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.

Event-Driven

Contemporary Amperex Technology (CATL) / Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a> is looking to raise up to US$6bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, China Securities, Goldman Sachs, and UBS.</li>
<li>The relatively large listing comes after the firm has been undertaking a series of capital raisings, since it's A-share debut back in Jun 2018, to fund its expansion. </li>
<li>In this note, we discuss GDR timelines, and the firm’s recent financial performance/valuations.</li>
</ul>



CATL (A) (300750 CH) is looking to raise up to US$6bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, China Securities, Goldman Sachs, and UBS.
The relatively large listing comes after the firm has been undertaking a series of capital raisings, since it's A-share debut back in Jun 2018, to fund its expansion. 
In this note, we discuss GDR timelines, and the firm’s recent financial performance/valuations.


CATL GDR Listing Early Look - Past Deals Have Done Well. Valuations Somewhat Justifiable

Ethan Aw

Equity Capital Markets

Archean Chemical Industries / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/archean-chemical-industries" target="_blank" data-smartkarma-citation="entities:36520:1" rel="noopener">Archean Chemical Industries (0810406D IN)</a> has raised about US$178m in its India IPO. </li>
<li>Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. </li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.</li>
</ul>



Archean Chemical Industries (0810406D IN) has raised about US$178m in its India IPO. 
Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. 
We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.


Archean Chemical Industries IPO Trading - One of the Highest Subscriptions for the Year

Hangzhou Great Star Industrial Co., / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/hangzhou-great-star-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:4317:1" rel="noopener">Hangzhou Great Star Industrial Co., (002444 CH)</a> is looking to raise around US$150m in its Swiss GDR listing. Huatai is the sole bookrunner in the deal. </li>
<li>The firm is offering 11.5m GDRs (1 GDR to 5 A-shares) for sale at a 16.1-18.7% discount to last close.</li>
<li>The deal would represent just 2.3 days of three month ADV and 4.3% of the firm’s current mcap.</li>
</ul>



Hangzhou Great Star Industrial Co., (002444 CH) is looking to raise around US$150m in its Swiss GDR listing. Huatai is the sole bookrunner in the deal. 
The firm is offering 11.5m GDRs (1 GDR to 5 A-shares) for sale at a 16.1-18.7% discount to last close.
The deal would represent just 2.3 days of three month ADV and 4.3% of the firm’s current mcap.


Hangzhou GreatStar Industrial GDR Listing - Wider Discount Here and Momentum Has Been Strong

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Chervon Holdings / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/chevron-holdings-ltd" target="_blank" data-smartkarma-citation="entities:35308:1" rel="noopener">Chevron Holdings (CHV HK)</a> is moving up the ranks in electric outdoor power equipment. It is currently ranked 2nd in terms of revenue compared to 7th in 2018.</li>
<li>We expect an industry wide drop-off in revenue in 2022 after a boost in demand during 2020 and 2021 driven by COVID-19.</li>
<li>Valuation is at a 41% discount to the closest peer. Thus we lean towards subscribing to the Chevron IPO.</li>
</ul>



Chevron Holdings (CHV HK) is moving up the ranks in electric outdoor power equipment. It is currently ranked 2nd in terms of revenue compared to 7th in 2018.
We expect an industry wide drop-off in revenue in 2022 after a boost in demand during 2020 and 2021 driven by COVID-19.
Valuation is at a 41% discount to the closest peer. Thus we lean towards subscribing to the Chevron IPO.


Research on Tech Companies

Evelyn Zhang

Thematic (Sector/Industry)

USTR requested comments on potential exclusions of products of China subject to tariffs.
The largest exemption categories include Electrical equipment, electronic, mechanical equipment.
The household appliances have over 50% dependence on Chinese imports. 
This article combines the four tariff lists and identifies the goods most reliant on China, and consequently, potential beneficiaries of this Sino-US trade relaxation.

USTR requested comments on potential exclusions of products of China subject to tariffs.
The largest exemption categories include Electrical equipment, electronic, mechanical equipment.
The household appliances have over 50% dependence on Chinese imports. 
This article combines the four tariff lists and identifies the goods most reliant on China, and consequently, potential beneficiaries of this Sino-US trade relaxation.

China

Hang Zhou Great Star Industrial Company Ltd. develops, manufactures and sells hand tools hardware products. The Company's products are hand tools and electric hand-held tools.

Hangzhou Great Star Industrial Co., (002444 CH)

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Hangzhou Great Star Industrial Co., (002444 CH)

CATL GDR Listing Early Look - Past Deals Have Done Well. Valuations Somewhat Justifiable

CATL (A) (300750 CH) is looking to raise up to US$6bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, China Securities,...

Clarence Chu

Archean Chemical Industries IPO Trading - One of the Highest Subscriptions for the Year

Archean Chemical Industries (0810406D IN) has raised about US$178m in its India IPO. In this note, we talk about the demand for the deal and the...

Ethan Aw

Hangzhou GreatStar Industrial GDR Listing - Wider Discount Here and Momentum Has Been Strong

Hangzhou Great Star Industrial Co., (002444 CH) is looking to raise around US$150m in its Swiss GDR listing. Huatai is the sole bookrunner in the...

Clarence Chu

Chervon Holdings IPO - Valuation

Even though smaller in size, we don’t think Chevron deserves to trade at a discount to its closest peer Techtronic, especially not as much as 41%,...

Oshadhi Kumarasiri

A Truce in Trade War?

USTR requested comments on potential exclusions of products of China subject to tariffs. We analyze the potential beneficiaries of this Sino-US...

Evelyn Zhang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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