Company: Secoo Holding Limited
Symbol: SECO
Description: They are Asia’s largest online integrated upscale products and services platform as measured by GMV in 2016, according to the Frost & Sullivan report.
Shares: 8.5 million ADS
Range: $11.50-$13.50
Trade Date: 9/22
Underwriter(s): Jefferies
Co-Manager: BNP PARIBAS
Business: The middle and high income population in China have shown a high increasing propensity to purchase luxury products and services on online platforms with diversified and personalized demand, according to the Frost & Sullivan report. They offer them a wide selection of authentic upscale products and lifestyle services to satisfy different needs of the modern lifestyle. They currently offer over 300,000 SKUs, covering over 3,000 global and domestic brands on our platform. Supported by their proprietary database of upscale products, their authentication procedures and brand cooperation, they are able to ensure the authenticity and quality of every product offered on their platform. With the goal of providing one-stop shopping experience, they have expanded into providing high-end lifestyle services since 2014.
Financials: Their net revenues increased by 48.8% from RMB1,743.1 million in 2015 to RMB2,593.8 million (US$382.6 million) in 2016, and increased from RMB1,033.1 million for the six months ended June 30, 2016 to RMB1,346.7 million (US$198.6 million) for the six months ended June 30, 2017. Their GMV grew by 34.9% from RMB2,572.6 million in 2015 to RMB3,470.2 million (US$511.9 million) in 2016. In the six months ended June 30, 2017, their GMV was RMB1,924.6 million (US$283.9 million), compared to the GMV of RMB1,276.5 million for the six months ended June 30, 2016.
Competition and Sector Performance: – Well established China companies are Secoo Holding’s competition.
- Alibaba
- JD.Com
- Tencent Holding
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