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

Lionheart Studio  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lionheart-studio-corporation" target="_blank" data-smartkarma-citation="entities:36417:1" rel="noopener">Lionheart Studio (426630 KS)</a>, a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.</li>
<li>The company is majority owned by <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a> , which after having recently hiked its stake, owned 54.94% of the company prior to listing.  </li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



Lionheart Studio (426630 KS), a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.
The company is majority owned by Kakao Games Corp (293490 KS) , which after having recently hiked its stake, owned 54.94% of the company prior to listing.  
In this note, we will talk about the not-so-positive aspects of the deal.


LionHeart Studio Pre-IPO - The Negatives - Appears to Be Well past Its Peak, Founder Cashed In $700m

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lionheart-studio-corporation" target="_blank" data-smartkarma-citation="entities:36417:1" rel="noopener">Lionheart Studio (426630 KS)</a>, a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.</li>
<li>The company is majority owned by <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a>, which after having recently hiked its stake, owned 54.94% of the company prior to listing.  </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Lionheart Studio (426630 KS), a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.
The company is majority owned by Kakao Games Corp (293490 KS), which after having recently hiked its stake, owned 54.94% of the company prior to listing.  
In this note, we will talk about the positive aspects of the deal.


Lion Heart Studio Pre-IPO - The Positives - Got One Hit

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Logistics companies’ revenue grew by over 10%, which reflects the recovery of e-commerce.</li>
<li>The market size of Chinese online game continued to shrink in July.</li>
<li>Alibaba’s Ele.me sets up a mini-program on TikTok to fight Meituan.</li>
</ul>


Logistics companies’ revenue grew by over 10%, which reflects the recovery of e-commerce.
The market size of Chinese online game continued to shrink in July.
Alibaba’s Ele.me sets up a mini-program on TikTok to fight Meituan.


China Internet Weekly (22Aug22): E-Commerce, Logistics, Online Game, Food Delivery

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul>
<li>Chinese regulators cleared publishing licenses Tuesday for 60 online games in this year’s second batch of new title approvals following an eight-month suspension</li>
<li>The omission of Tencent and NetEase extended their 11-month drought for new title approvals.</li>
<li>Titles on the latest list are mainly smaller-budget games. Despite the absence of the biggest players, the approvals fanned hopes that regulators are easing their tight leash on the industry and will allow more new games</li>
</ul>


Chinese regulators cleared publishing licenses Tuesday for 60 online games in this year’s second batch of new title approvals following an eight-month suspension
The omission of Tencent and NetEase extended their 11-month drought for new title approvals.
Titles on the latest list are mainly smaller-budget games. Despite the absence of the biggest players, the approvals fanned hopes that regulators are easing their tight leash on the industry and will allow more new games


Tencent, NetEase Miss Out in China’s New Game Approvals

<ul>
<li>Authorities encourage platform economy and restarted approving the licenses for new games.</li>
<li>Fintech just met a high comparison base in 1Q21 and we believe the growth rate will rise.</li>
<li>We believe the stock has an upside of 39% for the year end 2022.</li>
</ul>


Authorities encourage platform economy and restarted approving the licenses for new games.
Fintech just met a high comparison base in 1Q21 and we believe the growth rate will rise.
We believe the stock has an upside of 39% for the year end 2022.


Tencent (700 HK): 1Q22, Zero Growth, But Will Recover for New Policies, Upgrade to Buy

United States

DouYu International Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on development of live game streaming. DouYu International Holdings serves customers in China.

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

Douyu International Holdings (DOYU US)

LionHeart Studio Pre-IPO - The Negatives - Appears to Be Well past Its Peak, Founder Cashed In $700m

Lionheart Studio, a game development studio based in South Korea, aims to raise around US$420m via its South Korean IPO. In this note, we talk...

Sumeet Singh

Lion Heart Studio Pre-IPO - The Positives - Got One Hit

Lionheart Studio, a game development studio based in South Korea, aims to raise around US$420m via its South Korean IPO. The company is majority...

Sumeet Singh

China Internet Weekly (22Aug22): E-Commerce, Logistics, Online Game, Food Delivery

Logistics companies’ revenue grew by over 10%, which reflects the recovery of e-commerce. The market size of Chinese online game continued to...

Ming Lu

Tencent, NetEase Miss Out in China’s New Game Approvals

Chinese regulators cleared publishing licenses Tuesday for 60 online games in this year’s second batch of new title approvals following an eight...

Caixin Global

Tencent (700 HK): 1Q22, Zero Growth, But Will Recover for New Policies, Upgrade to Buy

Authorities encourage platform economy and restarted approve new games. Fintech just met a high comparison base in 1Q21 and we believe the growth...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)