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

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.
Markets have been volatile this week but it is not stopping Hong Kong IPOs from pushing through with their end of year listing spree. We are hearing that Babytree Inc (BABYTRE HK), Tongcheng-Elong Holdings Ltd (1629482D CH), Wanka Online (WANKA HK), and Mobvista (MBV HK) are seeking approval this week. Refer to the table below for research done on these names.
That said, Australia witnessed another IPO casualty as Property Exchange Australia Ltd (PEXA AU) pulled its IPO. The delay is hardly the fault of market turmoil. Rather, the company is the cause of its own downfall by pitching an ostensibly expensive valuation even at blue sky assumptions as mentioned by Sumeet Singh in his note, Property Exchange Australia IPO - Even Blue Skies Aren't Blue Enough. In Hong Kong, STX Entertainment (1613966D HK) and Osim International (OSIM SP) have aborted their plans to IPO and allowed their application for IPO to lapse. Back in the US, 360 Finance filed for a US$200m IPO while we are hearing that Tencent-backed Futu Securities is looking to file for IPO soon.
We also saw the debut of Coronado Global Resources Inc (CRN AU) which has been a disaster despite its high FY19E dividend yield of 12% at its IPO price. This was after there had been reports that institutional bookbuild was already covered before launch based on indicative demand and retail orders. The deal eventually got downsized and priced at the low end implying poor sentiment.
We also had three placements this week and Celltrion Inc (068270 KS)'s deal stands out with Temasek selling down another chunk of their stake in the company. We were not too positive on the deal because this is the second selldown of the year and came just about 49 days after the lock-up expired from its March placement and would naturally put an overhang on the share price. The placement quickly crashed below its deal price on the second day of trading despite being a small deal relative to its three-month ADV. 
Accuracy Rate:Our overall accuracy rate is 71.9% for IPOs and 64.1% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  
Qingdao Haier (Hong Kong, &gt;US$100m)
Beijing Huatu Hongyang Edu (Hong Kong, refiled)
360 Finance (US, ~US$200m)
TuanChe (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: Aequitas Research, SmartkarmaNews on Upcoming IPOs  
Philippines’ San Miguel trims F&amp;B unit’s IPO size, eyes $634m
Singapore Tycoon Aborts Hong Kong IPO Plan on Market Turmoil
Australian property settlements firm PEXA shelves IPO amid market sell-off
AMP New Zealand float could end NZX's IPO drought
SoftBank-backed CloudMinds mulls IPO of up to US$1bn
Smartkarma Community's this week Analysis on Upcoming IPO  
Vespa Inc IPO Preview (Part 1)
TuanChe IPO Preview: Firing Not on All Cylinders
KMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis
Mobvista IPO Preview: Stagnating Market Share and Lack of Operational Leverage
T-Robotics IPO Preview (Part 1) - Following the Explosive Demand of Robotis IPO?
Qualtrics IPO Preview (Part 1)
Yeti, Inc IPO: How Much Should Investors Pay to Be Cool?
Pintec Technology IPO Valuation: Unattractive in Context of Known Unknowns
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


Asia Info
AsiaInfo Tech (亚信科技) IPO: Cost Control Is the Key (Part 1)


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


BabyTree
Babytree IPO Preview: In Desperate Need of Alibaba to Unleash Its Potential


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


Bitmain
Bitmain: A Counter Thesis


Bitmain
Bitmain (比特大陆) IPO: Running Out of Steam on Mining Rigs (Part 1)


Bitmain
Bitmain (比特大陆) IPO: Value At Risk of Founder's Belief (Part 2)


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


Cansino
CanSino Biologics (康希诺) IPO: Promising Pre-Clinical Results but Vaccine Scandal Weighs (Part 1)


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?


Fosun Tourism
Fosun Tourism IPO Analysis: Quid Pro Quo for the Better of Fosun Group?


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


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


Stealth Bio
Stealth Biotherapeutics IPO: Cure the Symptoms but Not the Cause (Part 1)


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


Tongcheng
Tongcheng-Elong IPO Preview: When Unequals Try to Merge as Equals


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


Wanka
Wanka Online Pre-IPO - Listing Too Early but It Needs the Cash


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

South Korea

Asiana
Asiana IDT IPO Preview (Part 1)


Asiana
Asiana IDT IPO Preview (Part 2) - Valuation Analysis


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


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis


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


Vespa
Vespa Inc IPO Preview (Part 1)


T-Robotics
T-Robotics IPO Preview (Part 1) - Following the Explosive Demand of Robotis IPO?


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


Tencent Music
Tencent Music IPO: A Deep-Dive on Why Tencent Music Is Profitable and Spotify Is Not


Tencent Music
Tencent Music (TME): Only 29% Spotify-Like, But the Other Business Produces Profits


Tencent Music
Tencent Music IPO: A Deep-Dive on Why Tencent Music Is Profitable and Spotify Is Not


Tencent Music
Tencent Music Entertainment Group - Much Ado Nah Music About Nothing!


Tencent Music
Tencent Music Entertainment Group: Part 2 -The Curious Case of Acquiring Ultimate Music Inc


Tencent Music
Tencent Music Pre-IPO - This Is How We Do It - A Quick Look at How the Apps Work


Tencent Music
Tencent Music Pre-IPO Review - The Final Countdown - Growth Doesn't Seem to Be Slowing Down


Tencent Music
Tencent Music Entertainment Group– Competitors Aplenty Imply No Differentiation Except Moniker


Tencent Music
Tencent Music:We Estimate Value at USD 3.77 Per Share; Lower Than Many Expect - $11.7 B for TME


Tencent Music
Tencent Music Pre-IPO - Valuations Estimates - Leaving on a Jet Plane - $30bn Was Quite Stretched


Tencent Music
Tencent Music Pre-IPO - Quick Peer Analysis - If I Was You, I’d Wanna Be Me Too - Bigger and Fast


Tencent Music
Tencent Music Pre-IPO - Industry - Don't Cry - In 2010 a Little Red Dot Almost Overtook the Dragon


Weidai
Weidai IPO Preview: Robust Foundations in Turbulent Times

Australia

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



ECM Weekly (27 October 2018) - Wanka, CanSino, PEXA, Bitmain, Celltrion, Coronado

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Wanka Online plans to raise up to US$500m, as per media reports, in its Hong Kong IPO. Although, like MobVista, a cursory glance at the earnings will tell you that they aren't going to reach that number.
Wanka Online derives its revenue by providing mobile advertising on smartphones that are sold by the members of Mobile Hardcore Alliance, an alliance of seven smartphone manufacturers in China. Some of the alliance members like <a href="https://www.smartkarma.com/entities/13359" target="_blank" data-smartkarma-citation="entities:13359:1">Lenovo (992 HK)</a>, Gionee, <a href="https://www.smartkarma.com/entities/5173" target="_blank" data-smartkarma-citation="entities:5173:1">Coolpad (2369 HK)</a> and Meizu are also strategic investors in Wanka.
Wanka has grown its revenue by 32x over 2015-17. However, its gross profit margin was still in single digits in 2017, having just turned positive. If one were to expense the difference between the fair value of the shares and the subsidised value at which the shares were given to some of the strategics, it would still be in the red.
The company also seems to have given away a large stake for acquiring another company that has been reporting a fall in earnings for the past two years.

Wanka Online plans to raise up to US$500m, as per media reports, in its Hong Kong IPO. Although, like MobVista, a cursory glance at the earnings will tell you that they aren't going to reach that number.
Wanka Online derives its revenue by providing mobile advertising on smartphones that are sold by the members of Mobile Hardcore Alliance, an alliance of seven smartphone manufacturers in China. Some of the alliance members like Lenovo (992 HK), Gionee, Coolpad (2369 HK) and Meizu are also strategic investors in Wanka.
Wanka has grown its revenue by 32x over 2015-17. However, its gross profit margin was still in single digits in 2017, having just turned positive. If one were to expense the difference between the fair value of the shares and the subsidised value at which the shares were given to some of the strategics, it would still be in the red.
The company also seems to have given away a large stake for acquiring another company that has been reporting a fall in earnings for the past two years.

Wanka Online Pre-IPO - Listing Too Early but It Needs the Cash

Hong Kong

Wanka Online Inc. operates advertising and marketing services. The Company provides online advertising, online video product distribution, game intermodal, and other services. Wanka Online provides its services throughout China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Wanka Online (1762 HK)

ECM Weekly (27 October 2018) - Wanka, CanSino, PEXA, Bitmain, Celltrion, Coronado

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

Wanka Online Pre-IPO - Listing Too Early but It Needs the Cash

Wanka Online plans to raise up to US$500m, as per media reports, in its Hong Kong IPO. Although, like MobVista, a cursory glance at the earnings...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)