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

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.
Hong Kong IPOs has been a big disappointment so far this year based on short-term performance. China Isotope &amp; Radiation Co (1763 HK) was another example of a decent company with a potential for a great debut but got priced too expensively. As pointed out in Ke Yan, CFA, FRM 's note, there will only be potential upside if the deal gets priced towards the low-end and, from channel checks, the demand was decent for both institutional and retail book. Ultimately, the IPO was priced towards the high-end, at HK$21.60 per share and it closed 6.9% down on Friday. 
But, it seems like companies are undeterred by the poor performance. There is yet again another influx of filing this week albeit mostly smaller ones. Notable filings are WeLab, AOBiome Therapeutics, and Stealth BioTherapeutics. Also, E House China Holdings (2048 HK) 's book just opened on Friday, boasting a handful of heavyweight cornerstones such as Taobao (Alibaba) and major China property developers as pre-IPO investors. We are also hearing that China Tower Corp Ltd (1409417D HK) will be launching its book next week.
Next week, all eyes will be on Xiaomi Corp (1810 HK) 's IPO. It is already getting off a bad start with gray market price declining as much as 11% below IPO price. Nevertheless, with strong investors backing the IPO, it might just be enough to save the IPO in the short-term.
Accuracy Rate:Our overall accuracy rate is 71.5% for IPOs and 63.5% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  
WeLab (Hong Kong, ~USS$500m)
Wanka Online (Hong Kong, ~USS$500m)
Hujiang Education (Hong Kong, ~US$250m)
AOBiome Therapeutics (Hong Kong, ~US$200m)
Stealth BioTherapeutics (Hong Kong, &gt;US$100m)
Frontage Holdings (Hong Kong, &gt;US$100m)
Jiguang (US-China, ~US$200m)
Indiamart Intermesh (India, ~US$170m)
Bharat Hotels (India, ~US$170m)
Puranik Builders (India, ~US$140m)
Chalet Hotels (India, ~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  
Mobile Data Startup Jiguang Files for U.S. IPO
Four companies file IPO papers; look to raise Rs 3,250 crore
Prudential said to file for potential $700m IPO of Malaysia unit
Sembcorp Industries pushed back Indian IPO
Widus CEO looks to IPO, fresh expansion in the Philippines
Smartkarma Community's Analyses on Upcoming IPOs  

Xiaomi Inc. – IPO Priced at the Bottom of Range – 50% Downside Forthcoming​

Xiaomi: Attacking High-Growth Markets Without a Moat​

Meituan-Dianping IPO, Part 1: Role in China's Travel Segment, Comparison to Incumbent Ctrip.com​

China Tower IPO - A Low Return Entity Created to Boost Telco Returns.​

Pinduoduo IPO Preview: The Real Deal​

51 Credit Card IPO Preview: Empty Metrics and Rhetoric​
Ebang IPO Preview (Part 1): Lower Sales but Higher Operating Profit Versus Canaan Inc.

Creas Fashion Co. IPO Preview (Part 1)​
Intron Technology IPO: The Evolving Chinese Automotive Market Likely to Power The IPO
List of pre-IPO Coverage on Smartkarma

Name
Insight

Hong Kong

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


Canaan Inc.
Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018


Cenmintang
Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp


China Feihe
China Feihe IPO Preview: Goat Bless Infant Formula Milk?


China Tower

China Tower IPO - A Low Return Entity Created to Boost Telco Returns.​


China Tower

China Tower IPO Preview: Feeble Safeguards for Minority Shareholders​


China Tower

China TowerCo: A Low Fee, Low Return Telecom Tower Business. Positive for Chinese Telcos.​


Chunlai Edu
China Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?


Ganfeng Lithium
Ganfeng Lithium IPO: Present Perfect, Future Tense


Meituan

Meituan-Dianping IPO, Part 1: Role in China's Travel Segment, Comparison to Incumbent Ctrip.com​


Meituan

Meituan Dianping IPO Preview: The China O2O Powerhouse​


Shandong Gold
Shandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong Kong


Shandong Gold
Shandong Gold IPO: Buyers Beware


Qilu Express
Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers

South Korea

Bodyfriend
Bodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) 


CJ OliveNetworks
CJ OliveNetworks - On A Fast Track to an IPO in 2017? 


Creas

Creas Fashion Co. IPO Preview (Part 1)​


Data Solution
Datasolution IPO Summary - Questions Remain on Growth, but Market Seems Excited


Ebang

Ebang IPO Preview (Part 1): Lower Sales but Higher Operating Profit Versus Canaan Inc.​


Gentle Monster
Gentle Monster IPO - A Monster Growth


Genoray
Genoray IPO Preview (Part 2) - Valuation Analysis


Korea Exchange
Korea Exchange IPO - Question Is When, Not If


Outin Futures

Outin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)



Sejong
Sejong Medical IPO Preview (Part 2) - Valuation Analysis


Woowa Bro
Woowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in Korea


V-One Tech

V-One Tech IPO Summary - Another OLED Stock IPO,  IPO Bookbuilding Results



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

India

CMS Info
CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right


CreditAccess Gram
CreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI Peers


CreditAccess Gram
CreditAccess Grameen IPO Preview: Good but Not the Best


HDFC AM
HDFC Asset Management Pre-IPO - Trying Hard to Be Different


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


TCNS Clothing
TCNS Clothing Pre-IPO - Fast Growth, Growing Segment and a Good Track Record

U.S.


Cango
Cango IPO Preview: Baffling Strategic Choices​


Pinduoduo
Pinduoduo IPO Preview: The Real Deal​



Smartkarma: ECM Coverage Weekly Update (7 July 2018)

Independent TMT Analyst

Edison Lee, CFA

Equity Bottom-Up

<ul>
<li>SINA is now trading at the largest implied negative value (US$347m) after we strip out the value of its 50.5% stake in Weibo, since the end of 2014.</li>
<li>On Oct. 12, SINA shareholders will receive a distribution of 7.088m shares of Weibo, equivalent to roughly 5 days of Weibo's average trading volume. We believe most shareholders will sell the Weibo shares.</li>
<li>SINA's CEO Charles Chao, who bought 11m shares of SINA in November 2015 at US$45 per share by borrowing US$230m from Credit Suisse, will likely…</li>
</ul>


SINA is now trading at the largest implied negative value (US$347m) after we strip out the value of its 50.5% stake in Weibo, since the end of 2014.
On Oct. 12, SINA shareholders will receive a distribution of 7.088m shares of Weibo, equivalent to roughly 5 days of Weibo's average trading volume. We believe most shareholders will sell the Weibo shares.
SINA's CEO Charles Chao, who bought 11m shares of SINA in November 2015 at US$45 per share by borrowing US$230m from Credit Suisse, will likely…


Short Weibo, Long SINA. SINA Is Trading At The Lowest Implied Value in 2 Years.

China

E-House (China) Enterprise Holdings Limited provides real estate services. The Company offers primary real estate agency, big data and consulting, secondary brokerage platform, and other services. E-House (China) Enterprise Holdings provides services in Hong Kong.

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E House China Holdings (2048 HK)

Smartkarma: ECM Coverage Weekly Update (7 July 2018)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. Hong Kong IPOs has...

Zhen Zhou, Toh

Short Weibo, Long SINA. SINA Is Trading At The Lowest Implied Value in 2 Years.

SINA is now trading at the largest implied negative value (US$347m) after we strip out the value of its 50.5% stake in Weibo, since the end of...

Edison Lee, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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