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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">JD Property (JDP HK)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.</li>
<li>We had looked at the company’s past performance and undertaken a peer comparison in our earlier notes, in this note we will discuss our initial thoughts on valuation. </li>
</ul>



JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
We had looked at the company’s past performance and undertaken a peer comparison in our earlier notes, in this note we will discuss our initial thoughts on valuation. 


JD Property Pre-IPO - Initial Thoughts on Valuation

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/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">JD Property (JDP HK)</a>/JDP, a leading modern infrastructure provider in Asia, has filed for a US$1 billion HKEx IPO. <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> owns a 74.96% stake.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/jd-property-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:104496" rel="noopener">JD Property IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The key elements of the bear case rest on the low Fund AUM mix, declining fee rate, EBITDA flattered by FV changes, EBITDA lagging revenue growth, and high cash burn.</li>
</ul>



JD Property (JDP HK)/JDP, a leading modern infrastructure provider in Asia, has filed for a US$1 billion HKEx IPO. JD.com Inc (ADR) (JD US) owns a 74.96% stake.
In JD Property IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on the low Fund AUM mix, declining fee rate, EBITDA flattered by FV changes, EBITDA lagging revenue growth, and high cash burn.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">JD Property (JDP HK)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.</li>
<li>We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.</li>
</ul>



JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.


JD Property Pre-IPO Peer Comparison - Small Amongst Giants, and Sentiment Isn't the Greatest

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">JD Property (JDP HK)</a>/JDP, a leading modern infrastructure provider in Asia, has filed for a US$1 billion HKEx IPO. <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> owns a 74.96% stake.</li>
<li>JDP is the third and second largest modern infrastructure provider in Asia and China, respectively, in terms of GFA, according to JLL.</li>
<li>The key elements of the bull case rest on large addressable markets, market share gains, reducing dependence on JD Group, core business’ accelerating organic growth and improving margin.</li>
</ul>



JD Property (JDP HK)/JDP, a leading modern infrastructure provider in Asia, has filed for a US$1 billion HKEx IPO. JD.com Inc (ADR) (JD US) owns a 74.96% stake.
JDP is the third and second largest modern infrastructure provider in Asia and China, respectively, in terms of GFA, according to JLL.
The key elements of the bull case rest on large addressable markets, market share gains, reducing dependence on JD Group, core business’ accelerating organic growth and improving margin.


Ethan Aw

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cloudchain" target="_blank" data-smartkarma-citation="entities:40304:1" rel="noopener">Cloudchain (CC CH)</a> is looking to raise up to US$200m in its upcoming HK IPO. </li>
<li>Cloudchain is an independent industry digital finance platform in China, serving anchor enterprises, chain-related enterprises, and financial institutions.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Cloudchain (CC CH) is looking to raise up to US$200m in its upcoming HK IPO. 
Cloudchain is an independent industry digital finance platform in China, serving anchor enterprises, chain-related enterprises, and financial institutions.
In this note, we will talk about the positive aspects of the deal.


Cloudchain Pre-IPO - The Positives - Turned Profitable Recently

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

JD Property (JDP HK)

JD Property Pre-IPO - Initial Thoughts on Valuation

JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we will discuss our initial thoughts on valuation.

Clarence Chu

JD Property IPO: The Bear Case

The key elements of the bear case rest on the low Fund AUM mix, declining fee rate, EBITDA flattered by FV changes, EBITDA lagging the revenue...

Arun George

JD Property Pre-IPO Peer Comparison - Small Amongst Giants, and Sentiment Isn't the Greatest

JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note we will undertake a peer comparison.

Clarence Chu

JD Property IPO: The Bull Case

The key elements of the bull case rest on large addressable markets, market share gains, reducing dependence on JD Group, core business’...

Arun George

Cloudchain Pre-IPO - The Positives - Turned Profitable Recently

Cloudchain (CC CH) is looking to raise up to US$200m in its upcoming HK IPO. In this note, we talk about the positive aspects of the deal.

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)