Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Ximalaya IPO: Diversified Revenue Channels with Further Potential to Monetise Users and Content

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/ximalaya-inc" target="_blank" data-smartkarma-citation="entities:33232:1" rel="noopener">Ximalaya (XIMA US), which</a> is backed by <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, is getting ready to complete its IPO in the United States in the next several weeks. Ximalaya is the largest online audio platform in China in terms of MAU. <a href="https://www.reuters.com/technology/chinese-podcast-startup-ximalaya-files-us-ipo-2021-04-30/" target="_blank" rel="noopener">Ximalaya</a> was last valued at $3.7 billion in July 2018. The main underwriters of the IPO include Goldman Sachs, Morgan Stanley, BofA Securities, and CICC. </p><p>The company generated sales of 4.1 billion RMB (up 51.3% YoY) and gross profit of 2.0 billion RMB (up 70.3% YoY). From 2018 to 2020, the company's sales increased by 65.7% CAGR. The company's sales continued to accelerate by 65.2% YoY in 1Q 2021. The increasing sales growth has been accompanied by improving profit margins.</p>

Ximalaya (XIMA US), which is backed by Tencent (700 HK), is getting ready to complete its IPO in the United States in the next several weeks. Ximalaya is the largest online audio platform in China in terms of MAU. Ximalaya was last valued at $3.7 billion in July 2018. The main underwriters of the IPO include Goldman Sachs, Morgan Stanley, BofA Securities, and CICC. The company generated sales of 4.1 billion RMB (up 51.3% YoY) and gross profit of 2.0 billion RMB (up 70.3% YoY). From 2018 to 2020, the company's sales increased by 65.7% CAGR. The company's sales continued to accelerate by 65.2% YoY in 1Q 2021. The increasing sales growth has been accompanied by improving profit margins.

Ximalaya IPO Preview - Creating the Joe Rogans of China