111 Inc. (1药网) IPO Review - Key Operating Metrics of B2C Segment Has Been Declining

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/27412" target="_blank" data-smartkarma-citation="entities:27412:1">111 Inc (YI US)</a> 's debut performance was a stark contrast to <a href="https://www.smartkarma.com/entities/27399" target="_blank" data-smartkarma-citation="entities:27399:1">NIO Inc (NIO US)</a> despite both pricing at the low end. 111, however, had to downsize its offering to 7.18m from 9.3m ADS. With the help of book runner support, 111 is barely holding onto the IPO share price.</p>
<p>In this insight, we will update the usual trading dynamics, check if anything has changed since then, and update our assumptions and peer valuation table.</p>

111 Inc (YI US) 's debut performance was a stark contrast to NIO Inc (NIO US) despite both pricing at the low end. 111, however, had to downsize its offering to 7.18m from 9.3m ADS. With the help of book runner support, 111 is barely holding onto the IPO share price.
In this insight, we will update the usual trading dynamics, check if anything has changed since then, and update our assumptions and peer valuation table.

111 Inc. (1药网) Trading Update - No Changes to Assumptions; Fairly Valued at Best