IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/ane-logistics" target="_blank" data-smartkarma-citation="entities:34119:1" rel="noopener">ANE Logistics (1292621D CH)</a> operates a leading express freight network in China’s less-than-truckload (LTL) market. ANE operated the largest express freight network in China as measured by annual total freight volume in each of 2017, 2018, 2019 and 2020, according to iResearch.</p><p>ANE is pre-marketing an HKEx IPO to raise up to $500 million, according to press reports. ANE’s shareholders include Centurium, Carlyle, CDH, CPE, NWS, Ping An, Goldman Sachs and Yili.</p><p>In <a href="https://www.smartkarma.com/insights/ane-logistics-ipo-initiation-home-delivery" target="_blank" data-smartkarma-citation="insights:57807" rel="noopener">ANE Logistics IPO Initiation: Home Delivery</a>, we stated that ANE is a play on China’s LTL market which offers substantial opportunities for market consolidation as the top 10 LTL operators in China had a market share of 5.7% by shipper spend in 2020, according to iResearch. As the largest (by freight volume), fastest-growing and most profitable player, ANE is well-positioned to be a market consolidator. We concluded that ANE’s fundamentals are solid. </p><div class="content-highlight"><p>In this note, we look at the PHIP which discloses the 4M21 results and recent developments. The PHIP continues to support our view that the ANE IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs.</p></div>

ANE Logistics (1292621D CH) operates a leading express freight network in China’s less-than-truckload (LTL) market. ANE operated the largest express freight network in China as measured by annual total freight volume in each of 2017, 2018, 2019 and 2020, according to iResearch.ANE is pre-marketing an HKEx IPO to raise up to $500 million, according to press reports. ANE’s shareholders include Centurium, Carlyle, CDH, CPE, NWS, Ping An, Goldman Sachs and Yili.In ANE Logistics IPO Initiation: Home Delivery, we stated that ANE is a play on China’s LTL market which offers substantial opportunities for market consolidation as the top 10 LTL operators in China had a market share of 5.7% by shipper spend in 2020, according to iResearch. As the largest (by freight volume), fastest-growing and most profitable player, ANE is well-positioned to be a market consolidator. We concluded that ANE’s fundamentals are solid. In this note, we look at the PHIP which discloses the 4M21 results and recent developments. The PHIP continues to support our view that the ANE IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs.

China

ZTO Express (Cayman) Inc. operates as an express delivery company. The Company provides express delivery service through their nationwide network, as well as other value-added logistics services. ZTO Express serves customers globally.

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ZTO Express Cayman (2057 HK)

ANE IPO: The Freight Debate

ANE is pre-marketing an HKEx IPO to raise up to $500 m. The PHIP continues to support our view that the ANE is worth a look for investors willing...

Arun George

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