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Overall, YK is a fast-growing payment-based technology platform operating in China, demonstrating strong revenue growth of 191% CAGR from 2016 to 2018. This has been driven by an increase in GPV and active customers over the same period.
However, underlying operating metrics suggest that the space is getting much more competitive over the last three years as service fee rates have steadily declined while the company has increasingly spent more to grow its micro and small merchant network via independent third-party sales agent.
Yeahka (移å¡) Pre-IPO - Growing in an increasingly competitive space
Yeahka (YK) is looking to raise about US$300m in its upcoming Hong Kong IPO.Overall, YK is a fast-growing payment-based technology platform operating in China, demonstrating strong revenue growth of 191% CAGR from 2016 to 2018. This has been driven by an increase in GPV and active customers over the same period.
However, underlying operating metrics suggest that the space is getting much more competitive over the last three years as service fee rates have steadily declined while the company has increasingly spent more to grow its micro and small merchant network via independent third-party sales agent.
Underlying
Huifu Payment Ltd
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.
Zhen Zhou Toh
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