Aequitas Research - ZHIHU TECHNOLOGY LTD (1608213D) Zhihu HK Secondary Listing

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Aequitas Research

Sumeet Singh

EUR 91.79 For Business Accounts Only

Zhihu HK Secondary Listing

Zhihu plans to raise around US$130m via a dual primary listing in Hong Kong. Unlike all the prior dual primary/secondary listings which have been done via offering either only primary shares or a mix of primary and secondary shares, Zhihu’s offering will consist of only secondary shares.

We have covered the company since its listing, links to our prior notes are below.

In this note, we'll talk about the deal dynamics and structure.

Our previous coverage of Zhihu:
Zhihu (知乎) Pre-IPO - In the Early Stages of Monetization
Zhihu (知乎): Censorship as Top Risk, May Follow Fate of Weibo
Zhihu (知乎) IPO - Monetizing Curiosity
Zhihu (知乎) IPO Trading - Peers Have Corrected Significantly but Still Has a Modest Upside
Zhihu (知乎) IPO Trading Update - Peers Took Another Leg Down on the Back of Rumored Document

21/04/2022 1 EN

Underlying

ZHIHU TECHNOLOGY LTD

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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

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Zhihu HK Secondary Listing

Zhihu HK Secondary Listing

Monthly LMI Update Independent Investment Research

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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