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Bairong has three main revenue generating segments: data analytics services, precision marketing services and insurance distribution services. As of FY19, data analytics accounted for 41.4% of revenue, with the next largest segment being precision marketing at 32.1% of revenue and insurance distribution making up for the rest.
We have looked at various aspects of the deal in our earlier notes:
Bairong Pre-IPO - Largest independent big-data analytics provider,
Bairong Pre-IPO - Earnings forecast, Peer comparison and valuation, and
Bairong Pre-IPO - PHIP and valuation updates - Better 4Q20, but client data isn’t as encouraging.
In this note we will talk about the deal dynamics and final valuation.
Bairong IPO
Bairong, an independent AI-powered technology platform in China serving the financial services industry, aims to raise upto US$508m in its Hong Kong IPO. According to F&S, it was the largest independent financial big data analytics solutions provider in China by revenue in 2019, with a market share of 8.7%.Bairong has three main revenue generating segments: data analytics services, precision marketing services and insurance distribution services. As of FY19, data analytics accounted for 41.4% of revenue, with the next largest segment being precision marketing at 32.1% of revenue and insurance distribution making up for the rest.
We have looked at various aspects of the deal in our earlier notes:
Bairong Pre-IPO - Largest independent big-data analytics provider,
Bairong Pre-IPO - Earnings forecast, Peer comparison and valuation, and
Bairong Pre-IPO - PHIP and valuation updates - Better 4Q20, but client data isn’t as encouraging.
In this note we will talk about the deal dynamics and final valuation.
Underlying
Bairong
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.
Sumeet Singh
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