Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Singapore Airlines / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> will announce its price range in the coming week, while <a href="https://www.smartkarma.com/entities/kelun-biotech" target="_blank" data-smartkarma-citation="entities:36801:1" rel="noopener">Kelun Biotech</a> tries to break the US$100m+ deal silence in HK. </li>
<li>On the placement front, even Singapore joined in the placement action this week, with only HK deal remaining absent over the past month.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Tryt Inc (9164 JP) will announce its price range in the coming week, while Kelun Biotech tries to break the US$100m+ deal silence in HK. 
On the placement front, even Singapore joined in the placement action this week, with only HK deal remaining absent over the past month.


ECM Weekly (2nd July 2023) - Tryt, J&T Express, Redox, Kelun, 4Paradigm, SIA, M&A Research, Walsin

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sml-group" target="_blank" data-smartkarma-citation="entities:36102:1" rel="noopener">SML Group (SMLGZ HK)</a> is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>SML Group (SMLG) is a vertically integrated digital identification solutions provider. It primarily engages in developing, manufacturing and selling label and tag products with radio frequency identification (RFID).</li>
<li>SMLG’s revenue growth rebounded post-COVID on the back of improved consumer sentiment. However, the firm’s profitability growth has been slowing down yet it has undertaken additional debt to payout dividends.</li>
</ul>



SML Group (SMLGZ HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
SML Group (SMLG) is a vertically integrated digital identification solutions provider. It primarily engages in developing, manufacturing and selling label and tag products with radio frequency identification (RFID).
SMLG’s revenue growth rebounded post-COVID on the back of improved consumer sentiment. However, the firm’s profitability growth has been slowing down yet it has undertaken additional debt to payout dividends.


SML Group Pre-IPO - Guided Decline in Profitability but Spike in Dividend Payout

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 16th.</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 estimate the inflows to be USD 1.5bn and highlight flows for CCB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 16th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the inflows to be USD 1.5bn and highlight flows for CCB.


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>YSB's business model is closer to that of pharmaceutical distribution enterprises, who could carry out businesses similar to YSB based on huge market share/resource advantages/financial strength. YSB’s moat isn't high.</li>
<li>The business structure of “Self-operation Business + Online Marketplace” of YSB could involve certain policy risks. Given the nature of its business, YSB’s profit margin is difficult to improve significantly.</li>
<li>
<a href="https://www.smartkarma.com/entities/ysb-inc" target="_blank" data-smartkarma-citation="entities:35982:1" rel="noopener">YSB Inc (YSB HK)</a>’s revenue scale could encounter bottlenecks after reaching a certain stage of growth. The valuation of YSB should be lower than that of traditional pharmaceutical distribution enterprises.</li>
</ul>


YSB's business model is closer to that of pharmaceutical distribution enterprises, who could carry out businesses similar to YSB based on huge market share/resource advantages/financial strength. YSB’s moat isn't high.
The business structure of “Self-operation Business + Online Marketplace” of YSB could involve certain policy risks. Given the nature of its business, YSB’s profit margin is difficult to improve significantly.

YSB Inc (YSB HK)’s revenue scale could encounter bottlenecks after reaching a certain stage of growth. The valuation of YSB should be lower than that of traditional pharmaceutical distribution enterprises.


Pre IPO YSB Inc (PHIP Updates) - Low Margins Are Inevitable; Valuation Upside Potential Is Limited

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)

ECM Weekly (2nd July 2023) - Tryt, J&T Express, Redox, Kelun, 4Paradigm, SIA, M&A Research, Walsin

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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

SML Group Pre-IPO - Guided Decline in Profitability but Spike in Dividend Payout

SML Group (SMLGZ HK) is looking to raise about US$200m in its upcoming Hong Kong IPO. The firm’s profitability growth has been slowing down yet it...

Ethan Aw

Hong Kong Connect Flows (Jun 16th): CCB

We analyzed the Hong Kong Connect Scheme for last week. We estimate the inflows to be USD 1.5bn and highlight flows for China Construction Bank.

Ke Yan, CFA, FRM

Pre IPO YSB Inc (PHIP Updates) - Low Margins Are Inevitable; Valuation Upside Potential Is Limited

YSB's business doesn't have high moat.It mainly compete for the small market not covered by SOE pharmaceutical distributors,with limited growth...

Xinyao (Criss) Wang

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