Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

<ul>
<li>Newborn is a rare HK listed name entirely focused on overseas, monetising social networking apps across MENA and Southeast Asia, giving investors concentrated exposure to the China-to-overseas growth theme.</li>
<li>Stock trades at low-teens PE while revenues and profits grow above twenty-five percent CAGR, leaving a big valuation disconnect and plenty of room for re-rating compared to global peers.</li>
<li>The product matrix strategy means older apps provide cash, newer apps drive rapid scale, while a pipeline of apps ensures continuous replacement growth and resilience across user segments and geographies.</li>
</ul>


Newborn is a rare HK listed name entirely focused on overseas, monetising social networking apps across MENA and Southeast Asia, giving investors concentrated exposure to the China-to-overseas growth theme.
Stock trades at low-teens PE while revenues and profits grow above twenty-five percent CAGR, leaving a big valuation disconnect and plenty of room for re-rating compared to global peers.
The product matrix strategy means older apps provide cash, newer apps drive rapid scale, while a pipeline of apps ensures continuous replacement growth and resilience across user segments and geographies.


2025 High Conviction: Newborn Town (9911.HK) – Deep Value - China’s Global Social Apps Expansion

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Milian Technology / Equity Capital Markets

<ul>
<li>Milian Technology files for Hong Kong IPO and seeks fresh capital for further expanding its global presence and accelerating overseas market penetration.  </li>
<li>Xiaomi backed online social networking platform company is one of the fastest growing marriage and dating platforms in China, reaching RMB2,373m revenue in 2024, up ~129% YoY.</li>
<li>I expect Milian Technology may seek unicorn valuation in upcoming HK IPO as growth is exceptionally high and profitability improved.</li>
</ul>


Milian Technology files for Hong Kong IPO and seeks fresh capital for further expanding its global presence and accelerating overseas market penetration.  
Xiaomi backed online social networking platform company is one of the fastest growing marriage and dating platforms in China, reaching RMB2,373m revenue in 2024, up ~129% YoY.
I expect Milian Technology may seek unicorn valuation in upcoming HK IPO as growth is exceptionally high and profitability improved.


Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO

China

Newborn Town Inc. engages in social networking business. The Company produces audio and video social products and applications. Newborn Town also develops and markets handheld niche games. Newborn Town serves clients globally.

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Newborn Town (9911 HK)

Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO

I have a positive view of upcoming IPO given the company's rare combination of explosive revenue growth, strong paying user conversion rate, viral...

Andrei Zakharov

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2025 High Conviction: Newborn Town (9911.HK) – Deep Value - China’s Global Social Apps Expansion

Newborn Town offers opportunity to capitalize on China-to-overseas growth with a diverse portfolio of social networking apps, at deep value on PEG...

Raj S, CA, CFA

Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO

I have a positive view of upcoming IPO given the company's rare combination of explosive revenue growth, strong paying user conversion rate, viral...

Andrei Zakharov