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Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions. According to Frost & Sullivan (F&S), the firm was the third largest AI technology driven solution provider in the enterprise AI solutions market in China in terms of 2020 revenue.
Despite historically achieving strong topline growth, owing to both a low base and improving metrics, the firm struggles with an unproven track record and it operates in a highly fragmented market.
While we don’t have a fundamental issue with the listing, at asking valuations, the firm appears to be fairly valued with limited upside on its FY23 numbers. The book’s cornerstone quality isn’t exactly the greatest as well.
We have looked at the deal earlier:
-Qingdao AInnovation Technology Group Pre-IPO - Has Grown Fast, but Holds an Unproven Track Record
Qingdao AInnovation Technology Group IPO
Qingdao AInnovation Technology Group is looking to raise up to US$157m in its Hong Kong IPO.Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions. According to Frost & Sullivan (F&S), the firm was the third largest AI technology driven solution provider in the enterprise AI solutions market in China in terms of 2020 revenue.
Despite historically achieving strong topline growth, owing to both a low base and improving metrics, the firm struggles with an unproven track record and it operates in a highly fragmented market.
While we don’t have a fundamental issue with the listing, at asking valuations, the firm appears to be fairly valued with limited upside on its FY23 numbers. The book’s cornerstone quality isn’t exactly the greatest as well.
We have looked at the deal earlier:
-Qingdao AInnovation Technology Group Pre-IPO - Has Grown Fast, but Holds an Unproven Track Record
Underlying
Qingdao AInnovation Technology Group Co Ltd
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Clarence Chu
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