HK/China Equity Long-Short

Osbert Tang, CFA

Osbert Tang is an equity analyst with over 20 years of experience with focuses on China transport, infrastructure, industrials and utilities sectors. He has been based in Shanghai since 2003, accumulated nearly 20 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities. 

Osbert has received votes from top-tier institutional investors and has been a highly-ranked transport and infrastructure analyst in the Asiamoney, Institutional Investors and Greenwich surveys. In addition to his extensive experience with international investment banks including RBS, ABN AMRO (both served as Shanghai Chief Representative), Paribas Asia Equity, Maybank Kim Eng and DBS Securities, he has been a senior analyst with Moody’s Investors Service with focus on ratings of China infrastructure and related LGFV issuers. He has also worked in the area of strategic development at Sun Hung Kai Properties Limited. 

Osbert holds a BBA from the Chinese University of Hong Kong, an MBA from the University of Texas at Austin and a MSSc in Applied Psychology from the City University of Hong Kong. He was accredited with the CFA charter in 1997, and is a member of both British Psychological Society and Hong Kong Psychological Society.

Carbon Footprint of Freight Transportation and Logistics and Other ESG Issues

JD Logistics: More Solution Than Problem in a Problematic ESG Space

JD Logistics IPO Initiation: The Flow of Things

JD Logistics (京东物流) Pre-IPO - Tethered to JD Group and Looking Beyond

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/jd-logistics" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (JDL HK)</a>, the logistics arm of <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a>, is an interesting potential IPO in Hong Kong. In this Insight, we use a different angle to look at JDL, focusing on the concerns and negative issues on the company based on information in the Application Proof Prospectus. This does not mean that we are bearish on JDL and its IPO, but we think they are important issues that investors need to consider.</p><p>In summary, our key concerns on JDL are: 1.) reliance on JD Group as key customer, 2.) fast-growing other customers may carry lower margin, 3.) numerous connected transactions, 4.) short history of serving external customers, 5.) lack of self-owned warehouses, and 6.) distortion by government grants on bottomline. We will get back in greater depth once more information and details on pricing are available.</p>

JD Logistics (JDL HK), the logistics arm of JD.com Inc. (9618 HK), is an interesting potential IPO in Hong Kong. In this Insight, we use a different angle to look at JDL, focusing on the concerns and negative issues on the company based on information in the Application Proof Prospectus. This does not mean that we are bearish on JDL and its IPO, but we think they are important issues that investors need to consider.In summary, our key concerns on JDL are: 1.) reliance on JD Group as key customer, 2.) fast-growing other customers may carry lower margin, 3.) numerous connected transactions, 4.) short history of serving external customers, 5.) lack of self-owned warehouses, and 6.) distortion by government grants on bottomline. We will get back in greater depth once more information and details on pricing are available.

JD Logistics Pre-IPO: What Are the Concerns and Negatives?