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

<ul>
<li>Kanzhun, an online recruitment platform in China, raised around US$1bn in its US IPO in Jun 2021.</li>
<li>The company is backed by Tencent and pre-IPO financial investors own over 50% of the company.</li>
<li>In this note, we look at the updates since listing and the impact of the upcoming lock-up expiry.</li>
</ul>


Kanzhun, an online recruitment platform in China, raised around US$1bn in its US IPO in Jun 2021.
The company is backed by Tencent and pre-IPO financial investors own over 50% of the company.
In this note, we look at the updates since listing and the impact of the upcoming lock-up expiry.


Kanzhun Lock-Up - Has Held up Remarkably Well with All Pre-IPO Shareholders Well in the Money

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qingci-games" target="_blank" data-smartkarma-citation="entities:35240:1" rel="noopener">Qingci Games (QCG HK)</a> is looking to raise US$150m in its upcoming Hong Kong IPO.</li>
<li>The company is currently just riding on the success of one game, The Marvelous Snail, which accounted for 95% and 68% of FY20 and 1H21 revenue, respectively.</li>
<li>The problem is further accentuated by the fact that QCG doesn’t have much of a track record and its pipeline games don’t seem impressive.</li>
</ul>



Qingci Games (QCG HK) is looking to raise US$150m in its upcoming Hong Kong IPO.
The company is currently just riding on the success of one game, The Marvelous Snail, which accounted for 95% and 68% of FY20 and 1H21 revenue, respectively.
The problem is further accentuated by the fact that QCG doesn’t have much of a track record and its pipeline games don’t seem impressive.


Qingci Games (青瓷游戏) Pre-IPO - One-Hit Wonder

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.

<ul>
<li>Cloud Village raised net proceeds of HK$3,124m (US$406.1m) at HK$205 per share, which is the midpoint of the IPO price range of HK$190-220 per share.</li>
<li>At the IPO price of HK$205 per share, CV will have a market capitalisation of HK$42.6bn and a post-money EV of HK$34.5bn.</li>
<li>The HK offer and the international offer were oversubscribed by 8.92x and 1.7x respectively. Cornerstone investment accounted for 83.15% of the total shares offered at the IPO.</li>
</ul>


Cloud Village raised net proceeds of HK$3,124m (US$406.1m) at HK$205 per share, which is the midpoint of the IPO price range of HK$190-220 per share.
At the IPO price of HK$205 per share, CV will have a market capitalisation of HK$42.6bn and a post-money EV of HK$34.5bn.
The HK offer and the international offer were oversubscribed by 8.92x and 1.7x respectively. Cornerstone investment accounted for 83.15% of the total shares offered at the IPO.


Cloud Village IPO: Thoughts on First Day Trading

<ul>
<li>Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO.</li>
<li>The company has obtained investments from Baidu and Alibaba, along with other investors.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>


Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO.
The company has obtained investments from Baidu and Alibaba, along with other investors.
In this note, we will talk about the trading dynamics.


Cloud Village (NetEase Music) IPO Trading - One of the Lowest Insti Subscriptions Yet

Kuaishou Technology / Equity Capital Markets

<ul>
<li>Kuaishou’s 3Q2021 revenues grew 33.4% YoY to RMB20.5bn (vs consensus RMB20bn) while operating losses for the quarter widened to 36.1% of revenues vs 9.0% in 3Q2020.</li>
<li>Live streaming revenues for the quarter decreased 3.0% YoY to RMB7.7bn, however, it has increased 7.4% sequentially after seeing QoQ declines over the last 6 quarters.</li>
<li>Online marketing services reported another quarter of strong growth with revenues increasing 76.5% YoY to RMB11.0bn. However, we have observed that the growth is decelerating.</li>
</ul>


Kuaishou’s 3Q2021 revenues grew 33.4% YoY to RMB20.5bn (vs consensus RMB20bn) while operating losses for the quarter widened to 36.1% of revenues vs 9.0% in 3Q2020.
Live streaming revenues for the quarter decreased 3.0% YoY to RMB7.7bn, however, it has increased 7.4% sequentially after seeing QoQ declines over the last 6 quarters.
Online marketing services reported another quarter of strong growth with revenues increasing 76.5% YoY to RMB11.0bn. However, we have observed that the growth is decelerating.


Kuaishou 3Q2021: ARPPU and User Growth Point to Recovery in Live Streaming Earnings

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (BILI US)

Kanzhun Lock-Up - Has Held up Remarkably Well with All Pre-IPO Shareholders Well in the Money

Kanzhun, an online recruitment platform in China, raised around US$1bn in its US IPO in Jun 2021. In this note, we will talk about the upcoming...

Sumeet Singh

Qingci Games (青瓷游戏) Pre-IPO - One-Hit Wonder

Qingci Games (QCG HK) is looking to raise US$150m in its upcoming Hong Kong IPO. The company is currently just riding on the success of one game,...

Sumeet Singh

Cloud Village IPO: Thoughts on First Day Trading

CV raised net proceeds of HK$3,124m (US$406.1m) at HK$205 per share, which is the midpoint of the IPO price range. CV's IPO is overvalued and we...

Shifara Samsudeen, ACMA, CGMA

Cloud Village (NetEase Music) IPO Trading - One of the Lowest Insti Subscriptions Yet

Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO. In this note, we will talk about the trading...

Sumeet Singh

Kuaishou 3Q2021: ARPPU and User Growth Point to Recovery in Live Streaming Earnings

After seeing continued decline in live streaming revenues, paying users and ARPPU have started recovering in 3Q2021. User acquisition and focus on...

Shifara Samsudeen, ACMA, CGMA

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