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

Growatt Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> is looking to raise about US$400m in its upcoming Hong Kong IPO, after downsizing from an earlier US$1bn float in Nov 2022.</li>
<li>Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. </li>
<li>In this note, we will provide a quick peer comparison update and our latest thoughts on valuation.</li>
</ul>



Growatt Technology (1833969D CH) is looking to raise about US$400m in its upcoming Hong Kong IPO, after downsizing from an earlier US$1bn float in Nov 2022.
Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. 
In this note, we will provide a quick peer comparison update and our latest thoughts on valuation.


Growatt Technology Pre-IPO - Revised Peer Comparison and Thoughts on Valuation

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Neusoft Xikang Healthcare Technology Co Ltd / Equity Capital Markets

Neusoft Xikang Healthcare Technology Co Ltd

<ul>
<li>The cloud hospital platform services serve as “the entry point” of <a href="https://www.smartkarma.com/entities/neusoft-xikang-healthcare-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33447:1" rel="noopener">Neusoft Xikang</a>’s overall solutions, but the restrictions imposed by cities would affect the scalability of business.</li>
<li>The variety of 2B objects and the diversity of medical scenarios covered would be conducive to the transformation to 2C business, resulting in stronger user stickiness and more monetization opportunities.</li>
<li>Xikang’s 2B business is weaker than ClouDr. Financial performance would finally reflect the effectiveness and rationality of business model. Xikang’s valuation should be lower than ClouDr and Ping An Good Doctor.</li>
</ul>


The cloud hospital platform services serve as “the entry point” of Neusoft Xikang’s overall solutions, but the restrictions imposed by cities would affect the scalability of business.
The variety of 2B objects and the diversity of medical scenarios covered would be conducive to the transformation to 2C business, resulting in stronger user stickiness and more monetization opportunities.
Xikang’s 2B business is weaker than ClouDr. Financial performance would finally reflect the effectiveness and rationality of business model. Xikang’s valuation should be lower than ClouDr and Ping An Good Doctor.


Pre IPO Neusoft Xikang Healthcare Technology - Some Points Worth the Attention

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In my previous insight in Mid-March 2023, we had a look at the potential index changes and the resultant capping flows for the HSTECH Index in June 2023.</li>
<li>Since then, our flow expectations have changed with changes in prices and/or float and total share counts.</li>
<li>Here are our latest flow expectations based on the current prices.</li>
</ul>


In my previous insight in Mid-March 2023, we had a look at the potential index changes and the resultant capping flows for the HSTECH Index in June 2023.
Since then, our flow expectations have changed with changes in prices and/or float and total share counts.
Here are our latest flow expectations based on the current prices.


Quiddity Jun23 HSTECH Flow Expectations Update: SHORT AAC Vs LONG Lenovo Might Be Interesting

Horizon Construction Development / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-construction-development" target="_blank" data-smartkarma-citation="entities:35117:1" rel="noopener">Horizon Construction Development (1887128D HK)</a> is looking to raise US$250m in its upcoming Hong Kong IPO.</li>
<li>HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we take a look at the company’s refiled PHIP updates.</li>
</ul>



Horizon Construction Development (1887128D HK) is looking to raise US$250m in its upcoming Hong Kong IPO.
HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.
In our previous note, we looked at the company’s past performance. In this note, we take a look at the company’s refiled PHIP updates.


Horizon Construction Dev Pre-IPO - Refiled PHIP Updates - Affected by COVID-19 & Fueled by More Debt

Thematic (Sector/Industry)

<ul>
<li>China's retail pharmacy market has entered a new era of integration as the industry growth is slowing down. After JD Health/Alibaba Health enter this industry, the game rule changes. </li>
<li>In the short term, the offline chain pharmacies, JD Health, Alibaba Health, etc. would still have the opportunity to carve up market share under the trend of prescription outflow.</li>
<li>In the long term, it depends on who're the first to establish new omni-channel retail scenarios, because the "new retail" model would comprehensively surpass traditional model from cost to experience.</li>
</ul>


China's retail pharmacy market has entered a new era of integration as the industry growth is slowing down. After JD Health/Alibaba Health enter this industry, the game rule changes. 
In the short term, the offline chain pharmacies, JD Health, Alibaba Health, etc. would still have the opportunity to carve up market share under the trend of prescription outflow.
In the long term, it depends on who're the first to establish new omni-channel retail scenarios, because the "new retail" model would comprehensively surpass traditional model from cost to experience.


China Retail Pharmacy Industry - New Game Rule, New Challenges, New Outlook

China

Alibaba Health Information Technology Limited is an integrated healthcare information and content service provider. The Company uses product identification, authentication, and tracking system data for its healthcare information.

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Alibaba Health Information Tec (241 HK)

Growatt Technology Pre-IPO - Revised Peer Comparison and Thoughts on Valuation

Growatt Technology (1833969D CH) is looking to raise about US$400m in its upcoming Hong Kong IPO. In this note, we will provide a quick peer...

Ethan Aw

Pre IPO Neusoft Xikang Healthcare Technology - Some Points Worth the Attention

Xikang’s business model has its logic.But due to the restrictions imposed by cities, the scalability is uncertain.Without strong 2B business as...

Xinyao (Criss) Wang

Quiddity Jun23 HSTECH Flow Expectations Update: SHORT AAC Vs LONG Lenovo Might Be Interesting

There seem to be 5 inflow names (including the expected ADD and 26 outflow names (including the expected DEL). At present, I estimate one-way flow...

Janaghan Jeyakumar, CFA

Horizon Construction Dev Pre-IPO - Refiled PHIP Updates - Affected by COVID-19 & Fueled by More Debt

Horizon Construction Development (1887128D HK) is looking to raise US$250m in its upcoming Hong Kong IPO. In this note, we take a look at the...

Ethan Aw

China Retail Pharmacy Industry - New Game Rule, New Challenges, New Outlook

China's retail pharmacy market has entered a new era with new game rule.As industry growth is slowing down, which companies are the first to...

Xinyao (Criss) Wang

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