APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>Placements continued to take center stage this week, beginning with Uber’s clean-up sale of Zomato.</li>
<li>Socar launched its one-day bookbuild earlier in the week. We continued looking at the upcoming deals in our pipeline. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Placements continued to take center stage this week, beginning with Uber’s clean-up sale of Zomato.
Socar launched its one-day bookbuild earlier in the week. We continued looking at the upcoming deals in our pipeline. 


ECM Weekly (7th Aug 2022) - Zomato, Orica, China Tourism, Hongjiu Fruit, Giant Biogene, Socar

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Giant Biogene (GB) aims to raise around US$500m in its Hong Kong IPO.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


Giant Biogene (GB) aims to raise around US$500m in its Hong Kong IPO.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we talk about the not-so-positive aspects of the deal.


Giant Biogene Pre-IPO - The Negatives - Co-Founders Have Already Cashed in US$1bn+

<ul>
<li>Giant Biogene (GB) aims to raise around US$500m in its Hong Kong IPO.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


Giant Biogene (GB) aims to raise around US$500m in its Hong Kong IPO.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we talk about the positive aspects of the deal.


Giant Biogene Pre-IPO - The Positives - Fast Growth and Juicy Margins

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a> has filed for a Hong Kong IPO for raising as much as $1 billion. The company is China’s largest supplier of collagen-based skincare products.</li>
<li>Through its dual-pronged “medical institution + mass consumer” sales strategy, the company has increased revenue to RMB1,553 million in 2021 from RMB956.7 million in 2019.</li>
<li>The collagen-based skincare market in China is expected to grow from RMB9.4 billion in 2022 to RMB77.5 billion in 2027, at a CAGR of 52.6%, thereby offering significant growth opportunity.</li>
</ul>



Giant Biogene Holding (GBH HK) has filed for a Hong Kong IPO for raising as much as $1 billion. The company is China’s largest supplier of collagen-based skincare products.
Through its dual-pronged “medical institution + mass consumer” sales strategy, the company has increased revenue to RMB1,553 million in 2021 from RMB956.7 million in 2019.
The collagen-based skincare market in China is expected to grow from RMB9.4 billion in 2022 to RMB77.5 billion in 2027, at a CAGR of 52.6%, thereby offering significant growth opportunity.


Giant Biogene Holding (GBH HK) Pre IPO: A Fundamentally Strong Company to Grab Market Opportunity

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Sihuan Pharmaceutical Hldgs / Equity Bottom-Up

<ul>
<li>The reason why Sihuan has received more attention from the market mainly lies in the medical aesthetics segment. However, both hyaluronic acid and botulinum toxin are facing challenges.</li>
<li>Recently, China Resources is rumored to be in talks to privatize <a href="https://www.smartkarma.com/entities/sihuan-pharmaceutical-hldgs" target="_blank" data-smartkarma-citation="entities:33:1" rel="noopener">Sihuan Pharmaceutical Hldgs (460 HK)</a>, but Sihuan denied it.</li>
<li>Sihuan is undervalued. The reasonable market value should be over RMB20 billion. We recommend investors to follow closely with Sihuan, either for decent upside potential or privatization possibility.</li>
</ul>


The reason why Sihuan has received more attention from the market mainly lies in the medical aesthetics segment. However, both hyaluronic acid and botulinum toxin are facing challenges.
Recently, China Resources is rumored to be in talks to privatize Sihuan Pharmaceutical Hldgs (460 HK), but Sihuan denied it.
Sihuan is undervalued. The reasonable market value should be over RMB20 billion. We recommend investors to follow closely with Sihuan, either for decent upside potential or privatization possibility.


Sihuan Pharmaceutical Hldgs (460.HK)- Privatization Rumor, Upside Potential and Concerns on Business

China

Proya Cosmetics Co., Ltd. operates as a cosmetics products manufacturing company. The Company researches and markets skin care products, make up, body wash, and other related products. Proya Cosmetics markets its products throughout China.

Hengan International Group Company Limited, through its subsidiaries, manufactures and sells personal hygiene products such as sanitary napkins and disposable baby diapers in China.  The Company's products are sold under the Anerle brand name.

By-health Co., Ltd researches, develops, produces and sells dietary supplements. The Company's main products include protein powders, vitamins, minerals, natural herbal extracts and other functional nutritional supplements.

Shanghai Flyco Electrical Appliance Co., Ltd. develops, manufactures and sells personal care appliances. Main products include electric shavers and hairdryers.

Shanghai Flyco Electrical Appl (603868 CH)

Shanghai Jahwa United Co., Ltd. develops, manufactures and wholesales skin care and hair care products, cosmetics, perfumes, detergents, and other household chemical products.  The Company also provides technical and food services.

Brother Enterprises Holding Company Limited develops, produces and sells vitamin products and leather chemicals.  The Company's vitamin products include vitamin K3 and vitamin B1 series products. The Company's leather chemicals include chrome powder and leather auxiliaries series products.

Mingchen Health Co., Ltd. manufactures and markets personal healthcare products. The Company develops, produces, and sells skin and hair care products. Mingchen Health markets its products throughout China.

Henan Rebecca Hair Products Co., Ltd. manufactures wigs, fiber hair, and hair pieces used for hair styling, hair extension, and training purposes in beauty salons. The Company exports its products mainly to the United States and Europe.

Henan Rebecca Hair Products Co., (600439 CH)

Shanghai Jiaoda Onlly Co., Ltd. develops, manufactures, and markets biological products, healthcare food, ginseng products, and other nutritional supplements. Through its subsidiaries, the Company also provides advertising, medical, travel, and food services.

Liuzhou Liangmianzhen Co., Ltd. manufactures and markets oral hygiene products, cleaning products and feminine hygiene products. The company's main products include a variety of toothpaste with ingredients from traditional Chinese medicines. Liuzhou Liangmianzhen uses LMZ brand name.

Liuzhou Liangmianzhen Co, Ltd. (600249 CH)

Emami Limited develops and distributes personal, beauty, and healthcare products in India and other countries.  The Company manufactures herbal and Ayurvedic products, including antiseptic cream, prickly heat powder, pain balm, and cool oil.

LG H&H Co., Ltd. manufactures and distributes cosmetics. The Company produces whoo, o hui, sum 37, basic cosmetics, color cosmetics, and other related products. LG H&H also produces toothpaste, soap, detergents, healthy, personal care, and refreshing products.

Inter Parfums, Inc. manufactures, markets, and distributes a wide array of fragrances and fragrance related products. The Company's European-based operations produce and distribute prestige fragrance products primarily under license with brand owners. It's U.S.-based operations primarily produce and sell fragrance and personal care products under several specialty retail brands.

KOSE Corporation manufactures, retails, and exports cosmetics including make up, skin care, and hair care products.  The Company sells its products in Hong Kong, China, Singapore, and Malaysia.

Procter & Gamble Hygiene and Healthcare Limited manufactures personal & beauty care and healthcare products. The Company's products include menthol, dementholised peppermint oil, cosmetics, personal care products, toilet preparations, soaps and detergents.

Procter & Gamble Hygiene and Healthcare (PG IN)

Gillette India Ltd., a joint venture between Gillette Company, Inc. of the US and Poddar Group of India, manufactures personal grooming products, stationery products and small electrical appliances. The Company's products include twin type shaving systems, other razors, safety razor blades, disposable cartridge blades, shaving brushes and shaving creams.

KOBAYASHI PHARMACEUTICAL CO., LTD. manufactures and wholesales pharmaceuticals and medical equipment.  The Company also develops and manufactures fragrances, deodorant, sanitary products, and ointment for stiff shoulders, as well as exports to Southeast Asia and the US.

Interparfums SA creates and manufactures branded perfumes under license.  The Company creates perfumes for apparel, jewelry, and accessories manufacturers.

POLA ORBIS HOLDINGS INC. develops, manufactures and markets cosmetic products, centering in skincare  products. Under its multi-brand strategy, the Company holds nine cosmetic brands including POLA, prestige skincare brand, ORBIS, oil-free skincare brand, H2O PLUS and Jurlique.

FANCL CORPORATION produces and sells additive-free skin care cosmetics for both women and men.  The Company's products include cleansing creams, hair care goods such as shampoos and conditioners, and facial make up products.  Fancl also makes and distributes dietary supplements including royal jelly and various tablets with extracted essence from mushrooms, garlic, ginseng, and soy beans.

Giant Biogene Holding Co., Ltd researches, develops, manufactures, and distributes, and markets skin treatment products. The Company produces recombinant collagen and rare ginsenosides skin treatment products, functional foods, and other products. Giant Biogene Holding conducts businesses in China.

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Giant Biogene (2367 HK)

ECM Weekly (7th Aug 2022) - Zomato, Orica, China Tourism, Hongjiu Fruit, Giant Biogene, Socar

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

Clarence Chu

Giant Biogene Pre-IPO - The Negatives - Co-Founders Have Already Cashed in US$1bn+

Giant Biogene (GB) aims to raise around US$500m in its Hong Kong IPO. It is the largest recombinant collagen based products maker in China.

Sumeet Singh

Giant Biogene Pre-IPO - The Positives - Fast Growth and Juicy Margins

Giant Biogene aims to raise around US$500m in its Hong Kong IPO. It is a leader in the recombinant collagen market in China.

Sumeet Singh

Giant Biogene Holding (GBH HK) Pre IPO: A Fundamentally Strong Company to Grab Market Opportunity

Giant Biogene, China’s #1 collagen-based skincare product company has filed for a Hong Kong IPO to raise roughly $1 billion. However, the IPO may...

Tina Banerjee

Sihuan Pharmaceutical Hldgs (460.HK)- Privatization Rumor, Upside Potential and Concerns on Business

Sihuan receives attention due to medical aesthetics but it's facing challenges,especially after CBC acquired Hugel.But Sihuan is undervalued, with...

Xinyao (Criss) Wang

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