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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 20th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We have highlighted the flows for Meituan (3690 HK) .</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 20th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We have highlighted the flows for Meituan (3690 HK) .


Hong Kong Connect Flows (Oct 20th): Meituan

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Event-Driven

<ul>
<li>Having first introduced the three red line guidance in late 2020, the government has begun shifting its stance, and relaxing some of its regulatory oversight.</li>
<li>In this note, we looked at recent news developments and how some larger developers fared against the three red lines criterion.</li>
<li>Of the large developers we looked at, there are a few names which stand out which could potentially do a capital raising given their financial standing. </li>
</ul>


Having first introduced the three red line guidance in late 2020, the government has begun shifting its stance, and relaxing some of its regulatory oversight.
In this note, we looked at recent news developments and how some larger developers fared against the three red lines criterion.
Of the large developers we looked at, there are a few names which stand out which could potentially do a capital raising given their financial standing. 


Chinese Developers’ Overview - Shift in Sentiment but a Few Still Needs Some Equity

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.</li>
<li>OST is a property management service provider in China, primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke (H) (2202 HK)</a>. </li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Onewo (2602 HK) (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.
OST is a property management service provider in China, primarily owned by China Vanke (H) (2202 HK). 
In this note, we will talk about the lock-up dynamics and updates since our last note.


Onewo Space-Tech IPO Lock-Up - Company, Parent and Cornerstones Could Eventually Sell

Equity Capital Markets

Shum Yip Property Operations Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shum-yip-property-operations-group" target="_blank" data-smartkarma-citation="entities:36812:1" rel="noopener">Shum Yip Property Operations Group (SYPOG HK)</a> is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>Shum Yip Property Operations Group (SYPOG) is a property management, commercial operational and city services provider in China.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm was eighth among comprehensive property management, commercial operational and city services providers in China as per 2021 revenue.</li>
</ul>



Shum Yip Property Operations Group (SYPOG HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Shum Yip Property Operations Group (SYPOG) is a property management, commercial operational and city services provider in China.
As per Frost &amp; Sullivan (F&amp;S), the firm was eighth among comprehensive property management, commercial operational and city services providers in China as per 2021 revenue.


Shum Yip Property Operations Group Pre-IPO Tearsheet

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Binjiang Service Group / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/binjiang-service-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28940:1" rel="noopener">Binjiang Service Group (3316 HK)</a> trades at 12.2x/9.5x FY22/23e with 32% of the market cap in net cash and a dividend yield of 5%/6.4% FY22e/23e (assuming a 60% payout). </li>
<li>The company has asserted it will maintain its payout ratio at 60% and conserve cash for M&amp;A. Its approach will be conservative and involve lengthy due diligence.</li>
<li>With an improving market environment and good results around the corner in March, we believe a rally to 30 HKD/share is within the realm of possibility.</li>
</ul>



Binjiang Service Group (3316 HK) trades at 12.2x/9.5x FY22/23e with 32% of the market cap in net cash and a dividend yield of 5%/6.4% FY22e/23e (assuming a 60% payout). 
The company has asserted it will maintain its payout ratio at 60% and conserve cash for M&amp;A. Its approach will be conservative and involve lengthy due diligence.
With an improving market environment and good results around the corner in March, we believe a rally to 30 HKD/share is within the realm of possibility.


Binjiang 3316 HK: More Room to Go, Results in March 2023 The Next Catalyst

China

A-Living Smart City Services Co., Ltd. offers property management services. The Company provides hydropower maintenance, parking management, home cleaning, and other services. A-Living Smart City Services also engages in interior decoration works, landscaping works, and others.

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A-Living Smart City Services C (3319 HK)

Hong Kong Connect Flows (Oct 20th): Meituan

We have analyzed southbound Hong Kong connect flows in the past week and have highlighted flows for Meituan ( 3690 HK ).

Ke Yan, CFA, FRM

Chinese Developers’ Overview - Shift in Sentiment but a Few Still Needs Some Equity

Country Garden Holdings just launched a primary placement to raise US$300m, at a fixed 17.7% discount to last close. Proceeds will be used to repay...

Clarence Chu

Onewo Space-Tech IPO Lock-Up - Company, Parent and Cornerstones Could Eventually Sell

Onewo (2602 HK) (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.

Sumeet Singh

Shum Yip Property Operations Group Pre-IPO Tearsheet

Shum Yip Property Operations Group (SYPOG HK) is looking to raise about US$200m in its upcoming Hong Kong IPO. SYPOG is a property management,...

Clarence Chu

Binjiang 3316 HK: More Room to Go, Results in March 2023 The Next Catalyst

Binjiang Service Group (3316 HK) trades at 12.2x/9.5x FY22/23e with 32% of the market cap in net cash and a dividend yield of 5%/6.4% FY22e/23e...

Sameer Taneja

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