個案總覽

This case features a company in China's booming delivery industry. Students are asked to step into the shoes of an equity analyst at an IPO consulting firm and recommend a listing strategy and IPO price for a fast growing express delivery company. The authors have successfully used the case in a business valuation course.

The case describes China's bicycle-sharing industry at a time of unrest. Following a period of potentially unsustainable, rapid expansion, the industry began to receive a lot of media and public scrutiny. Bluegogo first drew attention to the so-called 'bike-sharing bubble' in late 2017, when news broke of the firm's financial difficulties. A few months later, Didi Chuxing, the ride-hailing giant, acquired part of Bluegogo's assets. Then in spring 2018, Meituan Dianping bought Mobike, for a sizeable USD 2.7billion. As industry leaders, ofo and Mobike need to find ways to assure stakeholders that Bluegogo's difficulties will not go on to infect the entire, nascent industry. Meituan Dianping needs to be able to justify having paid the USD 2.7billion for Mobike to its own stakeholders. Using China's bike sharing industry as an example, this case can be used to explore the valuation of companies that constitute the emergent, global sharing economy