HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shanghai Keying E-Commerce / Equity Capital Markets

<ul>
<li>The essence of KEYING’s business model is a “middle man” and relies on making money through price difference in the process of sales of goods, but “de-intermediation” is a trend.</li>
<li>The pain point is most retail solution providers are unlikely to become industry giants due to excessive investment/lack the say in core technologies/products.The underlying logic of the industry is changing.</li>
<li>As the platform traffic dividend disappears and the trend of brand self-built teams intensifies, KEYING’s bargaining power is weakening.Valuation should be lower than peers due to weaker performance growth rate/profitability.  </li>
</ul>


The essence of KEYING’s business model is a “middle man” and relies on making money through price difference in the process of sales of goods, but “de-intermediation” is a trend.
The pain point is most retail solution providers are unlikely to become industry giants due to excessive investment/lack the say in core technologies/products.The underlying logic of the industry is changing.
As the platform traffic dividend disappears and the trend of brand self-built teams intensifies, KEYING’s bargaining power is weakening.Valuation should be lower than peers due to weaker performance growth rate/profitability.  


Pre-IPO Shanghai Keying E-Commerce - Concerns About the Business Model and Prospects

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Shanghai Keying E-Commerce (SKE HK)

Pre-IPO Shanghai Keying E-Commerce - Concerns About the Business Model and Prospects

The industry is transforming from "scale expansion" to "efficiency improvement". KEYING's business model as a middle man faces challenges due to...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Shanghai Keying E-Commerce - Concerns About the Business Model and Prospects

The industry is transforming from "scale expansion" to "efficiency improvement". ​KEYING's business model as a middle man faces challenges due to...

Xinyao (Criss) Wang

The industry is transforming from "scale expansion" to "efficiency improvement". KEYING's business model as a middle man faces challenges due to...