APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight"><p>The highlight of recent IPOs this year has been stolen by <a href="https://www.smartkarma.com/entities/26983" target="_blank" data-smartkarma-citation="entities:26983:1">HUYA Inc (HUYA US)</a> which closed up another 14% as of Friday close. This puts the IPO 142% above its IPO share price of US$12. Chinese tech companies that debuted in March, more specifically, <a href="https://www.smartkarma.com/entities/26793" target="_blank" data-smartkarma-citation="entities:26793:1">Bilibili Inc (BILI US)</a> and <a href="https://www.smartkarma.com/entities/26755" target="_blank" data-smartkarma-citation="entities:26755:1">iQIYI Inc (IQ US)</a> are now about 40 - 50% above IPO price after a disappointing debut.</p><p>Valuations at these price levels are not cheap, Huya now trades at 6.5x FY2019E EV/Revenue while Bilibili and iQiyi trade at about 4x FY2019E EV/Revenue. Although Huya offers good exposure to the esports investment theme by capturing the fast-growing esports traffic without having to bet on the next hot game (like PUBG in 2017 and Fortnite this year), the game streaming space is still very competitive. Some may have forgotten the fact that Tencent made investments into Huya and Douyu in a short span of two days which goes to show the competitiveness in this space and investors might be getting a tad too bullish assigning a large premium on Huya relative to other streaming sites.</p><p>For upcoming IPOs, <a href="https://www.smartkarma.com/entities/27145" target="_blank" data-smartkarma-citation="entities:27145:1">Huifu Payment Ltd (1806 HK)</a> announced its IPO price range and details and we are also expecting <a href="https://www.smartkarma.com/entities/27143" target="_blank" data-smartkarma-citation="entities:27143:1">VCredit Holdings Ltd (1620811D HK)</a> to be coming up soon. There is also <a href="https://www.smartkarma.com/entities/27144" target="_blank" data-smartkarma-citation="entities:27144:1">Uxin Ltd (UXIN US)</a> that just filed earlier this week and it is expected to be raising US$500m.  We are also hearing that Puxin Education will be launching soon, closer to late June. </p></div><h2>Accuracy Rate:</h2><p>Our overall accuracy rate is<strong> 71.5% for IPOs </strong>and<strong> 63.8% for Placements.</strong></p><p><em>(Performance measurement criteria is explained at the end of the note)</em></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/054/075/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%281%29.png?1527916826" class="editor-image img-responsive" data-smartkarma-image-id="54075"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/054/076/original/2018-Total-Deals-2018-Accuracy-Rate-_chartbuilder.png?1527916859" class="editor-image img-responsive" data-smartkarma-image-id="54076"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li><strong>Midea Real Estate Holdings (Hong Kong, ~US$150m)</strong></li><li><strong>Uxin (China-US, US$500m)</strong></li></ul><p>Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool <a href="https://www.smartkarma.com/tools/ipos" target="_blank">here </a>or through the tools menu.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/054/077/original/upcoming.PNG?1527916936" class="editor-image img-responsive" data-smartkarma-image-id="54077"></figure><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://economictimes.indiatimes.com/industry/cons-products/electronics/xiaomi-plans-diwali-show-with-made-in-india-tvs/articleshow/64393817.cms" target="_blank">Xiaomi plans Diwali show with made-in-India TVs</a></li><li><a href="https://www.dealstreetasia.com/stories/china-used-car-platform-uxin-ipo-98837/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=f931c678e1-EMAIL_CAMPAIGN_2018_05_31_01_00&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-f931c678e1-239139321&amp;mc_cid=f931c678e1&amp;mc_eid=28c8c22a08" target="_blank">China: Used-car trading platform Uxin eyes up to $500m in US IPO</a></li><li><a href="https://www.businesstimes.com.sg/banking-finance/ant-financial-raises-us10b-at-us150b-valuation-sources" target="_blank">Ant Financial raises US$10b at US$150b valuation</a></li><li><a href="https://www.afr.com/street-talk/viva-energy-ready-to-front-fundies-for-biggest-ipo-since-medibank-private-20180528-h10n8f" target="_blank">Viva Energy ready to front fundies for biggest IPO since Medibank Private</a></li><li><a href="https://www.bloomberg.com/news/articles/2018-05-28/tencent-backed-electric-car-startup-nio-is-said-to-file-for-ipo" target="_blank">Tencent-Backed Electric Car Startup NIO Files for IPO</a></li><li><a href="https://www.dealstreetasia.com/stories/malaysia-poultry-leong-hup-ipo-98541/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=cd403f21d5-EMAIL_CAMPAIGN_2018_05_26_01_01&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-cd403f21d5-239139321&amp;mc_cid=cd403f21d5&amp;mc_eid=28c8c22a08" target="_blank">Malaysian poultry business Leong Hup eyes $600m listing by year-end</a></li><li><a href="https://www.dealstreetasia.com/stories/goldman-renew-power-98568/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=bc7d4b9f5a-EMAIL_CAMPAIGN_2018_05_28_01_00&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-bc7d4b9f5a-239139321&amp;mc_cid=bc7d4b9f5a&amp;mc_eid=28c8c22a08" target="_blank">Goldman’s ReNew Power stake sale to mark India’s biggest PE exit via IPO</a></li></ul><h2><strong>Smartkarma Community's Analyses on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.smartkarma.com/insights/icure-pharm-ipo-summary-front-runner-of-dementia-patch-development-race" target="_blank" data-smartkarma-citation="insights:20776">Icure Pharm IPO Summary - Front Runner of Dementia Patch Development Race</a></li><li><a href="https://www.smartkarma.com/insights/canaan-inc-ipo-preview-part-2-a-closer-look-at-asic-developments-and-competition" target="_blank" data-smartkarma-citation="insights:20920">Canaan Inc. IPO Preview (Part 2) - A Closer Look at ASIC Developments and Competition</a></li><li><a href="https://www.smartkarma.com/insights/mercari-valuation-and-some-observations" target="_blank" data-smartkarma-citation="insights:20898">Mercari: Valuation and Some Observations</a></li><li><a href="https://www.smartkarma.com/insights/mercari-inc-a-case-for-directing-attention-to-the-east-iii" target="_blank" data-smartkarma-citation="insights:20877">Mercari Inc: A Case For Directing Attention to the East – III</a></li><li><a href="https://www.smartkarma.com/insights/xiaomi-corporation-value-is-in-the-eye-of-the-beholder-100-billion-or-20-billion-a-wide-gulf" target="_blank" data-smartkarma-citation="insights:20821">Xiaomi Corporation – Value Is in the Eye of the Beholder - $100 Billion or $20 Billion - A Wide Gulf</a></li></ul><h2>List of pre-IPO Coverage on Smartkarma</h2><table class="table table-striped"><tbody><tr><td>Name</td><td>Insight</td></tr><tr><td colspan="2">Hong Kong</td></tr><tr><td>51 Credit Card</td><td><a href="https://www.smartkarma.com/insights/51-credit-card-pre-ipo-review-need-clarity-on-growth-and-profitability-post-regulatory-changes" target="_blank" data-smartkarma-citation="insights:20622">51 Credit Card Pre-IPO Review - Need Clarity on Growth and Profitability Post Regulatory Changes</a></td></tr><tr><td>Ant Financial</td><td><a href="https://www.smartkarma.com/insights/ant-financial-ipo-early-thought-understand-the-fintech-empire-growth-and-risk-factors" target="_blank" data-smartkarma-citation="insights:20105">Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors</a></td></tr><tr><td>Canaan Inc.</td><td><a href="https://www.smartkarma.com/insights/canaan-inc-ipo-preview-part-1-the-biggest-blockchain-related-ipo-globally-in-2018" target="_blank" data-smartkarma-citation="insights:20661">Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018</a></td></tr><tr><td>Cenmintang</td><td><a href="https://www.smartkarma.com/insights/cenmintang-ipo-preview-a-beverage-and-snack-play-whose-growth-is-hard-to-grasp" target="_blank" data-smartkarma-citation="insights:9282">Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp</a></td></tr><tr><td>China Feihe</td><td><a href="https://www.smartkarma.com/insights/china-feihe-ipo-preview-goat-bless-infant-formula-milk" target="_blank" data-smartkarma-citation="insights:12751">China Feihe IPO Preview: Goat Bless Infant Formula Milk?</a></td></tr><tr><td>Chunlai Edu</td><td><p><a href="https://www.smartkarma.com/insights/china-chunlai-education-ipo-preview-are-vocational-programmes-the-future-growth-engine" target="_blank" data-smartkarma-citation="insights:19577">China Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?</a></p></td></tr><tr><td>Bank of Jiujiang</td><td><a href="https://www.smartkarma.com/insights/scraping-the-bottom-of-the-barrel-bank-of-jiujiang" target="_blank">Scraping the Bottom of the Barrel: Bank of JiuJiang</a></td></tr><tr><td>Ganfeng Lithium</td><td><a href="https://www.smartkarma.com/insights/ganfeng-lithium-ipo-present-perfect-future-tense" target="_blank" data-smartkarma-citation="insights:18250">Ganfeng Lithium IPO: Present Perfect, Future Tense</a></td></tr><tr><td>Jiangxi Bank</td><td><a href="https://www.smartkarma.com/insights/jiangxi-bank-ipo-preview-strong-growth-offset-by-weak-asset-quality" target="_blank" data-smartkarma-citation="insights:18006">Jiangxi Bank IPO Preview: Strong Growth Offset by Weak Asset Quality</a></td></tr><tr><td>Shandong Gold</td><td><a href="https://www.smartkarma.com/insights/shandong-gold-mining-ipo-preview-largest-pure-play-gold-miner-to-be-listed-in-hong-kong" target="_blank" data-smartkarma-citation="insights:17456">Shandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong Kong</a></td></tr><tr><td>Shandong Gold</td><td><a href="https://www.smartkarma.com/insights/shandong-gold-ipo-buyers-beware" target="_blank" data-smartkarma-citation="insights:17689">Shandong Gold IPO: Buyers Beware</a></td></tr><tr><td>Qilu Express</td><td><a href="https://www.smartkarma.com/insights/qilu-expressway-ipo-preview-concentration-risk-and-recent-news-may-mean-discount-to-peers" target="_blank" data-smartkarma-citation="insights:18624">Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers</a></td></tr><tr><td>Xiaomi</td><td><a href="https://www.smartkarma.com/insights/xiaomi-corporation-u-s-100b-80b-50b-stop-dreaming-we-believe-even-20-billion-is-too-much" target="_blank" data-smartkarma-citation="insights:20739">Xiaomi Corporation - U.S.$100B, $80B, $50B – Stop Dreaming. We Believe Even $20 Billion Is Too Much</a></td></tr><tr><td>Xiaomi</td><td><a href="https://www.smartkarma.com/insights/xiaomi-ipo-why-honest-prices-is-rarely-honest" target="_blank" data-smartkarma-citation="insights:20297">Xiaomi IPO: Why “Honest Prices” Is Rarely Honest</a></td></tr><tr><td>Xiaomi</td><td><a href="https://www.smartkarma.com/insights/xiaomi-the-money" target="_blank" data-smartkarma-citation="insights:20073">Xiaomi The Money!</a></td></tr><tr><td colspan="2">South Korea</td></tr><tr><td>Bodyfriend</td><td><a href="https://www.smartkarma.com/insights/bodyfriend-ipo-preview-part-i-goodbye-osim-hello-bodyfriend" target="_blank">Bodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) </a></td></tr><tr><td>CJ OliveNetworks</td><td><a href="https://www.smartkarma.com/insights/cj-olivenetworks-on-a-fast-track-to-an-ipo-in-2017" target="_blank">CJ OliveNetworks - On A Fast Track to an IPO in 2017? </a></td></tr><tr><td>Data Solution</td><td><a href="https://www.smartkarma.com/insights/datasolution-ipo-summary-questions-remain-on-growth-but-market-seems-excited" target="_blank" data-smartkarma-citation="insights:12519">Datasolution IPO Summary - Questions Remain on Growth, but Market Seems Excited</a></td></tr><tr><td>Gentle Monster</td><td><a href="https://www.smartkarma.com/insights/gentle-monster-ipo-a-monster-growth" target="_blank" data-smartkarma-citation="insights:8630">Gentle Monster IPO - A Monster Growth</a></td></tr><tr><td>Genoray</td><td><a href="https://www.smartkarma.com/insights/genoray-ipo-preview-part-2-valuation-analysis" target="_blank" data-smartkarma-citation="insights:20100">Genoray IPO Preview (Part 2) - Valuation Analysis</a></td></tr><tr><td>Korea Exchange</td><td><a href="https://www.smartkarma.com/insights/korea-exchange-ipo-question-is-when-not-if" target="_blank">Korea Exchange IPO - Question Is When, Not If</a></td></tr><tr><td>Outin Futures</td><td><a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:11212">Outin Futures Corp IPO Preview (Part 1)</a>,  <a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-valuations-part-2" target="_blank" data-smartkarma-citation="insights:11736">Valuations (Part 2)</a></td></tr><tr><td>Sejong</td><td><a href="https://www.smartkarma.com/insights/sejong-medical-ipo-preview-part-2-valuation-analysis" target="_blank" data-smartkarma-citation="insights:20147">Sejong Medical IPO Preview (Part 2) - Valuation Analysis</a></td></tr><tr><td>Woowa Bro</td><td><a href="https://www.smartkarma.com/insights/woowa-brothers-corp-ipo-preview-part-1-the-most-popular-food-delivery-service-in-korea" target="_blank" data-smartkarma-citation="insights:11104">Woowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in Korea</a></td></tr><tr><td>V-One Tech</td><td><a href="https://www.smartkarma.com/insights/v-one-tech-ipo-summary-another-oled-stock-ipo" target="_blank" data-smartkarma-citation="insights:11689">V-One Tech IPO Summary - Another OLED Stock IPO</a>,  <a href="https://www.smartkarma.com/insights/v-one-tech-ipo-part-2-ipo-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:11806">IPO Bookbuilding Results</a></td></tr><tr><td>Zinus</td><td><a href="https://www.smartkarma.com/insights/zinus-ipo-preview-part-1-an-amazing-comeback-story-1-mattress-brand-on-amazon" target="_blank" data-smartkarma-citation="insights:13698">Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)</a></td></tr><tr><td colspan="2">India</td></tr><tr><td>CMS Info</td><td><a href="https://www.smartkarma.com/insights/cms-info-systems-pre-ipo-review-when-a-pe-sells-to-another-pe-only-one-gets-the-timing-right" target="_blank" data-smartkarma-citation="insights:15987">CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right</a></td></tr><tr><td>CreditAccess Gram</td><td><a href="https://www.smartkarma.com/insights/creditaccess-grameen-pre-ipo-review-lowest-opex-ratio-amongst-mfi-peers" target="_blank" data-smartkarma-citation="insights:17719">CreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI Peers</a></td></tr><tr><td>CreditAccess Gram</td><td><a href="https://www.smartkarma.com/insights/creditaccess-grameen-ipo-preview-good-but-not-the-best" target="_blank" data-smartkarma-citation="insights:17878">CreditAccess Grameen IPO Preview: Good but Not the Best</a></td></tr><tr><td>HDFC AM</td><td><a href="https://www.smartkarma.com/insights/hdfc-asset-management-pre-ipo-trying-hard-to-be-different" target="_blank" data-smartkarma-citation="insights:19184">HDFC Asset Management Pre-IPO - Trying Hard to Be Different</a></td></tr><tr><td>NSE</td><td>NSE IPO Preview- Not Only Fast..its Risky and Expensive</td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/national-stock-exchange-pre-ipo-review-bigger-better-stronger-but-a-little-too-fast-for-some" target="_blank">National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some</a></td></tr><tr><td>TCNS Clothing</td><td><a href="https://www.smartkarma.com/insights/tcns-clothing-pre-ipo-fast-growth-growing-segment-and-a-good-track-record" target="_blank" data-smartkarma-citation="insights:20323">TCNS Clothing Pre-IPO - Fast Growth, Growing Segment and a Good Track Record</a></td></tr></tbody></table>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.The highlight of recent IPOs this year has been stolen by HUYA Inc (HUYA US) which closed up another 14% as of Friday close. This puts the IPO 142% above its IPO share price of US$12. Chinese tech companies that debuted in March, more specifically, Bilibili Inc (BILI US) and iQIYI Inc (IQ US) are now about 40 - 50% above IPO price after a disappointing debut.Valuations at these price levels are not cheap, Huya now trades at 6.5x FY2019E EV/Revenue while Bilibili and iQiyi trade at about 4x FY2019E EV/Revenue. Although Huya offers good exposure to the esports investment theme by capturing the fast-growing esports traffic without having to bet on the next hot game (like PUBG in 2017 and Fortnite this year), the game streaming space is still very competitive. Some may have forgotten the fact that Tencent made investments into Huya and Douyu in a short span of two days which goes to show the competitiveness in this space and investors might be getting a tad too bullish assigning a large premium on Huya relative to other streaming sites.For upcoming IPOs, Huifu Payment Ltd (1806 HK) announced its IPO price range and details and we are also expecting VCredit Holdings Ltd (1620811D HK) to be coming up soon. There is also Uxin Ltd (UXIN US) that just filed earlier this week and it is expected to be raising US$500m.  We are also hearing that Puxin Education will be launching soon, closer to late June. Accuracy Rate:Our overall accuracy rate is 71.5% for IPOs and 63.8% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  Midea Real Estate Holdings (Hong Kong, ~US$150m)Uxin (China-US, US$500m)Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.News on Upcoming IPOs  Xiaomi plans Diwali show with made-in-India TVsChina: Used-car trading platform Uxin eyes up to $500m in US IPOAnt Financial raises US$10b at US$150b valuationViva Energy ready to front fundies for biggest IPO since Medibank PrivateTencent-Backed Electric Car Startup NIO Files for IPOMalaysian poultry business Leong Hup eyes $600m listing by year-endGoldman’s ReNew Power stake sale to mark India’s biggest PE exit via IPOSmartkarma Community's Analyses on Upcoming IPOs  Icure Pharm IPO Summary - Front Runner of Dementia Patch Development RaceCanaan Inc. IPO Preview (Part 2) - A Closer Look at ASIC Developments and CompetitionMercari: Valuation and Some ObservationsMercari Inc: A Case For Directing Attention to the East – IIIXiaomi Corporation – Value Is in the Eye of the Beholder - $100 Billion or $20 Billion - A Wide GulfList of pre-IPO Coverage on SmartkarmaNameInsightHong Kong51 Credit Card51 Credit Card Pre-IPO Review - Need Clarity on Growth and Profitability Post Regulatory ChangesAnt FinancialAnt Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk FactorsCanaan Inc.Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018CenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to GraspChina FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?Chunlai EduChina Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?Bank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangGanfeng LithiumGanfeng Lithium IPO: Present Perfect, Future TenseJiangxi BankJiangxi Bank IPO Preview: Strong Growth Offset by Weak Asset QualityShandong GoldShandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong KongShandong GoldShandong Gold IPO: Buyers BewareQilu ExpressQilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to PeersXiaomiXiaomi Corporation - U.S.$100B, $80B, $50B – Stop Dreaming. We Believe Even $20 Billion Is Too MuchXiaomiXiaomi IPO: Why “Honest Prices” Is Rarely HonestXiaomiXiaomi The Money!South KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? Data SolutionDatasolution IPO Summary - Questions Remain on Growth, but Market Seems ExcitedGentle MonsterGentle Monster IPO - A Monster GrowthGenorayGenoray IPO Preview (Part 2) - Valuation AnalysisKorea ExchangeKorea Exchange IPO - Question Is When, Not IfOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)SejongSejong Medical IPO Preview (Part 2) - Valuation AnalysisWoowa BroWoowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in KoreaV-One TechV-One Tech IPO Summary - Another OLED Stock IPO,  IPO Bookbuilding ResultsZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)IndiaCMS InfoCMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing RightCreditAccess GramCreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI PeersCreditAccess GramCreditAccess Grameen IPO Preview: Good but Not the BestHDFC AMHDFC Asset Management Pre-IPO - Trying Hard to Be DifferentNSENSE IPO Preview- Not Only Fast..its Risky and ExpensiveNSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for SomeTCNS ClothingTCNS Clothing Pre-IPO - Fast Growth, Growing Segment and a Good Track Record

Smartkarma: ECM Coverage Weekly Update (2 June 2018)

China

Huifu Payment Limited provides third party payment services. The Company offers merchant payment solutions and fintech enabling services to Internet finance providers and commercial banks. Huifu Payment also offers related artificial intelligence, big data, and cloud services.

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Huifu Payment Limited (1806 HK)

Smartkarma: ECM Coverage Weekly Update (2 June 2018)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. The highlight of...

Zhen Zhou, Toh

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