Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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

Kingsoft Cloud is a subsidiary of Hong Kong-listed Kingsoft (3888 HK), that is aiming to raise up to USD 500 million via a listing in the US. In this note, we take a look at the value chain of the cloud service industry in China. Cloud service is under-penetrated in China and there will be large room for growth, particularly for independent providers. We explain the various types of services in the downstream cloud computing segment. We note that Kingsoft is a leading independent cloud service provider with a strong forte in the video cloud service segment.  Kingsoft Cloud has been growing rapidly with YoY revenue growth of  62% in the recent quarter. We summarize the company's four rounds of pre-IPO investment and estimate that the company was valued at USD 2.7 billion at the latest round. We also had a quick look at Kingsoft Cloud's peers, including both A-share listed cloud service providers and overseas listed data center providers with their main business in China. We have a preliminary valuation of USD 2.9 billion of EV for the company.

Kingsoft Cloud is a subsidiary of Hong Kong-listed Kingsoft (3888 HK), that is aiming to raise up to USD 500 million via a listing in the US. In this note, we take a look at the value chain of the cloud service industry in China. Cloud service is under-penetrated in China and there will be large room for growth, particularly for independent providers. We explain the various types of services in the downstream cloud computing segment. We note that Kingsoft is a leading independent cloud service provider with a strong forte in the video cloud service segment.  Kingsoft Cloud has been growing rapidly with YoY revenue growth of  62% in the recent quarter. We summarize the company's four rounds of pre-IPO investment and estimate that the company was valued at USD 2.7 billion at the latest round. We also had a quick look at Kingsoft Cloud's peers, including both A-share listed cloud service providers and overseas listed data center providers with their main business in China. We have a preliminary valuation of USD 2.9 billion of EV for the company.

Kingsoft Cloud (金山云) Pre-IPO: The Leading Cloud Provider in China

China

Kingsoft Cloud manufactures software. The Company mainly produces office software, king dictionary, game software, anti-virus software, and other application software.

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Kingsoft Cloud (KC US)

Kingsoft Cloud (金山云) Pre-IPO: The Leading Cloud Provider in China

Kingsoft Cloud is a subsidiary of Hong Kong-listed Kingsoft (3888 HK), that is aiming to raise up to USD 500 million via a listing in the US. In...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)