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.

Equity Capital Markets

iMotion Automotive Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/imotion-automotive-technology" target="_blank" data-smartkarma-citation="entities:36900:1" rel="noopener">IMotion Automotive Technology (1812706D CH)</a> is looking to raise about US$100m in its upcoming HK IPO, after downsizing from an earlier reported float of US$300m.</li>
<li>The company possesses advanced full-stack R&amp;D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series.</li>
<li>We had covered the company’s performance in our earlier notes. In this note, we talk about its PHIP updates.</li>
</ul>



IMotion Automotive Technology (1812706D CH) is looking to raise about US$100m in its upcoming HK IPO, after downsizing from an earlier reported float of US$300m.
The company possesses advanced full-stack R&amp;D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series.
We had covered the company’s performance in our earlier notes. In this note, we talk about its PHIP updates.


IMotion Automotive Technology Pre-IPO - PHIP Updates - Concentration Risk Even More Apparent Now

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.


SF Holdings A/H Listing - Recent Filing and Other Updates

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>PDD - Our thoughts of Grizzly's short report on PDD</li>
<li>BILI: Bilibili suspends download access for "Shining! Umamusume: Pretty Derby" across All Platforms (-) </li>
<li>Real Estate Industry Update: Four major banks in China will lower their mortgage interest rate for old loans.</li>
</ul>


PDD - Our thoughts of Grizzly's short report on PDD
BILI: Bilibili suspends download access for "Shining! Umamusume: Pretty Derby" across All Platforms (-) 
Real Estate Industry Update: Four major banks in China will lower their mortgage interest rate for old loans.


China TMT Update-PDD/BILI/BEKE-Grizzly's Short Report/Suspends Download For "Pretty Derby"

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.

Aquila Acquisition Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aquila-acquisition-corporation" target="_blank" data-smartkarma-citation="entities:35435:1" rel="noopener">Aquila Acquisition Corporation (7836 HK)</a> agreed to a De-SPAC transaction with ZG Group (formerly Zhaogang.com), the world’s largest digital platform for third-party steel transactions.</li>
<li>ZG has a questionable business model, struggling to generate profits or underlying FCF. This dynamic suggests that ZG has not established a sustainable competitive advantage. </li>
<li>The negotiated value of ZG in the De-SPAC transaction is HK$10,004 million (US$1,277 million). Our valuation analysis suggests that this negotiated value is unrealistic.</li>
</ul>



Aquila Acquisition Corporation (7836 HK) agreed to a De-SPAC transaction with ZG Group (formerly Zhaogang.com), the world’s largest digital platform for third-party steel transactions.
ZG has a questionable business model, struggling to generate profits or underlying FCF. This dynamic suggests that ZG has not established a sustainable competitive advantage. 
The negotiated value of ZG in the De-SPAC transaction is HK$10,004 million (US$1,277 million). Our valuation analysis suggests that this negotiated value is unrealistic.


Aquila Acquisition Corp (7836 HK): ZG Group’s Punchy Valuation

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>In this insight we analyze the drivers of a new relationship between SHEIN and Forever 21</li>
<li>We think SHEIN agreed to the deal in part to become more "mainstream" in the US</li>
<li>We also believe SHEIN takes seriously the legal and political risks it faces ahead of US IPO</li>
</ul>


In this insight we analyze the drivers of a new relationship between SHEIN and Forever 21
We think SHEIN agreed to the deal in part to become more "mainstream" in the US
We also believe SHEIN takes seriously the legal and political risks it faces ahead of US IPO


Why Is SHEIN Getting Into Bed with Forever 21? | Plus, More Legal and Political Challenges in US

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

IMotion Automotive Technology Pre-IPO - PHIP Updates - Concentration Risk Even More Apparent Now

IMotion Automotive Technology (1812706D CH) is looking to raise about US$100m in its upcoming HK IPO, after downsizing from US$300m. In this note,...

Ethan Aw

SF Holdings A/H Listing - Recent Filing and Other Updates

SF Holding, China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing. In this note, we look at the recent...

Sumeet Singh

China TMT Update-PDD/BILI/BEKE-Grizzly's Short Report/Suspends Download For "Pretty Derby"

PDD - Our thoughts of Grizzly's short report on PDD/BILI: Bilibili suspends download access for "Pretty Derby" (-) /Four major banks in China will...

Blue Lotus Research Institute

Aquila Acquisition Corp (7836 HK): ZG Group’s Punchy Valuation

ZG has a questionable business model, struggling to generate profits or underlying FCF. Our valuation analysis suggests that ZG's negotiated value...

Arun George

Why Is SHEIN Getting Into Bed with Forever 21? | Plus, More Legal and Political Challenges in US

In this insight we evaluate the new relationship between SHEIN and US brand Forever 21. Our main conclusion is that SHEIN is acting in response to...

Tracking Traffic

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