IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/bairong" target="_blank" data-smartkarma-citation="entities:31486:1" rel="noopener">Bairong (1569395D CH)</a> is a leading independent AI-powered technology platform in China serving the financial services industry. It is the largest independent financial big data analytics solutions provider in China with a 9.0% revenue market share in 2020, according to Frost &amp; Sullivan. </p></div><div><p>At the proposed IPO price range of HK$26.50-31.80 per share, Bairong will have a market cap of HK$13,125.2-15,750.2 million ($1.7-2.0 billion). At the mid-point of the IPO price range, the net proceeds are HK$3,440.7 million ($443 million). Three cornerstone investors will purchase $220 million worth of the offer shares (47.29% of the offer shares at the mid-point of the IPO price range). The cornerstone investors are Cederberg (a London-based fund manager), China Structural Reform Fund and Franchise Fund. </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/bairong-ipo-initiation-creditworthy" target="_blank" data-smartkarma-citation="insights:49249" rel="noopener">Bairong IPO Initiation: Creditworthy</a>, we opined that the good 4Q20 revenue growth exit rate points to recovery. We noted that Bairong has the potential to combine solid growth with profitability and cash generation. We concluded that Bairong is worth a closer look. Our valuation analysis suggests that the IPO price range is attractive. Overall, we would participate in the IPO. </p></div></div></div>

Bairong (1569395D CH) is a leading independent AI-powered technology platform in China serving the financial services industry. It is the largest independent financial big data analytics solutions provider in China with a 9.0% revenue market share in 2020, according to Frost &amp; Sullivan. At the proposed IPO price range of HK$26.50-31.80 per share, Bairong will have a market cap of HK$13,125.2-15,750.2 million ($1.7-2.0 billion). At the mid-point of the IPO price range, the net proceeds are HK$3,440.7 million ($443 million). Three cornerstone investors will purchase $220 million worth of the offer shares (47.29% of the offer shares at the mid-point of the IPO price range). The cornerstone investors are Cederberg (a London-based fund manager), China Structural Reform Fund and Franchise Fund. In Bairong IPO Initiation: Creditworthy, we opined that the good 4Q20 revenue growth exit rate points to recovery. We noted that Bairong has the potential to combine solid growth with profitability and cash generation. We concluded that Bairong is worth a closer look. Our valuation analysis suggests that the IPO price range is attractive. Overall, we would participate in the IPO. 

OneConnect Financial Technology (OCFT US)

Bairong

Bairong IPO: Valuation Insights