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

Ming Yuan Cloud Group / Equity Capital Markets


Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.




Deal flow remains strong in Hong Kong as companies will probably take advantage of momentum and optimism leading up Ant Financial (1051260D CH)'s listing. Ant moved another step closer to listing as it has already won approval from Star Market.


Ant Group (蚂蚁集团) Pre-IPO: Impact Assessment of the New Rule for Financial Holding Companies 

Ant Group (蚂蚁集团) Running Neck and Neck with Tencent in Direct Financial Services 

AliPay’s Advantage over WeChat Pay in Physical Stores 

Ming Yuan Cloud Group (909 HK) and Neusoft Education (NEUEDU HK) launched their bookbuild this week and the former closed its books early, indicating strong demand from investors.


Ming Yuan Cloud (明源云) IPO - Better Disclosure and a Leader in the Industry 

Neuedu (东软教育) Pre-IPO: COVID-19 Updates, Financial Comp, Valuation 

Hong Kong secondary listings/homecoming wave continued this week and Sumeet Singh shared his thoughts on all three listings:


ZTO Express Secondary Listing - Fast Growth but It Hasn't Been Flowing Down to Earnings 

Zai Lab HK Secondary Listing - Large Deal to Digest but past Deals Have Done Well 

Baozun HK Secondary Listing - Large Dilution Needs a Large Correction 

For upcoming Hong Kong IPOs, we are hearing that Jinke Smart Services (JKS HK) is looking to get approval next week, Wei Hai Bank has passed hearing this week, and Everest Medicines (EVEREST HK) is looking to pre-market next week. There were also news reports that Kuaishou is looking to IPO by the end of this year and JD Health is likely to file this month.


Jinke Smart Services (金科智慧服务) Pre-IPO - GFA Growth at the Expense of Fees 

Everest Medicines (云顶新耀) Pre-IPO: License-In Specialist Led by Biotech Investors 

In other parts of Asia, Computer Age Management Services (CAMS IN) launched its IPO bookbuild at a fairly expensive valuation whereas, in Japan, Kioxia (6600 JP) launched its IPO.


Computer Age Management Services IPO - Appears Fairly Priced 

Other IPO coverage:


JHBP/Genor (嘉和生物) Pre-IPO: Thoughts on Valuation 

IHuman Inc (洪恩) Pre-IPO - Overly Reliant on One App to Generate the Majority of Revenue 

CR Mixc Lifestyle Services (华润万象生活) Pre-IPO - A Balance of Residential and Commercial Properties 

Placements this week:


Xiaomi Placement - Run-Up in Share Price, Co-Founder Selling 

Ganfeng Lithium Placement - Momentum Play 

ESR Cayman Placement - Even More to Come Soon 

Mitsui Fudosan Logistics Park Placement - Large Deal but Minimal Accretion 






Accuracy Rate:



Our overall accuracy rate is 73.0% for IPOs and 66.1% for Placements 


(Performance measurement criteria is explained at the end of the note)






New IPO filings this week  





Baozun (Hong Kong secondary, US$486m)
Zai Lab (Hong Kong secondary, US$835m) 



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.






News on Upcoming IPOs  





Chinese companies race to list in Hong Kong before Ant's mega IPO
ZTO Express to raise up to US$1.6 billion in Hong Kong secondary listing
JD Health Plans $1 Billion H.K. IPO Filing This Month
Listing hearings on way as Ant speeds up US$30b IPO
Kuaishou hires investment banks for a Hong Kong IPO




Analysis on Upcoming IPOs







Name
Insight


Hong Kong


Ant Group

Ant Group (蚂蚁集团) IPO First-Take: No. 1 Fintech from All Angles 


Ant Group

Ant Group (蚂蚁集团) IPO: Numbers Suggest It's More Tech than Financials 


Ant Group

Ant Group (蚂蚁集团) Pre-IPO: Things to Clarify/Questions to Ask - Falling Fees, Margins, Cash Flow 


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


Ant Group

Ant Financial (蚂蚁金服) IPO Early Thought: What's New About the Listing News 


Ant Group

Ant Group - Index Inclusion Possibilities &amp; Timeline 


Blue Moon

Blue Moon Group Pre-IPO - The Positives - Dominant Market Share, Strong Online Sales 



Blue Moon

Blue Moon Group Pre-IPO - The Negatives - Flagging Offline Sales, Not Really a Primary Raising 



Blue Moon

Blue Moon: No. 1 But No Exclusive Advantage, Observation on the Ground 



Blue Moon

Blue Moon Group Pre-IPO - Online Reviews and Peer Comparison 



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) Pre-IPO: Why Facebook Should Worry About TikTok 



ByteDance

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



ByteDance

ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 



ByteDance

ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 



ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 



ByteDance

ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 



ByteDance

ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 



E-Star Comm

E-Star Commercial Management Pre-IPO - Better Disclosure in New Prospectus 



E-Star Comm

E-Star Commercial Management Pre-IPO - Still Largely Reliant on Galaxy, Poor Disclosure Doesn’t Help 



Excellence Comm

Excellence Commercial Property (卓越商企服务) Pre-IPO - Diversifying Away from Excellence Group 



Everest Med

Everest Medicines (云顶新耀) Pre-IPO: License-In Specialist Led by Biotech Investors 



Genor

Genor (嘉和生物) Pre-IPO: Slow R&amp;D Progress in the past but that Might Change 



Jiayuan Svcs

Jiayuan Services (佳源服务) Pre-IPO - Another Small Property Management Company 



Jinke Svcs

Jinke Smart Services (金科智慧服务) Pre-IPO - GFA Growth at the Expense of Fees 



Kilcoy

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 



Kilcoy

Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 



KWG Living

KWG Living (合景悠活) Pre-IPO - Strong Growth and Margin Expansion but Overly Reliant on KWG Group 



Megvii

Megvii (旷视) Pre-IPO - Remarkable Growth (Part 1) 


Megvii

Megvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential 


Megvii

Megvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent 


Megvii

Megvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis 


Megvii

Megvii (旷视) Pre-IPO -  Initial Thoughts on Valuation 


Neusoft

Neusoft Edu (东软教育) Pre-IPO: Long Established Name on IT Education 


Ocumension

Ocumension (欧康维视) Pre-IPO: All Ready for a Great Listing Except a Block Buster 


Pop Mart

Pop Mart Pre-IPO - The Negatives - Is It a Brand Owner or Just a Retailer? 


Pop Mart

Pop Mart Pre-IPO - The Positives - Expanding Portfolio+Wider Distribution= Explosive Earnings Growth 


Pop Mart

Pop Mart Pre-IPO - Peer Set and Valuation 


Pop Mart

Pop Mart Pre-IPO Quick Note - On the Ground - Pop-Up Stores Are Effective 


Radiance

Radiance Holdings (金辉控股) Pre-IPO - Property Mgt Svc Sold Out at a Ridiculously Cheap Valuation 


Shimao Svcs

Shimao Services (世茂服务) Pre-IPO - Community VAS Segment Is the Star 


Sunac Svcs

Sunac Services (融创服务) Pre-IPO - Promising Growth &amp; Diversifying Away from Sunac Via Acquisitions 


RemeGen

RemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48 


Simcere

Simcere (先声制药) Pre-IPO: Long History but Products Concentrated 


Toplist

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


Weihai Bank

Weihai City Commercial Bank Pre-IPO - More of an Asset Manager Rather than a Lender 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


India


ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotel

Bharat Hotels Pre-IPO - Catching up with Peers 



Burger King

Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster 



Burger King

Burger King India Pre-IPO - Peer Comparison Yields Interesting Nuggets on Profitability and Capex 



Bajaj En

Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 



CAMS

CAMS Pre-IPO - Quasi Monopoly Status Muddled by Inconsistent Performance 


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


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


Equitas SFB

Equitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing 


Equitas SFB

Equitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing 


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


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO 


IRFC

Indian Railway Finance Pre-IPO - Low Risk, Low Margin Business 


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



LIC


Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 



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


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


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


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 


UTI AMC

UTI Asset Management Company Pre-IPO - Well past Its Remote Glory Days 



Malaysia


Mr DIY

Mr D.I.Y. Pre-IPO - Largest Home Improvement Retailer in Malaysia 


Mr DIY

Mr D.I.Y. Pre-IPO - Store Walk-Through and Thoughts on Value Proposition 


Mr DIY

Mr D.I.Y. Pre-IPO - Peer Comparison - Small Stores with Dominant Market Share  


Mr DIY

Mr D.I.Y. Pre-IPO - Assumptions and Thoughts on Valuation 


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


Thailand


PTTOR

PTT Oil and Retail IPO - F&amp;B Business Is the Profit Driver 


SCGP

SCGP Pre-IPO - Shift to Packaging Has Been Aiding Margins but Acquisition Drove up Leverage 


The U.S


CDP

CDP Holdings Pre-IPO Review - Highly Reliant on Best Inc. 


CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent






ECM Weekly (20 September 2020) - Ant Group, Ming Yuan Cloud, Neusoft Edu, Computer Age Mgt

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Everest Medicines / Equity Capital Markets

Everest Medicines is a China-based biotech company with late-stage drug candidates in-licensed from partner pharmaceutical companies and biotechs.The company has experienced biotech investor managers as its top management. Its business model is to in-license drug candidates with unmet demand in China. We highlight the most interesting drug candidates is TROP-2 targeted Trodelvy which has a broad indication given the prevalent presence of this target in tumor cells. Its innovative antibiotic Xerava was in-vitro more potent than tigecycline but has not demonstrated efficacy in the clinical trial. It only shows non-inferiority to current therapies to cIAI. We think more studies, particularly head-to-head trials against tigecycline, are needed to demonstrate that it is superior to tigecycline. Both Etrasimod and Nefecon have a big indication and unmet demand in China.The company also has strong investor backing, from both global investors and healthcare specialist investors.

Everest Medicines is a China-based biotech company with late-stage drug candidates in-licensed from partner pharmaceutical companies and biotechs.The company has experienced biotech investor managers as its top management. Its business model is to in-license drug candidates with unmet demand in China. We highlight the most interesting drug candidates is TROP-2 targeted Trodelvy which has a broad indication given the prevalent presence of this target in tumor cells. Its innovative antibiotic Xerava was in-vitro more potent than tigecycline but has not demonstrated efficacy in the clinical trial. It only shows non-inferiority to current therapies to cIAI. We think more studies, particularly head-to-head trials against tigecycline, are needed to demonstrate that it is superior to tigecycline. Both Etrasimod and Nefecon have a big indication and unmet demand in China.The company also has strong investor backing, from both global investors and healthcare specialist investors.

Everest Medicines (云顶新耀) Pre-IPO: License-In Specialist Led by Biotech Investors

China

Everest Medicines Limited operates as a late clinical-stage biopharmaceutical company. The Company engages in licensing, clinical development, and commercialization of therapies for oncology, immunology, cardio-renal disease, and infectious disease. Everest Medicines markets its products in China and other emerging Asia Pacific markets.

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Everest Medicines (1952 HK)

ECM Weekly (20 September 2020) - Ant Group, Ming Yuan Cloud, Neusoft Edu, Computer Age Mgt

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. Hong...

Zhen Zhou, Toh

Everest Medicines (云顶新耀) Pre-IPO: License-In Specialist Led by Biotech Investors

Everest Medicines is a China-based biotech company with late-stage drug candidates in-licensed from partner pharmaceutical companies and...

Ke Yan, CFA, FRM

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