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

Qingdao Ainnovation Technology Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qingdao-ainnovation-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:35405:1" rel="noopener">Qingdao Ainnovation Technology Group Co Ltd (1853807D CH)</a> is looking to raise up to US$157m in its Hong Kong IPO.</li>
<li>Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions. </li>
<li>While we don’t have a fundamental issue with the listing, at asking valuations, the firm appears to be fairly valued with limited upside on its FY23 numbers. </li>
</ul>



Qingdao Ainnovation Technology Group Co Ltd (1853807D CH) is looking to raise up to US$157m in its Hong Kong IPO.
Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions. 
While we don’t have a fundamental issue with the listing, at asking valuations, the firm appears to be fairly valued with limited upside on its FY23 numbers. 


Qingdao AInnovation Technology Group IPO - Fairly Valued with Mediocre Cornerstones

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qingdao-ainnovation-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:35405:1" rel="noopener">Qingdao Ainnovation Technology Group Co Ltd (1853807D CH)</a> is looking to raise up to US$200m in its Hong Kong IPO.</li>
<li>Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions. </li>
<li>While revenue has grown since inception, margin improvement can’t be attributed solely to better cost controls. It also has an unproven track record and operates in a highly fragmented market. </li>
</ul>



Qingdao Ainnovation Technology Group Co Ltd (1853807D CH) is looking to raise up to US$200m in its Hong Kong IPO.
Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions. 
While revenue has grown since inception, margin improvement can’t be attributed solely to better cost controls. It also has an unproven track record and operates in a highly fragmented market. 


Qingdao AInnovation Technology Group Pre-IPO - Has Grown Fast, but Holds an Unproven Track Record

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

LG Energy Solution / Equity Capital Markets

<ul>
<li>2021 marked our sixth year covering Equity Capital Markets (ECM) in Asia Pacific. </li>
<li>Most markets were in top gear on the ECM front and we ended the year covering the highest number of IPOs and the second highest number of placements since inception.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2021 marked our sixth year covering Equity Capital Markets (ECM) in Asia Pacific. 
Most markets were in top gear on the ECM front and we ended the year covering the highest number of IPOs and the second highest number of placements since inception.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2021 IPOs and Placements Performance Review - Busiest Year on Record

Chervon Holdings / Equity Capital Markets

<ul>
<li>Chervon Holdings Limited (CHL) raised around US$400m in its Hong Kong IPO.</li>
<li>CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). </li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>


Chervon Holdings Limited (CHL) raised around US$400m in its Hong Kong IPO.
CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). 
In this note, we will talk about the trading dynamics.


Chervon Holdings IPO Trading - Lukewarm Demand

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

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>
<a href="https://www.smartkarma.com/entities/chevron-holdings-ltd" target="_blank" data-smartkarma-citation="entities:35308:1" rel="noopener">Chevron Holdings (CHV HK)</a> is moving up the ranks in electric outdoor power equipment. It is currently ranked 2nd in terms of revenue compared to 7th in 2018.</li>
<li>We expect an industry wide drop-off in revenue in 2022 after a boost in demand during 2020 and 2021 driven by COVID-19.</li>
<li>Valuation is at a 41% discount to the closest peer. Thus we lean towards subscribing to the Chevron IPO.</li>
</ul>



Chevron Holdings (CHV HK) is moving up the ranks in electric outdoor power equipment. It is currently ranked 2nd in terms of revenue compared to 7th in 2018.
We expect an industry wide drop-off in revenue in 2022 after a boost in demand during 2020 and 2021 driven by COVID-19.
Valuation is at a 41% discount to the closest peer. Thus we lean towards subscribing to the Chevron IPO.


Hong Kong

Chervon Holdings Limited operates as an investment holding company. The Company and its subsidiaries, engage in researching, developing, manufacturing, and testing power tools and OPE products. Chervon Holdings conducts businesses in Hong Kong and Nanjing.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Chervon Holdings (2285 HK)

Qingdao AInnovation Technology Group IPO - Fairly Valued with Mediocre Cornerstones

Qingdao Ainnovation Technology Group Co Ltd (1853807D CH) is looking to raise up to US$157m in its Hong Kong IPO. It is an AI solutions provider...

Clarence Chu

Qingdao AInnovation Technology Group Pre-IPO - Has Grown Fast, but Holds an Unproven Track Record

Qingdao Ainnovation Technology Group Co Ltd (1853807D CH) is looking to raise up to US$200m in its Hong Kong IPO. It is an AI solutions provider...

Clarence Chu

Aequitas 2021 IPOs and Placements Performance Review - Busiest Year on Record

2021 marked our sixth year of Asia ECM coverage. Most markets were in top gear on the ECM front and we ended the year covering the highest number...

Sumeet Singh

Chervon Holdings IPO Trading - Lukewarm Demand

Chervon Holdings Limited (CHL) raised around US$400m in its Hong Kong IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Chervon Holdings IPO - Valuation

Even though smaller in size, we don’t think Chevron deserves to trade at a discount to its closest peer Techtronic, especially not as much as 41%,...

Oshadhi Kumarasiri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)