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

Tongcheng Travel Holdings  / Equity Capital Markets

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.
Before the IPO rush even started, the market has already claimed two victims in the ECM space. This week, we heard that Sinochem Energy (1644249D HK) has put its listing preparation on hold in light of recently dampened market and oil price decline. Heathley Healthcare REIT (HHR AU)'s IPO was also put on hold, citing poor market sentiment. Australia IPOs have been quite consistent this past two years. That is, consistent in launching their IPO and getting it pulled before it trades.
Next week there will finally be two IPOs, Tongcheng-Elong Holdings Ltd (780 HK) and Babytree Group (1761 HK), debuting in Hong Kong. Babytree was priced at the low end while Tongcheng managed to price slightly above the low end. Tongcheng's institutional and retail books were slightly oversubscribed, suggesting poor sentiment but its share price rose to close at HK$11.32 on PhilipMart's gray market trading, 15.5% above IPO price.
In deal approvals, we heard that Xinyi Energy is gauging demand for its IPO while iDreamsky and Natural Food are set to open their IPOs book build on Monday and Tuesdau respectively. Beijing Hujiang which is a close competitor to Koolearn has also been approved and filed its PHIP on HKEX with Koolearn.
Meanwhile, in the US, Tencent Music Entertainment (TME US) is said to be planning for a December IPO after delaying its IPO last month. A Chinese article circulating on WeChat said that the company is raising less than US$1bn and it is aiming for a US$22 - 25bn valuation. Mogu (MOGU US) has also set its IPO terms of 4.75m ADS at US$14 - 16 per share. That will imply a US$76m deal size, down from the initial guided deal size of US$200m. The company said in its update F-1/A filing that JD.com Inc (ADR) (JD US) will buy US$30m of shares in Mogu through either a concurrent placement or from the IPO. 
Accuracy Rate:Our overall accuracy rate is 71.8% for IPOs and 64.1% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  Shanghai Dongzheng Automotive Finance (Hong Kong, &gt;US$100m)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.Source: Aequitas Research, SmartkarmaNews on Upcoming IPOs 
Chinese fashion portal MOGU sets terms for $71 million US IPO
Alibaba suffers rare 'down round' investment as Babytree's HK IPO prices low
Bitmain and Ebang's Hong Kong IPO dreams in question
Tycoon Mistry plans US$1b share offer amid rare asset sales
Smartkarma Community's this week Analysis on Upcoming IPO  
Beijing Huatu IPO: The Big Picture Looks Better
WuXi AppTech IPO Preview: Pharmed Out
Uber IPO Preview: Its Sprawling Empire and Battle Lines (Part 1)
AsiaInfo Tech IPO Preview: Crossed Wires
Softbank IPO: A 5% Dividend Yield Means Little if There Is No Risk Buffer
WuXi AppTech IPO Trading Update: What’s up with the Poor Cash Conversion?
IPO Stalker: Bangkok Glass, Singha Beer's Bottle Maker
Softbank KK IPO: Interesting at the Lower End of the Range (¥1,400-¥1,600)
Koolearn IPO Preview – Hurtling Towards Losses?
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


Asia Info
AsiaInfo Tech (亚信科技) IPO: Cost Control Is the Key (Part 1)


BabyTree
Babytree Group Pre-IPO - Young Moms Need It but Almost All Seem to Have It, Might Be at Peak MAU


BabyTree
Babytree IPO Preview: In Desperate Need of Alibaba to Unleash Its Potential


Bitmain
Bitmain IPO Preview: The Last Hurrah Before Reality Bites


Bitmain
Bitmain IPO Preview (Part 2) - King of Cryptocurrency Mining Rigs but Its Moat Is Shrinking


Bitmain
Bitmain: A Counter Thesis


Bitmain
Bitmain (比特大陆) IPO: Running Out of Steam on Mining Rigs (Part 1)


Bitmain
Bitmain (比特大陆) IPO: Value At Risk of Founder's Belief (Part 2)


Bitmain
Bitmain (比特大陆) IPO: Take-Aways from Founder's Recent Speech at Tsinghua University (Part 3)


Bitmain
Bitmain (比特大陆) IPO: Intense Competition in the 7nm Mining ASIC Market (Part 4)


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


Canaan Inc.
Canaan Inc. IPO Preview (Part 2) - A Closer Look at ASIC Developments and Competition


Canaan Inc.
Canaan Inc. IPO Preview (Part 3): Earnings Forecast &amp; Valuation Analysis


Canaan Inc.
Canaan (嘉楠耘智) IPO Quick Take: Beware that ASIC Is a Different Ball Game


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?


Entertnmt Plus
Entertainment Plus – 60% Market Share, Margin Not a Concern


Entertnmt Plus
Maoyan IPO Preview: Running Out of Growth Drivers


Entertnmt Plus
Entertainment Plus (猫眼娱乐) IPO: The Engineered Movie Ticketing Leader Running Out of Steam (Part 1)


Entertnmt Plus
Entertainment Plus (猫眼娱乐) IPO: The Coming Regulatory Bang Isn't That Bad (Part 2)


Fosun Tourism
Fosun Tourism IPO, Part 1: Back to the Beach With Club Med! | But Is This a 'China' Play?


Fosun Tourism
Fosun Tourism IPO Analysis: Quid Pro Quo for the Better of Fosun Group?


Frontage
Frontage Holding (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect


Junshi Bio
Junshi Bioscience (君实医药) IPO: Early in Application but Behind in Key Indications (Part 1)


MicuRx
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment


Stealth Bio
Stealth Biotherapeutics IPO: Cure the Symptoms but Not the Cause (Part 1)


Tubatu
Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch


Tubatu
Tubatu Group Pre-IPO - Online -&gt; Online + Offline -&gt; Online -&gt; ?


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


Wanka
Wanka Online Pre-IPO - Listing Too Early but It Needs the Cash


Wanka
Wanka Online IPO Preview: Rapid but Unsustainable Growth


WeLab
WeLab Pre-IPO - Stuck in a Regulatory Quagmire; Not the Right Time to List

South Korea

Asiana
Asiana IDT IPO Preview (Part 1)


Asiana
Asiana IDT IPO Preview (Part 2) - Valuation Analysis


Daeyu
Daeyu Co. IPO Preview (Part 1)


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


Foodnamoo
Foodnamoo Inc IPO Preview (Part 1) - A Leader in Home Meal Replacement Products in Korea


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis


Livent
Livent IPO Preview (Part 1): A Profitable Company that Produces Lithium


Plakor
Plakor IPO Preview (Part 1)


Robotis
Robotis IPO Preview (Part 1) - An Innovative Provider of Robotic Solutions in Korea


T-Robotics
T-Robotics IPO Preview (Part 1) - Following the Explosive Demand of Robotis IPO?


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


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


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


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 Dock
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Lodha
Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


IndiaMart
IndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult

The U.S.

360 Finance
360 Finance (360金融) IPO First-Take: Too Late into Cash Loan Game


360 Finance
360 Finance IPO Preview: Pluses and Minuses


Tencent Music
Tencent Music IPO: A Deep-Dive on Why Tencent Music Is Profitable and Spotify Is Not


Tencent Music
Tencent Music (TME): Only 29% Spotify-Like, But the Other Business Produces Profits


Tencent Music
Tencent Music IPO: A Deep-Dive on Why Tencent Music Is Profitable and Spotify Is Not


Tencent Music
Tencent Music Entertainment Group - Much Ado Nah Music About Nothing!


Tencent Music
Tencent Music Entertainment Group: Part 2 -The Curious Case of Acquiring Ultimate Music Inc


Tencent Music
Tencent Music Pre-IPO - This Is How We Do It - A Quick Look at How the Apps Work


Tencent Music
Tencent Music Pre-IPO Review - The Final Countdown - Growth Doesn't Seem to Be Slowing Down


Tencent Music
Tencent Music Entertainment Group– Competitors Aplenty Imply No Differentiation Except Moniker


Tencent Music
Tencent Music:We Estimate Value at USD 3.77 Per Share; Lower Than Many Expect - $11.7 B for TME


Tencent Music
Tencent Music Pre-IPO - Valuations Estimates - Leaving on a Jet Plane - $30bn Was Quite Stretched


Tencent Music
Tencent Music Pre-IPO - Quick Peer Analysis - If I Was You, I’d Wanna Be Me Too - Bigger and Fast


Tencent Music
Tencent Music Pre-IPO - Industry - Don't Cry - In 2010 a Little Red Dot Almost Overtook the Dragon


Weidai
Weidai IPO Preview: Robust Foundations in Turbulent Times

Malaysia

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



ECM Weekly (24 November 2018) - Koolearn, IDreamsky, Tongcheng, Babytree, Fosun Tourism, Wuxi Apptec

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<a href="https://www.smartkarma.com/entities/27794" target="_blank" data-smartkarma-citation="entities:27794:1">Heathley Healthcare REIT (HHR AU)</a> plans to raise US$165m in its IPO on the Australian Stock Exchange.
The REIT primarily consists of healthcare assets with a bigger focus on daycare facilities rather than secondary or tertiary hospital assets. The entire portfolio is being sourced from the sponsor who has been running a healthcare fund for more than 5 years. 
While the tailwinds for the industry remain highly supportive, not all the assets being injected in the REIT are truly healthcare assets. Some of the medical centres are essentially just retail properties, the medical offices are regular offices while the smaller aged care facilities look and sound like they are big homes/residential assets. Thus, it's not truly a 100% healthcare portfolio, i.e. not one where the underlying exposure is just to hospitals,  daycare or otherwise.
There are also other issues with respect to some conflict of interest with the sponsor's other funds, which could hamper near-term inorganic growth for HHR.

Heathley Healthcare REIT (HHR AU) plans to raise US$165m in its IPO on the Australian Stock Exchange.
The REIT primarily consists of healthcare assets with a bigger focus on daycare facilities rather than secondary or tertiary hospital assets. The entire portfolio is being sourced from the sponsor who has been running a healthcare fund for more than 5 years. 
While the tailwinds for the industry remain highly supportive, not all the assets being injected in the REIT are truly healthcare assets. Some of the medical centres are essentially just retail properties, the medical offices are regular offices while the smaller aged care facilities look and sound like they are big homes/residential assets. Thus, it's not truly a 100% healthcare portfolio, i.e. not one where the underlying exposure is just to hospitals,  daycare or otherwise.
There are also other issues with respect to some conflict of interest with the sponsor's other funds, which could hamper near-term inorganic growth for HHR.

Heathley Healthcare REIT IPO - Not Really 100% Healthcare

Australia

Heathley Ltd provides real estate investment services. The Company invests in multi-property and single property funds which includes commercial office, industrial, and medical sectors. Heathley operates in Australia.

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Heathley (0364325D AU)

ECM Weekly (24 November 2018) - Koolearn, IDreamsky, Tongcheng, Babytree, Fosun Tourism, Wuxi Apptec

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for...

Zhen Zhou, Toh

Heathley Healthcare REIT IPO - Not Really 100% Healthcare

Heathley Healthcare REIT (HHR AU) plans to raise US$165m in its IPO on the Australian Stock Exchange. The REIT primarily consists of healthcare...

Sumeet Singh

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