Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

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<p>China Tower Corp, the largest telecom tower infrastructure provider in the world, is preparing to raise USD10 billion and list in Hong Kong. Founded in 2014 by the big three telcos in China, the company acquired tower assets from its shareholders and now provide shared tower facilities for their customers. In this insight, we will explore the following topics:</p><ul class=""><li>What are the company's business lines? How does its pricing matter?</li><li>What is the growth potential of the company? What are the dynamics of the industry?</li><li>What are the key risks?</li><li>What can we learn from its international peers?</li></ul>

China Tower Corp, the largest telecom tower infrastructure provider in the world, is preparing to raise USD10 billion and list in Hong Kong. Founded in 2014 by the big three telcos in China, the company acquired tower assets from its shareholders and now provide shared tower facilities for their customers. In this insight, we will explore the following topics:What are the company's business lines? How does its pricing matter?What is the growth potential of the company? What are the dynamics of the industry?What are the key risks?What can we learn from its international peers?

China Tower Corp IPO: An Elephant Still Growing

APAC IPOs & Placements

Zhen Zhou, Toh

<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight"><h2>IPOs</h2><p>Another two more Indonesia IPOs debuted this week and the results have been a mixed bag. <a href="https://www.smartkarma.com/entities/26995" target="_blank" data-smartkarma-citation="entities:26995:1">Surya Pertiwi PT (SPTO IJ)</a> closed below its IPO price in the middle of this week but managed to climb and close just  +0.46% on Friday. This was expected considering that the company's financial performance has been lackluster, operating cash flow has been deteriorating and has a parent company that essentially is a better company than SPTO in almost every way.</p><p>However, a disappointing and unexpectedly poor debut this week was <a href="https://www.smartkarma.com/entities/27000" target="_blank" data-smartkarma-citation="entities:27000:1">Medikaloka Hermina PT (HEAL IJ)</a> . In our earlier insight, we point our that the company is overly reliant on Indonesia's JKN program and would continue to suppress its margins as well as expose the company to policy risks. But we thought that at the low end of the price range, the company would have some decent upside. Unfortunately, it seems like there has been a selldown across the market in Indonesia and more specifically seems to have hit the healthcare sector as we saw both <a href="https://www.smartkarma.com/entities/878" target="_blank" data-smartkarma-citation="entities:878:1">Siloam International Hospital (SILO IJ)</a>  and <a href="https://www.smartkarma.com/entities/288" target="_blank" data-smartkarma-citation="entities:288:1">Mitra Keluarga Karyasehat Tb (MIKA IJ)</a> 's share prices pull back by 16% since mid-April. Siloam was down to a low of -27% in the first week of May. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/052/736/original/One-Year-Price-Movement-of-Siloam-and-Mitra-Indexed-at-100-SILO-IJ-Equity-LHS-MIKA-IJ-Equity-RHS-_chartbuilder.png?1526711814" class="editor-image img-responsive" data-smartkarma-image-id="52736"></figure><p>Nevertheless, looking forward, the ECM space in Hong Kong is getting more and more interesting as the weeks go by. We are getting more interesting filings coming through on HKEX such as <a href="https://www.smartkarma.com/entities/27044" target="_blank" data-smartkarma-citation="entities:27044:1">Sichuan Haidilao Catering Co (0172918D HK)</a> , <a href="https://www.smartkarma.com/entities/27037" target="_blank" data-smartkarma-citation="entities:27037:1">China Tower Corp Ltd (1409417D HK)</a> , and even the world’s second-biggest maker of bitcoin mining hardware, Canaan Inc. Over the course of the next few months, we will be looking to pore over these prospectuses and give some of our early thoughts.</p></div><h2>Accuracy Rate:</h2><p>Our overall accuracy rate is<strong> 71.3% for IPOs </strong>and<strong> 63.5% for Placements.</strong></p><p><em>(Performance measurement criteria is explained at the end of the note)</em></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/052/733/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%281%29.png?1526708859" class="editor-image img-responsive" data-smartkarma-image-id="52733"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/052/734/original/2018-Total-Deals-2018-Accuracy-Rate-_chartbuilder.png?1526708955" class="editor-image img-responsive" data-smartkarma-image-id="52734"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li><strong>Haidilao (Hong Kong, &gt;US$600m)</strong></li><li><strong>China Tower Co. (Hong Kong, ~US$10bn)</strong></li><li><strong>Canaan Inc (Hong Kong, &gt;US$200m)</strong></li></ul><p>Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool <a href="https://www.smartkarma.com/tools/ipos" target="_blank">here </a>or through the tools menu.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/052/735/original/upcoming.PNG?1526709096" class="editor-image img-responsive" data-smartkarma-image-id="52735"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="http://www.afr.com/street-talk/dday-for-prospa-macquarie-ubs-hit-the-phones-20180515-h1042v" target="_blank">Funds jump in to support $536m Prospa listing</a></li><li><a href="http://www.scmp.com/business/china-business/article/2146687/sichuan-spicy-hotpot-chain-haidilao-prepares-hong-kong-ipo" target="_blank">Sichuan spicy hotpot chain Haidilao prepares for Hong Kong IPO</a></li><li><a href="https://www.mingtiandi.com/real-estate/crelist/chinese-co-working-unicorn-ucommune-explores-hong-kong-ipo/" target="_blank">China's UCommune eyes Hong Kong IPO</a></li><li><a href="http://news.abs-cbn.com/business/05/17/18/airasia-hopes-to-raise-more-than-250-million-via-ipo-in-2018" target="_blank">AirAsia hopes to raise 'more than' $250 million via IPO in 2018</a></li><li><a href="https://www.vccircle.com/toyota-unit-leads-30-mn-investment-in-automobiles-portal-droom/" target="_blank">Vehicle marketplace Droom raises funds from Toyota, Digital Garage; eyes IPO</a></li><li><a href="http://www.thejakartapost.com/news/2018/05/17/companies-reschedule-ipo-plans-over-volatile-market.html" target="_blank">Companies reschedule IPO plans over volatile market</a></li></ul><h2><strong>Smartkarma Community's Analyses on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.smartkarma.com/insights/xiaomi-ipo-why-honest-prices-is-rarely-honest" target="_blank" data-smartkarma-citation="insights:20297">Xiaomi IPO: Why “Honest Prices” Is Rarely Honest</a></li><li><a href="https://www.smartkarma.com/insights/m17-entertainment-ipo-preview-stream-it-from-the-sidelines" target="_blank" data-smartkarma-citation="insights:20447">M17 Entertainment IPO Preview: Stream It from the Sidelines</a></li><li><a href="https://www.smartkarma.com/insights/hyundai-oilbank-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:20393">Hyundai Oilbank IPO Preview (Part 1)</a></li><li><a href="https://www.smartkarma.com/insights/genoray-ipo-preview-part-3-book-building-results-a-major-beneficiary-of-kosdaq-venture-funds" target="_blank" data-smartkarma-citation="insights:20325">Genoray IPO Preview (Part 3): Book Building Results - A Major Beneficiary of KOSDAQ Venture Funds</a></li><li><a href="https://www.smartkarma.com/insights/sejong-medical-ipo-preview-part-3-book-building-results-supply-demand-overwhelming-fundamentals" target="_blank" data-smartkarma-citation="insights:20498">Sejong Medical IPO Preview (Part 3): Book Building Results - Supply/Demand Overwhelming Fundamentals</a></li><li><a href="https://www.smartkarma.com/insights/raksul-ipo-under-the-radar-shouldn-t-be-but-too-expensive-to-get-excited-immediately" target="_blank" data-smartkarma-citation="insights:20431">Raksul IPO: Under the Radar, Shouldn't Be, but Too Expensive to Get Excited Immediately</a></li></ul><h2>List of pre-IPO Coverage on Smartkarma</h2><table class="table table-striped"><tbody><tr><td>Name</td><td>Insight</td></tr><tr><td colspan="2">Hong Kong</td></tr><tr><td>Ant Financial</td><td><a href="https://www.smartkarma.com/insights/ant-financial-ipo-early-thought-understand-the-fintech-empire-growth-and-risk-factors" target="_blank" data-smartkarma-citation="insights:20105">Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors</a></td></tr><tr><td>Cenmintang</td><td><a href="https://www.smartkarma.com/insights/cenmintang-ipo-preview-a-beverage-and-snack-play-whose-growth-is-hard-to-grasp" target="_blank" data-smartkarma-citation="insights:9282">Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp</a></td></tr><tr><td>China Feihe</td><td><a href="https://www.smartkarma.com/insights/china-feihe-ipo-preview-goat-bless-infant-formula-milk" target="_blank" data-smartkarma-citation="insights:12751">China Feihe IPO Preview: Goat Bless Infant Formula Milk?</a></td></tr><tr><td>Chunlai Edu</td><td><p><a href="https://www.smartkarma.com/insights/china-chunlai-education-ipo-preview-are-vocational-programmes-the-future-growth-engine" target="_blank" data-smartkarma-citation="insights:19577">China Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?</a></p></td></tr><tr><td>Bank of Jiujiang</td><td><a href="https://www.smartkarma.com/insights/scraping-the-bottom-of-the-barrel-bank-of-jiujiang" target="_blank">Scraping the Bottom of the Barrel: Bank of JiuJiang</a></td></tr><tr><td>Ganfeng Lithium</td><td><a href="https://www.smartkarma.com/insights/ganfeng-lithium-ipo-present-perfect-future-tense" target="_blank" data-smartkarma-citation="insights:18250">Ganfeng Lithium IPO: Present Perfect, Future Tense</a></td></tr><tr><td>Jiangxi Bank</td><td><a href="https://www.smartkarma.com/insights/jiangxi-bank-ipo-preview-strong-growth-offset-by-weak-asset-quality" target="_blank" data-smartkarma-citation="insights:18006">Jiangxi Bank IPO Preview: Strong Growth Offset by Weak Asset Quality</a></td></tr><tr><td>Shandong Gold</td><td><a href="https://www.smartkarma.com/insights/shandong-gold-mining-ipo-preview-largest-pure-play-gold-miner-to-be-listed-in-hong-kong" target="_blank" data-smartkarma-citation="insights:17456">Shandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong Kong</a></td></tr><tr><td>Shandong Gold</td><td><a href="https://www.smartkarma.com/insights/shandong-gold-ipo-buyers-beware" target="_blank" data-smartkarma-citation="insights:17689">Shandong Gold IPO: Buyers Beware</a></td></tr><tr><td>Qilu Express</td><td><a href="https://www.smartkarma.com/insights/qilu-expressway-ipo-preview-concentration-risk-and-recent-news-may-mean-discount-to-peers" target="_blank" data-smartkarma-citation="insights:18624">Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers</a></td></tr><tr><td>Xiaomi</td><td><a href="https://www.smartkarma.com/insights/xiaomi-ipo-why-honest-prices-is-rarely-honest" target="_blank" data-smartkarma-citation="insights:20297">Xiaomi IPO: Why “Honest Prices” Is Rarely Honest</a></td></tr><tr><td>Xiaomi</td><td><a href="https://www.smartkarma.com/insights/xiaomi-the-money" target="_blank" data-smartkarma-citation="insights:20073">Xiaomi The Money!</a></td></tr><tr><td colspan="2">South Korea</td></tr><tr><td>Bodyfriend</td><td><a href="https://www.smartkarma.com/insights/bodyfriend-ipo-preview-part-i-goodbye-osim-hello-bodyfriend" target="_blank">Bodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) </a></td></tr><tr><td>CJ OliveNetworks</td><td><a href="https://www.smartkarma.com/insights/cj-olivenetworks-on-a-fast-track-to-an-ipo-in-2017" target="_blank">CJ OliveNetworks - On A Fast Track to an IPO in 2017? </a></td></tr><tr><td>Data Solution</td><td><a href="https://www.smartkarma.com/insights/datasolution-ipo-summary-questions-remain-on-growth-but-market-seems-excited" target="_blank" data-smartkarma-citation="insights:12519">Datasolution IPO Summary - Questions Remain on Growth, but Market Seems Excited</a></td></tr><tr><td>Gentle Monster</td><td><a href="https://www.smartkarma.com/insights/gentle-monster-ipo-a-monster-growth" target="_blank" data-smartkarma-citation="insights:8630">Gentle Monster IPO - A Monster Growth</a></td></tr><tr><td>Genoray</td><td><a href="https://www.smartkarma.com/insights/genoray-ipo-preview-part-2-valuation-analysis" target="_blank" data-smartkarma-citation="insights:20100">Genoray IPO Preview (Part 2) - Valuation Analysis</a></td></tr><tr><td>Korea Exchange</td><td><a href="https://www.smartkarma.com/insights/korea-exchange-ipo-question-is-when-not-if" target="_blank">Korea Exchange IPO - Question Is When, Not If</a></td></tr><tr><td>Outin Futures</td><td><a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:11212">Outin Futures Corp IPO Preview (Part 1)</a>,  <a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-valuations-part-2" target="_blank" data-smartkarma-citation="insights:11736">Valuations (Part 2)</a></td></tr><tr><td>Sejong</td><td><a href="https://www.smartkarma.com/insights/sejong-medical-ipo-preview-part-2-valuation-analysis" target="_blank" data-smartkarma-citation="insights:20147">Sejong Medical IPO Preview (Part 2) - Valuation Analysis</a></td></tr><tr><td>Woowa Bro</td><td><a href="https://www.smartkarma.com/insights/woowa-brothers-corp-ipo-preview-part-1-the-most-popular-food-delivery-service-in-korea" target="_blank" data-smartkarma-citation="insights:11104">Woowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in Korea</a></td></tr><tr><td>V-One Tech</td><td><a href="https://www.smartkarma.com/insights/v-one-tech-ipo-summary-another-oled-stock-ipo" target="_blank" data-smartkarma-citation="insights:11689">V-One Tech IPO Summary - Another OLED Stock IPO</a>,  <a href="https://www.smartkarma.com/insights/v-one-tech-ipo-part-2-ipo-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:11806">IPO Bookbuilding Results</a></td></tr><tr><td>Zinus</td><td><a href="https://www.smartkarma.com/insights/zinus-ipo-preview-part-1-an-amazing-comeback-story-1-mattress-brand-on-amazon" target="_blank" data-smartkarma-citation="insights:13698">Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)</a></td></tr><tr><td colspan="2">India</td></tr><tr><td>CMS Info</td><td><a href="https://www.smartkarma.com/insights/cms-info-systems-pre-ipo-review-when-a-pe-sells-to-another-pe-only-one-gets-the-timing-right" target="_blank" data-smartkarma-citation="insights:15987">CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right</a></td></tr><tr><td>CreditAccess Gram</td><td><a href="https://www.smartkarma.com/insights/creditaccess-grameen-pre-ipo-review-lowest-opex-ratio-amongst-mfi-peers" target="_blank" data-smartkarma-citation="insights:17719">CreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI Peers</a></td></tr><tr><td>CreditAccess Gram</td><td><a href="https://www.smartkarma.com/insights/creditaccess-grameen-ipo-preview-good-but-not-the-best" target="_blank" data-smartkarma-citation="insights:17878">CreditAccess Grameen IPO Preview: Good but Not the Best</a></td></tr><tr><td>HDFC AM</td><td><a href="https://www.smartkarma.com/insights/hdfc-asset-management-pre-ipo-trying-hard-to-be-different" target="_blank" data-smartkarma-citation="insights:19184">HDFC Asset Management Pre-IPO - Trying Hard to Be Different</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/national-stock-exchange-pre-ipo-review-bigger-better-stronger-but-a-little-too-fast-for-some" target="_blank">National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/nse-ipo-preview-not-only-fast-its-risky-and-expensive" target="_blank">NSE IPO Preview- Not Only Fast..its Risky and Expensive</a></td></tr></tbody></table>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.IPOsAnother two more Indonesia IPOs debuted this week and the results have been a mixed bag. Surya Pertiwi PT (SPTO IJ) closed below its IPO price in the middle of this week but managed to climb and close just  +0.46% on Friday. This was expected considering that the company's financial performance has been lackluster, operating cash flow has been deteriorating and has a parent company that essentially is a better company than SPTO in almost every way.However, a disappointing and unexpectedly poor debut this week was Medikaloka Hermina PT (HEAL IJ) . In our earlier insight, we point our that the company is overly reliant on Indonesia's JKN program and would continue to suppress its margins as well as expose the company to policy risks. But we thought that at the low end of the price range, the company would have some decent upside. Unfortunately, it seems like there has been a selldown across the market in Indonesia and more specifically seems to have hit the healthcare sector as we saw both Siloam International Hospital (SILO IJ)  and Mitra Keluarga Karyasehat Tb (MIKA IJ) 's share prices pull back by 16% since mid-April. Siloam was down to a low of -27% in the first week of May. Nevertheless, looking forward, the ECM space in Hong Kong is getting more and more interesting as the weeks go by. We are getting more interesting filings coming through on HKEX such as Sichuan Haidilao Catering Co (0172918D HK) , China Tower Corp Ltd (1409417D HK) , and even the world’s second-biggest maker of bitcoin mining hardware, Canaan Inc. Over the course of the next few months, we will be looking to pore over these prospectuses and give some of our early thoughts.Accuracy Rate:Our overall accuracy rate is 71.3% for IPOs and 63.5% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  Haidilao (Hong Kong, &gt;US$600m)China Tower Co. (Hong Kong, ~US$10bn)Canaan Inc (Hong Kong, &gt;US$200m)Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: SmartkarmaNews on Upcoming IPOs  Funds jump in to support $536m Prospa listingSichuan spicy hotpot chain Haidilao prepares for Hong Kong IPOChina's UCommune eyes Hong Kong IPOAirAsia hopes to raise 'more than' $250 million via IPO in 2018Vehicle marketplace Droom raises funds from Toyota, Digital Garage; eyes IPOCompanies reschedule IPO plans over volatile marketSmartkarma Community's Analyses on Upcoming IPOs  Xiaomi IPO: Why “Honest Prices” Is Rarely HonestM17 Entertainment IPO Preview: Stream It from the SidelinesHyundai Oilbank IPO Preview (Part 1)Genoray IPO Preview (Part 3): Book Building Results - A Major Beneficiary of KOSDAQ Venture FundsSejong Medical IPO Preview (Part 3): Book Building Results - Supply/Demand Overwhelming FundamentalsRaksul IPO: Under the Radar, Shouldn't Be, but Too Expensive to Get Excited ImmediatelyList of pre-IPO Coverage on SmartkarmaNameInsightHong KongAnt FinancialAnt Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk FactorsCenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to GraspChina FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?Chunlai EduChina Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?Bank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangGanfeng LithiumGanfeng Lithium IPO: Present Perfect, Future TenseJiangxi BankJiangxi Bank IPO Preview: Strong Growth Offset by Weak Asset QualityShandong GoldShandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong KongShandong GoldShandong Gold IPO: Buyers BewareQilu ExpressQilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to PeersXiaomiXiaomi IPO: Why “Honest Prices” Is Rarely HonestXiaomiXiaomi The Money!South KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? Data SolutionDatasolution IPO Summary - Questions Remain on Growth, but Market Seems ExcitedGentle MonsterGentle Monster IPO - A Monster GrowthGenorayGenoray IPO Preview (Part 2) - Valuation AnalysisKorea ExchangeKorea Exchange IPO - Question Is When, Not IfOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)SejongSejong Medical IPO Preview (Part 2) - Valuation AnalysisWoowa BroWoowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in KoreaV-One TechV-One Tech IPO Summary - Another OLED Stock IPO,  IPO Bookbuilding ResultsZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)IndiaCMS InfoCMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing RightCreditAccess GramCreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI PeersCreditAccess GramCreditAccess Grameen IPO Preview: Good but Not the BestHDFC AMHDFC Asset Management Pre-IPO - Trying Hard to Be DifferentNSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for SomeNSENSE IPO Preview- Not Only Fast..its Risky and Expensive

Smartkarma: ECM Coverage Weekly Update (19 May 2018)

China

China Tower Corporation Limited operates as a telecommunication company. The Company provides telecommunication towers construction, towers maintenance, ancillary facilities management, and other services. China Tower provides its services throughout China.

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China Tower (788 HK)

China Tower Corp IPO: An Elephant Still Growing

China Tower Corp, the largest telecom tower infrastructure provider in the world, is preparing to raise USD10 billion and list in Hong...

Ke Yan, CFA, FRM

Smartkarma: ECM Coverage Weekly Update (19 May 2018)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. IPOs Another two more...

Zhen Zhou, Toh

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