Aequitas Research - Alibaba Group Holding Ltd. Sponsored ADR (A117ME) ... Dingdong Maicai IPO

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Aequitas Research

Sumeet Singh

EUR 88.49 For Business Accounts Only

Dingdong Maicai IPO

Dingdong Maicai (DM), a groceries on-demand e-commerce company, aims to raise up to US$357m via a US listing. It is backed by Tiger Global, General Atlantic and Softbank.

Dingdong Maicai is an on-demand e-commerce company in China which provides users and households with fresh produce, meat and seafood and other daily necessities via its self-operated frontline fulfillment grid. As of 1Q21, DM had 6.9m monthly transacting users, who had placed 69.7m orders during the quarter. Its FY20 gross merchandise value was RMB13bn, representing a 10%+ market share for the on-demand ecommerce fresh groceries and daily necessities market.

In our earlier notes, we have looked at various aspects of the company's past performance:
Dingdong Maicai Pre-IPO - Increasing market share, fast growth but no signs of profit
Dingdong Maicai vs Miss Fresh Pre-IPO - One clear winner
Dingdong (叮咚买菜): Fresh Food Competition in and Outside of Frontline Warehouse
Dingdong Maicai Pre-IPO - First stab at valuation

In this note we will run the deal through our ECM Framework and talk about deal dynamics.

23/06/2021 5 EN

Underlyings

Alibaba Group Holding Ltd. Sponsored ADR

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US01609W1027 Stuttgart Stock Exchange Cayman Islands

Dingdong Maicia

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JD.com Inc. Sponsored ADR Class A

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US47215P1066 NASDAQ Stock Market United States

Missfresh Limited

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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.

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Analysts

Sumeet Singh

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Dingdong Maicai IPO

JD.com to Report First Quarter 2025 Financial Results on May 13, 2025

JD.com Files Its Annual Report on Form 20-F

JD.com (9618 HK): 1Q25 preview: Benefitting from trade-in programme; limited impact from US tariffs.

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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