Report
EUR 88.49
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GogoX is an online intra-city logistics platform in Asia. The company operates in more than 30 cities across five countries and regions in Asia, namely, mainland China, Hong Kong, Singapore, Korea, and India. It owns and operates two brands, Kuaigou Dache (快狗打车) in mainland China and GOGOX for other countries and region.
GGX’s platform services segment continues to languish, even after the firm expended much higher incentives during the fiscal period. While gross margins have slightly improved, after accounting for the firm’s growth strategy of riding on incentives, net margins deteriorated YoY and has a little less than one year of operational runway, as per its FY21 cash outflow (have not factored in IPO proceeds).
In this note, we look at GGX’s PHIP updates.
58 Freight (GogoX) Pre-IPO
GogoX (GGX) is looking to raise US$150m in its upcoming Hong Kong IPO.GogoX is an online intra-city logistics platform in Asia. The company operates in more than 30 cities across five countries and regions in Asia, namely, mainland China, Hong Kong, Singapore, Korea, and India. It owns and operates two brands, Kuaigou Dache (快狗打车) in mainland China and GOGOX for other countries and region.
GGX’s platform services segment continues to languish, even after the firm expended much higher incentives during the fiscal period. While gross margins have slightly improved, after accounting for the firm’s growth strategy of riding on incentives, net margins deteriorated YoY and has a little less than one year of operational runway, as per its FY21 cash outflow (have not factored in IPO proceeds).
In this note, we look at GGX’s PHIP updates.
Underlying
58 Freight (GogoX)
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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