APAC IPOs & Placements

Zhen Zhou, Toh

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

Kuaishou Technology / Equity Capital Markets


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




More IPOs will likely rush to list in Hong Kong after seeing Kuaishou Technology (1024 HK)'s spectacular debut. If share priced had only doubled, valuation would be expensive but not exorbitant. But with the 161% gain on first day, share price could use a little breather. But momentum may not let up since there are expectations of passive flows buying in the near term.


Kuaishou Technology IPO Trading - Might Be Doubling but Still Not near Bubbling 

Kuaishou IPO Trading - Bubbling Now, Spread Out Index Inclusion Might Keep It Going for a Bit 

We are already expecting a handful of Hong Kong secondary listings and this week, there were news reports that Tencent Music (TME US) has selected banks for the listing, which could raise as much as US$5bn. There was also reports that said Naiyuki (Naixue Tea) is looking to list in Hong Kong with a US$500m deal size, a change from its initial US IPO plans.


China ADRs Secondary Listing - Pipeline Looks Rich, Have Three Years to Move 

IPO bookbuild launch this week include New Horizon Health (NHH HK) while we are hearing that Sciclone Pharmaceuticals, Inc (SCLN US) is premarketing after getting its approval from HKEX.

New Horizon Health (诺辉健康) IPO: Room to Fly
SciClone Pharma (赛生药业) Pre-IPO: PHIP Updates and Thoughts on Valuation

In India, Indigo Paints (INDIGOPN IN) and Home First Finance (HFF IN) traded well as expected while Brookfield India Real Estate Trust (BIREIT IN) closed its IPO bookbuild with 8x oversubscription rate. We covered the IPO last week:

Brookfields India Real Estate Trust IPO - Not Very Convincing but the Yield Looks Tempting

Indigo Paints (IP IN) | Channel Interactions Suggest a Differentiated Strategy 

Home First Finance IPO Trading - Hot Space but Limited Discount 

Further away from home, in the US, Cloopen Group Holding Ltd (RAAS US) launched its IPO on Thursday and was already looking to close books early (a day later) citing strong demand. We shared out thoughts on the company as well as trade idea via Hi Sun Technology China (818 HK).


Cloopen (容联.云通讯) Pre-IPO - Forecast, Assumptions, and Valuation 

Cloopen (容联.云通讯) Pre-IPO - Investments in Cloopen + Pax Global &gt; Hi Sun Tech Market Cap 

Cloopen (容联.云通讯) IPO - Hi Sun Tech Angle Gets More Attractive 

Last but not least, Thai Beverage (THBEV SP)'s beer unit is looking to premarket as early as March while Aztech (AZ SP) has already started pre-marketing its US$225m IPO and it is looking to launch in early March.


ThaiBev Beer Brewery Pre-IPO/Spin-Off - Early Take - Aiming to Build an ASEAN Champion? 

ThaiBev Beer Brewery Pre-IPO/Spin-Off - Valuation Estimates and Implications 

Placements this week:

Jinxin Fertility (锦欣生殖) Placement - Setting up for Acquisitions

Wuxi Biologics Placement - Laying the Groundwork for Future Growth 





Accuracy Rate:



Our overall accuracy rate is 73.9% for IPOs and 67.3% for Placements 


(Performance measurement criteria is explained at the end of the note)






No new IPO filings this week  




Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.  







News on Upcoming IPOs





Ant Group Has a Deal With Regulators. What It Could Mean for Its IPO.
Bubble tea chain eyes US$500m IPO in HK
Tencent Music Entertainment taps banks for $5 billion Hong Kong listing
ThaiBev to File for Mega Singapore IPO of Brewery Unit
Singapore’s Grab Gets $2 Billion Loan Facility Amid IPO Speculation




Analysis on Upcoming IPOs







Name
Insight


Hong Kong


ByteDance

ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)



ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 



ByteDance

ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)



ByteDance

ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 



ByteDance

ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 



ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 



ByteDance

ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 



ByteDance

ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 



Cheerwin

Cheerwin (朝云集团) Pre-IPO - Monetizing a Mature Business 



Dida

Dida Pre-IPO - Making Hay While Big Brother Retreats 



Dida

Dida Pre-IPO - Earnings Forecast and First Stab at Valuation 



Dida

Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability 



Kilcoy

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 



Kilcoy

Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 



RemeGen

RemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48 


Toplist

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


India


ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotel

Bharat Hotels Pre-IPO - Catching up with Peers 



Bajaj En

Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 



CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO 


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some



LIC


Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 



Lodha

Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 


Malaysia


QSR
QSR Brands Pre-IPO - As Healthy as Fast Food


The U.S


CDP

CDP Holdings Pre-IPO Review - Highly Reliant on Best Inc. 


CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent






ECM Weekly (7 February 2021) - Kuaishou, New Horizon, SciClone, Cloopen

Singapore

Creative Technology Limited designs, manufactures, and distributes digitized sound and video boards, computers and related multimedia, and personal digital entertainment products.  The Company also sells, designs, and manufactures electronic and electrical components, instruments, and computer peripherals.

Trek 2000 International Limited provides digital compression based technology system solutions as well as customized engineering solutions. The Company also deals in electrical and electronics appliances and components, research and developing computer hardware, software and other related products.

Datapulse Technology Limited manufactures and sells media storage products used in content distribution including compact discs, digital versatile discs, and micro floppy diskettes.  The Company also distributes Quantegy professional lines of audio and video products.

GP Industries Limited develops, manufactures, and markets electronics, batteries and electrical installation products.  The Company also manufactures and markets wire harness and cables, automotive electronics, specialty electronics, parts and components, and loudspeakers.

Valuetronics Holdings Ltd. offers original equipment manufacturing and original design manufacturing services.  The Company serves customers in the telecommunications, industrial, commercial electronic products, and consumer electronic products industries.

Multi-Chem Limited provides printed circuit boards (PCB) manufacturing services, mainly precision drilling services to PCB fabricators.  The Company also distributes specialty chemicals and other related products and equipment to PCB fabricators.

Chuan Hup Holdings Limited is an investment holding company with a diversified portfolio of core investments in industries in relation to electronics manufacturing services, offshore support services to the oil and gas industry and property development.

Powermatic Data Systems Limited develops, manufactures, markets, and distributes computer hardware and software. The Company provides advertising and promotion services and technical support.

Broadway Industrial Group Limited manufactures and sells foams, pulps, thermo-formed packaging products.  The Company also manufactures and distributes precision machined components.

Hengxin Technology Ltd.  manufactures radio frequency (RF) coxial cables series for mobile communications and other telecommunications equipment.

Maxell Ltd develops a diverse portfolio of media devices. The Company's products include batteries, DVD's, memory storage, optical lenses, headphones and other accessories.

ADLINK Technology Inc. develops and markets various computer hardware, software, and peripherals.  The Company's products include data acquisition cards, industrial computers, remote measuring and controlling modules, and other related products.

IEI Integration Corp. designs, manufactures, markets, and services a variety of industrial computer systems. The Company, through its worldwide network of distributors and sales representatives, offers products and services to international customers.

IBASE Technology Inc. manufactures and markets SBCs (single board computers), embedded boards, compact PCIs (peripheral component interfaces), etc.

Hyundai IBT Co., Ltd. develops and manufactures various monitors. The Company'sproducts include thin film transistor-liquid crystal display (TFT-LCD), plasma display panel (PDP), and color display tubes (CDT) monitors. Imagequest also produces thin client (window based terminal) products and markets notebook computers.

Eizo Corp develops, designs, manufactures, and markets computer displays and monitors for amusement products.  The Company's products include liquid crystal displays (LCD) and cathode ray tube (CRT) displays.

RISO KAGAKU CORPORATION is a manufacturer of copying and printing machines for office, home, and educational use.  The Company specializes in lithograph printers and also produces software, computer interfaces, and peripherals such as sorters, card counters, and sheet feeders.

Elitegroup Computer Systems Co., Ltd. designs, manufactures, and markets computer motherboards, pre-systems, interface cards, compact disk read only memories (CD-ROMs), and peripheral equipment.

Eastcompeace Technology Co., Ltd. manufactures a variety of smart cards and develops related application systems.  The Company's products are used in telecommunication, identity recognition, social security, finance, and transportation areas.

Stratasys Ltd. manufactures three-dimensional printers.  The printers build three-dimensional models by depositing multiple layers of resin one on top of another based on data from three-dimensional computer aided design files.  The Company's products are used by designers, engineers and manufacturers to visualize, verify and communicate product designs.

Aztech Global Ltd. is a key technology enabler for the connected world of tomorrow, with a focus on providing one-stop design and manufacturing services. Supported by core strengths in R&D, design, engineering and manufacturing, our key products are IoT Devices, Data-communication products and LED lighting products.

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