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

<ul>
<li>Wuxi Biologics Holdings is looking to raise up to US$513m by selling about 1.3% of <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK). </a>
</li>
<li>This is the company's 16th placement since it listed in June 2017. </li>
<li>In this note, we will discuss deal dynamics, past deal performance, and share the scores on our ECM framework.</li>
</ul>


Wuxi Biologics Holdings is looking to raise up to US$513m by selling about 1.3% of Wuxi Biologics (2269 HK). 

This is the company's 16th placement since it listed in June 2017. 
In this note, we will discuss deal dynamics, past deal performance, and share the scores on our ECM framework.


Wuxi Biologics Placement - Lesser Discount than Recent Deals but Still Looks Good

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<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>  aims to raise around US$400m via a follow-on ADS offering.</li>
<li>The company plans to use most of the proceeds to redeem its 2026 notes.</li>
<li>In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.</li>
</ul>



Bilibili Inc (BILI US)  aims to raise around US$400m via a follow-on ADS offering.
The company plans to use most of the proceeds to redeem its 2026 notes.
In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.


Bilibili Follow-On Offering - Seems Opportunistic

Alibaba Group Holding  / Equity Capital Markets

<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>On the IPO front,  only the smaller issuers were active with most following through on year end listing plans.</li>
<li>On placements front, HK market got going in a jiffy, riding on the coattails of China reopening.</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
On the IPO front,  only the smaller issuers were active with most following through on year end listing plans.
On placements front, HK market got going in a jiffy, riding on the coattails of China reopening.


ECM Weekly (8th Jan 2022) - Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert

Event-Driven

<ul>
<li>Today PCAOB announced that they had secured complete access to inspect and investigate Chinese Firms for the first time in history.</li>
<li>This was on back of the Aug 2022 agreement between PCAOB, CSRC and MOF, which was followed up with a Hong Kong visit by PCAOB officials over Sep-Nov 2022.</li>
<li>We wrote about this on 14th Dec 2022 and expected the results to be out on Friday (16th Dec), they have come out a day earlier than we expected.</li>
</ul>


Today PCAOB announced that they had secured complete access to inspect and investigate Chinese Firms for the first time in history.
This was on back of the Aug 2022 agreement between PCAOB, CSRC and MOF, which was followed up with a Hong Kong visit by PCAOB officials over Sep-Nov 2022.
We wrote about this on 14th Dec 2022 and expected the results to be out on Friday (16th Dec), they have come out a day earlier than we expected.


China ADRs Delisting - Christmas Came a Day Earlier than We Expected - No Delisting Risk for Now

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>The authorization contracts between Activision Blizzard and NetEase will terminate in January 2023.</li>
<li>Tencent plans to distribute 91% of its Meituan share as dividend.</li>
<li>JD Logistics revenue increased by 39% YoY and Net loss decreased to one tenth.</li>
</ul>


The authorization contracts between Activision Blizzard and NetEase will terminate in January 2023.
Tencent plans to distribute 91% of its Meituan share as dividend.
JD Logistics revenue increased by 39% YoY and Net loss decreased to one tenth.


China Internet Weekly (21Nov2022): NetEase, Blizzard, Tencent, Meituan, Tencent Music, JD Logistics

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

Wuxi Biologics Placement - Lesser Discount than Recent Deals but Still Looks Good

Wuxi Biologics Holdings is looking to raise up to US$513m by selling about 1.3% of Wuxi Biologics (2269 HK). This is the company's 16th placement...

Ethan Aw

Bilibili Follow-On Offering - Seems Opportunistic

Bilibili Inc (BILI US) aims to raise around US$400m via a follow-on ADS offering. In this note, we will run the deal through our ECM framework.

Sumeet Singh

ECM Weekly (8th Jan 2022) - Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert

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

China ADRs Delisting - Christmas Came a Day Earlier than We Expected - No Delisting Risk for Now

Today PCAOB announced that they had secured complete access to inspect and investigate Chinese Firms for the first time in history. This removes...

Sumeet Singh

China Internet Weekly (21Nov2022): NetEase, Blizzard, Tencent, Meituan, Tencent Music, JD Logistics

The authorization contracts between Blizzard and NetEase will terminate. Tencent plans to distribute Meituan shares as dividend. JD Logistics...

Ming Lu

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