APAC IPOs & Placements

Zhen Zhou, Toh

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

China Renaissance Holdings / Equity Capital Markets

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.
We approach the end of the quarter with a handful of disappointing IPOs from Hong Kong to the US.
Starting off with Viomi Technology Co Ltd (VIOT US) on Monday, the company opened on a good footing, at US$9.50 per share after pricing at the low-end of US$9 per share. The hype didn't last long. The share price rallied intra-day but closed at US$9.08 just above IPO price.  LAIX Inc (LAIX US) went through a similar cycle. It opened at US$16.50, 32% above its IPO price of US$12.50 (mid-range), before getting sold off progressively throughout the day to close just 1.2% above its IPO price. For some reason, this has been a common trend for a handful of first-day IPOs in the US such as X Financial (XYF US) and Qutoutiao Inc (QTT US). 
Moving on to Hong Kong, this week's performance continues to remind us that Hong Kong IPOs have been a train wreck this year. Just a quick look across our tracker on HK IPOs above US$100m shows that none of the IPOs are giving positive returns with the exception of the two tightly-held property developers. Meituan Dianping (3690 HK) and Haidilao (6862 HK) tried to hold their ground on the first two days but fell through its IPO price midweek. Both companies managed to claw back lost ground on Friday, probably due to bookrunner support in late afternoon trading.
However, the biggest surprise for most would be the disastrous debut performance of China Renaissance Holdings (1911 HK), closing 22% below IPO price. We weren't sure if there was bookrunner support judging by the late afternoon trading because, based on our experience, HK IPOs tend to get propped up in the late afternoon if they fell through their IPO price. The IPO is the worst first-day return we have seen so far in 2018, shown in the bar chart below. Last year, we had Bestway Global Holding (3358 HK) falling by 24% on the first day.
Next week, Midea Real Estate (3990 HK) will be closing its books. For IPOs in the pipeline, we heard that Innovent Biologics Inc (1641475D HK) will be pre-marketing for its IPO next week and Futu Securities, a Tencent-backed brokerage is starting preparations for its US IPO.

Accuracy Rate:Our overall accuracy rate is 71.5% for IPOs and 64.2% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  
Bitmain (Hong Kong, ~US$3bn)
Embassy REIT (India, ~US$500m)
Metropolis Health (India, ~US$330m)
Niu Technologies (US, ~US$150m)
Below is a snippet of our IPO tool showing upcoming events for the next week. The 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: Smartkarma IPO AnalyzerNews on Upcoming IPOs  
Cryptocurrency major Bitmain chooses Hong Kong for IPO
China’s Huatai Securities aims to list via Shanghai-London Stock Connect
GGV Capital-backed Chinese e-scooter maker Niu eyes $150m in US IPO
Metropolis Health to file DRHP to raise Rs 2,000 cr
Tencent Music, bound for U.S. IPO, profits from social savvy
Blackstone said to plan yield of up to 7% for India’s first REIT IPO
Smartkarma Community's this week Analysis on Upcoming IPO  
Bitmain IPO Preview: The Last Hurrah Before Reality Bites
Niu Technologies – Another EV Upstart From China; This One Has Zest
NIU IPO Preview: More Substance than Hype Compared to NIO
Aston Martin Lagonda: IPO Dressed Up Prettier Than Their Cars
S-Fuelcell Co IPO Bookbuilding Results - A Blistering Hot Demand
Upwork IPO Preview (Part 1) - The Largest Global Online Platform for Freelancing Services
List of pre-IPO Coverage on Smartkarma

Name
Insight

Hong Kong

Ant Financial
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


BabyTree
Babytree Group Pre-IPO - Young Moms Need It but Almost All Seem to Have It, Might Be at Peak MAU


Bitmain
Bitmain IPO Preview: The Last Hurrah Before Reality Bites


Bitmain
Bitmain IPO Preview (Part 2) - King of Cryptocurrency Mining Rigs but Its Moat Is Shrinking


Canaan Inc.
Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018


Canaan Inc.
Canaan Inc. IPO Preview (Part 2) - A Closer Look at ASIC Developments and Competition


Canaan Inc.
Canaan Inc. IPO Preview (Part 3): Earnings Forecast &amp; Valuation Analysis


Canaan Inc.
Canaan (嘉楠耘智) IPO Quick Take: Beware that ASIC Is a Different Ball Game


Cenmintang
Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp


China Feihe
China Feihe IPO Preview: Goat Bless Infant Formula Milk?


Entertnmt Plus
Entertainment Plus – 60% Market Share, Margin Not a Concern


Entertnmt Plus
Maoyan IPO Preview: Running Out of Growth Drivers


Entertnmt Plus
Entertainment Plus (猫眼娱乐) IPO: The Engineered Movie Ticketing Leader Running Out of Steam (Part 1)


Entertnmt Plus
Entertainment Plus (猫眼娱乐) IPO: The Coming Regulatory Bang Isn't That Bad (Part 2)


Fosun Tourism
Fosun Tourism IPO, Part 1: Back to the Beach With Club Med! | But Is This a 'China' Play?


China Kepei
China Kepei Edu (科培教育) Pre-IPO Review - A Well Run Private Higher Education Company


Ganfeng Lithium
Ganfeng Lithium IPO: Present Perfect, Future Tense


Innovent Bio
Innovent Biologics (信达生物) IPO: A Major PD-1 MAb Competitor Might Have Just Emerged (Part 1)


MicuRx
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment


Sinochem Energy
Sinochem Energy (中化能源) IPO First Impression: Trophy Asset Mixed with Volatile Trading Business


STX 
STX IPO Preview– a One-Hit Wonder


STX 
STX Entertainment (胜图娱乐) IPO: Legendary Founder but Results Matter


Tongcheng
Tongcheng-ELong (同程艺龙) Pre-IPO Review - A Force to Be Reckoned With


Qilu Express
Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers


WeLab
WeLab Pre-IPO - Stuck in a Regulatory Quagmire; Not the Right Time to List

South Korea

Daeyu
Daeyu Co. IPO Preview (Part 1)


Ebang
Ebang IPO Preview (Part 1): Lower Sales but Higher Operating Profit Versus Canaan Inc.


Foodnamoo
Foodnamoo Inc IPO Preview (Part 1) - A Leader in Home Meal Replacement Products in Korea


Livent
Livent IPO Preview (Part 1): A Profitable Company that Produces Lithium


Plakor
Plakor IPO Preview (Part 1)


Robotis
Robotis IPO Preview (Part 1) - An Innovative Provider of Robotic Solutions in Korea


Upwork
Upwork IPO Preview (Part 1) - The Largest Global Online Platform for Freelancing Services


Zinus
Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)

India

CMS Info
CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Mazagon Dock
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Lodha
Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt

The U.S.

CNFinance
CNFinance (泛华金融) IPO First Impression: Beware Rising Credit Risk and Slowing Loan Origination


CNFinance
CNFinance IPO Preview: A Renaissance that May Not Come

Australia

Latitude financial
Latitude Financial Group Pre-IPO Review - Credit Prospectus Throw up Some Interesting Data Points


Niu
Niu Technologies – Another EV Upstart From China; This One Has Zest


Niu
NIU IPO Preview: More Substance than Hype Compared to NIO



ECM Weekly (29 September 2018) - China Renaissance's First-Day Return Is the Worst in 2018

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Innovent Biologics Inc / Equity Capital Markets

<p>Innovent Biologics is raising up to USD 500 million via a listing on the Hong Kong Stock Exchange. In this insight, we will discuss the following topics:</p>
<ul>
<li>The company's background</li>
<li>Details and competitors of its one novel and three biosimilar drug candidates</li>
<li>Potential market size for the key products</li>
<li>Shareholders and investors</li>
<li>Summary of our likes and concerns</li>
<li>Questions for management meetings</li>
</ul>
<p>We will leave the discussion of valuation for our next insight.</p>

Innovent Biologics is raising up to USD 500 million via a listing on the Hong Kong Stock Exchange. In this insight, we will discuss the following topics:

The company's background
Details and competitors of its one novel and three biosimilar drug candidates
Potential market size for the key products
Shareholders and investors
Summary of our likes and concerns
Questions for management meetings

We will leave the discussion of valuation for our next insight.

Innovent Biologics (信达生物) IPO: A Major PD-1 MAb Competitor Might Have Just Emerged (Part 1)

China

Innovent Biologics, Inc. operates as a biopharmaceutical company. The Company develops, manufactures, and distributes monoclonal antibody drug candidates for the treatment of oncology, ophthalmology, autoimmune, cardiovascular, and other diseases. Innovent Biologics serves customers in China.

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Innovent Biologics Inc (1801 HK)

ECM Weekly (29 September 2018) - China Renaissance's First-Day Return Is the Worst in 2018

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for...

Zhen Zhou, Toh

Innovent Biologics (信达生物) IPO: A Major PD-1 MAb Competitor Might Have Just Emerged (Part 1)

Innovent Biologics is raising up to USD 500 million via a listing on the Hong Kong Stock Exchange. In this insight, we will discuss the following...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)