Daily BriefsIPOs and Placements

Equity Capital Markets: JD Logistics, SF Real Estate Investment Trust and more

In today’s briefing:

  • JD Logistics (京东物流) Pre-IPO – Thoughts on Valuation
  • SF REIT Pre-IPO – One Trick Pony, Who’s Not Doing the Trick

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

By Zhen Zhou, Toh

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:


SF REIT Pre-IPO – One Trick Pony, Who’s Not Doing the Trick

By Sumeet Singh

SF Real Estate Investment Trust (SFREIT), a logistics-focused REIT, aims to raise around US$300m in its Hong Kong IPO. SF REIT is sponsored by SF Holdings, listed in Shenzhen.

At the time of listing, SFREIT will own three properties located in Hong Kong, Foshan and Wuhu, all of which are modern logistics properties. The assets have an aggregated gross lettable area of approximately 307,617.5 sqm with an appraised value of HK$6.1bn, as at Mar 2021. The average occupancy of the properties was 95.3%, with a weighted average age of 3.5 years and weighted average remaining land tenure of 37.9 years.


Before it’s here, it’s on Smartkarma