IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

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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.

Equity Capital Markets

Sunac Services Holdings / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/sunac-services-holdings" target="_blank" data-smartkarma-citation="entities:29239:1" rel="noopener">Sunac Services Holdings (1820476D HK)</a> is a Chinese property management company. Sunac is the fastest-growing large-scale property management service provider in China, according to China Index Academy. On 6 August, <a href="https://www.smartkarma.com/entities/sunac-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:240:1" rel="noopener">Sunac China Holdings (1918 HK)</a>, the controlling shareholder, announced the proposed spin-off and listing of Sunac on the HKEX. Post the IPO, Sunac China will have an interest of not less than 50% in Sunac and Sunac will remain a subsidiary of Sunac China. Sunac is seeking to raise $1 billion, according to press reports.</p><div class="content-highlight"><p>A key attraction of the property management sector is its asset-light and long-term recurring business model. Also, IPOs in the property management sector has been red-hot this year with <a href="https://www.smartkarma.com/entities/central-china-new-life" target="_blank" data-smartkarma-citation="entities:28953:1" rel="noopener">Central China New Life (9983 HK)</a> and <a href="https://www.smartkarma.com/entities/zhenro-services-group" target="_blank" data-smartkarma-citation="entities:28869:1" rel="noopener">Zhenro Services (6958 HK)</a> trading 52% and 46% above their IPO price, respectively. Overall, we believe that Sunac is a worthy addition to this group as its fundamentals over the track record period are attractive, in our view.</p></div>

Sunac Services Holdings (1820476D HK) is a Chinese property management company. Sunac is the fastest-growing large-scale property management service provider in China, according to China Index Academy. On 6 August, Sunac China Holdings (1918 HK), the controlling shareholder, announced the proposed spin-off and listing of Sunac on the HKEX. Post the IPO, Sunac China will have an interest of not less than 50% in Sunac and Sunac will remain a subsidiary of Sunac China. Sunac is seeking to raise $1 billion, according to press reports.A key attraction of the property management sector is its asset-light and long-term recurring business model. Also, IPOs in the property management sector has been red-hot this year with Central China New Life (9983 HK) and Zhenro Services (6958 HK) trading 52% and 46% above their IPO price, respectively. Overall, we believe that Sunac is a worthy addition to this group as its fundamentals over the track record period are attractive, in our view.

Sunac Services IPO Initiation: Next in Line