School of Business and Management Department of Finance 182 Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: XU Jialin / QFIN Course: UROP 1100, Spring J&T Global Express Limited, a logistics service provider, completed its IPO in 2023 but experienced a significant stock price decline in early 2024, before the expiration of the lockup period. This article analyzes the factors behind the drop, including ESG issues, false rumors, and industry regulations. The analysis suggests that while the impact of these unexpected events may be temporary, the sudden stock price fall could attract more attention from investors, leading to a more objective market valuation, making the stock price hard to go up again even with the unchanged company fundamentals. The findings provide insights for J&T and other logistics companies facing similar challenges. Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: ZHANG Jiayin / COMP Course: UROP 1100, Spring This paper presents an in-depth analysis of Keep’s foundation, expansion, and IPO-process, a pioneering sports technology company that has revolutionized the online fitness industry in China. This paper employs segmented analysis to examine Keep's performance and the context of each investment stage. Analysis shows that Keep’s initial hesitation to go public was less about financial preparation than strategic prudence. The company's rapid user base expansion had boosted market confidence, but it lacked a robust monetization strategy. The company's continued losses and diminishing user engagement highlighted the need to re-evaluate strategy. Keep's current challenges, including ongoing losses and declining user engagement, require a renewed focus on content creation and user retention to capitalize on its strengths in the untapped fitness market. Although Keep's post-IPO performance has fallen short of expectations, its future is promising. Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: ZHANG Zhuyu / ECOF Course: UROP 1100, Spring Guoquan food wholesales and distributes hot pot and barbecue ingredients, marketing frozen products, fresh foods, snacks, base dipping sauces, hot pot and barbecue appliances. The company operates in the joint mode of online platform, brick-and-motor store, and supermarket distribution. Through the new retail model of offline and online integration, Guoquan not only opens up a new consumption scenario and stimulates the vitality of the catering industry, but also opens up the consumption channel of county and township residents through opening stores across the country, greatly promoting the consumption upgrade of sinking market ingredients. Guoquan’s outlets have increased significantly from 1441 to 9216 from 2020 to 2022, more than doubling each year. The fast speed expansion of the company is astonishing. It is inevitable to wonder how it has developed to such a great size. However, until the first quarter of 2023, the number of new outlets hasn’t reached 1000, indicating that the growth has slowed down dramatically.
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