HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Boxihe Outdoor Sports Group / Equity Capital Markets

<ul>
<li>Based on the successful application of self-developed technology, Boxihe has embarked on a completely opposite path to international brands, highlighting the "cost-effectiveness" in outdoor sports industry, thus achieving high growth.</li>
<li>Creating the next blockbuster and diversifying product portfolios greatly test Boxihe’s operational capabilities, with some uncertainties. Boxihe may face the troubles of finding a new growth point in long term.</li>
<li>Performance growth could remain high in the short term. Post-money valuation after Series B Financing reached RMB2.8 billion.Valuation of Boxihe could be higher than <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning </a>but lower than <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta</a>.</li>
</ul>


Based on the successful application of self-developed technology, Boxihe has embarked on a completely opposite path to international brands, highlighting the "cost-effectiveness" in outdoor sports industry, thus achieving high growth.
Creating the next blockbuster and diversifying product portfolios greatly test Boxihe’s operational capabilities, with some uncertainties. Boxihe may face the troubles of finding a new growth point in long term.
Performance growth could remain high in the short term. Post-money valuation after Series B Financing reached RMB2.8 billion.Valuation of Boxihe could be higher than Li Ning but lower than Anta.


Pre-IPO Boxihe Outdoor Sports Group - The Concerns Behind the High Growth

APAC IPOs & Placements, Aequitas Research

Troy Wong

APAC 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>Boxihe Outdoor Sports (BOS) is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>BOS has delivered impressive growth, with a 122% revenue CAGR (FY22–24) led by its core Pelliot brand.</li>
<li>Its shift from a pure online DTC model to include offline and distributor channels has broadened reach, while improving gross margins reflect strong pricing and cost control.</li>
</ul>


Boxihe Outdoor Sports (BOS) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
BOS has delivered impressive growth, with a 122% revenue CAGR (FY22–24) led by its core Pelliot brand.
Its shift from a pure online DTC model to include offline and distributor channels has broadened reach, while improving gross margins reflect strong pricing and cost control.


Boxihe Outdoor Sports Pre-IPO - Scaling Fast in China’s Outdoor Boom

Nicholas Tan

<ul>
<li>
<a href="https://www.smartkarma.com/entities/boxihe-outdoor-sports-group" target="_blank" data-smartkarma-citation="entities:45157:1" rel="noopener">Boxihe Outdoor Sports Group (BOS HK)</a>  is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and CITIC.</li>
<li>BOS aspires to become a renowned leading outdoor brand globally, committed to providing high-performance outdoor garments and equipment.</li>
<li>The firm began operations in 2012, with its core brand, Pelliot. Through Pelliot, BOS offered a wide range of products.</li>
</ul>



Boxihe Outdoor Sports Group (BOS HK)  is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and CITIC.
BOS aspires to become a renowned leading outdoor brand globally, committed to providing high-performance outdoor garments and equipment.
The firm began operations in 2012, with its core brand, Pelliot. Through Pelliot, BOS offered a wide range of products.


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Boxihe Outdoor Sports Group (BOS HK)

Pre-IPO Boxihe Outdoor Sports Group - The Concerns Behind the High Growth

Boxihe's advanced technology and cost-effectiveness lead to high growth, but challenge lies in product diversification. Short-term growth remains...

Xinyao (Criss) Wang

Boxihe Outdoor Sports Pre-IPO - Scaling Fast in China’s Outdoor Boom

Boxihe Outdoor Sports (BOS) plans to raise over US$100m in Hong Kong IPO, showing strong growth with a 122% revenue CAGR and expanding...

Troy Wong

Boxihe Outdoor Sports Pre-IPO Tearsheet

Boxihe Outdoor Sports is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and CITIC.

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Boxihe Outdoor Sports Group - The Concerns Behind the High Growth

​Boxihe's advanced technology and cost-effectiveness lead to high growth, but challenge lies in product diversification. Short-term growth remains...

Xinyao (Criss) Wang

Boxihe Outdoor Sports Pre-IPO - Scaling Fast in China’s Outdoor Boom

​Boxihe Outdoor Sports (BOS) plans to raise over US$100m in Hong Kong IPO, showing strong growth with a 122% revenue CAGR and expanding...

Troy Wong

Boxihe Outdoor Sports Pre-IPO Tearsheet

Boxihe Outdoor Sports is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and CITIC.

Nicholas Tan

Boxihe's advanced technology and cost-effectiveness lead to high growth, but challenge lies in product diversification. Short-term growth remains...

Boxihe Outdoor Sports (BOS) plans to raise over US$100m in Hong Kong IPO, showing strong growth with a 122% revenue CAGR and expanding...