Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac IPO & Placement Research, China biotech

Kingsoft Cloud (金山云) Pre-IPO: Thoughts on Peers and Valuation

ECM Weekly (26 Apr 2020) - Kingsoft Cloud, WeDoctor, Akesobio, Kotak Mahindra Bank

ECM Weekly (3 May 2020) - JD.com, Hangzhou Tigermed, Peijia Medical, Central China New Life

Kingsoft Cloud (金山云) Pre-IPO: The Leading Cloud Provider in China

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<p>Kingsoft Cloud is a subsidiary of Hong Kong-listed Kingsoft (3888 HK) and a leading cloud provider in China. The company has filed the prospectus to raise up to USD 500 million in its US listing. </p><p>In our previous note, we took a look at the value chain of the cloud service industry in China. Cloud service is under-penetrated in China and there will be large room for growth, particularly for independent providers. We explained the various types of services in the downstream cloud computing segment. We note that Kingsoft is a leading independent cloud service provider with a strong forte in the video cloud service segment. </p><p>In this note, we will look into the new information provided in the prospectus, including the details of financials and its operating segments. The prospectus confirms our view that the company derives the majority of its revenue from video companies. We saw a deceleration in its public cloud service segment but an acceleration in the smaller enterprise cloud service segment. We are also of the view that the industry forecast provided by third party consultant Frost &amp; Sullivan is too aggressive.</p><h2>Our previous coverage on Kingsoft Cloud</h2><ul><li dir="ltr"><p><a href="https://www.smartkarma.com/insights/kingsoft-cloud-pre-ipo-the-leading-cloud-provider-in-china" target="_blank" rel="noopener">Kingsoft Cloud (金山云) Pre-IPO: The leading cloud provider in China</a></p></li></ul>

Kingsoft Cloud is a subsidiary of Hong Kong-listed Kingsoft (3888 HK) and a leading cloud provider in China. The company has filed the prospectus to raise up to USD 500 million in its US listing. In our previous note, we took a look at the value chain of the cloud service industry in China. Cloud service is under-penetrated in China and there will be large room for growth, particularly for independent providers. We explained the various types of services in the downstream cloud computing segment. We note that Kingsoft is a leading independent cloud service provider with a strong forte in the video cloud service segment. In this note, we will look into the new information provided in the prospectus, including the details of financials and its operating segments. The prospectus confirms our view that the company derives the majority of its revenue from video companies. We saw a deceleration in its public cloud service segment but an acceleration in the smaller enterprise cloud service segment. We are also of the view that the industry forecast provided by third party consultant Frost &amp; Sullivan is too aggressive.Our previous coverage on Kingsoft CloudKingsoft Cloud (金山云) Pre-IPO: The leading cloud provider in China

Kingsoft Cloud(金山云) 상장 전: 비디오 스트리밍 노출 및 공격적인 산업 전망