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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cdp-holdings-c8e22dc9-b236-4022-88d6-b993574f0c53" target="_blank" data-smartkarma-citation="entities:36715:1" rel="noopener">CDP Holdings (1782198D CH)</a> is looking to raise up to US$400m in its upcoming Hong Kong IPO. </li>
<li>CDP Holding (CDP) is a human capital management (HCM) service provider.</li>
<li>As per CIC, CDP was the No. 1 HCM SaaS+ platform in China in terms of revenue generated from HCM SaaS+ services in 2021.</li>
</ul>



CDP Holdings (1782198D CH) is looking to raise up to US$400m in its upcoming Hong Kong IPO. 
CDP Holding (CDP) is a human capital management (HCM) service provider.
As per CIC, CDP was the No. 1 HCM SaaS+ platform in China in terms of revenue generated from HCM SaaS+ services in 2021.


CDP Holding Pre-IPO - Sales Have Grown but Continues to Rake in Losses

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.

Renrui Human Resources / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/renrui-human-resources-techn" target="_blank" data-smartkarma-citation="entities:28134:1" rel="noopener">Renrui Human Resources (6919 HK)</a> is the largest company operating in China’s flexible staffing services market by revenue in 2018, accounting for a 2.5% market share. Renrui has launched a Hong Kong IPO to raise net proceeds of HK$971 million ($124 million) at the mid-point of the IPO price range.<div class="content-highlight">On the surface, Renrui appears to be heading in the right direction as the 1H19 results demonstrated robust growth, margin progression and cash generation. However, a closer look reveals several areas of caution. On balance, we are inclined to err on the side of caution by sitting out this IPO. </div>

Renrui Human Resources (6919 HK) is the largest company operating in China’s flexible staffing services market by revenue in 2018, accounting for a 2.5% market share. Renrui has launched a Hong Kong IPO to raise net proceeds of HK$971 million ($124 million) at the mid-point of the IPO price range.On the surface, Renrui appears to be heading in the right direction as the 1H19 results demonstrated robust growth, margin progression and cash generation. However, a closer look reveals several areas of caution. On balance, we are inclined to err on the side of caution by sitting out this IPO. 

Renrui HR Technology IPO Initiation: Not the Perfect Candidate

Zhen Zhou, Toh

<a href="https://www.smartkarma.com/entities/cdp-holdings" target="_blank" data-smartkarma-citation="entities:28437:1" rel="noopener">CDP Holdings (CDP US)</a>, a human capital management (HCM) service provider, is looking to raise US$125m through a listing in the U.S.Overall net revenue grew fast, 52% and 28% YoY for FY2018 and 1H FY2019, respectively while gross margin has been stable. However, the company has yet to turn a profit and net loss and adjusted net loss margin have in fact widened as of 1H FY2019.CDP has been reliant on Best Inc’s flexible staffing needs to generate demand. Revenue from Best has accounted for 58% and 47%, total revenue for FY2017 and FY2018 respectively. Furthermore, CDP’s contract with Best is only for a term of one year.

CDP Holdings (CDP US), a human capital management (HCM) service provider, is looking to raise US$125m through a listing in the U.S.Overall net revenue grew fast, 52% and 28% YoY for FY2018 and 1H FY2019, respectively while gross margin has been stable. However, the company has yet to turn a profit and net loss and adjusted net loss margin have in fact widened as of 1H FY2019.CDP has been reliant on Best Inc’s flexible staffing needs to generate demand. Revenue from Best has accounted for 58% and 47%, total revenue for FY2017 and FY2018 respectively. Furthermore, CDP’s contract with Best is only for a term of one year.

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

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CDP Holdings (CDP US)

CDP Holding Pre-IPO - Sales Have Grown but Continues to Rake in Losses

CDP Holdings (1782198D CH) is looking to raise up to US$400m in its upcoming Hong Kong IPO. CDP Holding (CDP) is a human capital management (HCM)...

Clarence Chu

Renrui HR Technology IPO Initiation: Not the Perfect Candidate

Renrui Human Resources (6919 HK) is the largest company operating in China’s flexible staffing services market by revenue in 2018, accounting for a...

Arun George

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

CDP Holdings (CDP US), a human capital management (HCM) service provider, is looking to raise US$125m through a listing in the U.S.Overall net...

Zhen Zhou, Toh

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