HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Yangtuo Technology Inc. / Equity Capital Markets

<ul>
<li>Yangtuo’s business model is B2B2C, targeting lower-tier market, but the consumption upgrade in lower-tier market lags behind, which will affect the sales of high-margin products and require more marketing/promotion investment.</li>
<li>Yangtuo decides to shift from digital marketplace business to self-operated business, but such strategic adjustments may force Yangtuo to abandon the light-asset model and turn to heavy-asset model.</li>
<li>Overall performance and key operating metrics have shown a downward trend. Continuous decline in profit margins is expected. Valuation of Yangtuo should be lower than <a href="https://www.smartkarma.com/entities/kidswant-children-products-co" target="_blank" data-smartkarma-citation="entities:34640:1" rel="noopener">Kidswant Children Products (301078 CH)</a>.</li>
</ul>


Yangtuo’s business model is B2B2C, targeting lower-tier market, but the consumption upgrade in lower-tier market lags behind, which will affect the sales of high-margin products and require more marketing/promotion investment.
Yangtuo decides to shift from digital marketplace business to self-operated business, but such strategic adjustments may force Yangtuo to abandon the light-asset model and turn to heavy-asset model.
Overall performance and key operating metrics have shown a downward trend. Continuous decline in profit margins is expected. Valuation of Yangtuo should be lower than Kidswant Children Products (301078 CH).


Pre-IPO Yangtuo Technology - The Business Model And Strategic Adjustments Will Not Work

APAC IPOs & Placements, Aequitas Research

Troy Wong

APAC 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>Yangtuo Technology Inc. (YT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.</li>
<li>The company is a leading commerce and service platform in China, specializing in family care and nutrition products.</li>
<li>YT was the largest commerce and service platform serving businesses in China’s family care and nutrition product industry in lower-tier markets in terms of GMV in 2024 (Frost &amp; Sullivan).</li>
</ul>


Yangtuo Technology Inc. (YT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
The company is a leading commerce and service platform in China, specializing in family care and nutrition products.
YT was the largest commerce and service platform serving businesses in China’s family care and nutrition product industry in lower-tier markets in terms of GMV in 2024 (Frost &amp; Sullivan).


Yangtuo Technology Inc. Pre-IPO Tearsheet

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Yangtuo Technology Inc. (YTT HK)

Pre-IPO Yangtuo Technology - The Business Model And Strategic Adjustments Will Not Work

Yangtuo faces challenges in lower-tier market consumption upgrade.Shifts to self-operated business may lead to heavier asset investment.Declining...

Xinyao (Criss) Wang

Yangtuo Technology Inc. Pre-IPO Tearsheet

Yangtuo Technology Inc. plans to raise $100m in Hong Kong IPO with Citic, a leading commerce platform in China for family care and nutrition...

Troy Wong

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Yangtuo Technology - The Business Model And Strategic Adjustments Will Not Work

​Yangtuo faces challenges in lower-tier market consumption upgrade.Shifts to self-operated business may lead to heavier asset investment.Declining...

Xinyao (Criss) Wang

Yangtuo Technology Inc. Pre-IPO Tearsheet

​Yangtuo Technology Inc. plans to raise $100m in Hong Kong IPO with Citic, a leading commerce platform in China for family care and nutrition...

Troy Wong

Yangtuo faces challenges in lower-tier market consumption upgrade.Shifts to self-operated business may lead to heavier asset investment.Declining...

Yangtuo Technology Inc. plans to raise $100m in Hong Kong IPO with Citic, a leading commerce platform in China for family care and nutrition...