Toplist China Pre-IPO
Toplist China (TC from hereon) is a loyalty management solution services provider in China. It provides a one-stop loyalty management solution to clients, in particular, financial institutions.As per iResearch, it ranked second in the loyalty management SaaS market and fifth in the integrated loyalty management solution services market in China in 2019, in terms of gross sales proceeds.
Earnings growth has been strong over 2016-18, with TC reporting revenue CAGR of 37.47% and adjusted PAT CAGR of 37.32%. Growth has been driven by 6.7x increase in users over 2018-20, a 3.9x increase in orders processed and 7.3x increase in the number of vendors.
Unfortunately, there isn’t much more to like apart from that, in our view. The company is solely dependent on a single customer for most of its revenue and even the few other customers that it has haven’t stuck around for long enough to be counted as regular customers. Furthermore, there are a number of related party issues as well.
Topdanmark A/S is a Denmark-based insurance company engaged in the insurance and pension fund business. The Company's activities are divided into such segments, as Personal, and SME (Small and Medium Enterprises) and Industrial. The Personal segment sells policies for individual households in Denmark. The SME and Industrial segment offers policies for Denmark-based SME, agricultural and industrial businesses. The Company's private insurance offering includes such insurance products, as home, vehicle, accident, pet, child and life and health insurance, as well as pension funds. Its corporate insurance offering includes property insurance, insurance of goods and equipment, and car insurance, among others. As of December 31, 2012, it had subsidiaries responsible for life and non-life insurance, as well as for asset management, investment and property-related activities.
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.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
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