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

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.
We will be getting a few more IPOs coming up in Hong Kong in the next few weeks as we head into the end of Q2. As per media reports, ESR Cayman (ESR HK) will likely be seeking approval soon and start pre-marketing next week.Sumeet Singh covered most aspect of the company in his notes:

ESR Cayman Pre-IPO - A Giant in the Making
ESR Cayman Pre-IPO - Earnings and Segment Analysis
ESR Cayman Pre-IPO- First Stab at Valuation

On the other hand,Frontage,Haitong UniTrust International Leasing(HUIL HK), and CSSC Hong Kong Shipping (0931049D CH) are pre-marketing their IPOs. As usual, we already early coverage on these companies in:

Frontage Holding (方达控股) IPO: Updates from 2018 Numbers
Haitong UniTrust Intl Leasing Pre-IPO - Shape Shifting
CSSC (HK) Shipping IPO: A Cyclical Business Masked as an Income Stock

Perhaps the most interesting and noteworthy IPO would be Budweiser Brewing Company APAC's filing (AB Inbev's APAC arm) on Friday. The IPO is expected to raise up to US$7bn as per media reports and Sumeet Singh had already penned down his thoughts in:

Ab InBev Asia Pre-IPO - On Its Way to Potentially Being the Biggest HK IPO This Year
Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China
Ab InBev Asia Pre-IPO - Quick Note - More like CR Beer Rather than Tsingtao

Back in Singapore, REITs' listings have bolstered the IPO scene but they were hardly exciting. ARA US Hospitality Trust (ARAUS SP) dipped below its IPO price on debut but closed flat whileEagle Hospitality Trust (EHT SP)'s downsized (a little) and bookbuild was extended to Friday. However, we have yet to hear anything regarding after market closed on Friday.
Despite the muted performance, Singapore continues to be the "go-to" place for REITs listings as Elite Partners Capital was reported to hire banks for its SGX REIT IPO.
In the U.S, things are much more interesting in comparison. Luckin Coffee (LK US) had already opened its books for its US$500m IPO and it was reported that books were covered as of mid-week.Douyu International Holdings (DOYU US) , on the other hand, decided to delay its IPO.
GSX Techedu (GSX US), an online K-12 after-school service provider, also filed for a US$220m IPO this week. We have covered the fundamentals of the company in:
GSX Techedu (跟谁学) IPO Early Thoughts - Successful Pivot Away from Marketplace Model
Accuracy Rate:Our overall accuracy rate is 72.1% for IPOs and 63.8% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings  
Budweiser Brewing Company APAC (Hong Kong, ~US$5bn)
GSX Techedu (The U.S, US$220m)
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.Source: Aequitas Research, SmartkarmaNews on Upcoming IPOs  
Chinese biotech firm InnoCare plans Hong Kong IPO
Online education platform Hujiang’s Hong Kong IPO application expired
AB InBev's Asia business files for Hong Kong IPO of at least US$5 billion
Alibaba-backed facial recognition startup Megvii raises $750 million
PNB Metlife waiting for right conditions for an IPO
Analysis on Upcoming IPO  
Xinyi Energy (信义能源) IPO: Value the Long Term Cashflow (Part 3)
Eagle Hospitality Trust IPO Quick Take - Revised Terms Do Little to Address Fundamental Concerns
Luckin Coffee (瑞幸咖啡) IPO Review - Marketed Valuation Is Closer to Our Blue-Sky Scenario

Aakash Education Pre-IPO - Fast Growth in an Attractive Sector 
Ab InBev Asia Pre-IPO - On Its Way to Potentially Being the Biggest HK IPO This Year
CSSC (HK) Shipping IPO: A Cyclical Business Masked as an Income Stock
GSX Techedu (跟谁学) IPO Early Thoughts - Successful Pivot Away from Marketplace Model


Name
Insight

Hong Kong

AB Inbev
Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China


AB Inbev
Ab InBev Asia Pre-IPO - Quick Note - More like CR Beer Rather than Tsingtao


AB Inbev
Ab InBev Asia Pre-IPO - On Its Way to Potentially Being the Biggest HK IPO This Year


Ascentage
Ascentage Pharma (亚盛医药) IPO: Too Early for an IPO


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


CIMC Veh
CIMC Vehicle (中集车辆): Market Leader of Semi-Trailers but Little Growth Ahead


Clarity
Clarity Medical (清晰医疗) IPO: Proxy to HK SMILE Surgery Demand


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) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


East Edu
China East Education (中国东方教育) Pre-IPO - The Company Known for Its Culinary School


China Tobac
China Tobacco International (IPO): The Monopolist Will Not Recover


China Tobac
China Tobacco Intl (HK) IPO: Proxy For the Chinese Cigarette Consumption


CSSC
CSSC (HK) Shipping IPO: A Cyclical Business Masked as an Income Stock


ESR
ESR Cayman Pre-IPO - A Giant in the Making


ESR
ESR Cayman Pre-IPO - Earnings and Segment Analysis 


ESR
ESR Cayman Pre-IPO- First Stab at Valuation


Frontage
Frontage (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect


Frontage
Frontage (方达控股) IPO: Updates from 2018 Numbers


Haitong
Haitong UniTrust Intl Leasing Pre-IPO - Shape Shifting


Hansoh
Hansoh Pharma (翰森制药) IPO: New Numbers, Pre-IPO Dividend and Boyu Investment (Part 3)


Hut Chi-Med
Hutchison-China Meditech (和黄医药) H-Share Listing: MNC Partnerships Endorsed Its R&amp;D Capabilities


Jinxin
Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector


MicuRx
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment


MabPharm
MabPharma (迈博医药) IPO: Assembled for a Trade?


MabPharm
MabPharm (迈博医药) IPO: Thoughts on Valuation (Part 2)


SH Henlius
Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio 


Tubatu
Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch


Tubatu
Tubatu Group Pre-IPO - Online -&gt; Online + Offline -&gt; Online -&gt; ?

South Korea

KMH Shilla
KMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis


Plakor
Plakor IPO Preview (Part 1)


Zinus
Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)

India

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 Hotels
Bharat Hotels Pre-IPO - Catching up with Peers 


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


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


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


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


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


IndiaMart
IndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers

Malaysia

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

The U.S

Douyu
Douyu (斗鱼直播) IPO: Leader At a Cost


Douyu
Douyu (斗鱼直播) IPO: Comparison with Huya (Part 2)


Luckin
Luckin Coffee (瑞幸咖啡) Early Thoughts - Caffeine Rush


Luckin
Luckin Coffee (瑞幸咖啡) App Walk-Through and Channel Checks


Luckin
Luckin Coffee (瑞幸咖啡) Vs. Starbucks (星巴克) - Still Has a Long Way to Go


Luckin
Luckin Coffee (瑞幸咖啡) - Base Case Valuation - Cheap Coffee Expensive Company


Luckin
Luckin Coffee (瑞幸咖啡) - Blue-Sky/Bear-Case Valuation


GSX
GSX Techedu (跟谁学) IPO Early Thoughts - Successful Pivot Away from Marketplace Model



ECM Weekly (11 May 2019) - AB InBev APAC, ELuckin, Aakash Edu, GSX Techedu, CSSC (HK) Shipping

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

CSSC (Hong Kong) Shipping Co Ltd / Equity Capital Markets

<p>CSSC (HK) Shipping, the ship leasing company under one of the world's largest shipyard CSSC (China State Shipbuilding Corp), is said to be pre-marketing its USD 300 to 500 million IPO. In this insight, we will discuss the following topics:</p>
<ul>
<li>The company's business segments</li>
<li>The company's assets</li>
<li>The industry backdrop</li>
<li>Financial snapshot and highlights</li>
<li>Our thoughts on valuation</li>
</ul>

CSSC (HK) Shipping, the ship leasing company under one of the world's largest shipyard CSSC (China State Shipbuilding Corp), is said to be pre-marketing its USD 300 to 500 million IPO. In this insight, we will discuss the following topics:

The company's business segments
The company's assets
The industry backdrop
Financial snapshot and highlights
Our thoughts on valuation


CSSC (HK) Shipping IPO: A Cyclical Business Masked as an Income Stock

China

CSSC (Hong Kong) Shipping Company Limited operates as a ship leasing company. The Company offers loans, shipbroking, and leasing services. CSSC (Hong Kong) Shipping operates in Hong Kong.

CSSC (Hong Kong) Shipping Co Ltd (3877 HK)

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CSSC (Hong Kong) Shipping Co Ltd (3877 HK)

ECM Weekly (11 May 2019) - AB InBev APAC, ELuckin, Aakash Edu, GSX Techedu, CSSC (HK) Shipping

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for...

Zhen Zhou, Toh

CSSC (HK) Shipping IPO: A Cyclical Business Masked as an Income Stock

CSSC (HK) Shipping, the ship leasing company under one of the world's largest shipyard CSSC (China State Shipbuilding Corp), is said to be...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)