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.

Event-Driven

<ul>
<li>Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will expire soon.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will expire soon.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Giant Biogene IPO Lock-Up - US$1.7bn Lockup Release Will Increase Free Float by 14x

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>In March, the HK Secretary for Financial Services announced a waiver of stamp duty on dual counter trading market making. In November, the Govt of HK <a href="https://www.info.gov.hk/gia/general/202211/18/P2022111800254.htm" target="_blank" rel="noopener">gazetted</a> a bill.</li>
<li>HKEX launched plans in December. 9 large HK names announced in March they'd apply (Tencent, Kuaishou, Geely, BOC, Anta, AIA, China Resources Beer, Bidu, HKEX). Six more in April.</li>
<li>All the announcements are similar. But one on 21 April caught my eye because it is a big H/A with strong southbound support. That's <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>. </li>
</ul>


In March, the HK Secretary for Financial Services announced a waiver of stamp duty on dual counter trading market making. In November, the Govt of HK gazetted a bill.
HKEX launched plans in December. 9 large HK names announced in March they'd apply (Tencent, Kuaishou, Geely, BOC, Anta, AIA, China Resources Beer, Bidu, HKEX). Six more in April.
All the announcements are similar. But one on 21 April caught my eye because it is a big H/A with strong southbound support. That's China Mobile (941 HK). 


Another Reason To Like China Mobile (941 HK)

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>Expectation management of any stimulus package gives the potential to overdeliver</li>
<li>Recent economic data is surprising to the upside in China</li>
<li>Divergent investor viewpoints and Trump's win likely mean offshore markets will be more volatile than onshore</li>
</ul>


Expectation management of any stimulus package gives the potential to overdeliver
Recent economic data is surprising to the upside in China
Divergent investor viewpoints and Trump's win likely mean offshore markets will be more volatile than onshore


Much Ado About Nothing -Or Why the China Stimulus Package Doesn’t Matter as Much as Investors Think

Equity Capital Markets

Eternal Beauty Holdings Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings </a>(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Eternal Beauty Holdings (EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
In this note, we talk about the not-so-positive aspects of the deal.


Eternal Beauty Pre-IPO - The Negatives - Core Offering Hasn’t Been Growing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a>(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
In this note, we talk about the positive aspects of the deal.


Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Hong Kong

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

Price Gauge
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China Resources Beer Holdings (291 HK)

Giant Biogene IPO Lock-Up - US$1.7bn Lockup Release Will Increase Free Float by 14x

Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will...

Sumeet Singh

Another Reason To Like China Mobile (941 HK)

China Mobile remains cheap as it likely has more dividend payout ratio upside as per the plans when the A-shares were listed. Now we are on track...

Travis Lundy

Much Ado About Nothing -Or Why the China Stimulus Package Doesn’t Matter as Much as Investors Think

Expectation management has been key as China's economic data surprises on the upside, but divergent investor views and Trump's win may lead to...

Rikki Malik

Eternal Beauty Pre-IPO - The Negatives - Core Offering Hasn’t Been Growing

Eternal Beauty Holdings (EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the positives aspects of...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Giant Biogene IPO Lock-Up - US$1.7bn Lockup Release Will Increase Free Float by 14x

Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will...

Sumeet Singh

Another Reason To Like China Mobile (941 HK)

China Mobile remains cheap as it likely has more dividend payout ratio upside as per the plans when the A-shares were listed. Now we are on track...

Travis Lundy

Much Ado About Nothing -Or Why the China Stimulus Package Doesn’t Matter as Much as Investors Think

​Expectation management has been key as China's economic data surprises on the upside, but divergent investor views and Trump's win may lead to...

Rikki Malik

Eternal Beauty Pre-IPO - The Negatives - Core Offering Hasn’t Been Growing

Eternal Beauty Holdings (EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the positives aspects of...

Sumeet Singh

Expectation management has been key as China's economic data surprises on the upside, but divergent investor views and Trump's win may lead to...