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

Contemporary Amperex Technology (CATL) / Equity Capital Markets

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
Events next week:

Nuvoco Vistas IPO Trading - Tepid Demand 
It has been a fairly slow week for Asia ECM but the deal pipeline is building up for a busy Q4. This week, we had eight India IPO filings with expected deal size of more than US$100m. Whereas in Hong Kong, more healthcare and AI tech companies, such as Samoyed, Medlinker, Sensetime, are getting closer to filing their draft prospectus with the exchange. 
This week, we initiated on a handful of  upcoming Hong Kong IPOs; Biel Crystal, EDDA, Neusoft Xikang, and Neusofit Medical are looking to raise up to US$2bn, US$300m, US$400m, and US$400m, respectively. 


Biel Crystal (伯恩光学) Pre-IPO - Cash Flow Generative Business but Underlying Trend Is Worrying 

EDDA Healthcare Pre-IPO - RoboDoc - Has Been Around for a While but Is Just Getting the Robo Going 
Neusoft Xikang (东软熙康) Pre-IPO: A Long Way to Profit

Neusoft Medical Systems (东软医疗系统) Pre-IPO: Unattractive Fundamentals 

For upcoming IPOs, RL Commercial REIT opened its books on Monday and closed on Friday with an expected debut date of 14th September. We think it should be able to trade in line with, at best, AREIT so to get some upside, the IPO needs to be priced at a discount.


RL Commercial REIT IPO - Needs to Come at a Discount 

RL Commercial REIT and MREIT Peer Comparison - One Is Much Better Shape 

Most IPO debuts this week such as, CarTrade (CARTRADE IN), Lotte Rental (089860 KS), Shanghai HeartCare Medical Technology (6609 HK), had been a disappointment, breaking IPO price on debut with the exception of Devyani International (DEVYANI IN). 


Cartrade Tech IPO Trading - Decent Demand but It Remains Expensive 

Devyani IPO Trading - Strongest of the Lot 

Lotte Rental IPO Trading - Good 1H21 Results, but Relatively Pricey 

Heartcare (心玮医疗) IPO Trading: Risk-Off for Institutional Investors 

Placement activity is also looking up. Daiwa House Reit Investment (8984 JP) and Obic Business Consultants (4733 JP) launched their bookbuilds this week and will be pricing on the 24th and 30th of August, respectively. We also took a brief look at fundamentals and deal dynamics of CATL (A) (300750 CH)'s  planned US$9bn placement, which will still need shareholder and CSRC approval before it can launch. 


Daiwa House REIT Placement - A Little Late for Its Annual Offering but Still an Accretive One 

OBIC Business Consultants Placement - Large Deal Needs a Large Correction - Remains in Transition 

CATL (宁德时代) Placement - Back in the Market Again to Fund Expansion 

Steadfast Group Placement - An Immediately Accretive Acquisition 

Pipeline is also building up as there are news of Prudential PLC (2378 HK), Samsung Heavy Industries (010140 KS), Synergy Grid &amp; Development Philippines (SGP PM) and PH Resorts Group (PHR PM) looking to launch their respective share sale soon.
Accuracy Rate:Our overall accuracy rate is 73.8% for IPOs and 67.5% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  

Infervision (Hong Kong, US$300m)
Insight Lifetech (Hong Kong, &gt;US$100m)
Emcure Pharma (India, US$700m)
CMS Info (India, US$269m, re-filed)
Sterlite Power (India, US$229m)
RateGain Travel (India, US$161m)
AGS Transact (India, US$146m, refiled)
MedPlus Health Services (India, US$110m)
Inspira (India, US$108m)
Tega Industries (India, US$100m)
News on Upcoming IPOs  
Hong Kong/China

Goldman Sachs-Backed InferVision Picks Banks for Hong Kong IPO

Insight Lifetech Files HK Listing Application
Wanda’s Mall Unit Is Said to Boost Pre-IPO Round to $6 Billion
AI Firm Yitu Said to Mull Hong Kong IPO After Shanghai Plan Halt
China Tech Stocks Slump as Nation Issues Draft Competition Rules
Beijing Tightens Grip on ByteDance With Rare China Board Seat
AI Firm SenseTime Said to Tap HSBC For $2 Billion Hong Kong IPO
Chervon Holdings Said to Target Up to $800 Million in H.K. IPO
Samoyed plans HK IPO
Medlinker plans HK IPO
HeMo Bioengineering plans IPO
Yuanxin Tech plans IPO filing
Prudential picks banks for up to US$3bn equity raising in September
TPG-backed Novotech Health wins HK listing approval
US/China ADRs
SEC Leans Hard on China IPOs to Show How They’re Set Up Offshore
China’s New Ruipeng files confidentially for US IPO
FWD plans September launch for US IPO
Vietnam Delivery Startup Loship Eyes Rare US IPO 
India

Tega Industries files draft papers with Sebi to launch IPO; TA Associates to exit

AGS Transact Technologies plans IPO of up to ₹800 crore
Travel tech services firm RateGain plans ₹1,200 crore IPO
Warburg-Backed MedPlus Seeks SEBI Nod For Rs 1,640 Crore-IPO
Inspira files for Rs8bn IPO
Sterlite Power files for IPO
CMS Info Systems files draft papers with Sebi for Rs 2,000 crore IPO
Paradeep Phosphates files draft papers to raise funds via IPO
India’s Overseas Listing Rules Delayed Due to Tax Concerns
Emcure Pharma files for up to US$700m IPO
Japan/Korea
Hyundai Oilbank Hires NH, KB, Credit Suisse for IPO
 Korean Firm Moves With IPO to Fund Eco-Friendly Ships
SK REIT eyes stock market debut in Sept
Samsung Heavy to raise 1.23 tln won by selling shares
Others
GoTo Nears $2b Funding Round; IPO Faces Delays
 Philippines’ Supermarket Chain AllDay Seeks 5.5b Pesos IPO
MREIT to pre-market Ps23.7bn IPO this week
 Australian Crypto Firm Iris Energy Files for U.S. Direct Listing
KFC Operator to Test Hunger for Big IPOs in Malaysia
Synergy Grid to offer 1.05 B common shares
PH Resorts moves to raise capital for casino venture
Synergy Grid Seeks as Much as 26.3b Pesos in Share Sale
ComfortDelGro Seeks ASX Listing for Australian Unit by 4Q
GLP weighs US$1bn–$1.5bn SGX logistics REIT IPO
MTT Shipping files for US$100m IPO
SG Lottery conducts NDR for potential ASX IPO
Jolibee investing in IPO bound industrial REIT CentralHub
Analysis on Upcoming IPOs

Name
Insight

Hong Kong

APM Monaco
APM Monaco Pre-IPO - China’s Resilience Shines 


Anjuke
Anjuke Pre-IPO - Mixed (Positive and Negative) Developments 


Biel Crystal
Biel Crystal (伯恩光学) Pre-IPO - Cash Flow Generative Business but Underlying Trend Is Worrying 


Broncus
Broncus (堃博医疗) Pre-IPO: Big Potential to Be Tested 


ByteDance
ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


ByteDance
ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 


ByteDance
ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 


ByteDance
ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Mixed PHIP Update, Updated Thoughts on Valuation 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Initial Thoughts on Valuation 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Tencent Music Peer Comp, Regulatory Impact 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Was in the Slow Stream, Playing Catch-Up 


Edda 
EDDA Healthcare Pre-IPO - RoboDoc - Has Been Around for a While but Is Just Getting the Robo Going 


Intco Med
Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1 


MicroPort Medbot
MicroPort MedBot Pre-IPO - RoboDoc - Pre-Revenue, Has a Large Competitor but a Large Market as Well 


Neusoft Xikang
Neusoft Xikang (东软熙康) Pre-IPO: A Long Way to Profit 


Neusoft Med
Neusoft Medical Systems (东软医疗系统) Pre-IPO: Unattractive Fundamentals 


Novotech
Novotech Pre-IPO: Biotech Focused CRO at Hefty Pre-IPO Valuation 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


WeDoctor

We Doctor (微医) Pre-IPO - Peer Comparison - Picking Its Battles Wisely 


WeDoctor

We Doctor (微医) Pre-IPO - Forecasts, Early Thoughts on Valuation, and Acquisition Gripes 


Weilong

Weilong Delicious Global Pre-IPO - The Positives - Fast Growth, Strong Backers 


Weilong

Weilong Delicious Global Pre-IPO - The Negatives - Spicy Valuation 


WM Tech

WM Tech Pre-IPO - Peer Comparison and Pre-IPO Valuation - Some Signs of Advantage 


WM Tech

WM Tech Pre-IPO - Digitalization Efforts Coming Through but Not Well Substantiated 

India

Aadhar Housing

Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures 


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotel
Bharat Hotels Pre-IPO - Catching up with Peers 


Bajaj En
Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 


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


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


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


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO 


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


LIC

Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers

Malaysia

QSR
QSR Brands Pre-IPO - As Healthy as Fast Food

Philippines

RLC REIT

RL Commercial REIT Pre-IPO - Motley Crew of Assets Has Weathered COVID Well 


MREIT

MREIT Pre-IPO - Mediocre Performance, Convoluted Lease, Low Asset Yield 



ECM Weekly (22nd August 2021) - Biel Crystal, EDDA, Neusoft Xikang and Medical, CATL, RLC REIT


Corrigenda: There is an error in this insight. Please note the correction.
Correction: Please ignore the incomplete sentence at the end of the second paragraph in the blue box below ("On the valuation end,...").

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.

It has been a fairly busy week. Activity in the ECM space seems to be picking up with block trades taking the lead this week. We had Xiaomi Corp (1810 HK), Ayala Corporation (AC PM), Puregold Price Club (PGOLD PM), and Longfor Properties (960 HK) placements this week and most of them secondary sell-downs except for Puregold which was a top-up placement. Most placements performed well, trading above their IPO price, except for Longfor which only managed to claw back to its deal price on Friday.
Starting with Xiaomi, we think that there would likely be more selling considering that there is a massive overhang after the lock-up expired on 9th of January. Our calculation indicated that major shareholders may have about 6bn shares to be sold. Even if we exclude the founders' shares, there will still be about 4bn shares left to be sold. The share price has managed to claw back above HK$10 level on Friday and we also heard that the books were several times covered with allocation being concentrated among a handful of investors. The tighter discount of this placement compared to the one earlier that crossed at 14% discount probably indicated demand is relatively better for this placement. On the valuation end, we 
Ayala Corp's placement was upsized and has also done well contrary to our view. We thought that the sell-down may perhaps indicate that there is an overhang from Mitsubishi's remaining stake. But, we heard that books were well covered. 
For IPOs this week, Weimob.com (2013 HK) traded well on the first day but took a spectacular dive on the second day of trading. It was down 30% intraday before bouncing back up and finally closing at IPO price on Friday. On the other hand, Chengdu Expressway Company Limited (1785 HK) hovered around its IPO price with little liquidity.
In terms of upcoming deals, PH Resorts Group (PHR PM) is looking to launch a US$350m share sale in about two months time. Maoyan Entertainment (EPLUS HK) has already launched its IPO on Friday while there will be more IPOs heading to the US. Jubilant Pharma is said to have turned to the US for its US$500m IPO after trying to list in Singapore last year. Home Credit Group and Sinopec's retail unit might be seeking to this in Hong Kong this year. Luckin Coffee is also said to be seeking an IPO in Hong Kong. 

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  

Shenwan Hongyuang Group (Hong Kong, &gt;US$1bn)
Tai Hing Holdings (Hong Kong, ~US$200m)
Changsha Broad Homes Industrial Group (Hong Kong, &gt;US$100m)
Shanghai Gench Education (Hong Kong, &gt;US$100m)
China Yunfang Holdings (Hong Kong, ~US$100m)

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, Smartkarma
News on Upcoming IPOs  

IPO drought to end as Polycab, Chalet Hotels, others gear up for share sales
EaseMyTrip plans to raise Rs 1,500 crore through IPO
World's most valuable startup, Bytedance, takes a hit from China's slowdown
China’s largest online ticketing site lowers IPO ambition
Luckin Coffee Reportedly Seeks IPO in Hong Kong
Chinese-backed Data Centre Giant Aims for Hong Kong IPO

Smartkarma Community's this week Analysis on Upcoming IPO  


China Kepei Edu (科培教育) IPO - Regulation Poses Significant Near-Term Risks 
Leong Hup IPO Preview: A Game of Chicken
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Stagnant
Chunbo Co. IPO Preview: Valuation Analysis

List of pre-IPO Coverage on Smartkarma



Name
Insight


Hong Kong


Ascentage
Ascentage Pharma (亚盛医药) IPO: Too Early for an IPO


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


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)


Bitmain
Bitmain (比特大陆) IPO: Take-Aways from Founder's Recent Speech at Tsinghua University (Part 3)


Bitmain
Bitmain (比特大陆) IPO: Intense Competition in the 7nm Mining ASIC Market (Part 4)


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


China East Edu
China East Education (中国东方教育) Pre-IPO - The Company Known for Its Culinary School


China Tobac
China Tobacco International (IPO): The Monopolist Will Not Recover


China Tobac
China Tobacco International IPO: Heavy Regulation, Declining Margins – A Bit Late to IPO Party


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


Frontage

Frontage Holding (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect



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


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


Tubatu
Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch


Tubatu
Tubatu Group Pre-IPO - Online -&gt; Online + Offline -&gt; Online -&gt; ?


Viva Bio
Viva Biotech (维亚生物) IPO: When CRO Becomes Early Stage Biotech Investor


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


Yestar Aesth

Yestar Aesthetic Medical (艺星医疗) IPO: Founders' Origin and Red Flags Matter



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



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


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta



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


IndiaMart
IndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult


The U.S.


Weidai
Weidai IPO Preview: Robust Foundations in Turbulent Times


Futu
Futu Holdings IPO Preview: Running Out of Steam


Futu
Futu Holdings Pre-IPO - Great Metrics but in a Commoditised Industry


Malaysia


QSR
QSR Brands Pre-IPO - As Healthy as Fast Food




ECM Weekly (19 January 2019) - China Kepei, Mrs. Bectors Food, Xiaomi, Ayala Corp

Philippines

PH Resorts Group holdings Inc is a  holding company. The Company, through its subsidiaries, operates, manages and maintains the water supply systems in Calapan City and Tabuk City and produces and distributes ice in. PH Resorts Group holdings also has minor operations in real estate, investment advice, and other businesses.

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

ECM Weekly (22nd August 2021) - Biel Crystal, EDDA, Neusoft Xikang and Medical, CATL, RLC REIT

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Zhen Zhou, Toh

ECM Weekly (19 January 2019) - China Kepei, Mrs. Bectors Food, Xiaomi, Ayala Corp

Corrigenda: There is an error in this insight. Please note the correction. Correction: Please ignore the incomplete sentence at the end of the...

Zhen Zhou, Toh