IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a>, <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (1822695D US)</a>, <a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, <a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> IPOs and <a href="https://www.smartkarma.com/entities/aquila-acquisition-corporation" target="_blank" data-smartkarma-citation="entities:35435:1" rel="noopener">Aquila Acquisition Corporation (7836 HK)</a> de-SPAC.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC (4483 JP)</a>, <a href="https://www.smartkarma.com/entities/intage-holdings-inc" target="_blank" data-smartkarma-citation="entities:3151:1" rel="noopener">Intage Holdings (4326 JP)</a>, <a href="https://www.smartkarma.com/entities/mason-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17664:1" rel="noopener">Mason Group Holdings (273 HK)</a>, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a>, <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Doosan Robotics (454910 KS), ARM Holdings (1822695D US), VNG (VinaGame) (VNG US), Integral Corporation (5842 JP) IPOs and Aquila Acquisition Corporation (7836 HK) de-SPAC.
Event-Driven developments - JMDC (4483 JP), Intage Holdings (4326 JP), Mason Group Holdings (273 HK), Liontown Resources (LTR AU), Newcrest Mining (NCM AU), Orecorp Ltd (ORR AU). 


Weekly Deals Digest (10 Sep) - JMDC, Intage, Mason, Liontown, Newcrest, ARM, Integral, Doosan, VNG

Equity Capital Markets

Aquila Acquisition Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aquila-acquisition-corporation" target="_blank" data-smartkarma-citation="entities:35435:1" rel="noopener">Aquila Acquisition Corporation (7836 HK)</a> agreed to a De-SPAC transaction with ZG Group (formerly Zhaogang.com), the world’s largest digital platform for third-party steel transactions.</li>
<li>ZG has a questionable business model, struggling to generate profits or underlying FCF. This dynamic suggests that ZG has not established a sustainable competitive advantage. </li>
<li>The negotiated value of ZG in the De-SPAC transaction is HK$10,004 million (US$1,277 million). Our valuation analysis suggests that this negotiated value is unrealistic.</li>
</ul>



Aquila Acquisition Corporation (7836 HK) agreed to a De-SPAC transaction with ZG Group (formerly Zhaogang.com), the world’s largest digital platform for third-party steel transactions.
ZG has a questionable business model, struggling to generate profits or underlying FCF. This dynamic suggests that ZG has not established a sustainable competitive advantage. 
The negotiated value of ZG in the De-SPAC transaction is HK$10,004 million (US$1,277 million). Our valuation analysis suggests that this negotiated value is unrealistic.


Aquila Acquisition Corp (7836 HK): ZG Group’s Punchy Valuation

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Aquila Acquisition Corporation / Event-Driven

<ul>
<li>SPACs - remember them? US offerings in 2021 topped ~US$150bn, falling to US$13bn in 2022. Singapore joined the bandwagon in January 2022  and Hong Kong two months later.</li>
<li>That Hong Kong stock is <a href="https://www.smartkarma.com/entities/aquila-acquisition-corporation" target="_blank" data-smartkarma-citation="entities:35435:1" rel="noopener">Aquila Acquisition Corporation (7836 HK)</a>, and it recently announced a merger with ZG Group, a Chinese steel trading website.</li>
<li>That's positive. Less positive is how de-SPACed shares tend to trade in the US. </li>
</ul>


SPACs - remember them? US offerings in 2021 topped ~US$150bn, falling to US$13bn in 2022. Singapore joined the bandwagon in January 2022  and Hong Kong two months later.
That Hong Kong stock is Aquila Acquisition Corporation (7836 HK), and it recently announced a merger with ZG Group, a Chinese steel trading website.
That's positive. Less positive is how de-SPACed shares tend to trade in the US. 


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/linmon-media" target="_blank" data-smartkarma-citation="entities:34550:1" rel="noopener">Linmon Media (LM HK)</a> is looking to raise about US$300m in its upcoming Hong Kong IPO.</li>
<li>Linmon Media (LM) is a content production firm that operates the full value chain of investment, production, distribution, promotion and derivatives licensing of drama series.</li>
<li>In this note, we take a look at LM’s business, financials, and share our thoughts on the IPO.</li>
</ul>



Linmon Media (LM HK) is looking to raise about US$300m in its upcoming Hong Kong IPO.
Linmon Media (LM) is a content production firm that operates the full value chain of investment, production, distribution, promotion and derivatives licensing of drama series.
In this note, we take a look at LM’s business, financials, and share our thoughts on the IPO.


Linmon Media (柠萌影业) Pre-IPO - Consistently Putting up a Good Show

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

LG Energy Solution / 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>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> made a strong debut, while <a href="https://www.smartkarma.com/entities/hyundai-engineering-co-ltd" target="_blank" data-smartkarma-citation="entities:33008:1" rel="noopener">Hyundai Engineering Co Ltd (HEC KS)</a> cancelled its listing plans.</li>
<li>There were no major placements this week given the market volatility and upcoming CNY holidays.</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.

LG Energy Solution (373220 KS) made a strong debut, while Hyundai Engineering Co Ltd (HEC KS) cancelled its listing plans.
There were no major placements this week given the market volatility and upcoming CNY holidays.


ECM Weekly (29th Jan 2022) - LG Energy, AInnovation, Citicore REIT, Adani Wilmar, Airpower, HK SPAC

Hong Kong

Aquila Acquisition Corporation operates as a blank check company. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, and similar business combination with one and more businesses.

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Aquila Acquisition Corporation (7836 HK)

Weekly Deals Digest (10 Sep) - JMDC, Intage, Mason, Liontown, Newcrest, ARM, Integral, Doosan, VNG

Last week, notable developments occurred in Event-Driven (JMDC, Intage, Mason, Liontown, Newcrest, OreCorp, United Malt, MPI) and ECM (Doosan...

Arun George

Aquila Acquisition Corp (7836 HK): ZG Group’s Punchy Valuation

ZG has a questionable business model, struggling to generate profits or underlying FCF. Our valuation analysis suggests that ZG's negotiated value...

Arun George

Aquila Acquisition: The De-SPACed Arb

The gross spread to the redemption price is 4.8%. I'd be redeeming. Shares are beyond illiquid. Unless shares were to dip here, on some volume,...

David Blennerhassett

Linmon Media (柠萌影业) Pre-IPO - Consistently Putting up a Good Show

Linmon Media (LM HK) is looking to raise about US$300m in its upcoming Hong Kong IPO. In this note, we take a look at LM’s business, financials,...

Clarence Chu

ECM Weekly (29th Jan 2022) - LG Energy, AInnovation, Citicore REIT, Adani Wilmar, Airpower, HK SPAC

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

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