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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 27th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Jd Health (6618 HK), Esr Cayman (1821 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Jd Health (6618 HK), Smoore International (6969 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 27th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Jd Health (6618 HK), Esr Cayman (1821 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Jd Health (6618 HK), Smoore International (6969 HK).


<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 20th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), SMIC (981 HK), ESR (1821 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), JD Health (6618 HK), Smoore International (6969 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 20th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), SMIC (981 HK), ESR (1821 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), JD Health (6618 HK), Smoore International (6969 HK).


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>A <a href="https://www.bloomberg.com/news/articles/2022-04-22/bain-backed-chindata-said-to-field-preliminary-takeover-interest" target="_blank" rel="noopener">Bloomberg article</a> claimed that <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a> is attracting takeover interest from <a href="https://www.smartkarma.com/entities/gds-holdings-adr" target="_blank" data-smartkarma-citation="entities:23649:1" rel="noopener">GDS Holdings (ADR) (GDS US)</a>, PAG and EdgeConneX. Shares rose 9.8% to close at $4.81.</li>
<li>Potential privatisation will require the blessing of Bain Capital, the largest shareholder. Chindata’s track record of beating guidance, modest leverage and the beaten-down rating make it a target. </li>
<li>A forward EV/EBITDA multiple of 8.9x, in line with <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>’s proposed acquisition multiple, would imply $6.85 per ADS. </li>
</ul>


A Bloomberg article claimed that Chindata Group (CD US) is attracting takeover interest from GDS Holdings (ADR) (GDS US), PAG and EdgeConneX. Shares rose 9.8% to close at $4.81.
Potential privatisation will require the blessing of Bain Capital, the largest shareholder. Chindata’s track record of beating guidance, modest leverage and the beaten-down rating make it a target. 
A forward EV/EBITDA multiple of 8.9x, in line with 21Vianet Group (VNET US)’s proposed acquisition multiple, would imply $6.85 per ADS. 


Chindata the Next Chinese ADR Privatisation Target?

Forensic Analyst

Jason Yap, CFA

Forensic Accounting

Sabana Industrial REIT / Forensic Accounting

<ul>
<li>In December 2020, Sabana's unitholders voted down a proposed merger with ESR-REIT</li>
<li>While Sabana's unitholders were ostensibly holding out for more favourable transaction terms, this was not forthcoming and transaction ultimately fell through</li>
<li>In this Insight, we look into Sabana a year on and discuss whether its unitholders have been left to rue the failed transaction and this was but a pyrrhic victory</li>
</ul>


In December 2020, Sabana's unitholders voted down a proposed merger with ESR-REIT
While Sabana's unitholders were ostensibly holding out for more favourable transaction terms, this was not forthcoming and transaction ultimately fell through
In this Insight, we look into Sabana a year on and discuss whether its unitholders have been left to rue the failed transaction and this was but a pyrrhic victory


One Year After Failed Merger, A Pyrrhic Victory for Sabana's Unitholders?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The Scheme Document for the S$1.4bn <strong><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934:1" rel="noopener">ESR-REIT (EREIT SP)</a></strong>/ <strong><a href="https://www.smartkarma.com/entities/ara-logos-logistics-trust" target="_blank" data-smartkarma-citation="entities:937:1" rel="noopener">ARA LOGOS (ALLT SP)</a></strong> merger has now been <a href="https://links.sgx.com/FileOpen/ALOG%20-%20Scheme%20Document.ashx?App=Announcement&amp;FileID=696721" target="_blank" rel="noopener">dispatched</a>.</li>
<li>The Scheme Meeting will take place on the 27 January with the expected date for the payment of the Cash Consideration and issuance of Consideration Units on the 28 February. </li>
<li>The IFA (ING Bank) considered the terms of the Scheme to be fair and reasonable.</li>
</ul>


The Scheme Document for the S$1.4bn ESR-REIT (EREIT SP)/ ARA LOGOS (ALLT SP) merger has now been dispatched.
The Scheme Meeting will take place on the 27 January with the expected date for the payment of the Cash Consideration and issuance of Consideration Units on the 28 February. 
The IFA (ING Bank) considered the terms of the Scheme to be fair and reasonable.


ARA Logos (ALLT SP): Scheme Doc Out. Meeting On 27 Jan

China

ESR Group Limited operates as an integrated logistics real estate platform. The Company provides real estate private equity fund management, real estate investment trust, and other services. ESR Group conducts businesses in China, Japan, South Korea, Australia, Singapore, India, New Zealand, and other countries.

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ESR Group (1821 HK)

Hong Kong Buybacks: AIA, JD Health, ESR

We highlight the top 3 companies that repurchased the most shares from the HK market in the past week were Aia (1299 HK), Jd Health (6618 HK), Esr...

Ke Yan, CFA, FRM

Hong Kong Buybacks: AIA, SMIC, ESR

We highlight the top 3 companies that repurchased the most shares from the Hong Kong market in the past week were AIA (1299 HK), SMIC (981 HK), ESR...

Ke Yan, CFA, FRM

Chindata the Next Chinese ADR Privatisation Target?

Bloomberg claimed that Chindata is attracting takeover interest from GDS, PAG and EdgeConneX. A forward EV/EBITDA multiple of 8.9x, in line with...

Arun George

One Year After Failed Merger, A Pyrrhic Victory for Sabana's Unitholders?

In Dec 2020, Sabana's unitholders voted down a proposed merger with ESR-REIT. A year on, we look into Sabana and discuss whether its unitholders...

Jason Yap, CFA

ARA Logos (ALLT SP): Scheme Doc Out. Meeting On 27 Jan

There's a strong enough argument here for the deal to get up. It is, however, worth pointing out the recent voting for Soilbuild. Trading almost at...

David Blennerhassett

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