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

<div>
<p><a href="https://www.smartkarma.com/entities/tuya-inc" target="_blank" data-smartkarma-citation="entities:32158:1" rel="noopener">Tuya Inc (TUYA US)</a> raised about US$915m in its US IPO, priced at US$21 per ADS, above the top end of its initial price range.</p>
</div>
<div>
<p>Tuya is a Platform as a Service (PaaS) and Software as a Service (SaaS) provider to businesses and developers with a focus on IoT. The company’s IoT PaaS enables businesses and developers to easily develop, launch, manage, and monetize software-enabled devices and services while its Industry SaaS helps businesses deploy, connect, and manage a large number and different types of smart devices. </p>
</div>
<div>
<p>In this note, we will look at updated valuation and share our final thoughts on the IPO.</p>
</div>
<div>
<p>We have previously covered the company in:</p>
</div>
<div>
<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/tuya-pre-ipo-ride-the-iot-wave-via-tuya-s-platform" target="_blank" data-smartkarma-citation="insights:48740" rel="noopener">Tuya (涂鸦智能) Pre-IPO - Ride the IoT Wave Via Tuya’s Platform</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/tuya-pre-ipo-tuya-s-platform-usage-review" target="_blank" data-smartkarma-citation="insights:48822" rel="noopener">Tuya (涂鸦智能) Pre-IPO - Tuya's Platform Usage Review</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/tuya-pre-ipo-peer-comparison-forecast-and-valuation" target="_blank" data-smartkarma-citation="insights:48924" rel="noopener">Tuya (涂鸦智能) Pre-IPO - Peer Comparison, Forecast, and Valuation</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/tuya-ipo-pushing-for-a-pricey-connection" target="_blank" data-smartkarma-citation="insights:49185" rel="noopener">Tuya (涂鸦智能) IPO -  Pushing for a Pricey Connection</a> </li>
</ul>
</div>


Tuya Inc (TUYA US) raised about US$915m in its US IPO, priced at US$21 per ADS, above the top end of its initial price range.


Tuya is a Platform as a Service (PaaS) and Software as a Service (SaaS) provider to businesses and developers with a focus on IoT. The company’s IoT PaaS enables businesses and developers to easily develop, launch, manage, and monetize software-enabled devices and services while its Industry SaaS helps businesses deploy, connect, and manage a large number and different types of smart devices. 


In this note, we will look at updated valuation and share our final thoughts on the IPO.


We have previously covered the company in:




Tuya (涂鸦智能) Pre-IPO - Ride the IoT Wave Via Tuya’s Platform 

Tuya (涂鸦智能) Pre-IPO - Tuya's Platform Usage Review 

Tuya (涂鸦智能) Pre-IPO - Peer Comparison, Forecast, and Valuation 

Tuya (涂鸦智能) IPO -  Pushing for a Pricey Connection 



Tuya (涂鸦智能) IPO Trading - Strong Momentum but Watch Out for the Post Debut Fizzle

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Bottom-Up

<p>Coupang had another losing day. It ended the day with an 8.15% loss.</p><p>It is now at -31.83% from the IPO opening, -37.26% from the high, but still +23.69% from the IPO price ($35.00).</p><table class="table table-striped">
<colgroup>
<col width="70">
<col width="60">
<col width="60">
<col width="60">
<col width="60">
<col width="60">
<col width="60">
<col width="60">
<col width="60">
<col width="85">
<col width="60">
<col width="60">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Date"}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>Date</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Close"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Close</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Open"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Open</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"High"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>High</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Low"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Low</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Upper W"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>U Wick</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Body"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Body</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Lower W"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>L Wick</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"TV/SO"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>TV/SO</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Volume"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Volume</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"x Open"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>x Open</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Daily Δ"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Daily Δ</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44272}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>3/17/21</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43.29}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>43.29</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":46}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>46.00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":46.87}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>46.87</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43.19}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>43.19</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.2364130434782602}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=if((R[0]C[-4]-R[0]C[-3])&gt;0, (R[0]C[-4]-R[0]C[-2])/(R[0]C[-2]-R[0]C[-1]), (R[0]C[-3]-R[0]C[-2])/(R[0]C[-2]-R[0]C[-1]))">-23.64%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.7364130434782612}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-5]-R[0]C[-4])/(R[0]C[-3]-R[0]C[-2])">-73.64%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.02717391304347865}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=if((R[0]C[-6]-R[0]C[-5])&gt;0, (R[0]C[-5]-R[0]C[-3])/(R[0]C[-4]-R[0]C[-3]), (R[0]C[-6]-R[0]C[-3])/(R[0]C[-4]-R[0]C[-3]))">2.72%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.008796832905141373}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[1]/Misc!R15C2">0.88%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":15087807}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>15,087,807</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.07999999999999999}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-7]-R[0]C[-6])/R[0]C[-8]">8.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.08147676639083393}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-10]-R[1]C[-10])/R[1]C[-10]">-8.15%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44271}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>3/16/21</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":47.13}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>47.13</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":50.59}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>50.59</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":50.77}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>50.77</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":46.7}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>46.70</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.044226044226044155}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=if((R[0]C[-4]-R[0]C[-3])&gt;0, (R[0]C[-4]-R[0]C[-2])/(R[0]C[-2]-R[0]C[-1]), (R[0]C[-3]-R[0]C[-2])/(R[0]C[-2]-R[0]C[-1]))">-4.42%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.8501228501228503}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-5]-R[0]C[-4])/(R[0]C[-3]-R[0]C[-2])">-85.01%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.10565110565110557}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=if((R[0]C[-6]-R[0]C[-5])&gt;0, (R[0]C[-5]-R[0]C[-3])/(R[0]C[-4]-R[0]C[-3]), (R[0]C[-6]-R[0]C[-3])/(R[0]C[-4]-R[0]C[-3]))">10.57%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.008484659699923167}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[1]/Misc!R15C2">0.85%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":14552386}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>14,552,386</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.08045068195295513}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-7]-R[0]C[-6])/R[0]C[-8]">8.05%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.06580773042616452}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-10]-R[1]C[-10])/R[1]C[-10]">-6.58%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44270}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>3/15/21</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":50.45}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>50.45</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":50.13}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>50.13</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":51.85}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>51.85</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":49.02}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>49.02</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.3703703703703702}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>-37.04%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.012345679012347574}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>-1.23%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6172839506172823}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>61.73%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.01017824660840366}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[1]/Misc!R15C2">1.02%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":17457126}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>17,457,126</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.05645322162377814}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-7]-R[0]C[-6])/R[0]C[-8]">5.65%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.040850010315659255}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-10]-R[1]C[-10])/R[1]C[-10]">4.09%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44267}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>3/12/21</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":48.47}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>48.47</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":52.54}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>52.54</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":52.76}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>52.76</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":46.25}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>46.25</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.049999999999999115}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>-5.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6374999999999997}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>63.75%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3125000000000011}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>31.25%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.017795032368995652}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[1]/Misc!R15C2">1.78%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":30520986}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>30,520,986</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.12390559573658162}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-7]-R[0]C[-6])/R[0]C[-8]">12.39%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.015837563451776674}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-10]-R[1]C[-10])/R[1]C[-10]">-1.58%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44266}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>3/11/21</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":49.25}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>49.25</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":63.5}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>63.50</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":69}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>69.00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":49.25}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>49.25</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.27848101265822783}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=if((R[0]C[-4]-R[0]C[-3])&gt;0, (R[0]C[-4]-R[0]C[-2])/(R[0]C[-2]-R[0]C[-1]), (R[0]C[-3]-R[0]C[-2])/(R[0]C[-2]-R[0]C[-1]))">-27.85%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.7215189873417721}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-5]-R[0]C[-4])/(R[0]C[-3]-R[0]C[-2])">-72.15%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=if((R[0]C[-6]-R[0]C[-5])&gt;0, (R[0]C[-5]-R[0]C[-3])/(R[0]C[-4]-R[0]C[-3]), (R[0]C[-6]-R[0]C[-3])/(R[0]C[-4]-R[0]C[-3]))">0.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.05339743545264174}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[1]/Misc!R15C2">5.34%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":91584120}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>91,584,120</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3110236220472441}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-7]-R[0]C[-6])/R[0]C[-8]">31.10%</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'></td>
</tr>
<tr><td colspan="12">Source: NYSE</td></tr>
</tbody>
</table><p>Of course, the treasuries bashed most growth stocks. But many of them had a nice recovery in the afternoon, thanks to the Fed.</p><p>Unfortunately, Coupang was one of a few exceptions.</p><p>The biggest worrying factor today must have been the first batch of insider lockup expiration tomorrow.</p><p>34M shares will hit the market on March 18. They represent about 2% of the SO and nearly twice the DTV in the last three sessions.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 277.273px;" data-sheets-value='{"1":2,"2":"Shareholding"}'>Shareholding</td>
<td style="text-align: right; width: 191.818px;" data-sheets-value='{"1":2,"2":"Qty."}'>Qty.</td>
<td style="text-align: right; width: 212.727px;" data-sheets-value='{"1":2,"2":"%"}'>% of SO</td>
</tr>
<tr>
<td style="width: 277.273px;" data-sheets-value='{"1":2,"2":"Employee stock option"}'>Employee stock option</td>
<td style="text-align: right; width: 191.818px;" data-sheets-value='{"1":3,"3":65700000}' data-sheets-numberformat='[null,2,"#,##0",1]'>65,700,000</td>
<td style="text-align: right; width: 212.727px;" data-sheets-value='{"1":3,"3":0.038305893087563235}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R4C2">3.83%</td>
</tr>
<tr>
<td style="width: 277.273px;" data-sheets-value='{"1":2,"2":" - Early lockup release on March 18"}'>- Early lockup release on March 18</td>
<td style="text-align: right; width: 191.818px;" data-sheets-value='{"1":3,"3":34000000}' data-sheets-numberformat='[null,2,"#,##0",1]'>34,000,000</td>
<td style="text-align: right; width: 212.727px;" data-sheets-value='{"1":3,"3":0.019823445433442163}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R4C2">1.98%</td>
</tr>
<tr>
<td style="width: 277.273px;" data-sheets-value='{"1":2,"2":"SO"}'>SO</td>
<td style="text-align: right; width: 191.818px;" data-sheets-value='{"1":3,"3":1715140797}' data-sheets-numberformat='[null,2,"#,##0",1]'>1,715,140,797</td>
<td style="text-align: right; width: 212.727px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr><td colspan="3" rowspan="1" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"Source: NYSE"}'>Source: NYSE</td></tr>
</tbody>
</table><p>The condition for the early lockup release is simple:</p><p>If the share price stayed at or above the IPO price in the three consecutive trading sessions after the IPO, the early release kicks in.</p><p>The stock option's average strike price is <strong>$1.95 per share</strong>, low enough to have a serious concern for tomorrow.</p><hr><p>Not only that,</p><p>Kim Bom Suk, the CEO, already cashed in on his shares. He liquidated 1.2M shares for $42M through a secondary offering on the IPO day at $35.00 a share.</p><p>As a result, his class B shareholding fell from 76.7% to 76.2%.</p><p>Now, <strong>another early lockup release (by the major shareholder) will kick in 12 days after the IPO</strong> if the price stays <strong>33%</strong> above the IPO price.</p><p>The triggering price is $46.55, +7.53% from the current price.</p>

Coupang had another losing day. It ended the day with an 8.15% loss.It is now at -31.83% from the IPO opening, -37.26% from the high, but still +23.69% from the IPO price ($35.00).
















Date
Close
Open
High
Low
U Wick
Body
L Wick
TV/SO
Volume
x Open
Daily Δ


3/17/21
43.29
46.00
46.87
43.19
-23.64%
-73.64%
2.72%
0.88%
15,087,807
8.00%
-8.15%


3/16/21
47.13
50.59
50.77
46.70
-4.42%
-85.01%
10.57%
0.85%
14,552,386
8.05%
-6.58%


3/15/21
50.45
50.13
51.85
49.02
-37.04%
-1.23%
61.73%
1.02%
17,457,126
5.65%
4.09%


3/12/21
48.47
52.54
52.76
46.25
-5.00%
63.75%
31.25%
1.78%
30,520,986
12.39%
-1.58%


3/11/21
49.25
63.50
69.00
49.25
-27.85%
-72.15%
0.00%
5.34%
91,584,120
31.10%


Source: NYSE

Of course, the treasuries bashed most growth stocks. But many of them had a nice recovery in the afternoon, thanks to the Fed.Unfortunately, Coupang was one of a few exceptions.The biggest worrying factor today must have been the first batch of insider lockup expiration tomorrow.34M shares will hit the market on March 18. They represent about 2% of the SO and nearly twice the DTV in the last three sessions.







Shareholding
Qty.
% of SO


Employee stock option
65,700,000
3.83%


- Early lockup release on March 18
34,000,000
1.98%


SO
1,715,140,797
-

Source: NYSE

The condition for the early lockup release is simple:If the share price stayed at or above the IPO price in the three consecutive trading sessions after the IPO, the early release kicks in.The stock option's average strike price is $1.95 per share, low enough to have a serious concern for tomorrow.Not only that,Kim Bom Suk, the CEO, already cashed in on his shares. He liquidated 1.2M shares for $42M through a secondary offering on the IPO day at $35.00 a share.As a result, his class B shareholding fell from 76.7% to 76.2%.Now, another early lockup release (by the major shareholder) will kick in 12 days after the IPO if the price stays 33% above the IPO price.The triggering price is $46.55, +7.53% from the current price.

Coupang: Early Lockup Releases & Local Regulatory Risks

Telco/Internet specialist

Kirk Boodry

Redex Research

<p>Coupang’s monster IPO is very likely to be the highlight of Vision Fund 1 and provides a solid counterpoint to the WeWork debacle early in the IPO cycle but there remains a significant number of portfolio companies still to come. At Q3 results, Softbank talked about an ongoing parade of companies coming to market with 10-15 annual events but there is a push to get companies to list whilst markets are still receptive and FY21 could see up to 20 companies hit public markets.</p><p>That is positive for Softbank shares which tend to rise in anticipation of surfaced value, again assuming the IPO market remains open. It also serves to highlight the main risk for Softbank shares as a sustained tech sell-off would lower the value of the Vision Fund portfolio, increase concerns about Northstar and lower expectations for the current crop of IPO hopefuls.</p><h2><strong>Highlights</strong></h2><p><strong>Softbank Vision Fund could see up to 20 companies hitting public markets 2021 should favorable conditions continue. </strong>Vision Fund says it is encouraging companies to go public whilst conditions are still receptive and Q4 (Mar) can already boast of two listings, a SPAC merger and two more listings in process. Leading candidates to go public include Didi Chuxing and Grab</p><p><strong>Coupang upside alone doubles total returns and will boost Vision Fund to its best quarter ever.  </strong>As of mid-March, Vision Fund’s public portfolio is up $27bn versus $13bn in Q2, $8bn in Q2 and $2bn in Q1. On the aggregate, it more than doubles the Vision Fund total return </p><p><strong>There may upside in the private portfolio too as Cruise raised funds in January at a 58% premium</strong>. It is usually a mug’s game trying to figure out where private valuations will end up but the Cruise stake is large enough to outweigh a lot of smaller changes for other portfolio companies. Cruise raised $2bn in January at a $30bn valuation, a 58% premium to where Softbank invested and a possible $1.3bn unrealized gain ($2.25bn &gt; $3.55bn)</p><p><strong>Portfolio company View went public through a SPAC merger but at an apparent loss for Vision Fund</strong>.  Smart glass maker View’s SPAC merger closed 9 March, the day before the Coupang IPO but it appears Softbank’s original $1.1bn investment is worth barely half that. That is a fraction of the Coupang upside but is a reminder that valuations can go both ways. Other problem investments include Greensill, Katerra, Oyo and OakNorth</p>

Coupang’s monster IPO is very likely to be the highlight of Vision Fund 1 and provides a solid counterpoint to the WeWork debacle early in the IPO cycle but there remains a significant number of portfolio companies still to come. At Q3 results, Softbank talked about an ongoing parade of companies coming to market with 10-15 annual events but there is a push to get companies to list whilst markets are still receptive and FY21 could see up to 20 companies hit public markets.That is positive for Softbank shares which tend to rise in anticipation of surfaced value, again assuming the IPO market remains open. It also serves to highlight the main risk for Softbank shares as a sustained tech sell-off would lower the value of the Vision Fund portfolio, increase concerns about Northstar and lower expectations for the current crop of IPO hopefuls.HighlightsSoftbank Vision Fund could see up to 20 companies hitting public markets 2021 should favorable conditions continue. Vision Fund says it is encouraging companies to go public whilst conditions are still receptive and Q4 (Mar) can already boast of two listings, a SPAC merger and two more listings in process. Leading candidates to go public include Didi Chuxing and GrabCoupang upside alone doubles total returns and will boost Vision Fund to its best quarter ever.  As of mid-March, Vision Fund’s public portfolio is up $27bn versus $13bn in Q2, $8bn in Q2 and $2bn in Q1. On the aggregate, it more than doubles the Vision Fund total return There may upside in the private portfolio too as Cruise raised funds in January at a 58% premium. It is usually a mug’s game trying to figure out where private valuations will end up but the Cruise stake is large enough to outweigh a lot of smaller changes for other portfolio companies. Cruise raised $2bn in January at a $30bn valuation, a 58% premium to where Softbank invested and a possible $1.3bn unrealized gain ($2.25bn &gt; $3.55bn)Portfolio company View went public through a SPAC merger but at an apparent loss for Vision Fund.  Smart glass maker View’s SPAC merger closed 9 March, the day before the Coupang IPO but it appears Softbank’s original $1.1bn investment is worth barely half that. That is a fraction of the Coupang upside but is a reminder that valuations can go both ways. Other problem investments include Greensill, Katerra, Oyo and OakNorth

Softbank Group - Vision Fund’s Race to Liquidity

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<p>In this insight, we discuss the impact of the Shinsegae Group companies (E Mart and Shinsegae International) conducting stock swaps with Naver. We also discuss the impact of SK Telecom entering the acquisition race to buy Ebay Korea. </p><ul>
<li>It was announced after the market close today that the <a href="https://finance.naver.com/item/news_read.nhn?article_id=0004602260&amp;office_id=014&amp;code=139480&amp;sm=title_entity_id.basic" target="_blank" rel="noopener">Shinsegae Group</a> (including <a href="https://www.smartkarma.com/entities/e-mart-inc" target="_blank" data-smartkarma-citation="entities:6993:1" rel="noopener">E Mart Inc (139480 KS)</a> and <a href="https://www.smartkarma.com/entities/shinsegae-international-co" target="_blank" data-smartkarma-citation="entities:4454:1" rel="noopener">Shinsegae International Co (031430 KS)</a>) has agreed to a stock swap worth 250 billion won ($221 million) with <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a>.  The main reason for this stock swap is to strengthen the partnerships among these companies to compete more effectively in the Korean e-commerce sector against major players such as <a href="https://www.smartkarma.com/entities/coupang" target="_blank" data-smartkarma-citation="entities:28425:1" rel="noopener">Coupang (CPNG US)</a>. </li>
<li>On 16 March, <a href="https://www.smartkarma.com/entities/sk-telecom-co-ltd-bbccd86c-474d-4a4d-946d-10e911a225a2" target="_blank" data-smartkarma-citation="entities:395:1" rel="noopener">SK Telecom (017670 KS)</a> announced its intentions to enter the race to buy Ebay Korea. While SK Telecom declaring that it is very interested in acquiring Ebay Korea, <a href="https://www.news1.kr/articles/?4243209" target="_blank" rel="noopener">Kakao Corp</a> dropped out of this acquisition race on the same day. The local media have mentioned that with Kakao dropping out, the four major contenders to acquire <a href="https://www.news1.kr/articles/?4243209" target="_blank" rel="noopener">Ebay Korea</a> include SK Telecom, Lotte Group, Shinsegae Group, and MBK Partners.</li>
</ul>

In this insight, we discuss the impact of the Shinsegae Group companies (E Mart and Shinsegae International) conducting stock swaps with Naver. We also discuss the impact of SK Telecom entering the acquisition race to buy Ebay Korea. 
It was announced after the market close today that the Shinsegae Group (including E Mart Inc (139480 KS) and Shinsegae International Co (031430 KS)) has agreed to a stock swap worth 250 billion won ($221 million) with Naver Corp (035420 KS).  The main reason for this stock swap is to strengthen the partnerships among these companies to compete more effectively in the Korean e-commerce sector against major players such as Coupang (CPNG US). 
On 16 March, SK Telecom (017670 KS) announced its intentions to enter the race to buy Ebay Korea. While SK Telecom declaring that it is very interested in acquiring Ebay Korea, Kakao Corp dropped out of this acquisition race on the same day. The local media have mentioned that with Kakao dropping out, the four major contenders to acquire Ebay Korea include SK Telecom, Lotte Group, Shinsegae Group, and MBK Partners.


Shinsegae Group's Stock Swap With Naver & Entrance of SKT to Buy Ebay Korea

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
Hong Kong IPOs broke its hot streak after Sciclone Pharmaceuticals (6600 HK) and Cheerwin (6601 HK) recent poor debut. But the pipeline continues to build up and quite a number of them were secondary listings. There were news reports of Xpeng (XPEV US), NIO Inc (NIO US), Li Auto Inc. (LI US), Hutchison China MediTech Ltd (HCM US) preparing for their Hong Kong secondary listing. Meanwhile Bilibili Inc (BILI US)'s HK listing was approved, Baidu (BIDU US) launched this week and Autohome Inc (Adr) (ATHM US) will trade on Monday.


Baidu Secondary Listing - Smaller than Expected, Doing the Bare Minimum 

Bilibili Secondary Listing Early Look - 4Q20 Results Quick Note 

Autohome Secondary Listing - Going Down a Different Route 

Autohome Secondary Trading - Strong Retail, Weak Insti Coverage 

Cheerwin (朝云集团) IPO - Good Bookbuild Demand but Still Below Average 

We also covered other upcoming Hong Kong IPOs like Chaoju Eye Care Holdings (CEC HK), Shanghai HeartCare Medical Technology (HMT HK)  and Linklogis (LINK HK) in:


Chaoju Eye Care (朝聚眼科) Pre-IPO: How Does It Fare Against Industry Leader 

Linklogis Pre-IPO - The Positives - Fast Growing Blockchain Driven Supply Chain Financier 

Linklogis Pre-IPO - The Negatives - Inconsistent Growth and Margins, Well Funded Competitors 

Shanghai HeartCare (上海心玮医疗) Pre-IPO: A Decent Story to Sell 

Meanwhile, Coupang (CPNG US) had a spectacular debut even after pricing above its revised priced range. At this price level, valuation is expensive compared to peers and with tiered lock-up expiry, it's probably wise to lighten up from a short-term trading perspective.


Coupang IPO Trading - Most Hit near Term Peak on the First Day - Key Trading/Lock-Up Dates 

Coupang IPO - Quick Note - Peers Move Down, Range Moves Up. Ripe for Trading. 

For upcoming IPOs, Ximalaya FM and Waterdrop has filed confidentially for up to US$1bn and US$500m IPO, respectively. We continued our coverage of Tuya Inc (1869782D US) with peer analysis and share our thoughts on forecast, and valuation and initiation on Zhihu Technology (ZH US) 

Tuya (涂鸦智能) Pre-IPO - Peer Comparison, Forecast, and Valuation

Zhihu (知乎) Pre-IPO - In the Early Stages of Monetization 

In Singapore, Aztech Global (AZTECH SP) had a less than ideal debut. The company's share price opened 7% higher but traded down to close just 0.8% above its IPO price.  


Aztech IPO - Notes from Analyst Briefing 

Aztech IPO Trading - Heading for a Modest Debut 

Last, but not least, India ECM has been picking up momentum with a handful of IPOs launched this week. Sumeet Singh covered Kalyan Jewellers (KALYAN IN) with updates on valuation and financials since the draft prospectus.


Kalyan Jewellers IPO - No Glitter 

Kalyan Jewellers Pre-IPO - Strategy Missteps Led to Earnings Flatlining 

We covered one Hong Kong placement this week. But more importantly, shareholders of IDP Education (IEL AU) have confirmed that they will be looking to sell their shares before the end of year which will be a large block:


China Hongqiao Placement - Back for More, Previous Deal Did Well 

IDP Education Placement Early Look - A Big Block/Whole Lot of Blocks Could Be Coming 

Accuracy Rate:Our overall accuracy rate is 74.1% for IPOs and 67.4% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  
YiShengBio (Hong Kong, US$200m)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  

Waterdrop plans to launch a round of pre IPO Financing in March before IPO
Ximalaya FM plans US IPO of up to US$1bn
Korean e-commerce company Market Kurly eyes IPO this year
HutchMed eyes Hong Kong listing this year
Filinvest unit plans Ps13.5bn REIT IPO
Grab in talks to go public in nearly US$40 billion deal
China’s US-listed EV trio are coming to Hong Kong
Carlyle-Backed China Biotech Firm Is Said to Plan Hong Kong IPO

Macquarie books funds for Fredon non-deal roadshow

Grab Rival Ryde Appoints Financial Adviser for Singapore IPO
Fairfax India Is Planning to List Anchorage
Herbal Tea Maker JDB Said to Seek New Funds Before Hong Kong IPO
Ant-Backed Bike-Sharing Firm Files Confidentially for U.S. IPO
Lynch Group seeks $315m at 10.2x earnings for IPO
APM Monaco picks duo for US$500m HK IPO
Analysis on Upcoming IPOs

Name
Insight

Hong Kong

Bairong
Bairong Pre-IPO - The Positives - Largest Independent Big-Data Analytics Provider 


Bairong
Bairong Pre-IPO - The Negatives - Playing with Its Own Data 


Betta Pharma
Betta Pharma (贝达医药) A+H: Tier 2 Player Struggled to Break Out 


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 


ByteDance
ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 


Chaoju
Chaoju Eye Care (朝聚眼科) Pre-IPO: Growth Prospect Far from Being Impressive 


Dida
Dida Pre-IPO - Making Hay While Big Brother Retreats 


Dida
Dida Pre-IPO - Earnings Forecast and First Stab at Valuation 


Dida
Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability 


Intco Med
Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1 


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 


Linklogis
Linklogis Pre-IPO - The Positives - Fast Growing Blockchain Driven Supply Chain Financier 


Linklogis
Linklogis Pre-IPO - The Negatives - Inconsistent Growth and Margins, Well Funded Competitors 


RemeGen

RemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48 


Toplist

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives 


Tasly

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


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 


Youran Dairy

China Youran Dairy(悠然牧业) Pre-IPO - A Leader Pulling Ahead in a Fragmented Market 

India

Aadhar Housing

Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures 


ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


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


Bharat Hotel
Bharat Hotels Pre-IPO - Catching up with Peers 


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


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 


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 


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


LIC

Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 


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

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

Singapore

ThaiBev Beer

ThaiBev BeerCo Pre-IPO - Declining Rev and Mkt Share Concerns but Good Cost Control 


ThaiBev Beer

ThaiBev BeerCo Pre-IPO - Thoughts on BeerCo and ThaiBev HoldCo Valuation 

The U.S.

Tuya

Tuya (涂鸦智能) Pre-IPO - Ride the IoT Wave Via Tuya’s Platform 


Tuya

Tuya (涂鸦智能) Pre-IPO - Tuya's Platform Usage Review 


Tuya

Tuya (涂鸦智能) Pre-IPO - Peer Comparison, Forecast, and Valuation 



ECM Weekly (14th March 2021) - Coupang, Baidu, Shanghai Heartcare, Chaoju Eye Care, Linklogis, Tuya

South Korea

Coupang, Inc. operates as an e-commerce company. The Company offers dynamic end-to-end e-commerce and logistic solutions. Coupang serves customers worldwide.

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

Coupang (CPNG US)

Tuya (涂鸦智能) IPO Trading - Strong Momentum but Watch Out for the Post Debut Fizzle

Tuya Inc (TUYA US) raised about US$915m in its US IPO, priced at US$21 per ADS, above the top end of its initial price range.

Zhen Zhou, Toh

Coupang: Early Lockup Releases & Local Regulatory Risks

This post discusses Coupang's early lockup releases (by insiders and the major shareholder) and recently-emerging local regulatory risks.

Sanghyun Park

Softbank Group - Vision Fund’s Race to Liquidity

Vision Fund is pushing portfolio companies to go public (up to 20 this year!) which should help the discount but also depends a lot on how tech...

Kirk Boodry

Shinsegae Group's Stock Swap With Naver & Entrance of SKT to Buy Ebay Korea

In this insight, we discuss the impact of the Shinsegae Group companies conducting stock swaps with Naver. We also discuss the impact of SK Telecom...

Douglas Kim

ECM Weekly (14th March 2021) - Coupang, Baidu, Shanghai Heartcare, Chaoju Eye Care, Linklogis, Tuya

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

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)