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

CaoCao Inc (CaoCao) is a ride-hailing firm incubated by the Zhejiang Geely Holding Group (Geely).

<ul>
<li>
<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao Inc (1646553D CH)</a> is looking to raise up to US$300m in its upcoming Hong Kong IPO.</li>
<li>It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



CaoCao Inc (1646553D CH) is looking to raise up to US$300m in its upcoming Hong Kong IPO.
It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.
In this note, we look at the firm's past performance.


CaoCao Pre-IPO: Scaling up but a Cash Infusion Is Required

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character toys.

<ul>
<li>Bloks Group, a founder-led toy maker and owner of trusted brand “Blokees”, will price its IPO this week. Shares are set to begin trading on January 10, 2025.</li>
<li>I would expect strong first trading-day return as HK public offering was already 5,000+ times oversubscribed at high end of marketed price range.</li>
<li>I believe investors are rationally optimistic about the company. Bloks Group IPO attracted a surge of retail investors, and the stock may skyrocket above IPO price on first trading-day.</li>
</ul>


Bloks Group, a founder-led toy maker and owner of trusted brand “Blokees”, will price its IPO this week. Shares are set to begin trading on January 10, 2025.
I would expect strong first trading-day return as HK public offering was already 5,000+ times oversubscribed at high end of marketed price range.
I believe investors are rationally optimistic about the company. Bloks Group IPO attracted a surge of retail investors, and the stock may skyrocket above IPO price on first trading-day.


Bloks Group Likely To Price IPO at High End of Range: What To Expect From First Trading-Day?

Clarence Chu

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (1850960D CH)</a> is looking to raise US$187m in its Hong Kong IPO.</li>
<li>Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.</li>
<li>In our previous notes, we looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.</li>
</ul>



Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
In our previous notes, we looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.


Bloks Group IPO - Outgrowing Its Peers, Decent Valuation

Research from e27, e27

Research from e27

e27 is Asia's largest Tech media platform. We cover the latest news on emerging and disruptive businesses across the region.

Private Capital Markets

Hong Kong-based digital integrated logistics platform, provides domestic express, cold-chain delivery, warehousing, fulfillment and cross-border logistics

<ul><li>Hong Kong-based cross-border e-commerce logistics startup Jumppoint has secured an additional US$3.5 million in Series A+ funding, bringing its total funding to US$20 million.</li><li>The news round was led by returning investor MindWorks Capital, with participation from other investors, including IMM Global, Headline Asia, the Hong Kong Government, Beyond Ventures, Chinachem Group, and Boon Ventures.</li><li>The funding will be used to scale Jumppoint’s AI-driven logistics platform, expand its regional network, and enhance its service offerings.</li></ul>

Hong Kong-based cross-border e-commerce logistics startup Jumppoint has secured an additional US$3.5 million in Series A+ funding, bringing its total funding to US$20 million.The news round was led by returning investor MindWorks Capital, with participation from other investors, including IMM Global, Headline Asia, the Hong Kong Government, Beyond Ventures, Chinachem Group, and Boon Ventures.The funding will be used to scale Jumppoint’s AI-driven logistics platform, expand its regional network, and enhance its service offerings.

Jumppoint bags US$3.5M to streamline logistics for e-commerce in SEA | e27

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Ascentage Pharma Group Corp / Equity Capital Markets

Ascentage Pharma Group International operates as a clinical-stage biotechnology company. The Company develops novel therapies for cancers, hepatitis B virus, age-related diseases, and more. Ascentage Pharma Group International conducts businesses in China, the United States, and other countries.

<ul>
<li>Ascentage has filed with the SEC to raise up to US$100 million in a US IPO. We think its future market value is expected to surpass that of Hutchmed.</li>
<li>The outlook of olverembatinib is clear. Takeda can give more possibilities to olverembatinib. 2025 Sales of olverembatinib is expected to reach RMB500 million.Market value contribution from olverembatinib is US$1-1.5 billion. </li>
<li>Investors have higher expectations on APG-2575 to be out-licensed to MNCs. We think the peak sales of APG-2575 is expected to surpass that of olverembatinib in overseas markets. </li>
</ul>


Ascentage has filed with the SEC to raise up to US$100 million in a US IPO. We think its future market value is expected to surpass that of Hutchmed.
The outlook of olverembatinib is clear. Takeda can give more possibilities to olverembatinib. 2025 Sales of olverembatinib is expected to reach RMB500 million.Market value contribution from olverembatinib is US$1-1.5 billion. 
Investors have higher expectations on APG-2575 to be out-licensed to MNCs. We think the peak sales of APG-2575 is expected to surpass that of olverembatinib in overseas markets. 


Pre-IPO Ascentage Pharma - The US Stock Listing Will Stimulate Future Growth Potential

Coverage of China and Hong Kong IPOs & Placements

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

CaoCao Pre-IPO: Scaling up but a Cash Infusion Is Required

CaoCao (CC) is looking to raise up to US$300m in its upcoming Hong Kong IPO. It is a ride hailing platform in China. In this note, we look at the...

Nicholas Tan

Bloks Group Likely To Price IPO at High End of Range: What To Expect From First Trading-Day?

Bloks Group will go public this week. In my insight, I discuss expectations from first trading-day and how far Bloks Group stock may go up in a...

Andrei Zakharov

Bloks Group IPO - Outgrowing Its Peers, Decent Valuation

Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO. In this note, we undertake a peer comparison and discuss our thoughts...

Clarence Chu

Jumppoint bags US$3.5M to streamline logistics for e-commerce in SEA | e27

Hong Kong-based cross-border e-commerce logistics startup Jumppoint has secured an additional US$3.5 million in Series A+ funding, bringing its...

e27

Pre-IPO Ascentage Pharma - The US Stock Listing Will Stimulate Future Growth Potential

Ascentage aims to raise $100 million in US IPO, with potential valuation surpassing Hutchmed. Olverembatinib's outlook is certain. Catalyst is...

Xinyao (Criss) Wang

CaoCao Pre-IPO: Scaling up but a Cash Infusion Is Required

CaoCao (CC) is looking to raise up to US$300m in its upcoming Hong Kong IPO. It is a ride hailing platform in China. In this note, we look at the...

Nicholas Tan

Bloks Group Likely To Price IPO at High End of Range: What To Expect From First Trading-Day?

Bloks Group will go public this week. In my insight, I discuss expectations from first trading-day and how far Bloks Group stock may go up in a...

Andrei Zakharov

Bloks Group IPO - Outgrowing Its Peers, Decent Valuation

Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO. In this note, we undertake a peer comparison and discuss our thoughts...

Clarence Chu

Jumppoint bags US$3.5M to streamline logistics for e-commerce in SEA | e27

Hong Kong-based cross-border e-commerce logistics startup Jumppoint has secured an additional US$3.5 million in Series A+ funding, bringing its...

e27

Pre-IPO Ascentage Pharma - The US Stock Listing Will Stimulate Future Growth Potential

​Ascentage aims to raise $100 million in US IPO, with potential valuation surpassing Hutchmed. Olverembatinib's outlook is certain. Catalyst is...

Xinyao (Criss) Wang

Ascentage aims to raise $100 million in US IPO, with potential valuation surpassing Hutchmed. Olverembatinib's outlook is certain. Catalyst is...