Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gogox-holdings" target="_blank" data-smartkarma-citation="entities:35556:1" rel="noopener">GoGoX Holdings (GOGO HK)</a>  is China’s third-largest online intra-city logistics platform in Mainland China with a market share of 3.2%.</li>
<li>The company’s application for a HKEx listing has been approved and plans to raise proceeds of about US$100-150m.</li>
<li>This insight focuses on the most recent data points from the company’s PHIP filing.</li>
</ul>



GoGoX Holdings (GOGO HK)  is China’s third-largest online intra-city logistics platform in Mainland China with a market share of 3.2%.
The company’s application for a HKEx listing has been approved and plans to raise proceeds of about US$100-150m.
This insight focuses on the most recent data points from the company’s PHIP filing.


GOGOX (PHIP Updates): Further Deterioration in Market Share and Fundamentals

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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>
<a href="https://www.smartkarma.com/entities/58-freight-gogox" target="_blank" data-smartkarma-citation="entities:35517:1" rel="noopener">58 Freight (GogoX) (1903638D HK)</a> is looking to raise US$150m in its upcoming Hong Kong IPO.</li>
<li>GogoX is an online intra-city logistics platform in Asia. The company operates in more than 30 cities across five countries and regions in Asia.</li>
<li>GGX’s platform services segment continues to languish, even after the firm expended much higher incentives during the fiscal period. In this note, we look at GGX’s June 2022 PHIP updates.</li>
</ul>



58 Freight (GogoX) (1903638D HK) is looking to raise US$150m in its upcoming Hong Kong IPO.
GogoX is an online intra-city logistics platform in Asia. The company operates in more than 30 cities across five countries and regions in Asia.
GGX’s platform services segment continues to languish, even after the firm expended much higher incentives during the fiscal period. In this note, we look at GGX’s June 2022 PHIP updates.


58 Freight (GogoX) Pre-IPO - (June 2022) PHIP Updates - Prospects Seem Bleaker

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gogox-holdings" target="_blank" data-smartkarma-citation="entities:35556:1" rel="noopener">GoGoX Holdings (GOGO HK)</a> is a major online intra-city logistics platform in Asia. It has passed the listing hearing for an HKEx IPO to raise US$100-150 million.   </li>
<li>In <a href="https://www.smartkarma.com/insights/gogox-ipo-initiation-a-less-than-perfect-delivery" target="_blank" data-smartkarma-citation="insights:64922" rel="noopener">GOGOX IPO Initiation: A Less than Perfect Delivery</a>, we noted that as the losses are expected to persist over the next three years, we would avoid the IPO.</li>
<li>In this note, we examine the PHIP for the 2021 results and recent developments. The fundamentals remain unattractive and we would give the IPO a pass. </li>
</ul>



GoGoX Holdings (GOGO HK) is a major online intra-city logistics platform in Asia. It has passed the listing hearing for an HKEx IPO to raise US$100-150 million.   
In GOGOX IPO Initiation: A Less than Perfect Delivery, we noted that as the losses are expected to persist over the next three years, we would avoid the IPO.
In this note, we examine the PHIP for the 2021 results and recent developments. The fundamentals remain unattractive and we would give the IPO a pass. 


Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.</li>
<li>On the ECM front, <a href="https://www.smartkarma.com/entities/wm-motor-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29225:1" rel="noopener">WM Motor Technology Co Ltd (WMT CH)</a> filed for a US$1bn IPO and <a href="https://www.smartkarma.com/entities/gogox-holdings" target="_blank" data-smartkarma-citation="entities:35556:1" rel="noopener">GoGoX Holdings (GOGO HK)</a> aims to shortly launch a US$100-150m IPO.</li>
<li>On the Event-Driven front, key developments at <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/yancoal-australia-ltd" target="_blank" data-smartkarma-citation="entities:4145:1" rel="noopener">Yancoal Australia (YAL AU)</a>, <a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland Holdings (COLA MK)</a>.  </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
On the ECM front, WM Motor Technology Co Ltd (WMT CH) filed for a US$1bn IPO and GoGoX Holdings (GOGO HK) aims to shortly launch a US$100-150m IPO.
On the Event-Driven front, key developments at Xiamen International Port H (3378 HK), Link Net (LINK IJ), Link Administration Holdings (LNK AU), Yancoal Australia (YAL AU), Cocoaland Holdings (COLA MK).  


Weekly Deals Digest (5 Jun): Link Admin, Cocoaland, Xiamen Port, Link Net, WM Motor, GOGOX, Yancoal

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>
<a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance Corp of India (1248Z IN)</a> and <a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> are set to keep everyone busy till March.</li>
<li>On the placement front, Japanese accelerated selldowns continue their stellar record with <a href="https://www.smartkarma.com/entities/temp-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1428:1" rel="noopener">Persol Holdings (2181 JP)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Life Insurance Corp of India (1248Z IN) and SBI Sumishin Net Bank (7163 JP) are set to keep everyone busy till March.
On the placement front, Japanese accelerated selldowns continue their stellar record with Persol Holdings (2181 JP). 


ECM Weekly (20th Feb 2022) - LIC, SBI Sumishin, Huitongda, Delhivery, Vedant, Persol, Emcure, Linom

Hong Kong

Gogox Holdings Limited develops online intra city logistics platforms. The Company provides value added services, capable of catering to evolving demand of shippers, drivers and other participants in our ecosystem. Gogox Holdings provides its services throughout Hong Kong.

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GoGoX Holdings (2246 HK)

58 Freight (GogoX) Pre-IPO - (June 2022) PHIP Updates - Prospects Seem Bleaker

58 Freight (GogoX) (1903638D HK) is looking to raise US$150m in its upcoming Hong Kong IPO. GogoX is an online intra-city logistics platform in...

Clarence Chu

GOGOX IPO: Growth at All Costs

GOGOX has passed the listing hearing for an HKEx IPO to raise US$100-150m. The fundamentals remain unattractive and we would give the IPO a pass.

Arun George

Weekly Deals Digest (5 Jun): Link Admin, Cocoaland, Xiamen Port, Link Net, WM Motor, GOGOX, Yancoal

Last week, notable developments occurred in Event-Driven (Xiamen Port, Link Net, Yancoal, Link, AOF, Cocoaland, AKM, Irongate, Virtus Health) and...

Arun George

ECM Weekly (20th Feb 2022) - LIC, SBI Sumishin, Huitongda, Delhivery, Vedant, Persol, Emcure, Linom

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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GOGOX (PHIP Updates): Further Deterioration in Market Share and Fundamentals

GOGOX's PHIP filing reveals that its market share has further declined. The company continues to pay high incentives to attract users which has...

Shifara Samsudeen, FCMA, CGMA

58 Freight (GogoX) Pre-IPO - (June 2022) PHIP Updates - Prospects Seem Bleaker

58 Freight (GogoX) (1903638D HK) is looking to raise US$150m in its upcoming Hong Kong IPO. GogoX is an online intra-city logistics platform in...

Clarence Chu

GOGOX IPO: Growth at All Costs

GOGOX has passed the listing hearing for an HKEx IPO to raise US$100-150m. The fundamentals remain unattractive and we would give the IPO a pass.

Arun George

Weekly Deals Digest (5 Jun): Link Admin, Cocoaland, Xiamen Port, Link Net, WM Motor, GOGOX, Yancoal

Last week, notable developments occurred in Event-Driven (Xiamen Port, Link Net, Yancoal, Link, AOF, Cocoaland, AKM, Irongate, Virtus Health) and...

Arun George

ECM Weekly (20th Feb 2022) - LIC, SBI Sumishin, Huitongda, Delhivery, Vedant, Persol, Emcure, Linom

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh