Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.</li>
<li>According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare. </li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>


Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.
According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare. 
In this note, we will talk about the not-so-positive aspects of the deal.


Beneunder Pre-IPO - The Negatives - Doubts Remain, Including Related Party Dealings

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Yashili International Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a> has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0506/2022050602098.pdf" target="_blank" rel="noopener">announced</a> a pre-conditional Offer, by way of a Scheme, from <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a>.</li>
<li>The cancellation price of HK$1.20/share, a 31.9% premium to last close, and a 161% premium to the undisturbed price, is in line with the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0316/2022031601535.pdf" target="_blank" rel="noopener">16 March announcement</a>.</li>
<li>Conditions involve various business disposals and the exit of <a href="https://www.smartkarma.com/entities/danone-sa" target="_blank" data-smartkarma-citation="entities:21403:1" rel="noopener">Danone SA (BN FP)</a>'s stake in Yashili;  yet apart from timing, which is contingent on regulatory approvals, this looks done. </li>
</ul>



Yashili International Holdings (1230 HK) has announced a pre-conditional Offer, by way of a Scheme, from China Mengniu Dairy Co (2319 HK).
The cancellation price of HK$1.20/share, a 31.9% premium to last close, and a 161% premium to the undisturbed price, is in line with the 16 March announcement.
Conditions involve various business disposals and the exit of Danone SA (BN FP)'s stake in Yashili;  yet apart from timing, which is contingent on regulatory approvals, this looks done. 


Yashili (1230 HK)'s Pre-Conditional Offer From Mengniu

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>’s scheme was approved at today’s court meeting. The value test passed with 94.74% of the total disinterested shareholders voting in favour of the scheme.</li>
<li>Despite our reservations about the headcount test, the scheme comfortably passed the headcount test with 465 for and just 16 against the scheme. </li>
<li>At the last close and for the 20 May payment date, the gross and annualised spread to the offer is 3.7% and 56.1%, respectively.</li>
</ul>



Razer Inc (1337 HK)’s scheme was approved at today’s court meeting. The value test passed with 94.74% of the total disinterested shareholders voting in favour of the scheme.
Despite our reservations about the headcount test, the scheme comfortably passed the headcount test with 465 for and just 16 against the scheme. 
At the last close and for the 20 May payment date, the gross and annualised spread to the offer is 3.7% and 56.1%, respectively.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>'s Court Meeting will be held tomorrow.</li>
<li>The highly anticipated abolishment of the headcount test will not become law ahead of the shareholder vote.</li>
<li>Trading at a gross spread of 8%, unchanged since the record date. That's positive. Plus this Offer has proxy advisor support.</li>
</ul>



Razer Inc (1337 HK)'s Court Meeting will be held tomorrow.
The highly anticipated abolishment of the headcount test will not become law ahead of the shareholder vote.
Trading at a gross spread of 8%, unchanged since the record date. That's positive. Plus this Offer has proxy advisor support.


Razer (1337 HK): Trading Wide Ahead Of Court Meeting

<ul>
<li>The amended Cayman Islands Act is yet to become law which increases the odds that the headcount test remains for <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>'s court meeting on 26 April. </li>
<li>Since the despatch of the scheme document, the gross spread has narrowed to 7.6% (last close). Current deal probability implies an 80% chance of success.</li>
<li>The rising deal probability negatively skews the risk/reward profile. We are hesitant to be long this trade into a scheme meeting that is too close to call.</li>
</ul>


The amended Cayman Islands Act is yet to become law which increases the odds that the headcount test remains for Razer Inc (1337 HK)'s court meeting on 26 April. 
Since the despatch of the scheme document, the gross spread has narrowed to 7.6% (last close). Current deal probability implies an 80% chance of success.
The rising deal probability negatively skews the risk/reward profile. We are hesitant to be long this trade into a scheme meeting that is too close to call.


Razer’s Offer Risk/Reward Ahead of the 26 April Scheme Meeting

United States

Razer Inc. is a global lifestyle brand for gamers. The Company offers an integrated gamer-focused ecosystem of hardware, software and services. Razer's hardware ranges from gaming peripherals to gaming laptops and mobile devices. Razer's software platform includes Razer Synapse, Razer Chroma, and Razer Cortex. Razer also offers Razer Gold, a virtual credit services for gamers.

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Razer Inc (1337 HK)

Yashili (1230 HK)'s Pre-Conditional Offer From Mengniu

HK$1.20/share will get up. I'd be a buyer here. I'd probably bid up to ~HK$1.13/share or a gross/annualised spread of 6.2%/15%.

David Blennerhassett

Razer’s Scheme: And that Is a Pass

Despite our reservations, the scheme comfortably passed the headcount test with 465 for and just 16 against. At the last close and for the 20 May...

Arun George

Razer (1337 HK): Trading Wide Ahead Of Court Meeting

This is a binary situation - either Razer fails the headcount test, or it's a storm in a tea cup and sails through. I'm in the latter camp and...

David Blennerhassett

Razer’s Offer Risk/Reward Ahead of the 26 April Scheme Meeting

The amended Cayman Islands Act is yet to become law increasing the odds that the headcount test remains. We are hesitant to be long this trade into...

Arun George

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Beneunder Pre-IPO - The Negatives - Doubts Remain, Including Related Party Dealings

Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO. In this note, we will talk about the not-so-positive aspects of the deal.

Sumeet Singh

Yashili (1230 HK)'s Pre-Conditional Offer From Mengniu

HK$1.20/share will get up. I'd be a buyer here. I'd probably bid up to ~HK$1.13/share or a gross/annualised spread of 6.2%/15%.

David Blennerhassett

Razer’s Scheme: And that Is a Pass

Despite our reservations, the scheme comfortably passed the headcount test with 465 for and just 16 against. At the last close and for the 20 May...

Arun George

Razer (1337 HK): Trading Wide Ahead Of Court Meeting

This is a binary situation - either Razer fails the headcount test, or it's a storm in a tea cup and sails through. I'm in the latter camp and...

David Blennerhassett

Razer’s Offer Risk/Reward Ahead of the 26 April Scheme Meeting

The amended Cayman Islands Act is yet to become law increasing the odds that the headcount test remains. We are hesitant to be long this trade into...

Arun George