Report
EUR 96.54
For Business Accounts Only
China United Lines (CUL) is a container shipping company in China. The firm was the second-largest container shipping company headquartered in China that provides both short-sea and deep-sea shipping services as per container shipping capacity at the latest practicable date, as per Alphaliner.
CUL has grown rapidly and its large proportion of vessels being chartered-in, instead of owned, has allowed it to scale its capacity to meet demand. Its partnership with Antong has worked well, allowing CUL to further expand its capacity and tap into new deep-sea routes in Europe and Transpacific. Shipping volume growth was accompanied by topline growth, and margins have been on the uptrend. However, the firm is only a small player in a concentrated market and a large proportion of vessels being chartered-in could be a drawback as ownership costs rise. The firm also appears to have made a strategic investment, just prior to the IPO.
China United Lines Pre-IPO
China United Lines is looking to raise around US$300m in its upcoming Hong Kong IPO.China United Lines (CUL) is a container shipping company in China. The firm was the second-largest container shipping company headquartered in China that provides both short-sea and deep-sea shipping services as per container shipping capacity at the latest practicable date, as per Alphaliner.
CUL has grown rapidly and its large proportion of vessels being chartered-in, instead of owned, has allowed it to scale its capacity to meet demand. Its partnership with Antong has worked well, allowing CUL to further expand its capacity and tap into new deep-sea routes in Europe and Transpacific. Shipping volume growth was accompanied by topline growth, and margins have been on the uptrend. However, the firm is only a small player in a concentrated market and a large proportion of vessels being chartered-in could be a drawback as ownership costs rise. The firm also appears to have made a strategic investment, just prior to the IPO.
Underlying
China United Lines
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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