Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<p>HKBN is the largest residential fibre broadband provider in Hong Kong.&nbsp;While its a stable business, however, we don't like the deal given:</p><ul><li>The IPO scores on&nbsp;the borderline in our IPO Framework.</li><li>Its key shareholders are selling secondary shares.</li><li>The overall business grew well, however, valuation appears to be rich compared to its peers.</li><li>The operating environment is very competitive, despite the dominance of the company.</li></ul>

HKBN is the largest residential fibre broadband provider in Hong Kong.&nbsp;While its a stable business, however, we don't like the deal given:The IPO scores on&nbsp;the borderline in our IPO Framework.Its key shareholders are selling secondary shares.The overall business grew well, however, valuation appears to be rich compared to its peers.The operating environment is very competitive, despite the dominance of the company.

HKBN IPO: solid fibre broadband business but rich valuation - AVOID

HKBN Ltd

HKBN IPO: solid fibre broadband business but rich valuation - AVOID