In this briefing:
- Luckin Coffee (瑞幸咖啡) Lock-Up Expiry – Short Closer to Q3 as Pre-IPO Investors May Look to Sell
- ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants
- Exxon’s Mozambique LNG Project Awards Service Contracts but FID Slips into 2020
Luckin Coffee (LK US)‘s lock-up will expire in about a month, on the 13th of November. We have covered the IPO extensively in:
- Luckin Coffee (瑞幸咖啡) Early Thoughts – Caffeine Rush
- Luckin Coffee (瑞幸咖啡) App Walk-Through and Channel Checks
- Luckin Coffee (瑞幸咖啡) Vs. Starbucks (星巴克) – Still Has a Long Way to Go
- Luckin Coffee (瑞幸咖啡) – Base Case Valuation – Cheap Coffee Expensive Company
- Luckin Coffee (瑞幸咖啡) – Blue-Sky/Bear-Case Valuation
- Luckin Coffee (瑞幸咖啡) IPO Review – Marketed Valuation Is Closer to Our Blue-Sky Scenario
- Luckin Coffee (瑞幸咖啡) – The Art of Burning Cash for Market Share
- Luckin Coffee (瑞幸咖啡) IPO Trading Strategies
In this insight, we will look at how the company has performed since listing and the potential sellers upon lock-up expiry.
- ByteDance started as a news app Toutiao, but turned to short videos and gained more active users than the news app.
- Douyin has the highest user base among all short video apps in China. We believe the success was due to the internal competition among ByteDance’s three video apps.
- Douyin’s user base has the largest proportion of female users and users below 30 years old.
Exxon Mobil (XOM US) and partners awarded the key contracts for the Rovuma LNG project in Mozambique, which makes the project’s sanction almost certain. Despite this, it delayed the final investment decision (FID) until next year. Another bumper set of contract awards are going to TechnipFMC PLC (FTI FP), Jgc Corp (1963 JP) and Fluor Corp (FLR US). Yet another positive for the LNG contractor market.