Horizon Construction Dev Pre-IPO - Refiled PHIP Updates - Affected by COVID-19 & Fueled by More Debt
Horizon Construction Development (1887128D HK) is looking to raise US$250m in its upcoming Hong Kong IPO. In this note, we take a look at the...
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Horizon Construction Development IPO: The Bear Case
The key elements of the bear case rest on core business margin decline, unexplained headcount reduction, cash burn, long receivable days and...
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Horizon Construction Development IPO: The Bull Case
The key elements of the bull case rest on market share gains, an anticipated post-COVID recovery boost, high revenue visibility, stable operating...
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Gushengtang Pre-IPO - The Negatives - Small Player in a Fragmented Market
Gushengtang (GUS HK) is looking to raise US$150m in its Hong Kong IPO. The firm provides TCM healthcare services and products via its offline...
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Horizon Construction Dev (宏信建设发展) Pre-IPO - Good Growth, Stable Margins, but Fueled by Debt
Horizon Construction Development (HCD) is looking to raise US$500m in its upcoming Hong Kong IPO. We are not particularly excited about the business.
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