APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Xiamen Yan Palace Bioengineering / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiamen-yan-palace-bioengineering" target="_blank" data-smartkarma-citation="entities:39867:1" rel="noopener">Xiamen Yan Palace Bioengineering (1951686D CH)</a> is looking to raise around US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and GF Securities.</li>
<li>Xiamen Yan Palace Bioengineering focuses on the development, production and marketing of high-quality modern edible bird’s nest (EBN) products.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), the firm is the largest EBN product company globally in terms of retail value between 2020-2022, with a market share of 4.1%.</li>
</ul>



Xiamen Yan Palace Bioengineering (1951686D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and GF Securities.
Xiamen Yan Palace Bioengineering focuses on the development, production and marketing of high-quality modern edible bird’s nest (EBN) products.
According to Frost &amp; Sullivan (F&amp;S), the firm is the largest EBN product company globally in terms of retail value between 2020-2022, with a market share of 4.1%.


Xiamen Yan Palace Bioengineering Pre-IPO Tearsheet

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

Alibaba /: Alibaba boss Daniel Zhang to step down with co-founders to take the reinsChina-Germany /: Premier Li tells German businesses non-cooperation between China and Europe is the biggest riskHKEX /: HKEX launches yuan counter for trading of Hong Kong-listed shares

Alibaba /: Alibaba boss Daniel Zhang to step down with co-founders to take the reinsChina-Germany /: Premier Li tells German businesses non-cooperation between China and Europe is the biggest riskHKEX /: HKEX launches yuan counter for trading of Hong Kong-listed shares

CX Daily: Alibaba Boss Daniel Zhang to Step Down With Co-Founders to Take the Reins

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Tencent: A summary of recent WeChat Mini Games conference: Ecosystem, Content, and Party Games</li>
<li>BABA: Alibaba announces replacement of CEO / Chairman Daniel Zhang.</li>
<li>ISRG/2252.hk: Da Vinci 4th generation surgical robots approved by CDE, to start local production in 2026</li>
</ul>


Tencent: A summary of recent WeChat Mini Games conference: Ecosystem, Content, and Party Games
BABA: Alibaba announces replacement of CEO / Chairman Daniel Zhang.
ISRG/2252.hk: Da Vinci 4th generation surgical robots approved by CDE, to start local production in 2026


China TMT Update June 21:Tencent/Baba/ISRG/2252.hk:Mini Games/Baba New Management/Surgical Robots

<ul>
<li>Based on our channel research, we maintain our previous estimation that the results of the 618 promotions are not as bad as some investors described</li>
<li>We estimate that the GMV growth rates during the 618 period for Taobao+Tmall, JD, Pinduoduo, Vipshop, and Kuaishou are approximately 3%, 15%, 20%, 20% and 35%, respectively.</li>
<li>However, it remains to be seen whether consumer spending will decline after the major promotion, possibly due to excessive consumption.</li>
</ul>


Based on our channel research, we maintain our previous estimation that the results of the 618 promotions are not as bad as some investors described
We estimate that the GMV growth rates during the 618 period for Taobao+Tmall, JD, Pinduoduo, Vipshop, and Kuaishou are approximately 3%, 15%, 20%, 20% and 35%, respectively.
However, it remains to be seen whether consumer spending will decline after the major promotion, possibly due to excessive consumption.


Baba/JD/PDD/VIPS/Kuaishou: 618 Not as Bad as Investors Depicted, and Our Estimations of GMV Growth

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

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.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Daniel Zhang's transition to a less prominent role within Alibaba's Cloud business, after previously serving as CEO and Chairman of <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, could be seen as a demotion.</li>
<li>We suspect that there could be some government influence on these proposed leadership changes.</li>
<li>Nonetheless, the situation is not encouraging, especially as the company enters a turbulent phase with multiple units poised to pursue IPOs in the near future.</li>
</ul>


Daniel Zhang's transition to a less prominent role within Alibaba's Cloud business, after previously serving as CEO and Chairman of Alibaba Group (9988 HK), could be seen as a demotion.
We suspect that there could be some government influence on these proposed leadership changes.
Nonetheless, the situation is not encouraging, especially as the company enters a turbulent phase with multiple units poised to pursue IPOs in the near future.


Alibaba's Chairman & CEO, Daniel Zang Faces a Downgrade

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (9988 HK)

Xiamen Yan Palace Bioengineering Pre-IPO Tearsheet

Xiamen Yan Palace Bioengineering (1951686D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and...

Clarence Chu

CX Daily: Alibaba Boss Daniel Zhang to Step Down With Co-Founders to Take the Reins

Alibaba /: Alibaba boss Daniel Zhang to step down with co-founders to take the reins China-Germany /: Premier Li tells German businesses...

Caixin Global

China TMT Update June 21:Tencent/Baba/ISRG/2252.hk:Mini Games/Baba New Management/Surgical Robots

Tencent: A summary of recent WeChat Mini Games conference/BABA: Alibaba announces replacement of CEO; ISRG/2252.hk: Da Vinci 4th generation...

Blue Lotus Research Institute

Baba/JD/PDD/VIPS/Kuaishou: 618 Not as Bad as Investors Depicted, and Our Estimations of GMV Growth

We estimate that the GMV growth rates during the 618 period for Taobao+Tmall, JD, Pinduoduo, Vipshop, and Kuaishou are approximately 3%, 15%, 20%,...

Blue Lotus Research Institute

Alibaba's Chairman & CEO, Daniel Zang Faces a Downgrade

The Chinese government's influence on Alibaba's leadership changes becomes apparent when looking back at Jack Ma's retirement as Chairman and the...

Oshadhi Kumarasiri

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