Luckin's Small Step into Non-Coffee Drinks Is a Big Step of Its Future Directions
​Luckin's Lemonade drinks are a short-term profit boost, but may not sustain due to lower quality. Luckin's pursuit of me-too SKU is worrisome to us.
487 Views
Super Hi International US ADS - Has Been Doing Well but Doesn’t Really Need the Cash
Super Hi International Holding (9658 HK) aims to raise around US$100m in its US ADS offering. MS and Huatai are on the deal.
696 Views
Sichuan Baicha Baidao IPO Trading - Tepid Demand, While Peers Have Corrected
Sichuan Baicha Baidao Industrial (2555 HK) (SBBI) raised around US$330m in its HK IPO. In this note, we talk about the trading dynamics.
419 Views
Baicha Baidao (2555 HK) IPO: Valuation Insights
Our valuation analysis suggests that Baicha is fairly valued at the HK$17.50 IPO price. Therefore, we would pass on the IPO.
608 Views
Sichuan Baicha Baidao IPO - Doesn’t Offer a Discount to Peers
Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO. In this note, we talk about valuations.
515 Views