Jinke Smart Services (金科智慧服务) IPO - More Palatable Valuation but Look Out for Pre-IPO Investors

Jinke Smart Services (金科智慧服务) Pre-IPO - Peer Comparison and Early Thoughts on Valuation

Jinke Smart Services (金科智慧服务) Pre-IPO - GFA Growth at the Expense of Fees

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Jinke Smart Services / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/jinke-smart-services" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> raised about US$767m by pricing its IPO at HK$44.70 per share, exactly at the midpoint of the price range. </p>
<p>JKS is the property management arm of Jinke Property Group. As of December 2019, JKS has 754 property management projects with a total contracted GFA of 248.6m sqm. Out of that, 417 projects are currently under management which is about 120.5m sqm. </p>
<p>In this note, we will look at the deal dynamics and provide a table with implied valuation at different share price levels.</p>
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<p>Our previous coverage of the IPO:</p>
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<ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/jinke-smart-services-pre-ipo-gfa-growth-at-the-expense-of-fees" target="_blank" rel="noopener">Jinke Smart Services (金科智慧服务) Pre-IPO - GFA growth at the expense of fees </a></li>
<li><a href="https://www.smartkarma.com/insights/jinke-smart-services-pre-ipo-peer-comparison-and-early-thoughts-on-valuation" target="_blank" rel="noopener">Jinke Smart Services (金科智慧服务) Pre-IPO - Peer comparison and early thoughts on valuation</a></li>
<li>
<a href="https://www.smartkarma.com/insights/jinke-smart-services-ipo-more-palatable-valuation-but-look-out-for-pre-ipo-investors" target="_blank" data-smartkarma-citation="insights:44927" rel="noopener">Jinke Smart Services (金科智慧服务) IPO - More Palatable Valuation but Look Out for Pre-IPO Investors</a> </li>
</ul>
</div>

Jinke Smart Services (9666 HK) raised about US$767m by pricing its IPO at HK$44.70 per share, exactly at the midpoint of the price range. 
JKS is the property management arm of Jinke Property Group. As of December 2019, JKS has 754 property management projects with a total contracted GFA of 248.6m sqm. Out of that, 417 projects are currently under management which is about 120.5m sqm. 
In this note, we will look at the deal dynamics and provide a table with implied valuation at different share price levels.

Our previous coverage of the IPO:



Jinke Smart Services (金科智慧服务) Pre-IPO - GFA growth at the expense of fees 
Jinke Smart Services (金科智慧服务) Pre-IPO - Peer comparison and early thoughts on valuation

Jinke Smart Services (金科智慧服务) IPO - More Palatable Valuation but Look Out for Pre-IPO Investors 



Jinke Smart Services (金科智慧服务) IPO Trading - Demand and Valuation = Muted Near-Term Performance