APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Capital Markets

<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><p></p><div data-postid="6224057" data-share-method="host" data-width="100%" data-aspect-ratio="2.5408163265306123" data-processed="true"><div><iframe src="https://tenor.com/embed/6224057?canonicalurl=https://www.smartkarma.com/lab/compose/15026/edit" frameborder="0" allowtransparency="true" allowfullscreen="allowfullscreen" scrolling="no" style="width: 100%; height: 100%;"></iframe></div></div><p></p><div class="content-highlight"><p>Just one week away from the office and the Q4 IPO frenzy has already heated up with more exciting IPOs coming soon!!</p><p>I was dead wrong on the US IPO momentum fizzling out because there are more Chinese companies getting listed in the US, namely, <a href="https://www.smartkarma.com/entities/26006" target="_blank" data-smartkarma-citation="entities:26006:1">PPDAI Group</a> (<a href="https://www.smartkarma.com/companies/742" target="_blank" data-smartkarma-citation="companies:742">JL Warren Capital</a> just <a href="https://www.smartkarma.com/insights/ipo-coverage-ppdai-group-inc-nyse-ppdf-achilles-heel-of-p2p-lending" target="_blank">covered it in detail</a>) , <a href="https://www.smartkarma.com/entities/25996" target="_blank" data-smartkarma-citation="entities:25996:1">Sogou Inc (SOGO US)</a> , and most recently <a href="https://www.smartkarma.com/entities/26007" target="_blank" data-smartkarma-citation="entities:26007:1">Jianpu Technology Inc (1547825D US)</a>.</p><p>In Hong Kong, <a href="https://www.smartkarma.com/entities/24388" target="_blank" data-smartkarma-citation="entities:24388:1">China Literature Ltd (772 HK)</a> 's IPO next week on the 8th November will likely going to set the tone and momentum of HK IPOs for the remaining of Q4. This week, <a href="https://www.smartkarma.com/entities/25979" target="_blank" data-smartkarma-citation="entities:25979:1">Crystal International Group (2232 HK)</a> got listed on Friday and held up well, closing just 5% above IPO price. </p><p>In the placement space, there have been a couple of sell-downs by existing shareholders, such as <a href="https://www.smartkarma.com/entities/15640" target="_blank" data-smartkarma-citation="entities:15640:1">Sapura Energy (SAPE MK)</a> , <a href="https://www.smartkarma.com/entities/377" target="_blank" data-smartkarma-citation="entities:377:1">New China Life Insurance Co Ltd (1336 HK)</a> , and <a href="https://www.smartkarma.com/entities/15061" target="_blank" data-smartkarma-citation="entities:15061:1">ASM Pacific Technology (522 HK)</a> . Perhaps shareholders feel like they should be locking in some profits on the back of record rally in the US, bolstering investors' confidence.</p></div><h2>Accuracy Rate:</h2><p>Our overall accuracy rate is<strong> 73.5% for IPOs </strong>and <strong>63.5% for Placements.</strong></p><p><em>(Performance measurement criteria is explained at the end of the note)</em></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/037/269/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%282%29.png?1509768283" class="editor-image img-responsive" data-smartkarma-image-id="37269"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/037/270/original/2017-Total-Deals-2017-Accuracy-Rate-_chartbuilder.png?1509768295" class="editor-image img-responsive" data-smartkarma-image-id="37270"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li><strong>China Xinhua Education (Hong Kong, ~US$100m)</strong></li></ul><p>Below is a snippet of our IPO tool on upcoming events for the next week. Our 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 <a href="https://www.smartkarma.com/tools/ipos" target="_blank">here </a>or through the tools menu.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/037/272/original/upcoming.PNG?1509769946" class="editor-image img-responsive" data-smartkarma-image-id="37272"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://economictimes.indiatimes.com/markets/stocks/news/mahindra-logistics-ipo-subscribed-1-70-times-on-day-3/articleshow/61444943.cms" target="_blank">Mahindra Logistics oversubscribed 7.9 times</a></li><li><a href="http://www.businesstimes.com.sg/technology/tencents-red-hot-e-book-ipo-sets-stage-for-music-arms-debut" target="_blank">Tencent's red-hot e-book IPO sets stage for music arm's debut</a></li><li><a href="https://www.dealstreetasia.com/stories/thai-power-producer-gulf-to-raise-fund-via-ipo-in-q4-85583/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=04b73f6126-RSS_EMAIL_CAMPAIGN+%2A%7CRSSFEED%3ADATE%3A+F+j%2C+Y%7C%2A&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-04b73f6126-239139321&amp;mc_cid=04b73f6126&amp;mc_eid=28c8c22a08" target="_blank">Thai power producer GULF to tap IPO market to raise funds in Q4</a></li><li><a href="https://www.dealstreetasia.com/stories/85410-85410/" target="_blank">PP Energi aims $369m via 2018 IPO, secondary offering</a></li><li><a href="http://www.nasdaq.com/article/chinas-financial-planning-platform-jianpu-technology-sets-terms-for-214-million-us-ipo-cm871708" target="_blank">China's financial planning platform: Jianpu Technology sets terms for $214 million US IPO</a></li></ul><h2><strong>Smartkarma Community's Analyses on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.smartkarma.com/insights/ipo-coverage-ppdai-group-inc-nyse-ppdf-achilles-heel-of-p2p-lending" target="_blank" data-smartkarma-citation="insights:15023">IPO Coverage - PPDAI Group Inc (NYSE: PPDF) - Achilles’ Heel of P2P Lending</a></li><li><a href="https://www.smartkarma.com/insights/mecaro-ipo-part-1-ipo-prospectus-summary" target="_blank" data-smartkarma-citation="insights:14767">Mecaro IPO Part 1 - IPO Prospectus Summary</a></li></ul><div><h2>List of pre-IPO Coverage on Smartkarma</h2></div><div><table class="table table-striped"><tbody><tr><td>Name</td><td>Insight</td></tr><tr><td colspan="2"><strong>Hong Kong</strong></td></tr><tr><td>Cenmintang</td><td><a href="https://www.smartkarma.com/insights/cenmintang-ipo-preview-a-beverage-and-snack-play-whose-growth-is-hard-to-grasp" target="_blank" data-smartkarma-citation="insights:9282">Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp</a></td></tr><tr><td>China Feihe</td><td><a href="https://www.smartkarma.com/insights/china-feihe-ipo-preview-goat-bless-infant-formula-milk" target="_blank" data-smartkarma-citation="insights:12751">China Feihe IPO Preview: Goat Bless Infant Formula Milk?</a></td></tr><tr><td>Bank of Jiujiang</td><td><a href="https://www.smartkarma.com/insights/scraping-the-bottom-of-the-barrel-bank-of-jiujiang" target="_blank">Scraping the Bottom of the Barrel: Bank of JiuJiang</a></td></tr><tr><td>Shandong Int'l Trust</td><td><a href="https://www.smartkarma.com/insights/shandong-international-trust-pre-ipo-faltering-growth-and-profitability-despite-aid-from-prop-book" target="_blank">Shandong Int'l Trust Pre-IPO - Faltering Growth and Profitability Despite Aid from Prop Book</a></td></tr><tr><td colspan="2"><strong>South Korea</strong></td></tr><tr><td>Bodyfriend</td><td><a href="https://www.smartkarma.com/insights/bodyfriend-ipo-preview-part-i-goodbye-osim-hello-bodyfriend" target="_blank">Bodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) </a></td></tr><tr><td>CJ OliveNetworks</td><td><a href="https://www.smartkarma.com/insights/cj-olivenetworks-on-a-fast-track-to-an-ipo-in-2017" target="_blank">CJ OliveNetworks - On A Fast Track to an IPO in 2017? </a></td></tr><tr><td>Cafe24</td><td><a href="https://www.smartkarma.com/insights/cafe-24-ipo-preview-part-1-korea-s-shopify-leading-contender-for-tesla-requirements-based-ipo" target="_blank" data-smartkarma-citation="insights:13665">Cafe 24 IPO Preview (Part 1): Korea’s Shopify - Leading Contender For “Tesla” Requirements Based IPO</a></td></tr><tr><td>Data Solution</td><td><a href="https://www.smartkarma.com/insights/datasolution-ipo-summary-questions-remain-on-growth-but-market-seems-excited" target="_blank" data-smartkarma-citation="insights:12519">Datasolution IPO Summary - Questions Remain on Growth, but Market Seems Excited</a></td></tr><tr><td>Gentle Monster</td><td><a href="https://www.smartkarma.com/insights/gentle-monster-ipo-a-monster-growth" target="_blank" data-smartkarma-citation="insights:8630">Gentle Monster IPO - A Monster Growth</a></td></tr><tr><td>Korea Exchange</td><td><a href="https://www.smartkarma.com/insights/korea-exchange-ipo-question-is-when-not-if" target="_blank">Korea Exchange IPO - Question Is When, Not If</a></td></tr><tr><td>Mecaro</td><td><a href="https://www.smartkarma.com/insights/mecaro-ipo-part-1-ipo-prospectus-summary" target="_blank" data-smartkarma-citation="insights:14767">Mecaro IPO Part 1 - IPO Prospectus Summary</a></td></tr><tr><td>Outin Futures</td><td><a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:11212">Outin Futures Corp IPO Preview (Part 1)</a>,  <a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-valuations-part-2" target="_blank" data-smartkarma-citation="insights:11736">Valuations (Part 2)</a></td></tr><tr><td>Studio Drag</td><td><a href="https://www.smartkarma.com/insights/studio-dragon-ipo-preview-part-1-beneficiary-of-the-addictive-korean-dramas" target="_blank" data-smartkarma-citation="insights:12300">Studio Dragon IPO Preview (Part 1) - Beneficiary of the Addictive Korean Dramas</a></td></tr><tr><td>Studio Drag</td><td><a href="https://www.smartkarma.com/insights/studio-dragon-ipo-preview-part-2-biggest-korean-entertainment-ipo-in-2017" target="_blank" data-smartkarma-citation="insights:14525">Studio Dragon IPO Preview (Part 2) - Biggest Korean Entertainment IPO in 2017</a></td></tr><tr><td>Tapex</td><td><a href="https://www.smartkarma.com/insights/tapex-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:13543">Tapex IPO Preview (Part 1)</a></td></tr><tr><td>Tapex</td><td><a href="https://www.smartkarma.com/insights/tapex-ipo-valuation-analysis-a-market-leader-in-rechargeable-batteries-tapes" target="_blank" data-smartkarma-citation="insights:14486">Tapex IPO (Valuation Analysis) - A Market Leader in Rechargeable Batteries Tapes</a></td></tr><tr><td>Woowa Bro</td><td><a href="https://www.smartkarma.com/insights/woowa-brothers-corp-ipo-preview-part-1-the-most-popular-food-delivery-service-in-korea" target="_blank" data-smartkarma-citation="insights:11104">Woowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in Korea</a></td></tr><tr><td>V-One Tech</td><td><a href="https://www.smartkarma.com/insights/v-one-tech-ipo-summary-another-oled-stock-ipo" target="_blank" data-smartkarma-citation="insights:11689">V-One Tech IPO Summary - Another OLED Stock IPO</a>,  <a href="https://www.smartkarma.com/insights/v-one-tech-ipo-part-2-ipo-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:11806">IPO Bookbuilding Results</a></td></tr><tr><td>Zinus</td><td><a href="https://www.smartkarma.com/insights/zinus-ipo-preview-part-1-an-amazing-comeback-story-1-mattress-brand-on-amazon" target="_blank" data-smartkarma-citation="insights:13698">Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)</a></td></tr><tr><td colspan="2"><strong>India</strong></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/national-stock-exchange-pre-ipo-review-bigger-better-stronger-but-a-little-too-fast-for-some" target="_blank">National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/nse-ipo-preview-not-only-fast-its-risky-and-expensive" target="_blank">NSE IPO Preview- Not Only Fast..its Risky and Expensive</a></td></tr><tr><td colspan="2"><strong>US</strong></td></tr><tr><td>Four Seasons Ed</td><td><a href="https://www.smartkarma.com/insights/four-seasons-education-ipo-early-thoughts-a-small-player-in-a-highly-fragmented-market" target="_blank" data-smartkarma-citation="insights:14488">Four Seasons Education IPO Early Thoughts: A Small Player in a Highly Fragmented Market</a></td></tr></tbody></table></div>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Just one week away from the office and the Q4 IPO frenzy has already heated up with more exciting IPOs coming soon!!I was dead wrong on the US IPO momentum fizzling out because there are more Chinese companies getting listed in the US, namely, PPDAI Group (JL Warren Capital just covered it in detail) , Sogou Inc (SOGO US) , and most recently Jianpu Technology Inc (1547825D US).In Hong Kong, China Literature Ltd (772 HK) 's IPO next week on the 8th November will likely going to set the tone and momentum of HK IPOs for the remaining of Q4. This week, Crystal International Group (2232 HK) got listed on Friday and held up well, closing just 5% above IPO price. In the placement space, there have been a couple of sell-downs by existing shareholders, such as Sapura Energy (SAPE MK) , New China Life Insurance Co Ltd (1336 HK) , and ASM Pacific Technology (522 HK) . Perhaps shareholders feel like they should be locking in some profits on the back of record rally in the US, bolstering investors' confidence.Accuracy Rate:Our overall accuracy rate is 73.5% for IPOs and 63.5% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  China Xinhua Education (Hong Kong, ~US$100m)Below is a snippet of our IPO tool on upcoming events for the next week. Our 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.Source: SmartkarmaNews on Upcoming IPOs  Mahindra Logistics oversubscribed 7.9 timesTencent's red-hot e-book IPO sets stage for music arm's debutThai power producer GULF to tap IPO market to raise funds in Q4PP Energi aims $369m via 2018 IPO, secondary offeringChina's financial planning platform: Jianpu Technology sets terms for $214 million US IPOSmartkarma Community's Analyses on Upcoming IPOs  IPO Coverage - PPDAI Group Inc (NYSE: PPDF) - Achilles’ Heel of P2P LendingMecaro IPO Part 1 - IPO Prospectus SummaryList of pre-IPO Coverage on SmartkarmaNameInsightHong KongCenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to GraspChina FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?Bank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangShandong Int'l TrustShandong Int'l Trust Pre-IPO - Faltering Growth and Profitability Despite Aid from Prop BookSouth KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? Cafe24Cafe 24 IPO Preview (Part 1): Korea’s Shopify - Leading Contender For “Tesla” Requirements Based IPOData SolutionDatasolution IPO Summary - Questions Remain on Growth, but Market Seems ExcitedGentle MonsterGentle Monster IPO - A Monster GrowthKorea ExchangeKorea Exchange IPO - Question Is When, Not IfMecaroMecaro IPO Part 1 - IPO Prospectus SummaryOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)Studio DragStudio Dragon IPO Preview (Part 1) - Beneficiary of the Addictive Korean DramasStudio DragStudio Dragon IPO Preview (Part 2) - Biggest Korean Entertainment IPO in 2017TapexTapex IPO Preview (Part 1)TapexTapex IPO (Valuation Analysis) - A Market Leader in Rechargeable Batteries TapesWoowa BroWoowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in KoreaV-One TechV-One Tech IPO Summary - Another OLED Stock IPO,  IPO Bookbuilding ResultsZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)IndiaNSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for SomeNSENSE IPO Preview- Not Only Fast..its Risky and ExpensiveUSFour Seasons EdFour Seasons Education IPO Early Thoughts: A Small Player in a Highly Fragmented Market

Smartkarma: ECM Coverage Weekly Update (04 November 2017)

Crystal International / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/25979" target="_blank" data-smartkarma-citation="entities:25979:1">Crystal International Group (2232 HK)</a> is raising about US$525m in its upcoming IPO. Proceeds will be mainly used to expand its current manufacturing capacity, upstream vertical expansion, and paying down debt that was used to fund a recent acquisition.</p><p>In this insight, we will briefly look at the apparel manufacturing industry, the company's operating margins compared to Hong Kong-listed peers, and its relative valuation. As usual, we will be running the deal through our ECM framework.</p>

Crystal International Group (2232 HK) is raising about US$525m in its upcoming IPO. Proceeds will be mainly used to expand its current manufacturing capacity, upstream vertical expansion, and paying down debt that was used to fund a recent acquisition.In this insight, we will briefly look at the apparel manufacturing industry, the company's operating margins compared to Hong Kong-listed peers, and its relative valuation. As usual, we will be running the deal through our ECM framework.

Crystal Grp IPO Review - Good Underlying Growth Bolstered by New Margin-Accretive Sportswear Segment

Hong Kong

Stella International Holdings Limited develops and manufactures footwear products for casual and fashion footwear companies worldwide.

Theme International Holdings Limited, through its subsidiaries, manufactures, retails, and trades garments. The Company also invests in properties.

Viva Goods Company Limited operates as a sports company. The company provides sports related services such as multi-brand sports apparels and footwear operation, events production and management, and sports-related consultancy and sports community development. Viva Goods conducts business in Hong Kong.

Texhong Textile Group Limited manufactures and sells yarn and grey fabrics. The Company's main focus is promoting and selling spandex stretch yarn and spandex stretch grey fabrics.

Citychamp Watch & Jewellery Group Limited, through its subsidiaries, manufactures and distributes watches, timepieces and enamelled copper wires. The Company also invests in and develops properties.

Pak Tak International Limited, through its subsidiaries, manufactures (through its own producing facilities or sub-contracting to garment manufacturers), on an OEM basis, and export men's, ladies' and children knitted garments to the United States and Europe. The Company also manufactures non-knitted garment for international airlines and retail chain store "Target" in the United States.

Eagle Nice (International) Holdings Limited, through its subsidiaries, designs and manufactures sportswear for men, women, and children on an OEM (Original Equipment Manufacturing) basis.  The sportswear supplies by the Company includes sports pants, jackets, tracksuits, sweaters, and T-shirts.

Regina Miracle International Holdings Limited is an intimate and sports apparel designer and manufacturer. The Company's biggest customers include Adidas, Reebok, Under Armour, and Champion. Regina Miracle International operates in Southeast Asia.

Pacific Textiles Holdings Limited manufactures customized knitted fabrics. The Company's fabrics are used in a broad range of fabrics, including men's, women's, and children's clothing, sportswear, swimwear, and inner-wear.

Nameson Holdings is a Knitwear manufacturer in PRC

Billion Industrial Holdings Ltd. manufactures polyester filament yarn.  The Company produces drawn textured yarn and fully drawn yarn, which are used in apparel, footwear and home furnishings.

SEIKO HOLDINGS CORPORATION (Hattori Seiko) designs, manufactures, and sells electronic devices, watches and clocks in Japan and overseas. The Company also sells jewelry, ophthalmic lenses, golf clubs and computer peripherals.

Arvind, Ltd. manufactures cotton textiles. The Company's products include indigo dyed denim fabrics and high quality cotton fabrics for shirts and pants. Arvind also has a network of overseas subsidiaries for manufacturing and marketing its products.

Safari Industries India Ltd. manufactures and sells travel goods.

WACOAL HOLDINGS CORPORATION manufactures women's underwear.  The Company also manufactures outerwear, sports, and children's wear.  Wacoal has direct-sales network and overseas operations in Southeast Asia, the US, and Europe.

Rajesh Exports Limited exports gold and gold jewelry. The company also has a manufacturing facility that manufactures gold. The company's product range includes, bracelets, earrings, hasli sets, necklaces, chains, kaan chains, micro hasli, bangles, rings, pendants, and patta sets.

Shenzhen Fuanna Bedding and Furnishing Co Ltd. manufactures bedding products. The Company's products mainly include printing, embroidery, and jacquard collections.

Hemp Industrial Investment Co Ltd is a fabric and clothing company.

Alok Industries Limited manufactures home textiles, apparel fabrics, garments, and polyester yarns. The Company sells its products in India and elsewhere around the world.

G-III Apparel Group, Ltd. is a manufacturer and distributor of outerwear, dresses, sportswear, swimwear, beachwear and women's suits, as well as handbags and luggage. The Company manufactures and distributes under licensed brands, their own brands, and private label brands. G-III also has licensing agreements with several sports leagues and universities.

Crystal International Group Limited manufactures apparels. The Company produces casual clothes, jeans, personal under wears, sweaters, sports garments, and other products. Crystal International Group markets its products in Hong Kong.

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Crystal International (2232 HK)

Smartkarma: ECM Coverage Weekly Update (04 November 2017)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. Just one week away...

Zhen Zhou, Toh

Crystal Grp IPO Review - Good Underlying Growth Bolstered by New Margin-Accretive Sportswear Segment

Crystal International Group (2232 HK) is raising about US$525m in its upcoming IPO. Proceeds will be mainly used to expand its current...

Zhen Zhou, Toh

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