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Caixin Global

Articles from Caixin Global

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Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Chinese e-commerce giant Alibaba Group Holding Ltd. signed a strategic cooperation agreement with the government of Hangzhou, the eastern China city where the company is headquartered</li><li>Alibaba and its finance affiliate Ant Group Co. Ltd. have been at the center of the Chinese government’s multi-year crackdown on the internet sector since October 2020.</li><li>In 2021, Alibaba was <a href="https://www.caixinglobal.com/2021-04-10/alibaba-fined-28-billion-in-landmark-china-antitrust-ruling-101688439.html" target="_blank" rel="noopener">fined</a> a record 18.2 billion yuan ($2.6 billion) for monopolistic behavior.</li></ul>

Chinese e-commerce giant Alibaba Group Holding Ltd. signed a strategic cooperation agreement with the government of Hangzhou, the eastern China city where the company is headquarteredAlibaba and its finance affiliate Ant Group Co. Ltd. have been at the center of the Chinese government’s multi-year crackdown on the internet sector since October 2020.In 2021, Alibaba was fined a record 18.2 billion yuan ($2.6 billion) for monopolistic behavior.

Alibaba Signs Cooperation Agreement With Hangzhou Government

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.

Equity Capital Markets

<ul>
<li>Alipay aims to raise around US$386m via selling around 3.3% of outstanding shares of Kakao Pay.</li>
<li>The stock more than doubled on listing, providing one of the best first day returns in 2021. However, its performance since then hasn’t been all that great.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Alipay aims to raise around US$386m via selling around 3.3% of outstanding shares of Kakao Pay.
The stock more than doubled on listing, providing one of the best first day returns in 2021. However, its performance since then hasn’t been all that great.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Kakao Pay Placement - Discount Is Enticing, That's It

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

Private Capital Markets

For an investment in MoMo, which is a leading e-wallet in Vietnam, our analysis shows that the most sensitive factor that would impact a potential investor's return is the company's take rate.Hence, even if the digital payments and e-wallets sector in Vietnam could present significant growth, the return from investing in MoMo could still be unattractive if its take rate drops in the future, given the sector's intensifying competition.The key to defending its future take rate is diversifying away from e-wallets and payments to become a financial facilitator with a complete ecosystem in the coming 3 – 5 years, like Ant Group in China. This is also the strategy Grab Financial Group is going after.

For an investment in MoMo, which is a leading e-wallet in Vietnam, our analysis shows that the most sensitive factor that would impact a potential investor's return is the company's take rate.Hence, even if the digital payments and e-wallets sector in Vietnam could present significant growth, the return from investing in MoMo could still be unattractive if its take rate drops in the future, given the sector's intensifying competition.The key to defending its future take rate is diversifying away from e-wallets and payments to become a financial facilitator with a complete ecosystem in the coming 3 – 5 years, like Ant Group in China. This is also the strategy Grab Financial Group is going after.  

Vietnam's MoMo: A Venture Capital Investment With Private Equity Return?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> aims to raise US$1.25bn in its upcoming India IPO. The company has filed confidentially for its IPO, which is likely to be launched towards the end of the year.</li>
<li>Swiggy, along with Zomato, operates a duopoly that has come to dominate the food delivery market in India. In 1H24, Swiggy serviced over 274,000 restaurants via its 370,000 delivery partners.</li>
<li>In this note, we will take an early look at the company based on the publicly available financials. </li>
</ul>



Swiggy aims to raise US$1.25bn in its upcoming India IPO. The company has filed confidentially for its IPO, which is likely to be launched towards the end of the year.
Swiggy, along with Zomato, operates a duopoly that has come to dominate the food delivery market in India. In 1H24, Swiggy serviced over 274,000 restaurants via its 370,000 delivery partners.
In this note, we will take an early look at the company based on the publicly available financials. 


Swiggy Pre-IPO Early Look - Innovation Leader, Profitability Laggard

Cross Asset Strategy

<ul><li>Debt / In Depth: Local governments struggle to tackle mountain of hidden debt</li><li>Guizhou / China graft busters launch probes into regional officials linked to debt dispute </li><li>Loans /China’s new loans to nonbanking institutions hit nine-year high</li></ul>

Debt / In Depth: Local governments struggle to tackle mountain of hidden debtGuizhou / China graft busters launch probes into regional officials linked to debt dispute Loans /China’s new loans to nonbanking institutions hit nine-year high

CX Daily: Local Governments Struggle To Tackle Mountain Of Hidden Debt 

China

Ant Group Co., Ltd. develops online payment platforms. The Company produces credit system and financial services platforms which provide consumers and small businesses with safe and convenient inclusive financial services globally. Ant Group provides its services worldwide.

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Ant Group (6688 HK)

Alibaba Signs Cooperation Agreement With Hangzhou Government

Chinese e-commerce giant Alibaba Group Holding Ltd. signed a strategic cooperation agreement with the government of Hangzhou, the eastern China...

Caixin Global

Kakao Pay Placement - Discount Is Enticing, That's It

Alipay aims to raise around US$386m via selling around 3.3% of outstanding shares of Kakao Pay. This is the first selldown by Alipay which owns...

Sumeet Singh

Vietnam's MoMo: A Venture Capital Investment With Private Equity Return?

Take rate is the most critical factor that determines the return MoMo could bring to investors. The key to defending its take rate amid intense...

Alec Tseung

Swiggy Pre-IPO Early Look - Innovation Leader, Profitability Laggard

Swiggy aims to raise US$1.25bn in its upcoming India IPO. The company has filed confidentially for its IPO, which is likely to be launched towards...

Sumeet Singh

CX Daily: Local Governments Struggle To Tackle Mountain Of Hidden Debt

Debt / In Depth: Local governments struggle to tackle mountain of hidden debt Local governments across China have been rushing to implement a...

Caixin Global

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