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>Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.</li>
<li>According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare. </li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>


Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.
According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare. 
In this note, we will talk about the not-so-positive aspects of the deal.


Beneunder Pre-IPO - The Negatives - Doubts Remain, Including Related Party Dealings

<ul>
<li>Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.</li>
<li>According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.
According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare. 
In this note, we will talk about the positive aspects of the deal.


Beneunder Pre-IPO - The Positives - Basking in the Sun

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight weekly flows of Tencent, Geely, Meituan, Wuxi Biologics.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight weekly flows of Tencent, Geely, Meituan, Wuxi Biologics.


Hong Kong Connect Flows: Tencent, Geely, Meituan, Wuxi Biologics

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.</li>
<li>Overall, the net outflow over the past week was ~US$0.56bn, split (-US$0.44bn) for Shanghai and (-US$0.12bn) for Shenzhen.</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a> and <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index-etf" target="_blank" data-smartkarma-citation="entities:25:1" rel="noopener">Hang Seng H Share Index ETF (2828 HK)</a>. The largest outflow was in <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC (883 HK)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, the net outflow over the past week was ~US$0.56bn, split (-US$0.44bn) for Shanghai and (-US$0.12bn) for Shenzhen.
The largest inflows were into Geely Auto (175 HK) and Hang Seng H Share Index ETF (2828 HK). The largest outflow was in Meituan (3690 HK) and CNOOC (883 HK).


Shanghai/​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (15 July 2022)

Allied Blenders & Distillers / Equity Capital Markets

<ul>
<li>Allied Blenders and Distillers (ABD) is looking to raise about US$250m in its upcoming India IPO. The deal will be run by ISec, Axis, JM Fin, Kotak and Equirus.</li>
<li>ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY21.</li>
<li>It had a market share of 8.2% in the IMFL market by sales volumes in FY21. Its products are retailed at over 64,000 outlets in India.</li>
</ul>


Allied Blenders and Distillers (ABD) is looking to raise about US$250m in its upcoming India IPO. The deal will be run by ISec, Axis, JM Fin, Kotak and Equirus.
ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY21.
It had a market share of 8.2% in the IMFL market by sales volumes in FY21. Its products are retailed at over 64,000 outlets in India.


Allied Blenders and Distillers Pre-IPO Tear Sheet

Hong Kong

China Resources Beer (Holdings) Company Limited is an alcoholic beverage retailer.

Price Gauge
52-week Range	0.00 - 0.00
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China Resources Beer Holdings (291 HK)

Beneunder Pre-IPO - The Positives - Basking in the Sun

Beneunder Limited aims to raise around US$500m in its Hong Kong IPO. Sales have grown 6x over FY19-21. In this note, we talk about the positive...

Sumeet Singh

Hong Kong Connect Flows: Tencent, Geely, Meituan, Wuxi Biologics

We highlight southbound weekly Hong Kong inflows into Tencent, Geely, as well as outflows from Meituan, and Wuxi Biologics.

Ke Yan, CFA, FRM

Shanghai/Shenzhen Southbound Connect: Weekly Moves (15 July 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net outflow over the past week was ~US$0.56bn, split (-US$0.44bn)...

David Blennerhassett

Allied Blenders and Distillers Pre-IPO Tear Sheet

Allied Blenders and Distillers (ABD) is looking to raise about US$250m in its upcoming India IPO. The deal will be run by ISec, Axis, JM Fin, Kotak...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Beneunder Pre-IPO - The Negatives - Doubts Remain, Including Related Party Dealings

Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO. In this note, we will talk about the not-so-positive aspects of the deal.

Sumeet Singh

Beneunder Pre-IPO - The Positives - Basking in the Sun

Beneunder Limited aims to raise around US$500m in its Hong Kong IPO. Sales have grown 6x over FY19-21. In this note, we talk about the positive...

Sumeet Singh

Hong Kong Connect Flows: Tencent, Geely, Meituan, Wuxi Biologics

We highlight southbound weekly Hong Kong inflows into Tencent, Geely, as well as outflows from Meituan, and Wuxi Biologics.

Ke Yan, CFA, FRM

Shanghai/​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (15 July 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net outflow over the past week was ~US$0.56bn, split (-US$0.44bn)...

David Blennerhassett

Allied Blenders and Distillers Pre-IPO Tear Sheet

Allied Blenders and Distillers (ABD) is looking to raise about US$250m in its upcoming India IPO. The deal will be run by ISec, Axis, JM Fin, Kotak...

Sumeet Singh

Shanghai/Shenzhen Southbound Connect: Weekly Moves (15 July 2022)