Changliao (畅聊) AKA Paipai (派派) Pre-IPO Review - Self-Sufficient

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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

Research Reinvented

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/26978" target="_blank" data-smartkarma-citation="entities:26978:1">Inke Inc (3700 HK)</a> is looking to raise up to US$220m in its upcoming IPO. Proceeds will be mainly used for business and content offerings diversification, implementation of marketing initiatives, expansion of the user base and brand promotion, development of technology, potential acquisitions, and general working capital.Underlying operating metrics suggest a grim outlook for the company. MAU achieved strong growth in FY2016 but started to decline in FY2017 while pay ratio has been declining since the start of operations.In 2017, the company attempted to get backdoor listed in China A-shares market but the deal fell through due to the regulator's concern about valuation. Two Series B investors cashing out before the IPO do not inspire confidence too.In this insight, we will look at the company's operating metrics, financial performance, compare its valuation with other China live streaming peers and run the deal through our ECM framework.

Inke Inc (3700 HK) is looking to raise up to US$220m in its upcoming IPO. Proceeds will be mainly used for business and content offerings diversification, implementation of marketing initiatives, expansion of the user base and brand promotion, development of technology, potential acquisitions, and general working capital.Underlying operating metrics suggest a grim outlook for the company. MAU achieved strong growth in FY2016 but started to decline in FY2017 while pay ratio has been declining since the start of operations.In 2017, the company attempted to get backdoor listed in China A-shares market but the deal fell through due to the regulator's concern about valuation. Two Series B investors cashing out before the IPO do not inspire confidence too.In this insight, we will look at the company's operating metrics, financial performance, compare its valuation with other China live streaming peers and run the deal through our ECM framework.

Inke IPO Review - You Get What You Pay For