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

Luckin Coffee IPO: Wake up and Smell the Coffee

Luckin Coffee: Looking at the Good, the Bad, the Unsure, and the Future

Uber IPO Valuation: A DCF and EV Analysis

Yunji IPO Preview: Balance Sheet Points to Waning Engagement

So-Young IPO Preview: Skin-Deep Truths About Beauty

Uncompromised, Independent, Conflict-Free Research

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

<p><a href="https://www.smartkarma.com/entities/27997" target="_blank" data-smartkarma-citation="entities:27997:1">Yunji Inc. (YJ US)</a> is a leading membership-based social e-commerce platform in China which primarily sells merchandise through its <em>Yunji</em> app. It announced its IPO price range of $11.00-13.00 per ADS. At the mid-point of the IPO price range, So-Young will raise net proceeds of $145.8 million, resulting in a fully diluted market cap of $2.7 billion.</p><div class="content-highlight"><p>We had previously expressed our concerns in <a href="https://www.smartkarma.com/insights/yunji-ipo-preview-balance-sheet-points-to-waning-engagement" target="_blank" data-smartkarma-citation="insights:28817">Yunji IPO Preview: Balance Sheet Points to Waning Engagement</a> about Yunji's challenging fundamentals. Overall, we believe that the proposed IPO price range in unattractive and would avoid the IPO.</p></div>

Yunji Inc. (YJ US) is a leading membership-based social e-commerce platform in China which primarily sells merchandise through its Yunji app. It announced its IPO price range of $11.00-13.00 per ADS. At the mid-point of the IPO price range, So-Young will raise net proceeds of $145.8 million, resulting in a fully diluted market cap of $2.7 billion.We had previously expressed our concerns in Yunji IPO Preview: Balance Sheet Points to Waning Engagement about Yunji's challenging fundamentals. Overall, we believe that the proposed IPO price range in unattractive and would avoid the IPO.

Yunji Inc.

Yunji IPO: Price Range Is a No-Go