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

ADICON Holdings Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a> is looking to raise about US$400m in its upcoming HK IPO. </li>
<li>Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&amp;S. </li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.</li>
</ul>



ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO. 
Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&amp;S. 
In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.


Adicon Holdings Pre-IPO - Peer Comparison - When Your Peers Seem to Stand Out More

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a> is looking to raise about US$400m in its upcoming HK IPO. </li>
<li>Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&amp;S. </li>
<li>Adicon’s revenue growth has been driven by its medical diagnostic testing services segment, during the track record period. However, much of its growth appears to be driven by COVID-19 testing. </li>
</ul>



ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO. 
Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&amp;S. 
Adicon’s revenue growth has been driven by its medical diagnostic testing services segment, during the track record period. However, much of its growth appears to be driven by COVID-19 testing. 


Adicon Holdings Pre-IPO - Too Much Growth from COVID-19

JD Industrial Technology  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrials" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (2231713D CH)</a> is looking to raise about US$1bn in its upcoming HK IPO. The deal will be run by Bank of America, Goldman Sachs and Haitong International.</li>
<li>JD Industrials (JDI) is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC. </li>
<li>JDI’s platform offers 48 product categories and approximately 42.5m SKUs as of FY22 (31st Dec 2022). </li>
</ul>



JD Industrials (2231713D CH) is looking to raise about US$1bn in its upcoming HK IPO. The deal will be run by Bank of America, Goldman Sachs and Haitong International.
JD Industrials (JDI) is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC. 
JDI’s platform offers 48 product categories and approximately 42.5m SKUs as of FY22 (31st Dec 2022). 


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>ClouDr had outstanding performance in 2022, which was mainly due to its unique but effective development model - starting from To B business first and then expanding To C business. </li>
<li>ClouDr may become the first company to develop a successful profit model of online medical services. The integration of AI and medical care enables ClouDr to enjoy more policy dividends/catalysts </li>
<li>
<a href="https://www.smartkarma.com/entities/cloudr-group-limited" target="_blank" data-smartkarma-citation="entities:34459:1" rel="noopener">ClouDr Group (9955 HK)</a> has high growth potential with big investment value, and it could even surpass JD Health in the future. The Company is undervalued and deserve investors’ attention.</li>
</ul>


ClouDr had outstanding performance in 2022, which was mainly due to its unique but effective development model - starting from To B business first and then expanding To C business. 
ClouDr may become the first company to develop a successful profit model of online medical services. The integration of AI and medical care enables ClouDr to enjoy more policy dividends/catalysts 

ClouDr Group (9955 HK) has high growth potential with big investment value, and it could even surpass JD Health in the future. The Company is undervalued and deserve investors’ attention.


ClouDr Group (9955.HK) -  “A Dark Horse” to Beat JD Health

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.

Sipai Health Technology / Equity Bottom-Up

<ul>
<li>Sipai Health Tech’s shares have been up more than 35% since its HKEx IPO in December 2022. Shares were priced at HK$18.6 a piece and are trading close to HK$33.55.</li>
<li>The company’s largest business segment commands very lower margins while high-margin insurance business is facing stiff competition with negligible contribution to consolidated earnings.</li>
<li>Closest peer Beijing Yuanxin Tech has applied for an IPO and Yuanxin’s deteriorating performance could have partly driven the current rally in Sipai’s share price since its IPO.</li>
</ul>


Sipai Health Tech’s shares have been up more than 35% since its HKEx IPO in December 2022. Shares were priced at HK$18.6 a piece and are trading close to HK$33.55.
The company’s largest business segment commands very lower margins while high-margin insurance business is facing stiff competition with negligible contribution to consolidated earnings.
Closest peer Beijing Yuanxin Tech has applied for an IPO and Yuanxin’s deteriorating performance could have partly driven the current rally in Sipai’s share price since its IPO.


Sipai Health Tech: Market Overreacts to a Mediocre Business

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)

Adicon Holdings Pre-IPO - Peer Comparison - When Your Peers Seem to Stand Out More

ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO. In this note, we talk about peer comparison.

Ethan Aw

Adicon Holdings Pre-IPO - Too Much Growth from COVID-19

ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO. Unfortunately, much of its growth appears to be driven...

Ethan Aw

JD Industrials Pre-IPO Tearsheet

JD Industrials (2231713D CH) is looking to raise about US$1bn in its upcoming HK IPO. The deal will be run by Bank of America, Goldman Sachs and...

Ethan Aw

ClouDr Group (9955.HK) - “A Dark Horse” to Beat JD Health

ClouDr could be the first company to develop a successful profit model of online medical services, changing the game rule. ClouDr has big potential...

Xinyao (Criss) Wang

Sipai Health Tech: Market Overreacts to a Mediocre Business

Sipai's shares have rallied more than 35% since its IPO. Largest biz segment commands very lower GPM and high-margin insurance biz's contribution...

Shifara Samsudeen, ACMA, CGMA

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