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    9988   KYG017191142

ALIBABA GROUP HOLDING LIMITED

(9988)
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End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 07/30
189 HKD   -4.21%
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SoftBank-backed Coupang reveals revenue surge ahead of U.S. IPO

02/12/2021 | 12:06pm EDT
FILE PHOTO: Bom Kim, CEO of the e-commerce retailer Coupang, speaks at a warehouse in Seoul

(Reuters) - South Korean e-commerce giant Coupang Inc, backed by Japan's SoftBank Group Corp, on Friday filed to go public on the New York Stock Exchange, hoping to cash in on strong demand for high-growth tech stocks as it reported a near-doubling of annual revenue and narrowing losses.

Coupang is aiming for a valuation of around $50 billion in its U.S. initial public offering (IPO), according to a person familiar with the matter.

This would make it the largest IPO in New York by a company based outside the United States since Alibaba Group Holding in 2014, Dealogic data showed.

Founded in 2010 by Harvard graduate Bom Kim, Coupang made a splash in Korea with its 'Rocket Delivery' service, which promised delivery within 24 hours, shaking family-owned retail conglomerates such as Shinsegae and Lotte.

Coupang was valued at $9 billion in its last private fundraising round in 2018, according to data provider PitchBook.

In a regulatory filing, Coupang said total revenue jumped 91% in 2020 to $11.97 billion, while net losses narrowed to $474.9 million from $698.8 million.

The company, viewed as a rival in South Korea to e-commerce giant Amazon.com Inc, received $1 billion in funding from SoftBank in 2015 and $2 billion from its Vision Fund in 2018.

Coupang's other investors include BlackRock Inc, the world's largest asset manager, venture capital firm Sequoia Capital and billionaire investor Bill Ackman.

The U.S. IPO market is at its strongest in more than two decades, and investors are flocking to buy shares in technology companies that have benefited during the COVID-19 pandemic.

Coupang plans to list under the symbol "CPNG". It has yet to provide a target asking price for its shares.

Goldman Sachs, Allen & Co, JP Morgan, BofA Securities and Citigroup are among the underwriters.

(Reporting by Niket Nishant in Bengaluru and Joshua Franklin in Miami; Editing by Shinjini Ganguli, Sriraj Kalluvila and Kevin Liffey)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -4.21% 189 End-of-day quote.-18.74%
CITIGROUP INC. -1.00% 67.62 Delayed Quote.9.67%
LOTTE CORPORATION -0.92% 37750 End-of-day quote.6.94%
SHINSEGAE INC. -2.03% 266000 End-of-day quote.11.06%
SOFTBANK GROUP CORP. -2.61% 6837 End-of-day quote.-15.15%
THE GOLDMAN SACHS GROUP, INC. -0.71% 374.88 Delayed Quote.42.16%
THE HOWARD HUGHES CORPORATION 0.96% 92.71 Delayed Quote.17.46%
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Financials
Sales 2022 927 B 143 B 143 B
Net income 2022 132 B 20 464 M 20 464 M
Net cash 2022 459 B 71 070 M 71 070 M
P/E ratio 2022 28,1x
Yield 2022 -
Capitalization 3 428 B 531 B 531 B
EV / Sales 2022 3,20x
EV / Sales 2023 2,54x
Nbr of Employees 251 462
Free-Float 89,8%
Chart ALIBABA GROUP HOLDING LIMITED
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Alibaba Group Holding Limited Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 51
Last Close Price 1 261,10 CNY
Average target price 1 858,65 CNY
Spread / Average Target 47,4%
EPS Revisions
Managers and Directors
Yong Zhang Executive Chairman & Chief Executive Officer
John Michael Evans President & Director
Wei Wu CFO, Director & Head-Strategic Investments
Li Cheng Chief Technology Officer
Chee Hwa Tung Independent Director
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