APAC IPOs & Placements

Zhen Zhou, Toh

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.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/jd-logistics" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (JDL HK)</a> is looking to raise US$4bn in its upcoming Hong Kong IPO. </p></div><div>
<p>JD Logistics (JDL) was the leading supply chain solutions and logistics services provider in China in terms of revenue in 2018 and 2019. The company offers a full spectrum of supply chain solutions and logistics services ranging from warehousing to distribution, spanning across manufacturing to end-customers, covering regular and specialized items. </p>
<p>In this note, we will share our forecast and assumptions as well as thoughts on where JDL should trade.</p>
<p>We had previously covered the IPO in:</p>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/jd-logistics-pre-ipo-peer-comparison-shielded-from-price-war" target="_blank" data-smartkarma-citation="insights:50575" rel="noopener">JD Logistics (京东物流) Pre-IPO - Peer Comparison - Shielded from Price War</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/jd-logistics-pre-ipo-tethered-to-jd-group-and-looking-beyond" target="_blank" data-smartkarma-citation="insights:48396" rel="noopener">JD Logistics (京东物流) Pre-IPO - Tethered to JD Group and Looking Beyond</a> </li>
</ul>
</div>

JD Logistics (JDL HK) is looking to raise US$4bn in its upcoming Hong Kong IPO. 
JD Logistics (JDL) was the leading supply chain solutions and logistics services provider in China in terms of revenue in 2018 and 2019. The company offers a full spectrum of supply chain solutions and logistics services ranging from warehousing to distribution, spanning across manufacturing to end-customers, covering regular and specialized items. 
In this note, we will share our forecast and assumptions as well as thoughts on where JDL should trade.
We had previously covered the IPO in:


JD Logistics (京东物流) Pre-IPO - Peer Comparison - Shielded from Price War 

JD Logistics (京东物流) Pre-IPO - Tethered to JD Group and Looking Beyond 



JD Logistics (京东物流) Pre-IPO - Thoughts on Valuation

<div><p><a href="https://www.smartkarma.com/entities/jd-logistics" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (JDL HK)</a> is looking to raise US$4bn in its upcoming Hong Kong IPO. </p></div><div>
<p>JD Logistics (JDL) was the leading supply chain solutions and logistics services provider in China in terms of revenue in 2018 and 2019. The company offers a full spectrum of supply chain solutions and logistics services ranging from warehousing to distribution, spanning across manufacturing to end-customers, covering regular and specialized items. </p>
<p>In this note, we take a look at the industry dynamics and how JD Logistics competes against peers.</p>
</div>

JD Logistics (JDL HK) is looking to raise US$4bn in its upcoming Hong Kong IPO. 
JD Logistics (JDL) was the leading supply chain solutions and logistics services provider in China in terms of revenue in 2018 and 2019. The company offers a full spectrum of supply chain solutions and logistics services ranging from warehousing to distribution, spanning across manufacturing to end-customers, covering regular and specialized items. 
In this note, we take a look at the industry dynamics and how JD Logistics competes against peers.


JD Logistics (京东物流) Pre-IPO - Peer Comparison - Shielded from Price War

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<div><p><a href="https://www.smartkarma.com/entities/jd-logistics" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (JDL HK)</a> is the largest player in China’s integrated supply chain logistics services market, with a 2.2% revenue market share in 2019, according to CIC. JD Logistics was founded with the formation of <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a>’s in-house logistics department in 2007. JD Logistics is seeking to raise up to $4 billion at a $40 billion valuation, according to press reports. </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/jd-logistics-ipo-initiation-the-flow-of-things" target="_blank" data-smartkarma-citation="insights:48279" rel="noopener">JD Logistics IPO Initiation: The Flow of Things</a>, we opined that JD Logistics' fundamentals are attractive and remain well-placed to address consumers' demand for faster and more flexible supply chain logistics services. In this note, we take a first look at JD Logistics' valuation. Overall, based on our valuation analysis, we think that the rumoured IPO valuation can be justified.</p></div></div></div>

JD Logistics (JDL HK) is the largest player in China’s integrated supply chain logistics services market, with a 2.2% revenue market share in 2019, according to CIC. JD Logistics was founded with the formation of JD.com Inc (ADR) (JD US)’s in-house logistics department in 2007. JD Logistics is seeking to raise up to $4 billion at a $40 billion valuation, according to press reports. In JD Logistics IPO Initiation: The Flow of Things, we opined that JD Logistics' fundamentals are attractive and remain well-placed to address consumers' demand for faster and more flexible supply chain logistics services. In this note, we take a first look at JD Logistics' valuation. Overall, based on our valuation analysis, we think that the rumoured IPO valuation can be justified.

<p><a href="https://www.smartkarma.com/entities/jd-logistics" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (JDL HK)</a> is the largest player in China’s integrated supply chain logistics services market, with a 2.2% revenue market share in 2019, according to CIC. JD Logistics was founded with the formation of <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a>’s in-house logistics department in 2007. <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (HK) (9618 HK)</a> is the controlling shareholder with a 79.12% stake. The other shareholders include Carlyle Group, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, Sequoia Capital and Hillhouse Capital. JD Logistics has filed for a Hong Kong IPO to raise as much as $4 billion, according to press reports. </p><div class="content-highlight"><p>JD Logistics is an indirect play on the shift of some customer behaviour permanently to online shopping, particularly in fast-moving consumer goods. JD Logistics should also benefit from favourable Chinese government policy support for developing integrated supply chain logistics services. Overall, we believe that JD Logistics fundamentals are attractive and remain well-placed to address consumers' demand for faster and more flexible supply chain logistics services. </p></div>

JD Logistics (JDL HK) is the largest player in China’s integrated supply chain logistics services market, with a 2.2% revenue market share in 2019, according to CIC. JD Logistics was founded with the formation of JD.com Inc (ADR) (JD US)’s in-house logistics department in 2007. JD.com (HK) (9618 HK) is the controlling shareholder with a 79.12% stake. The other shareholders include Carlyle Group, Tencent Holdings (700 HK), Sequoia Capital and Hillhouse Capital. JD Logistics has filed for a Hong Kong IPO to raise as much as $4 billion, according to press reports. JD Logistics is an indirect play on the shift of some customer behaviour permanently to online shopping, particularly in fast-moving consumer goods. JD Logistics should also benefit from favourable Chinese government policy support for developing integrated supply chain logistics services. Overall, we believe that JD Logistics fundamentals are attractive and remain well-placed to address consumers' demand for faster and more flexible supply chain logistics services. 

JD Logistics IPO Initiation: The Flow of Things

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Twelve local persons tested positive for COVID-19 in Shanghai. The pandemic might begin to spread in the south of China.</li>
<li>Delivery companies’ competition is close to an end. Prices may rise significantly if some companies exit the market.</li>
<li>News about Tencent’s WeChat, QQ, and Music.</li>
</ul>


Twelve local persons tested positive for COVID-19 in Shanghai. The pandemic might begin to spread in the south of China.
Delivery companies’ competition is close to an end. Prices may rise significantly if some companies exit the market.
News about Tencent’s WeChat, QQ, and Music.


China Internet Weekly (25Jan2021): Community Locked Down in Shanghai, Delivery Companies Polarized

China

STO Express Co Ltd. develops, manufactures and markets valves, pipe fittings and plumbing equipment. The Company's business encompasses the    development, manufacturing, sales and servicing of plumbing equipment, valves,  pipe fittings, metal construction materials, home automation, environmental protection and energy control systems.

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STO Express (002468 CH)

JD Logistics (京东物流) Pre-IPO - Thoughts on Valuation

JD Logistics (JDL HK) is looking to raise US$4bn in its upcoming Hong Kong IPO. JD Logistics (JDL) was the leading supply chain solutions and...

Zhen Zhou, Toh

JD Logistics (京东物流) Pre-IPO - Peer Comparison - Shielded from Price War

JD Logistics (JDL HK) is looking to raise US$4bn in its upcoming Hong Kong IPO. JD Logistics (JDL) was the leading supply chain solutions and...

Zhen Zhou, Toh

JD Logistics IPO: Valuation First Look

JD Logistics is seeking to raise up to $4 billion at a $40 billion valuation, according to press reports. We think that the rumoured IPO valuation...

Arun George

JD Logistics IPO Initiation: The Flow of Things

JD Logistics has filed for a Hong Kong IPO to raise as much as $4 billion, according to press reports. Overall, we believe that JD Logistics...

Arun George

China Internet Weekly (25Jan2021): Community Locked Down in Shanghai, Delivery Companies Polarized

Twelve local persons tested positive for COVID-19 in Shanghai. Delivery companies’ competition is close to an end. News about Tencent’s WeChat, QQ,...

Ming Lu

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