APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

AuGroup Technology / Equity Capital Markets

AuG is an online retailer specialising in quality furniture and home furnishings. The company offers a broad range of furniture and home furnishing products under popular proprietary brands. The firm also sells electric tools, home appliances, consumer electronics etc. Through a subsidiary, AuG has also developed its own logistics solution through which it provides pre-sale stocking services to other ecommerce companies and platforms,

<ul>
<li>
<a href="https://www.smartkarma.com/entities/augroup-technology" target="_blank" data-smartkarma-citation="entities:44055:1" rel="noopener">AuGroup Technology (AUG HK)</a> is looking to raise up to US$100m in its upcoming Hong Kong IPO.</li>
<li>AuG is an online retailer specialising in furniture and home furnishings. It also has its own logistics solution through which it provides services to other ecommerce companies and platforms.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



AuGroup Technology (AUG HK) is looking to raise up to US$100m in its upcoming Hong Kong IPO.
AuG is an online retailer specialising in furniture and home furnishings. It also has its own logistics solution through which it provides services to other ecommerce companies and platforms.
In this note, we look at the firm’s past performance.


AuGroup Technology Pre-IPO - Streamlining Operations and Diversifying Sales Channel

Rosita Fernandes

Mokingran Jewellery Group Ltd / Equity Capital Markets

Mokingran Jewellery Group Ltd (1863481D CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mokingran-jewellery-group-ltd" target="_blank" data-smartkarma-citation="entities:44054:1" rel="noopener">Mokingran Jewellery Group Ltd (1863481D CH)</a>  is planning to raise about US$100m through its upcoming IPO in Hong Kong. The lead bookrunner for the deal is CITIC Securities.</li>
<li>Mokingran Jewellery Group Ltd is a gold jewellery Original Brand Manufacturer (OBM) in the People's Republic of China (PRC)</li>
<li>As per the company, it is one of the few manufacturers overseeing all primary stages of the gold jewellery industry, from start to retailing through a diversified sales network.</li>
</ul>



Mokingran Jewellery Group Ltd (1863481D CH)  is planning to raise about US$100m through its upcoming IPO in Hong Kong. The lead bookrunner for the deal is CITIC Securities.
Mokingran Jewellery Group Ltd is a gold jewellery Original Brand Manufacturer (OBM) in the People's Republic of China (PRC)
As per the company, it is one of the few manufacturers overseeing all primary stages of the gold jewellery industry, from start to retailing through a diversified sales network.


Mokingran Jewellery Group Ltd Pre-IPO Tearsheet

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Green Tea Group is a restaurant chain operator for fusion cuisine in China. As of the latest practicable date (30 Sept 2021), the firm’s restaurant network consists of 208 restaurants covering 18 provinces, four municipalities and three autonomous regions in the PRC.

<ul>
<li>Green Tea’s future performance growth is uncertain due to increasing competition, changes in consumer tastes, lack of a secondary growth curve, unsatisfactory table turnover rate and the old menu.</li>
<li>Simply opening more restaurants cannot break through development bottlenecks.Whether shares would perform well after IPO depends on if Green Tea is able to deliver persuasive/sustainable growth story to the market.</li>
<li>The moat of Green Tea is still “fragile”. We think the valuation of Green Tea should be between <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao (6862 HK)</a> and <a href="https://www.smartkarma.com/entities/jiumaojiu-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:28293:1" rel="noopener">Jiumaojiu (9922 HK)</a>, <a href="https://www.smartkarma.com/entities/ajisen-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:990:1" rel="noopener">Ajisen (538 HK)</a>.</li>
</ul>


Green Tea’s future performance growth is uncertain due to increasing competition, changes in consumer tastes, lack of a secondary growth curve, unsatisfactory table turnover rate and the old menu.
Simply opening more restaurants cannot break through development bottlenecks.Whether shares would perform well after IPO depends on if Green Tea is able to deliver persuasive/sustainable growth story to the market.
The moat of Green Tea is still “fragile”. We think the valuation of Green Tea should be between Haidilao (6862 HK) and Jiumaojiu (9922 HK), Ajisen (538 HK).


Pre-IPO Green Tea Group - Lack of an Attractive "Growth Story"

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Pony AI Inc. operates as an autonomous vehicle technology company. The Company provides autonomous driving technology solutions to deliver safe, sustainable, and accessible mobility to people and businesses around the world. Pony AI serves customers globally.

<ul>
<li>Chinese self-driving start-up Pony AI has filed for IPO in the US to raise around US$300m and the company has reduced the minimum valuation to $4.0bn from $8.5bn previously.</li>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> 's core business of self-driving operations is still at very early stages and will spend most of IPO proceeds on large-scale commercialisation of these services.</li>
<li>The autonomous driving market in China is increasingly competitive with competitors such as <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> ’s Apollo Taxi operating with a large scale posing significant threat to the company.</li>
</ul>


Chinese self-driving start-up Pony AI has filed for IPO in the US to raise around US$300m and the company has reduced the minimum valuation to $4.0bn from $8.5bn previously.

Pony AI (PONY US) 's core business of self-driving operations is still at very early stages and will spend most of IPO proceeds on large-scale commercialisation of these services.
The autonomous driving market in China is increasingly competitive with competitors such as Baidu (9888 HK) ’s Apollo Taxi operating with a large scale posing significant threat to the company.


Clarence Chu

T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-s-lines" target="_blank" data-smartkarma-citation="entities:39795:1" rel="noopener">T.S. Lines (TSL HK)</a> is looking to raise US$145m in its Hong Kong IPO.</li>
<li>T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.</li>
<li>In a previous note, we looked at the firm’s past performance. In this note, we discuss peers and share our thoughts on valuation. </li>
</ul>



T.S. Lines (TSL HK) is looking to raise US$145m in its Hong Kong IPO.
T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.
In a previous note, we looked at the firm’s past performance. In this note, we discuss peers and share our thoughts on valuation. 


TS Lines IPO - Smaller than Peers, Although Valuation Seems Attractive

Coverage of China and Hong Kong IPOs & Placements

Greater China ECM
Coverage of China and Hong Kong IPOs & Placements

AuGroup Technology Pre-IPO - Streamlining Operations and Diversifying Sales Channel

AuG is an online retailer specialising in quality furniture and home furnishings and is looking to raise up to US$100m in its upcoming Hong Kong IPO.

Nicholas Tan

Mokingran Jewellery Group Ltd Pre-IPO Tearsheet

Mokingran Jewellery Group Ltd to raise US$100m in upcoming Hong Kong IPO led by CITIC Securities, a gold jewellery OBM in China overseeing all...

Rosita Fernandes

Pre-IPO Green Tea Group - Lack of an Attractive "Growth Story"

Green Tea faces uncertain future growth due to competition/changing tastes/operational challenges.Valuation should be between Haidilao and...

Xinyao (Criss) Wang

Pony AI IPO: A Bumpy Ride

Chinese self-driving start-up Pony AI has filed for an IPO in the US. Self-driving operations is the company's core business which is still in...

Shifara Samsudeen, ACMA, CGMA

TS Lines IPO - Smaller than Peers, Although Valuation Seems Attractive

T.S. Lines (TSL HK) is looking to raise US$145m in its Hong Kong IPO. In a previous note, we looked at the firm’s past performance. In this note,...

Clarence Chu

AuGroup Technology Pre-IPO - Streamlining Operations and Diversifying Sales Channel

AuG is an online retailer specialising in quality furniture and home furnishings and is looking to raise up to US$100m in its upcoming Hong Kong IPO.

Nicholas Tan

Mokingran Jewellery Group Ltd Pre-IPO Tearsheet

​Mokingran Jewellery Group Ltd to raise US$100m in upcoming Hong Kong IPO led by CITIC Securities, a gold jewellery OBM in China overseeing all...

Rosita Fernandes

Pre-IPO Green Tea Group - Lack of an Attractive "Growth Story"

​Green Tea faces uncertain future growth due to competition/changing tastes/operational challenges.Valuation should be between Haidilao and...

Xinyao (Criss) Wang

Pony AI IPO: A Bumpy Ride

​Chinese self-driving start-up Pony AI has filed for an IPO in the US. Self-driving operations is the company's core business which is still in...

Shifara Samsudeen, ACMA, CGMA

TS Lines IPO - Smaller than Peers, Although Valuation Seems Attractive

T.S. Lines (TSL HK) is looking to raise US$145m in its Hong Kong IPO. In a previous note, we looked at the firm’s past performance. In this note,...

Clarence Chu

Mokingran Jewellery Group Ltd to raise US$100m in upcoming Hong Kong IPO led by CITIC Securities, a gold jewellery OBM in China overseeing all...

Green Tea faces uncertain future growth due to competition/changing tastes/operational challenges.Valuation should be between Haidilao and...

Chinese self-driving start-up Pony AI has filed for an IPO in the US. Self-driving operations is the company's core business which is still in...