Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Chinese e-commerce “service provider”, <a href="https://www.smartkarma.com/entities/baozun-inc" target="_blank" data-smartkarma-citation="entities:24184:1" rel="noopener">Baozun Inc. (BZUN US)</a>, is the latest US-listed Chinese company to launch a secondary listing on the HKEX. In this note, we take a quick look at Baozun’s fundamentals ahead of its HKEX offer.Baozun’s HKEX offer will have two tranches; a HongKong offer and an international offer. The maximum offer price for the HongKong offer is set at HKD103.90. Baozun is expected to set the international offer price by September 23, 2020 (Wednesday). The final HongKong offer price will the lower of the international offer price and the maximum offer price above.Baozun will issue 40m new shares equivalent to around 17.5% of the company’s ordinary shares outstanding (after the HKEX listing). At the maximum offer price above (for the HongKong tranche), Baozun is expected to raise around HKD 4,156m (USD 536m).

Chinese e-commerce “service provider”, Baozun Inc. (BZUN US), is the latest US-listed Chinese company to launch a secondary listing on the HKEX. In this note, we take a quick look at Baozun’s fundamentals ahead of its HKEX offer.Baozun’s HKEX offer will have two tranches; a HongKong offer and an international offer. The maximum offer price for the HongKong offer is set at HKD103.90. Baozun is expected to set the international offer price by September 23, 2020 (Wednesday). The final HongKong offer price will the lower of the international offer price and the maximum offer price above.Baozun will issue 40m new shares equivalent to around 17.5% of the company’s ordinary shares outstanding (after the HKEX listing). At the maximum offer price above (for the HongKong tranche), Baozun is expected to raise around HKD 4,156m (USD 536m).

Baozun: A Quick Look at Fundamentals Ahead of the HKEX Listing