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

OneConnect IPO: Valuation Requires Another Markdown

OneConnect IPO Initiation: Missed Connection

Ping An Good Doctor: Competition Ratcheting up the Pressure

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

OneConnect Financial Technology / Equity Capital Markets

OneConnect Financial Technology (OCFT US)

<div><p><a href="https://www.smartkarma.com/entities/oneconnect-financial-techno" target="_blank" data-smartkarma-citation="entities:28432:1" rel="noopener">OneConnect Financial Technology (OCFT US)</a> is the largest technology-as-a-service platform for financial institutions in China, as measured by the number of customers. OneConnect has lowered its IPO price range from $12-14 per ADS to $9-10 per ADS.  </p></div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/oneconnect-ipo-initiation-missed-connection" target="_blank" rel="noopener">our initiation note</a>, we stated that that OneConnect's fundamentals struggle to establish a clear path to profitability, and we would be inclined to sit out this IPO. In <a href="https://www.smartkarma.com/insights/oneconnect-ipo-valuation-requires-another-markdown" target="_blank" rel="noopener">our valuation note</a>, we noted that despite the down round, we stick to our initial view to sit out this IPO. Our view was validated by the lowered IPO price range. While the lowered IPO price range is reasonable (potentially attractive), we believe that the sequence of events suggests that all is not well at OneConnect. Consequently, we would stay well clear of this IPO. </p></div></div>

OneConnect Financial Technology (OCFT US) is the largest technology-as-a-service platform for financial institutions in China, as measured by the number of customers. OneConnect has lowered its IPO price range from $12-14 per ADS to $9-10 per ADS.  In our initiation note, we stated that that OneConnect's fundamentals struggle to establish a clear path to profitability, and we would be inclined to sit out this IPO. In our valuation note, we noted that despite the down round, we stick to our initial view to sit out this IPO. Our view was validated by the lowered IPO price range. While the lowered IPO price range is reasonable (potentially attractive), we believe that the sequence of events suggests that all is not well at OneConnect. Consequently, we would stay well clear of this IPO. 

Ping An Healthcare and Technology (1833 HK)

OneConnect IPO: Lowered Valuation Smacks of Desperation