Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Sichuan Baicha Baidao Industrial / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial (2555 HK)</a> (SBBI) raised around US$330m in its HK IPO.</li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.</li>
<li>We have looked at the company’s performance and valuations in our past note. In this note, we talk about the trading dynamics.</li>
</ul>



Sichuan Baicha Baidao Industrial (2555 HK) (SBBI) raised around US$330m in its HK IPO.
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.
We have looked at the company’s performance and valuations in our past note. In this note, we talk about the trading dynamics.


Sichuan Baicha Baidao IPO Trading - Tepid Demand, While Peers Have Corrected

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial (SCBCBDID CH)</a>, a leading freshly made tea drinks company, has launched an HKEx IPO to raise US$330 million. The shares will be listed on 23 April.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/baicha-baidao-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:136692" rel="noopener">Baicha Baidao IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/baicha-baidao-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:136734" rel="noopener">Baicha Baidao IPO: The Bear Case</a>. </li>
<li>There are no cornerstone investors. Our valuation analysis suggests that Baicha is fairly valued at the HK$17.50 IPO price. Therefore, we would pass on the IPO.</li>
</ul>



Sichuan Baicha Baidao Industrial (SCBCBDID CH), a leading freshly made tea drinks company, has launched an HKEx IPO to raise US$330 million. The shares will be listed on 23 April.
We previously discussed the IPO in Baicha Baidao IPO: The Bull Case and Baicha Baidao IPO: The Bear Case. 
There are no cornerstone investors. Our valuation analysis suggests that Baicha is fairly valued at the HK$17.50 IPO price. Therefore, we would pass on the IPO.


Baicha Baidao (2555 HK) IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial</a> is looking to raise up to US$330m in its HK IPO.</li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.</li>
<li>We have looked at the company’s performance in our past note. In this note, we talk about valuations</li>
</ul>



Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO.
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.
We have looked at the company’s performance in our past note. In this note, we talk about valuations


Sichuan Baicha Baidao IPO - Doesn’t Offer a Discount to Peers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group-bab2ff71-b80e-406a-8746-77d70acaa16e" target="_blank" data-smartkarma-citation="entities:40625:1" rel="noopener">MIXUE Group</a> (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In our earlier notes, we have looked at the past performance and undertaken a peer comparison. In this note, we provide our initial thoughts on valuation.</li>
</ul>



Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO.

MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In our earlier notes, we have looked at the past performance and undertaken a peer comparison. In this note, we provide our initial thoughts on valuation.


MIXUE Pre-IPO - Initial Thoughts on Valuation

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 9th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight the weekly Hong Kong connect flows for Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 9th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight the weekly Hong Kong connect flows for Tencent.


Hong Kong Connect Flows (Feb 9th): Tencent

China

Tibet Tourism Co., Ltd. provides travel agent services, manages and operates hotels and restaurants in Tibet.  The Company also provides advertising agency services.

China Quanjude Group Company Ltd. owns and operates Peking roast duck restaurant chains.

Dalian Sunasia Tourism Holding Co., Ltd. owns and operates the Dalian Shengya Ocean World, a submarine tunnel style aquarium, located in Dalian, Liaoning. The Company also provides related food services and operates souvenir stores.

Dalian Sunasia Tourism Holding (600593 CH)

Zhangjiajie Tourism Group Co Ltd. develops travel resources, constructs travel facilities, and provides travel services.

WUHAN SANTE CABLEWAYS GROUP CO., LTD. develops and operates passenger cable cars. The company's primary business involves tourism passenger cablecars  development and operations as well as scenic real estate development.

Wuhan Sante Cableway Group Co, Ltd. (002159 CH)

Xi'an Qujiang Cultural Tourism Co Ltd designs and manufactures computer hardware, peripherals, telecommunication electronic products, as well as develops computer software.  The Company also provides import and export service, develops real estate properties, produces medical devices, and offers food, labor and medical services.

Jinling Hotel Corporation, Ltd. mainly manages hotel operations. The Company provides lodging, food and beverages, conference rooms and other hotel services.

Cloud Live Technology Group Co.,Ltd. is an Investment Management Corporation. The Company  operates a large-scale food & beverage chain shops.

Guilin Tourism Co Ltd. provides travel services in Guilin, Guangxi. The Company' s services include touring boat operation, bus transportation, taxi service, and travel arrangement.

Beibu Gulf Tourism Corp Ltd provides travel and tourism services in China.

Straco Corporation Limited develops and operates aquatic related facilities and tourism related activities.  The Group also operates cable car facilities and provides management and consulting services.

GENKI SUSHI CO., LTD. operates revolving sushi bar chain "Genki Sushi", "Sushi Ondo", and "Senryo" in the Kanto area.  The Company also operates in the Tohoku area.

The Marcus Corporation operates in the lodging and entertainment industries. The Company's movie theater division owns or manages screens at locations in several states, as well as a family entertainment center.  Marcus' lodging division owns or manages hotels and resorts in several states, as well as a vacation club.

Magnum Berhad is a holding company. The Company, through its subsidiary, focuses on the gaming or numbers forecasting lottery business.

SFP Dining Co Ltd operates as a holding company. The Company, through its subsidiaries, owns and operates a range of branded chain restaurants

SRS Holdings Co., Ltd. operates as a holding company. The Company, through its subsidiaries, focuses on restaurant businesses. SRS Holdings provides meals, noodles, rice, and beverages. SRS Holdings serves customers in Japan.

RINGER HUT CO., LTD. manages chain of noodle shops in Kyushu, Kansai, and Kanto area.  The restaurants mainly serves Nagasaki champon noodle.

Holiday Entertainment Co., Ltd. operates private karaoke rooms throughout Taiwan.  The Company rents rooms equipped with karaoke machines and audio systems for fees.  Holiday also serves food and drinks.

SHiDAX CORPORATION, through its subsidiaries, provides food catering services and operates restaurants.  The Company's subsidiaries provide their services to companies, hospitals, and schools.

El Pollo Loco Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, owns and operates a restaurant chain. El Pollo Loco Holdings provides services across the United States.

Helens International Holdings Company Limited operates bar chain networks. The Company provides craft beer, fruit beer, milk beer, and others. Helens International Holdings provides its services throughout China.

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Helens International Holdings (9869 HK)

Sichuan Baicha Baidao IPO Trading - Tepid Demand, While Peers Have Corrected

Sichuan Baicha Baidao Industrial (2555 HK) (SBBI) raised around US$330m in its HK IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Baicha Baidao (2555 HK) IPO: Valuation Insights

Our valuation analysis suggests that Baicha is fairly valued at the HK$17.50 IPO price. Therefore, we would pass on the IPO.

Arun George

Sichuan Baicha Baidao IPO - Doesn’t Offer a Discount to Peers

Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO. In this note, we talk about valuations.

Sumeet Singh

MIXUE Pre-IPO - Initial Thoughts on Valuation

Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we provide our earnings estimates and initial thoughts on...

Sumeet Singh

Hong Kong Connect Flows (Feb 9th): Tencent

We have analyzed southbound Hong Kong connect flows in the past week and highlighted Hong Kong connect flows for Tencent.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

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