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

JD.com Inc (ADR) / 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.



Markets were a little shaky this week after the big one-day drop in the U.S. on Thursday. A handful of placements broke their respective deal prices but overall, IPO pipeline and bookbuilds are still moving along well as far as we hearing.
Burning Rock Biotech (BNR US) launched its bookbuild on earlier this week and will list this coming Monday. Ke Yan, CFA, FRM covered it in:


Burning Rock (燃石医学) IPO Trading: Hot Deal, Small Float 

Burning Rock (传奇生物) IPO: Sentiment Matters 

In Hong Kong, NetEase (9999 HK)'s secondary listing held up well above its pricing of HK$123 per share on the back of strong ADR trading of late which should bode well for JD.com Inc (ADR) (JD US)'s listing next week.


JD Secondary Listing - Behaving Better than NetEase, so Far 

NetEase Secondary Trading Update - Index Flows to Provide near Term Support 

We are also preparing for a handful of upcoming Hong Kong IPOs, starting with Hygeia Healthcare Group (1702613D CH) and Kangji Medical (1498779D CH) which was said to be premarketing its IPO. We also shared more on-the-ground research and early thoughts on recently filed, Nongfu Spring (NON HK), POP MART (POP HK), and China Bohai Bank (BOHAIBZ HK) . 

Hygeia Healthcare (海吉亚) Pre-IPO: PHIP Updates and Thoughts on Valuation

Kangji Medical (康基医疗) Pre-IPO: COVID-19 Impacts and Thoughts on Valuation 

Nongfu Spring (农夫山泉) IPO: Bottle Size Matters, Photos on the Ground 

Pop Mart Pre-IPO - The Positives - Expanding Portfolio+Wider Distribution= Explosive Earnings Growth 
China Bohai Bank (渤海银行) Pre-IPO - Youngest Nationwide Joint-Stock Commercial Bank

Hong Kong IPO pipeline still looks promising. Simcere Pharma filed its draft prospectus with the Hong Kong Exchange this week while WeDoctor and Jiangxiaobai (a competitor to Moutai but targeting the younger crowd) are preparing for their respective IPO on the Hong Kong Exchange. Zhenro Services (ZS HK) and Smoore International (0959165D CH) were also reported to have sought for approval. We covered this IPOs in:

Smoore Tech (麦克韦尔) IPO: Hidden E-Cigarette Player Behind the FEELM Technology

Smoore Tech (麦克韦尔) Pre-IPO: 6Y and 1H2019 Financials Show Technology Driven Growth   

Smoore Intl (思摩尔国际) Pre-IPO: Tripling Capacity in Three Years 

Smoore Intl (思摩尔国际) Pre-IPO: Thoughts on E-Cig Regulation 

Zhenro Services (正荣服务) Pre-IPO - Diversifying Away from Zhenro Property Group 

Zhenro Services (正荣服务) Pre-IPO - Peer Comparison and Thoughts on Valuation 

Other research on upcoming IPOs, placements and lock-up expiry:


Venus Medtech Lock-Up Expiry: Could Face Selling Pressure 

XD Inc. (心动有限公司) Trade Idea - Lock-Up Expiry - Existing Shareholders May Look to Sell 

Topsports Placement - Parent Selling but Discount Is Enticing at the Low-End 

NIO (蔚来) Placement - Out of the Woods, for Now 

China Yongda Auto Placement - An Opportunistic Raise on the Back of Good Track Record 

Infratil Placement - Better Balance Sheet Flexibility with Focus on Existing Assets 





 Accuracy Rate:



Our overall accuracy rate is 73.3% for IPOs and 65.5% for Placements 


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






New IPO filings this week  





Simscere (Hong Kong, ~US$1bn)
Happiest Minds (India, US$100m)



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  





Simcere Pharmaceutical eyes return to public market with Hong Kong IPO
Jiangxiaobai eyes $1bn from Hong Kong IPO
Tencent-Backed WeDoctor Readies Hong Kong IPO
Jinke Picks Banks for Unit’s $500 Million Hong Kong IPO
Happiest Minds plans Rs 700 crore IPO






Name
Insight


Hong Kong


Archosaur

Archosaur (祖龙娱乐) Pre-IPO - Short Life Cycle, Volatile Revenue, but It May Look Different Soon 


Ant Financial
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


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 



GTMH

GreenTown Mgt (绿城管理) Pre-IPO - Sacrificed Margins in Pursuit of Growth, Muddled by JVs 



Helenbergh

Helenbergh (海伦堡) Early Thoughts - The Usual Red Flag - Related Party Transactions



Hepalink

Shenzhen Hepalink (海瑞普) A+H: A Heparin-API King but Nothing Too Exciting 



Hepalink

Shenzhen Hepalink (海瑞普) A+H: FY2019 Results Snippet and Valuation Update 



Kangji

Kangji Medical (康基医疗) Pre-IPO: Track Record of Growth but Products Too Concentrated 



Kangji

Kangji Medical (康基医疗) Pre-IPO: Superior Financial Metrics, Warrants a Premium 



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 



Megvii

Megvii (旷视) Pre-IPO - Remarkable Growth (Part 1) 


Megvii

Megvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential 


Megvii

Megvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent 


Megvii

Megvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis 


Megvii

Megvii (旷视) Pre-IPO -  Initial Thoughts on Valuation 


Nongfu

Nongfu Spring Pre-IPO - The Positives - Leaves One Thirsty for More 


Nongfu

Nongfu Spring Pre-IPO - The Negatives - Doesn't Need to List or Expand Production Facilities 


Nongfu

Nongfu Spring Pre-IPO - Peer Comparison - Superior Margins and Growth 


Nongfu

Nongfu Spring (农夫山泉) IPO: Beverage for the Young, In-Store Photos 


Smoore

Smoore Tech (麦克韦尔) IPO: Hidden E-Cigarette Player Behind the FEELM Technology 



Smoore

Smoore Tech (麦克韦尔) Pre-IPO: 6Y and 1H2019 Financials Show Technology Driven Growth 



Smoore

Smoore Intl (思摩尔国际) Pre-IPO: Tripling Capacity in Three Years 



Smoore

Smoore Intl (思摩尔国际) Pre-IPO: Thoughts on E-Cig Regulation 



Tasly

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


Zhenro Svc

Zhenro Services (正荣服务) Pre-IPO - Diversifying Away from Zhenro Property Group 


Zhenro Svc

Zhenro Services (正荣服务) Pre-IPO - Peer Comparison and Thoughts on Valuation 


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 


Aakash Edu
Aakash Education Pre-IPO - Fast Growth in an Attractive Sector


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


Bharat Hotel

Bharat Hotels Pre-IPO - Catching up with Peers 



Burger King

Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster 



Burger King

Burger King India Pre-IPO - Peer Comparison Yields Interesting Nuggets on Profitability and Capex 



Bajaj En

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



CAMS

CAMS Pre-IPO - Quasi Monopoly Status Muddled by Inconsistent Performance 


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 


Equitas SFB

Equitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing 


Equitas SFB

Equitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing 


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 


IRFC

Indian Railway Finance Pre-IPO - Low Risk, Low Margin Business 


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


Mazagon
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Mindspace

Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal 


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta



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


Mr DIY

Mr D.I.Y. Pre-IPO - Largest Home Improvement Retailer in Malaysia 


Mr DIY

Mr D.I.Y. Pre-IPO - Store Walk-Through and Thoughts on Value Proposition 


Mr DIY

Mr D.I.Y. Pre-IPO - Peer Comparison - Small Stores with Dominant Market Share  


Mr DIY

Mr D.I.Y. Pre-IPO - Assumptions and Thoughts on Valuation 


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


Thailand


PTTOR

PTT Oil and Retail IPO - F&amp;B Business Is the Profit Driver 


SCGP

SCGP Pre-IPO - Shift to Packaging Has Been Aiding Margins but Acquisition Drove up Leverage 


The U.S


Agora

Agora Pre-IPO - Voicing Out Concerns on Data Disclosure 


CDP

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


CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent





ECM Weekly (14 June 2020) - JD, Burning Rock, Kangji Med, Hygeia Healthcare, Pop Mart, Bohai Bank

China Bohai Bank   / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/china-bohai-bank" target="_blank" data-smartkarma-citation="entities:29034:1" rel="noopener">China Bohai Bank (BOHAIBZ HK)</a> is looking to raise about US$2bn in its upcoming Hong Kong IPO. The bank is said to be seeking approval this week.China Bohai Bank (CBB) is a Nationwide Joint-stock Commercial Bank headquartered in Tianjin, China. It is the youngest bank out of the 12 Nationwide Joint-stock Commercial Banks in China.In this note, we will look at the brief history of the bank, the fundamentals, and a brief comparison to relevant peers.

China Bohai Bank (BOHAIBZ HK) is looking to raise about US$2bn in its upcoming Hong Kong IPO. The bank is said to be seeking approval this week.China Bohai Bank (CBB) is a Nationwide Joint-stock Commercial Bank headquartered in Tianjin, China. It is the youngest bank out of the 12 Nationwide Joint-stock Commercial Banks in China.In this note, we will look at the brief history of the bank, the fundamentals, and a brief comparison to relevant peers.

China Bohai Bank (渤海银行) Pre-IPO - Youngest Nationwide Joint-Stock Commercial Bank

China

China Bohai Bank Co., Ltd. provides banking services. The Company offers deposits, loans, bonds, bill discounting, credit guarantee, insurance agency, and other banking services. China Bohai Bank also conducts investment and wealth management businesses.

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China Bohai Bank (9668 HK)

ECM Weekly (14 June 2020) - JD, Burning Rock, Kangji Med, Hygeia Healthcare, Pop Mart, Bohai Bank

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

Zhen Zhou, Toh

China Bohai Bank (渤海银行) Pre-IPO - Youngest Nationwide Joint-Stock Commercial Bank

China Bohai Bank (BOHAIBZ HK) is looking to raise about US$2bn in its upcoming Hong Kong IPO. The bank is said to be seeking approval this...

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)