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

Tencent-Backed IPOs: Back in Vogue but Positive Returns Remain Far from a Sure Thing

Tencent Music IPO Valuation: Best in Class Metrics

IDreamSky IPO Valuation: Ready Player One

Uncompromised, Independent, Conflict-Free Research

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

Futu Holdings Ltd / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/27858" target="_blank" data-smartkarma-citation="entities:27858:1">Futu Holdings Ltd (FHL US)</a> is the fourth largest online broker in Hong Kong. Futu has filed for a Nasdaq IPO to raise $300 million, down from an earlier indication of a $500 million raise according to press reports. Futu is backed by <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent Holdings (700 HK)</a> (38.2% shareholder), Matrix Partners (6.1%) and Sequoia Capital (4.0%).</p><div class="content-highlight"><p>At first glance, Futu appears to be a winning new economy company as its rapid revenue growth has been accompanied by rising margins. However, on closer inspection, we believe that Futu’s fundamentals are at best mixed.</p></div>

Futu Holdings Ltd (FHL US) is the fourth largest online broker in Hong Kong. Futu has filed for a Nasdaq IPO to raise $300 million, down from an earlier indication of a $500 million raise according to press reports. Futu is backed by Tencent Holdings (700 HK) (38.2% shareholder), Matrix Partners (6.1%) and Sequoia Capital (4.0%).At first glance, Futu appears to be a winning new economy company as its rapid revenue growth has been accompanied by rising margins. However, on closer inspection, we believe that Futu’s fundamentals are at best mixed.

Futu Holdings IPO Preview: Running Out of Steam