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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/iqiyi-inc" target="_blank" data-smartkarma-citation="entities:26755:1" rel="noopener">IQIYI Inc (IQ US)</a> aims to raise net proceeds of US$442.3 million through the placement of 76.5 million ADS at US$5.90 per ADS.</li>
<li>The net proceeds will be used for working capital purposes, including serving its existing debt obligations. The placement closes on 19 January. </li>
<li>The placement price is fair vs peers and is an opportunity to play iQiyi’s expected topline recovery which is supported by ongoing margin improvement and declining cash burn. </li>
</ul>



IQIYI Inc (IQ US) aims to raise net proceeds of US$442.3 million through the placement of 76.5 million ADS at US$5.90 per ADS.
The net proceeds will be used for working capital purposes, including serving its existing debt obligations. The placement closes on 19 January. 
The placement price is fair vs peers and is an opportunity to play iQiyi’s expected topline recovery which is supported by ongoing margin improvement and declining cash burn. 


IQIYI (IQ US) Placement: Fair Price for a Potential but Risky Recovery Play

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

<ul>
<li>Some shareholders of <a href="https://www.smartkarma.com/entities/anycolor-inc" target="_blank" data-smartkarma-citation="entities:36618:1" rel="noopener">Anycolor (5032 JP)</a> are looking to raise US$151.5m via an International Only Follow-on offering. </li>
<li>The deal is a relatively small one to digest in terms of ADV, representing only 4 days of three-month ADV.  Although, it is still 10% of current mcap. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Some shareholders of Anycolor (5032 JP) are looking to raise US$151.5m via an International Only Follow-on offering. 
The deal is a relatively small one to digest in terms of ADV, representing only 4 days of three-month ADV.  Although, it is still 10% of current mcap. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Anycolor Placement - First Placement Since Listing but Should Do Fine

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs</li>
<li>Things remain quiet on the IPO front and are likely to remain that way till CNY. Korea was once again the one that set the IPO ball rolling.</li>
<li>Placements were a different matter with deal flow pickup up where it left off last week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs
Things remain quiet on the IPO front and are likely to remain that way till CNY. Korea was once again the one that set the IPO ball rolling.
Placements were a different matter with deal flow pickup up where it left off last week.


ECM Weekly (15th Jan 2023) - 2022 Performance, 2023 Pipeline, Bilibili, HTHT, China Edu, CDP, Allied

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huazhu-group-ltd" target="_blank" data-smartkarma-citation="entities:17527:1" rel="noopener">H World Group (HTHT US)</a> aims to raise around US$260m via a follow-on ADS offering.</li>
<li>The company plans to use the proceeds mostly for investment. This will be the first deal by the company post its H-share listing in 2020.</li>
<li>In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.</li>
</ul>



H World Group (HTHT US) aims to raise around US$260m via a follow-on ADS offering.
The company plans to use the proceeds mostly for investment. This will be the first deal by the company post its H-share listing in 2020.
In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.


H World (HTHT) Follow-On Offering - A More Genuine Need

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.

<ul>
<li>Bilibili announced a follow-on equity offering of 15.34m ADS priced at $26.65 per ADS partially in exchange for convertible senior notes due 2026 (US$384.8m) and to replenish its cash reserves.</li>
<li>Each ADS represents one ordinary share and new equity offering of 15.34m shares will account for approx. 3.7% of the company’s extended share capital post follow-on offering.</li>
<li>
<a href="https://www.smartkarma.com/entities/bilibili-inc" target="_blank" data-smartkarma-citation="entities:26793:1" rel="noopener">Bilibili Inc (BILI US)</a> ADS dropped 5.76% following the announcement of the follow-on offering and we believe there is limited upside.</li>
</ul>


Bilibili announced a follow-on equity offering of 15.34m ADS priced at $26.65 per ADS partially in exchange for convertible senior notes due 2026 (US$384.8m) and to replenish its cash reserves.
Each ADS represents one ordinary share and new equity offering of 15.34m shares will account for approx. 3.7% of the company’s extended share capital post follow-on offering.

Bilibili Inc (BILI US) ADS dropped 5.76% following the announcement of the follow-on offering and we believe there is limited upside.


Bilibili Follow-On Offering: Limited Upside

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (BILI US)

IQIYI (IQ US) Placement: Fair Price for a Potential but Risky Recovery Play

The placement price is fair vs peers and is an opportunity to play iQiyi’s expected topline recovery which is supported by ongoing margin...

Arun George

Anycolor Placement - First Placement Since Listing but Should Do Fine

Some shareholders of Anycolor (5032 JP) are looking to raise US$151.5m via an International Only Follow-on offering. We will talk about the deal...

Ethan Aw

ECM Weekly (15th Jan 2023) - 2022 Performance, 2023 Pipeline, Bilibili, HTHT, China Edu, CDP, Allied

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

H World (HTHT) Follow-On Offering - A More Genuine Need

H World Group (HTHT US) aims to raise around US$260m via a follow-on ADS offering. In this note, we talk about the deal dynamics and run it through...

Sumeet Singh

Bilibili Follow-On Offering: Limited Upside

Bilibili announced a follow-on ADS offering of 15.34m shares to raise about US$408m. The offer is priced at US$26.65 per ADS, 7.6% discount to the...

Shifara Samsudeen, ACMA, CGMA

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