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

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>Lalatech has refiled for HKEx IPO and the company plans to raise around US$1bn through the IPO. This insight focuses on latest data points from the company's new filing.</li>
<li>The company has disclosed results for 1H2023 which point to notable improvement in the company's financials including an operating profit margin of around 21% for 1H2023.</li>
<li>There has been significant reduction in the company’s operating costs, merchant discounts and carrier incentives in particular, which have helped significant improve the company's margins.</li>
</ul>


Lalatech has refiled for HKEx IPO and the company plans to raise around US$1bn through the IPO. This insight focuses on latest data points from the company's new filing.
The company has disclosed results for 1H2023 which point to notable improvement in the company's financials including an operating profit margin of around 21% for 1H2023.
There has been significant reduction in the company’s operating costs, merchant discounts and carrier incentives in particular, which have helped significant improve the company's margins.


Lalatech IPO: 1H2023 Numbers Point to Strong Improvement in Financials

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>In an updated HKEX filing posted on September 28th, Lalatech disclosed H123 financial results</li>
<li>Solid Revenue growth plus sharp expense reductions led to +28 ppt OP margin expansion</li>
<li>Is this progress sustainable, defendable? Lalatech management needs to explain gains</li>
</ul>


In an updated HKEX filing posted on September 28th, Lalatech disclosed H123 financial results
Solid Revenue growth plus sharp expense reductions led to +28 ppt OP margin expansion
Is this progress sustainable, defendable? Lalatech management needs to explain gains


Lalatech IPO: New Filing's H123 P&L Shows Impressive Growth, Unanswered Questions

<ul>
<li>Lalatech's largest segment by revenue -- Chinese intra-city on-demand freight -- features many of the attributes that are attractive to online logistics intermediaries</li>
<li>At the top of the list of red flags in its prospectus is Lalatech's company's dramatic 71% Y/Y reduction in Sales and Marketing expenses last year</li>
<li>Although Lalatech appears to be the leading platform for Chinese intra-city on-demand freight matching, the company faces 'hidden' competition from several larger groups</li>
</ul>


Lalatech's largest segment by revenue -- Chinese intra-city on-demand freight -- features many of the attributes that are attractive to online logistics intermediaries
At the top of the list of red flags in its prospectus is Lalatech's company's dramatic 71% Y/Y reduction in Sales and Marketing expenses last year
Although Lalatech appears to be the leading platform for Chinese intra-city on-demand freight matching, the company faces 'hidden' competition from several larger groups


TRACKING TRAFFIC/Lalatech IPO: Attractive Segment | 'Unbelievable' Cost Control | Hidden Competition

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, starting with Hong Kong.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, starting with Hong Kong.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2024 Asia IPO Pipeline - Hong Kong

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>Since SEC operates in US executive branch, Congress lacks power to stop IPOs</li>
<li>But by passing new laws, Congress could potentially undermine SHEIN's IPO</li>
<li>Given current political climate in the US, SHEIN IPO faces real political risks</li>
</ul>


Since SEC operates in US executive branch, Congress lacks power to stop IPOs
But by passing new laws, Congress could potentially undermine SHEIN's IPO
Given current political climate in the US, SHEIN IPO faces real political risks


Could US Lawmakers Actually Stop SHEIN's US IPO? No, But They Sure Could Make Things Difficult

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Lalatech Holdings Co Ltd (LALA HK)

Lalatech IPO: 1H2023 Numbers Point to Strong Improvement in Financials

Lalatech has refiled for an IPO on the Hong Kong Stock Exchange and this insight will offer readers a glimpse into the company's last IPO filing....

Shifara Samsudeen, FCMA, CGMA

Lalatech IPO: New Filing's H123 P&L Shows Impressive Growth, Unanswered Questions

For us, the most urgent questions for Lalatech still revolve around its "incredible" progress on cost control and how the company will successfully...

Tracking Traffic

TRACKING TRAFFIC/Lalatech IPO: Attractive Segment | 'Unbelievable' Cost Control | Hidden Competition

Chinese intra-city freight platform Lalatech has once again filed to list its shares in Hong Kong, after an earlier filing from September 2023...

Tracking Traffic

Aequitas 2024 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, starting with Hong Kong including the filed, lapsed and future filings.

Sumeet Singh

Could US Lawmakers Actually Stop SHEIN's US IPO? No, But They Sure Could Make Things Difficult

US lawmakers are making noise about "blocking" SHEIN's expected US IPO. Though they do not have a formal role in the IPO process, lawmakers could...

Tracking Traffic

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