IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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

360 Finance, Inc. / Equity Capital Markets

<p>360 Finance is a leading online consumer lending platform and the finance partner of the 360 Group. 360 Finance intends to list on NYSE and raise $200 million. The online consumer finance market has been rocked due to new regulations driving a recent wave of P2P platform defaults. Notwithstanding the uncertainty, <a href="https://www.smartkarma.com/entities/27440" target="_blank" data-smartkarma-citation="entities:27440:1">X Financial (XYF US)</a>, <a href="https://www.smartkarma.com/entities/27358" target="_blank" data-smartkarma-citation="entities:27358:1">Pintec Technology Holdings L (PT US)</a> and <a href="https://www.smartkarma.com/entities/27267" target="_blank" data-smartkarma-citation="entities:27267:1">CNFinance Holdings Ltd (1640496D US)</a> managed to recently complete their IPO listings.</p><div class="content-highlight"><p>Understandably, investors continue to be wary of investing in the Chinese online consumer finance companies despite "cheap" multiples. 360 Finance is bravely wading into this investor apathy. Our analysis suggests that 360 Finance’s fundamentals are at best mixed and it will struggle to win over indifferent investors.</p></div>

360 Finance is a leading online consumer lending platform and the finance partner of the 360 Group. 360 Finance intends to list on NYSE and raise $200 million. The online consumer finance market has been rocked due to new regulations driving a recent wave of P2P platform defaults. Notwithstanding the uncertainty, X Financial (XYF US), Pintec Technology Holdings L (PT US) and CNFinance Holdings Ltd (1640496D US) managed to recently complete their IPO listings.Understandably, investors continue to be wary of investing in the Chinese online consumer finance companies despite "cheap" multiples. 360 Finance is bravely wading into this investor apathy. Our analysis suggests that 360 Finance’s fundamentals are at best mixed and it will struggle to win over indifferent investors.

360 Finance IPO Preview: Pluses and Minuses

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

<p>360 Finance, a spin-off from 360 Security Technology (601360 CH), has filed for an IPO in the US to raise up to USD 200m. In this insight, we will discuss the following topics:</p>
<ul>
<li>The revenue model of the company</li>
<li>Analysis of key metrics and risk going forward</li>
<li>Synergies and relationship with 360</li>
<li>Company history and shareholders</li>
<li>Initial thoughts on valuation</li>
</ul>

360 Finance, a spin-off from 360 Security Technology (601360 CH), has filed for an IPO in the US to raise up to USD 200m. In this insight, we will discuss the following topics:

The revenue model of the company
Analysis of key metrics and risk going forward
Synergies and relationship with 360
Company history and shareholders
Initial thoughts on valuation


360 Finance (360金融) IPO First-Take: Too Late into Cash Loan Game

China

360 Finance, Inc. operates as a holding company. The Company, through its subsidiaries, provides a digital finance platform to render loans and capital contributions. 360 Finance serves clients in China.

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360 Finance, Inc. (QFIN US)

360 Finance IPO Preview: Pluses and Minuses

360 Finance is a leading online consumer lending platform and the finance partner of the 360 Group. 360 Finance intends to list on NYSE and raise...

Arun George

360 Finance (360金融) IPO First-Take: Too Late into Cash Loan Game

360 Finance, a spin-off from 360 Security Technology (601360 CH), has filed for an IPO in the US to raise up to USD 200m. In this insight, we will...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)