off.
Before it’s here, it’s on Smartkarma
