Hong Kong IPO ($25B Target) vs Peak Private Valuation ($100B Bridge Model)
| Cost Component | USD / Item | % AOV |
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Under US Section 321 ($800 exemption) and EU €150 duty relief, direct-to-consumer micro parcels avoided standard commercial tariff schedules.
Subjecting micro-shipments to flat 10–25% customs duties compresses gross unit margins from ~18.5% down into single digits unless offset by automated regional distribution hubs.
| Listing Venue / Cohort | EV / Sales | EV / EBITDA | Trailing P/E | Liquidity Discount | Implied Valuation |
|---|