APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zkh-group" target="_blank" data-smartkarma-citation="entities:36818:1" rel="noopener">ZKH Group (ZKH US)</a> is looking to raise about US$150m in its upcoming US IPO, after downsizing from an earlier reported float of US$300m.</li>
<li>ZKH Group is a leading maintenance repair and operations (MRO) procurement service platform in China, according to CIC, providing one-stop MRO procurement and management services and digital and fulfillment solutions.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.</li>
</ul>



ZKH Group (ZKH US) is looking to raise about US$150m in its upcoming US IPO, after downsizing from an earlier reported float of US$300m.
ZKH Group is a leading maintenance repair and operations (MRO) procurement service platform in China, according to CIC, providing one-stop MRO procurement and management services and digital and fulfillment solutions.
We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.


ZKH Group Pre-IPO - Refiling Updates - Hardly Looks Any More Attractive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zkh-group" target="_blank" data-smartkarma-citation="entities:36818:1" rel="noopener">ZKH Group (ZKH US)</a> is looking to raise about US$300m in its upcoming US IPO.  </li>
<li>ZKH Group is a leading maintenance repair and operations (MRO) procurement service platform in China, according to CIC, providing one-stop MRO procurement and management services and digital and fulfillment solutions.</li>
<li>ZKH Group’s revenue has been primarily driven by its product sales segment during the track record period. However, its GMV growth slowed dramatically and its sales growth doesn’t appear sustainable. </li>
</ul>



ZKH Group (ZKH US) is looking to raise about US$300m in its upcoming US IPO.  
ZKH Group is a leading maintenance repair and operations (MRO) procurement service platform in China, according to CIC, providing one-stop MRO procurement and management services and digital and fulfillment solutions.
ZKH Group’s revenue has been primarily driven by its product sales segment during the track record period. However, its GMV growth slowed dramatically and its sales growth doesn’t appear sustainable. 


ZKH Group Pre-IPO - If Only Its Growth Was Sustainable

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.

JINGDONG Industrials / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrials" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (2231713D CH)</a>/JDI, a leading industrial supply chain technology and service provider in China, has filed for a US$1bn IPO. <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> owns a 77.95% stake.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/jd-industrials-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:103407" rel="noopener">JD Industrials IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The key elements of the bear case rest on slowing SME growth, declining key accounts take rate and gross margin, unnecessary factoring and transfer of most cash for treasury management.</li>
</ul>



JD Industrials (2231713D CH)/JDI, a leading industrial supply chain technology and service provider in China, has filed for a US$1bn IPO. JD.com Inc (ADR) (JD US) owns a 77.95% stake.
In JD Industrials IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on slowing SME growth, declining key accounts take rate and gross margin, unnecessary factoring and transfer of most cash for treasury management.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrials" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (2231713D CH)</a>/JDI, a leading industrial supply chain technology and service provider in China, has filed for a US$1bn IPO. <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> owns a 77.95% stake.</li>
<li>JDI is the largest industrial supply chain technology and service provider in China in terms of GMV, customer coverage and SKU offerings in 2022, according to CIC.</li>
<li>The key elements of the bull case rest on large addressable markets, market share gains, robust product revenue growth underpinned by key accounts, improving underlying margin and strong cash generation.</li>
</ul>



JD Industrials (2231713D CH)/JDI, a leading industrial supply chain technology and service provider in China, has filed for a US$1bn IPO. JD.com Inc (ADR) (JD US) owns a 77.95% stake.
JDI is the largest industrial supply chain technology and service provider in China in terms of GMV, customer coverage and SKU offerings in 2022, according to CIC.
The key elements of the bull case rest on large addressable markets, market share gains, robust product revenue growth underpinned by key accounts, improving underlying margin and strong cash generation.


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>JD Industrials is a pure trading platform for third party wholesalers.</li>
<li>The company avoids the competition with its clients and the risk of overdue account receivable.</li>
<li>JD Industrials has brand support from JD.com and logistics support form JD Logistics.</li>
</ul>


JD Industrials is a pure trading platform for third party wholesalers.
The company avoids the competition with its clients and the risk of overdue account receivable.
JD Industrials has brand support from JD.com and logistics support form JD Logistics.


JD Industrials Pre-IPO: Pure Platform for Third Parties and Strong Support from Related Parties

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ZKH Group (ZKH US)

ZKH Group Pre-IPO - Refiling Updates - Hardly Looks Any More Attractive

ZKH Group (ZKH US) is looking to raise about US$150m in its upcoming US IPO, after downsizing from an earlier reported float of US$300m.

Ethan Aw

ZKH Group Pre-IPO - If Only Its Growth Was Sustainable

ZKH has refiled its prospectus on 27th Nov 23 and downsized the deal from a reported US$300m in Mar 23 to US$100-150m in Nov 23. We have looked at...

Ethan Aw

JD Industrials IPO: The Bear Case

The key elements of the bear case rest on slowing SME growth, declining key accounts take rate and gross margin, unnecessary factoring and transfer...

Arun George

JD Industrials IPO: The Bull Case

The key elements of the bull case rest on large TAMs, market share gains, robust product revenue growth underpinned by key accounts, improving...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ZKH Group Pre-IPO - Refiling Updates - Hardly Looks Any More Attractive

ZKH Group (ZKH US) is looking to raise about US$150m in its upcoming US IPO, after downsizing from an earlier reported float of US$300m.

Ethan Aw

ZKH Group Pre-IPO - If Only Its Growth Was Sustainable

ZKH has refiled its prospectus on 27th Nov 23 and downsized the deal from a reported US$300m in Mar 23 to US$100-150m in Nov 23. We have looked at...

Ethan Aw

JD Industrials IPO: The Bear Case

The key elements of the bear case rest on slowing SME growth, declining key accounts take rate and gross margin, unnecessary factoring and transfer...

Arun George

JD Industrials IPO: The Bull Case

The key elements of the bull case rest on large TAMs, market share gains, robust product revenue growth underpinned by key accounts, improving...

Arun George

JD Industrials Pre-IPO: Pure Platform for Third Parties and Strong Support from Related Parties

JD Industrials has two advantages - JD.com’s brand and JD Logistics’s delivery network. JD Industrials also avoids the competition with its clients...

Ming Lu