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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/saint-bella" target="_blank" data-smartkarma-citation="entities:43697:1" rel="noopener">Saint Bella (SAINT HK)</a>  is looking to raise up to US$200m in its upcoming Hong Kong IPO.</li>
<li>It operates the second largest and fastest growing postpartum care and recovery service in China, as per Frost &amp; Sullivan. It operates an extensive network of 59 premium postpartum centers.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Saint Bella (SAINT HK)  is looking to raise up to US$200m in its upcoming Hong Kong IPO.
It operates the second largest and fastest growing postpartum care and recovery service in China, as per Frost &amp; Sullivan. It operates an extensive network of 59 premium postpartum centers.
In this note, we look at the firm's past performance.


Saint Bella Pre-IPO: Rapid Growth but Facing Birth-Rate Headwinds

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

FineToday Holdings Co Ltd / Equity Capital Markets

FineToday Holdings Co., Ltd. develops, manufactures, and markets personal care products. The Company provides hair care, skin care, body care, and other personal care products. FineToday Holdings sells its products throughout Japan.

<ul>
<li>CVC Capital is aiming to raise over US$500m, via selling some of its stake in <a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> in Japan.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP) in Japan.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In this note, we talk about the not-so-positive aspects of the deal.


FineToday Pre-IPO - The Negatives - Growth and Margins Have Wavered

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

<ul>
<li>Both online marketing and “other revenues” grew strongly in 3Q24.</li>
<li>Both the gross margin and the operating margin improved over the same period last year.</li>
<li>We believe total revenue will accelerate when live streaming is not significant and margins will rise when e-commerce makes profit.</li>
</ul>


Both online marketing and “other revenues” grew strongly in 3Q24.
Both the gross margin and the operating margin improved over the same period last year.
We believe total revenue will accelerate when live streaming is not significant and margins will rise when e-commerce makes profit.


KS / Kuaishou (1024 HK): 3Q24, Ad and E-Commerce Strong, Margins Improved

<ul>
<li>CVC Capital is aiming to raise over US$500m, via selling some of its stake in <a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> in Japan.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP) in Japan.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In this note, we talk about the positive aspects of the deal.


FineToday Pre-IPO - The Positives - Established Brands Across Multiple Regions

Akshat Shah

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a>  raised about US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Blackbuck (1355652D IN)  raised about US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Aequitas Research
IPOs and Placements coverage across Asia Pacific

Saint Bella Pre-IPO: Rapid Growth but Facing Birth-Rate Headwinds

Saint Bella (SB) is looking to raise up to US$200m in its upcoming Hong Kong IPO. It operates the second largest and fastest growing postpartum...

Nicholas Tan

FineToday Pre-IPO - The Negatives - Growth and Margins Have Wavered

CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP) in Japan. In this note, we talk...

Sumeet Singh

KS / Kuaishou (1024 HK): 3Q24, Ad and E-Commerce Strong, Margins Improved

Both online marketing and “other revenues” grew strongly in 3Q24. Margins improved over the same period last year. We believe total revenue will...

Ming Lu

FineToday Pre-IPO - The Positives - Established Brands Across Multiple Regions

CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP) in Japan. In this note, we talk...

Sumeet Singh

Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Zinka Logistics (Blackbuck) raised about US$130m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah