Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

A highly collaborative investment professional and US software research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

Keep IPO Valuation Analysis: The Minimum Offer Price Looks Attractive. Trading Debut: July 12, 2023

Keep Pre-IPO - Updates Since Our Last Note - Losses Have Been the Only Constant

Keep Pre-IPO - Market Leader in a Growing Market, However, Has Been on a Spending Spree

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/keep-inc" target="_blank" data-smartkarma-citation="entities:35947:1" rel="noopener">Keep Inc (3650 HK)</a> , the largest online fitness platform in China, announced interim results for the six months ended Jun-23. The overall revenue growth is slowing down. </li>
<li>The company completed its Hong Kong IPO of ~10.8M shares at HK$28.92 (bottom of the range) and raised ~HK$192M (~$25M) of net proceeds. CICC led the offering.</li>
<li>Keep appears well capitalized to outperform despite China's temporary slowdown in fitness activities. I remain cautious on Keep stock after a downsized IPO, but I like the long-term fitness story. </li>
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Keep Inc (3650 HK) , the largest online fitness platform in China, announced interim results for the six months ended Jun-23. The overall revenue growth is slowing down. 
The company completed its Hong Kong IPO of ~10.8M shares at HK$28.92 (bottom of the range) and raised ~HK$192M (~$25M) of net proceeds. CICC led the offering.
Keep appears well capitalized to outperform despite China's temporary slowdown in fitness activities. I remain cautious on Keep stock after a downsized IPO, but I like the long-term fitness story. 


Keep (3650): Mixed H123 and Slow Post-Pandemic Recovery. Will Growth Story Come To an End?