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

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Aequitas Research

Sumeet Singh ...

Zhen Zhou Toh

EUR 88.49 For Business Accounts Only

Dingdong Maicai vs Miss Fresh Pre-IPO

Dingdong Maicai (DM) and Missfresh Limited (MFL) are two groceries on-demand e-commerce companies in China, both aim to raise up to US$500m each via a US listing.

In our earlier notes, we have looked at the background and performance of both of the companies:
Dingdong Maicai Pre-IPO - Increasing market share, fast growth but no signs of profit
Missfresh (每日优鲜) Pre-IPO - Worrying and unsustainable trend

Since both of the companies are operating in similar markets, in this note we will compare the performance of the two companies.

10/06/2021 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

Zhen Zhou Toh

Other Reports on these Companies

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UOB

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Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider in China, primarily owned by China Vanke. As per Frost & Sullivan, in 2020, amongst the residential community service providers in the market, OST ranked first in terms of revenue. It also ranked first in the commercial space integrated services market in China. As of end FY21, it has a footprint in 153 cities in 32 provinces across China with 89% of total GFA under management for residential properties located in first-tier, new first-tier and second-tier cities. OST has m...

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Xtep International Placement

Group Success Investments is looking to raise up to US$133m by trimming its holdings in Xtep International. We can’t say that the deal is expected and short interest on the stock hasn’t been creeping up as well. While the deal won’t be a large one, representing just 5.7 days of three month ADV, the firm’s last deal hasn’t done well.

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Dingdong Maicai vs Miss Fresh Pre-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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