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>
<a href="https://www.smartkarma.com/entities/4paradigm" target="_blank" data-smartkarma-citation="entities:34465:1" rel="noopener">4Paradigm (1764934D HK)</a> is looking to raise about US$600m in its upcoming IPO in Hong Kong. </li>
<li>4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC. </li>
<li>In our previous note, we took a look at the company’s background and financial performance. In this note, we will cover the firm’s refiling updates.</li>
</ul>



4Paradigm (1764934D HK) is looking to raise about US$600m in its upcoming IPO in Hong Kong. 
4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC. 
In our previous note, we took a look at the company’s background and financial performance. In this note, we will cover the firm’s refiling updates.


4Paradigm Pre-IPO - Refiling Updates - Has Been Paring Down Losses but Cash Runway Seems Short

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, starting with Hong Kong. </li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, starting with Hong Kong. 
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2023 Asia IPO Pipeline - Hong Kong

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/4paradigm" target="_blank" data-smartkarma-citation="entities:34465:1" rel="noopener">4Paradigm (1764934D HK)</a> is a pioneer and leader in enterprise AI. Company offers platform-centric AI solutions to enterprises that can be deployed on a large scale to support decision making.</li>
<li>The company was ranked the largest player in the platform-centric decision-making AI market in China in 2021 and has filed for a HKEx listing for the third-time this month.</li>
<li>4Paradigm’s top line and margins have improved since we last wrote on the company.</li>
</ul>



4Paradigm (1764934D HK) is a pioneer and leader in enterprise AI. Company offers platform-centric AI solutions to enterprises that can be deployed on a large scale to support decision making.
The company was ranked the largest player in the platform-centric decision-making AI market in China in 2021 and has filed for a HKEx listing for the third-time this month.
4Paradigm’s top line and margins have improved since we last wrote on the company.


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.

Qingdao Ainnovation Technology Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ainnovation-technology" target="_blank" data-smartkarma-citation="entities:35386:1" rel="noopener">AInnovation Technology (AIT HK)</a> is a fast-growing enterprise AI solutions provider in China. It has launched an HKEx IPO to raise up to US$157 million. </li>
<li>In <a href="https://www.smartkarma.com/insights/ainnovation-technology-ipo-initiation-code-amber" target="_blank" data-smartkarma-citation="insights:63587" rel="noopener">AInnovation Technology IPO Initiation: Code Amber</a>, we stated that the negatives outweigh the positives and we would give the IPO a pass.</li>
<li>Our valuation analysis suggests that the IPO price is fair. Due to our concerns about the fundamentals, we remain on the sidelines. Pricing is 20 January, listing on 27 January.</li>
</ul>



AInnovation Technology (AIT HK) is a fast-growing enterprise AI solutions provider in China. It has launched an HKEx IPO to raise up to US$157 million. 
In AInnovation Technology IPO Initiation: Code Amber, we stated that the negatives outweigh the positives and we would give the IPO a pass.
Our valuation analysis suggests that the IPO price is fair. Due to our concerns about the fundamentals, we remain on the sidelines. Pricing is 20 January, listing on 27 January.


AInnovation Technology IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ainnovation-technology" target="_blank" data-smartkarma-citation="entities:35386:1" rel="noopener">AInnovation Technology (AIT HK)</a> is a fast-growing enterprise AI solutions provider in China. It is set to launch an HKEx IPO to raise up to US$157 million.  </li>
<li>The fundamentals are mixed as diverging growth profiles of key segments, low market share and cash burn are accompanied by a narrowing loss margin. </li>
<li>Overall, we believe the negatives outweigh the positives and we would give the IPO a pass. </li>
</ul>



AInnovation Technology (AIT HK) is a fast-growing enterprise AI solutions provider in China. It is set to launch an HKEx IPO to raise up to US$157 million.  
The fundamentals are mixed as diverging growth profiles of key segments, low market share and cash burn are accompanied by a narrowing loss margin. 
Overall, we believe the negatives outweigh the positives and we would give the IPO a pass. 


AInnovation Technology IPO Initiation: Code Amber

China

Beijing 4Paradigm Technology Co. Ltd. operates as an artificial intelligence technology service provider. The Company provides model self-learning, data cleaning free, interpreted complex model, human computer cooperation, and other services. Beijing 4Paradigm Technology applies its technology in financial, government, energy, manufacturing, retail, medical, and other fields.

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4Paradigm (6682 HK)

4Paradigm Pre-IPO - Refiling Updates - Has Been Paring Down Losses but Cash Runway Seems Short

4Paradigm (1764934D HK) is looking to raise about US$600m in its upcoming IPO in Hong Kong. In this note, we will cover the firm’s refiling updates.

Ethan Aw

Aequitas 2023 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, starting with Hong Kong. The deals you see are only a part of the...

Sumeet Singh

4Paradigm IPO: Is Third-Time a Charm?

Enterprise AI company 4Paradigm has filed for a HKEx IPO for the third-time. In this insight, we discuss the latest data points from the prospectus...

Shifara Samsudeen, ACMA, CGMA

AInnovation Technology IPO: Valuation Insights

Our valuation analysis suggests that AInnovation is fully priced at the IPO price range. Due to our concerns about the fundamentals, we remain on...

Arun George

AInnovation Technology IPO Initiation: Code Amber

AInnovation is set to launch an HKEx IPO to raise up to US$157 million. Overall, we believe the negatives outweigh the positives and we would give...

Arun George

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