Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Luyuan Group, a pioneer in the e-bike industry in China, set terms for an upcoming IPO. The company offers ~106.7M shares at the expected price range of HK$6.00 to HK$8.00.</li>
<li>The IPO price range implies a market cap of roughly HK$3B at the midpoint. Cornerstone investors have agreed to subscribe and purchase ~71% of the Offer Shares.</li>
<li>Shares will begin trading on the HKSE next week. I believe the IPO will be priced at the low end of the range as e-bikes sales have slowed in Asia. </li>
</ul>


Luyuan Group, a pioneer in the e-bike industry in China, set terms for an upcoming IPO. The company offers ~106.7M shares at the expected price range of HK$6.00 to HK$8.00.
The IPO price range implies a market cap of roughly HK$3B at the midpoint. Cornerstone investors have agreed to subscribe and purchase ~71% of the Offer Shares.
Shares will begin trading on the HKSE next week. I believe the IPO will be priced at the low end of the range as e-bikes sales have slowed in Asia. 


Luyuan Group IPO: Likely To Be Priced At The Low-End Of Range As E-Bikes Sales Have Slowed in Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/luyuan-group" target="_blank" data-smartkarma-citation="entities:39871:1" rel="noopener">Luyuan Group (LUYUAN HK)</a>, a founder-led company and a pioneer in the e-bike industry in China, is looking to raise capital via the upcoming Hong Kong IPO. </li>
<li>
<a href="https://www.smartkarma.com/entities/luyuan-group" target="_blank" data-smartkarma-citation="entities:39871:1" rel="noopener">Luyuan Group (LUYUAN HK)</a> is an extremely ambitious manufacturer of electric bicycles and electric motorcycles in China. ”Luyuan” is a trusted and well-known brand in Asia and worldwide.</li>
<li>I like profitable growth at scale and believe Luyuan Group IPO would be attractive to investors, given the company’s 40% y/y revenue growth and valuable brand.</li>
</ul>



Luyuan Group (LUYUAN HK), a founder-led company and a pioneer in the e-bike industry in China, is looking to raise capital via the upcoming Hong Kong IPO. 

Luyuan Group (LUYUAN HK) is an extremely ambitious manufacturer of electric bicycles and electric motorcycles in China. ”Luyuan” is a trusted and well-known brand in Asia and worldwide.
I like profitable growth at scale and believe Luyuan Group IPO would be attractive to investors, given the company’s 40% y/y revenue growth and valuable brand.


Luyuan Group IPO Preview: An Ambitious Manufacturer of Electric Bicycles Based in China

Luyuan Group (LUYUAN HK)

Luyuan Group IPO: Likely To Be Priced At The Low-End Of Range As E-Bikes Sales Have Slowed in Asia

Luyuan Group, a founder-led pioneer in e-bike industry in China, is expected to IPO in Hong Kong. My target valuation of ~HK$4.3B implies a ~45%...

Andrei Zakharov

Luyuan Group IPO Preview: An Ambitious Manufacturer of Electric Bicycles Based in China

I believe Luyuan Group IPO would be attractive to investors, given the company’s 40% y/y revenue growth, valuable brand, and efficient sales and...

Andrei Zakharov