HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Annto Logistics Supply Chain Technology / Equity Capital Markets

Annto Logistics Supply Chain Technology (ANNTO HK)

<ul>
<li>Based on the 20-year manufacturing supply chain management experience of Midea, Annto has deeply understood the pain points in manufacturing such as production rhythm, inventory management, and channel distribution.</li>
<li>A slight decrease in revenue or a slight increase in costs that cannot be passed on could have disproportionately negative impact on Annto’s profitability and could lead to net loss.</li>
<li>Profit margin of JD Logistics is higher than Annto. The scale of JD Logistics is approximately 10 times of Annto. So, we think Annto’s valuation would be lower than JD Logistics.</li>
</ul>


Based on the 20-year manufacturing supply chain management experience of Midea, Annto has deeply understood the pain points in manufacturing such as production rhythm, inventory management, and channel distribution.
A slight decrease in revenue or a slight increase in costs that cannot be passed on could have disproportionately negative impact on Annto’s profitability and could lead to net loss.
Profit margin of JD Logistics is higher than Annto. The scale of JD Logistics is approximately 10 times of Annto. So, we think Annto’s valuation would be lower than JD Logistics.


Pre-IPO Annto Supply Chain Technology - About the Business, Forecast, and Thoughts on Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, things are picking up going into the year end, as is usual, with multiple US$1bn+ deals said to go live over the next few weeks.</li>
<li>On the placements front, as well, market remains receptive for both primary and secondary offerings.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, things are picking up going into the year end, as is usual, with multiple US$1bn+ deals said to go live over the next few weeks.
On the placements front, as well, market remains receptive for both primary and secondary offerings.


ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/annto-logistics-supply-chain-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45406:1" rel="noopener">Annto Logistics Supply Chain Technology (ANNTO HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and CICC.</li>
<li>It is the leading integrated supply chain logistics solutions provider in China.</li>
<li>According to CIC, it achieved the fastest revenue CAGR between 2022 and 2024, and is amongst the top five comprehensive integrated supply chain logistics solutions providers in China</li>
</ul>



Annto Logistics Supply Chain Technology (ANNTO HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and CICC.
It is the leading integrated supply chain logistics solutions provider in China.
According to CIC, it achieved the fastest revenue CAGR between 2022 and 2024, and is amongst the top five comprehensive integrated supply chain logistics solutions providers in China


Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Event-Driven

Annto Logistics Supply Chain Technology / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> has received shareholder approval to spin off its technology-driven supply chain arm,Annto Logistics,for a separate listing on the Main Board of the Hong Kong Stock Exchange.</li>
<li>Annto has demonstrated consistent profitability, with cumulative net profit attributable to shareholders of the parent company reaching RMB 883.42 million for 2022-2024.</li>
<li>Size to not exceed 20% of the enlarged share capital. The objective is to expand Annto’s financing avenues, accelerate growth,  &amp; bolster operational independence within the Midea ecosystem.</li>
</ul>



Midea Group (300 HK) has received shareholder approval to spin off its technology-driven supply chain arm,Annto Logistics,for a separate listing on the Main Board of the Hong Kong Stock Exchange.
Annto has demonstrated consistent profitability, with cumulative net profit attributable to shareholders of the parent company reaching RMB 883.42 million for 2022-2024.
Size to not exceed 20% of the enlarged share capital. The objective is to expand Annto’s financing avenues, accelerate growth,  &amp; bolster operational independence within the Midea ecosystem.


Annto Logistics Spin-Off & IPO; Valuation Scenarios.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Annto Logistics Supply Chain Technology (ANNTO HK)

Pre-IPO Annto Supply Chain Technology - About the Business, Forecast, and Thoughts on Valuation

Annto has deeply understood the pain points in manufacturing, but low profit margin makes Annto unable to withstand any negative fluctuation....

Xinyao (Criss) Wang

ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Annto Supply Chain Pre-IPO Tearsheet

Annto Logistics Supply Chain Technology is set to raise over US$100m in its Hong Kong IPO. It is a top player in China's integrated supply chain...

Nicholas Tan

Annto Logistics Spin-Off & IPO; Valuation Scenarios.

This note highlights possible valuation scenarios for Annto Logistics and other details about the Spin-off and IPO. Company has already received...

Sreemant Dudhoria

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Annto Supply Chain Technology - About the Business, Forecast, and Thoughts on Valuation

Annto has deeply understood the pain points in manufacturing, but low profit margin makes Annto unable to withstand any negative fluctuation....

Xinyao (Criss) Wang

ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Annto Supply Chain Pre-IPO Tearsheet

​Annto Logistics Supply Chain Technology is set to raise over US$100m in its Hong Kong IPO. It is a top player in China's integrated supply chain...

Nicholas Tan

Annto Logistics Spin-Off & IPO; Valuation Scenarios.

This note highlights possible valuation scenarios for Annto Logistics and other details about the Spin-off and IPO. Company has already received...

Sreemant Dudhoria

Annto Logistics Supply Chain Technology is set to raise over US$100m in its Hong Kong IPO. It is a top player in China's integrated supply chain...