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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 14th.</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 inflows into Tencent (700 HK), and Li Auto (2015 HK). </li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 14th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Tencent (700 HK), and Li Auto (2015 HK). 


Hong Kong Connect Flows (Oct 14th): Tencent, Li Auto

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gushengtang-cayman-ltd" target="_blank" data-smartkarma-citation="entities:33503:1" rel="noopener">Gushengtang (GUS HK)</a> is looking to raise US$150m in its Hong Kong IPO.</li>
<li>Gushengtang is a traditional chinese medicine (TCM) healthcare service provider in China. It provides TCM healthcare services and products via its offline medical institutions and online healthcare platforms.</li>
<li>As of the LPD, the firm provided services to customers across 31 provinces via its medical service network, and had 19,203 physicians practicing as of Jun 2021.</li>
</ul>



Gushengtang (GUS HK) is looking to raise US$150m in its Hong Kong IPO.
Gushengtang is a traditional chinese medicine (TCM) healthcare service provider in China. It provides TCM healthcare services and products via its offline medical institutions and online healthcare platforms.
As of the LPD, the firm provided services to customers across 31 provinces via its medical service network, and had 19,203 physicians practicing as of Jun 2021.


Gushengtang Pre-IPO - The Positives - Resilient Financials and Could Ride on Industry Tailwind

<a href="https://www.smartkarma.com/entities/kk-technology" target="_blank" data-smartkarma-citation="entities:34979:1" rel="noopener">KK Technology (KK HK)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and Credit Suisse. KK Technology is a specialty retailer operating under its core brands KKV, The COLORIST, X11 and KK Guan. As per Frost &amp; Sullivan, the firm is one of the top three specialty retailers by GMV in 2020 and the fastest-growing specialty retailer among the top 10 players in China. As of the Latest Practicable Date (LPD, 31 Oct 2021), the firm has 680 stores under its network, covering 169 cities in 31 provinces in China, and one city in Indonesia.

KK Technology (KK HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and Credit Suisse. KK Technology is a specialty retailer operating under its core brands KKV, The COLORIST, X11 and KK Guan. As per Frost &amp; Sullivan, the firm is one of the top three specialty retailers by GMV in 2020 and the fastest-growing specialty retailer among the top 10 players in China. As of the Latest Practicable Date (LPD, 31 Oct 2021), the firm has 680 stores under its network, covering 169 cities in 31 provinces in China, and one city in Indonesia.

<a href="https://www.smartkarma.com/entities/uju-holding" target="_blank" data-smartkarma-citation="entities:34824:1" rel="noopener">Uju Holding (1948 HK)</a> raised around US$103m after pricing its IPO at HKD6.70/share, at the bottom end of the IPO price range.Uju Holding is a one-stop cross media online marketing solutions provider that works with media partners to market its advertiser customer’s products and/or services. In this note, we will look at deal dynamics, and discuss its current valuation against peers. Our previous coverage on the IPO:<ul>
<li><a href="https://www.smartkarma.com/insights/uju-holding-ipo-margin-compression-looks-to-persist" target="_blank" data-smartkarma-citation="insights:59644" rel="noopener">Uju Holding IPO - Margin Compression Looks to Persist</a></li>
<li><a href="https://www.smartkarma.com/insights/uju-holding-ipo-asking-valuation-is-a-stretch" target="_blank" data-smartkarma-citation="insights:59668" rel="noopener">Uju Holding IPO - Asking Valuation Is a Stretch</a></li>
</ul>

Uju Holding (1948 HK) raised around US$103m after pricing its IPO at HKD6.70/share, at the bottom end of the IPO price range.Uju Holding is a one-stop cross media online marketing solutions provider that works with media partners to market its advertiser customer’s products and/or services. In this note, we will look at deal dynamics, and discuss its current valuation against peers. Our previous coverage on the IPO:
Uju Holding IPO - Margin Compression Looks to Persist
Uju Holding IPO - Asking Valuation Is a Stretch


Uju Holding IPO Trading - Downside Seems Imminent

Quwan Holding Limited / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/quwan-holding-limited" target="_blank" data-smartkarma-citation="entities:34883:1" rel="noopener">Quwan Holding Limited (1478079D CH)</a> is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by Goldman Sachs, CICC, and Jefferies. Quwan Network is a gaming-centric mobile social platform provider that operates primarily via its mobile app, TT Chat. According to Frost &amp; Sullivan (F&amp;S), the firm was the largest voice-based mobile social platform and the largest gamer-centric mobile social platform in China in terms of average MAUs in the first half of 2021. In 1H21, the firm had 16.2m average MAUs, and users spent approximately 158 minutes a day in voice chat rooms where on average, 850,000 of them are initiated per day.

Quwan Holding Limited (1478079D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by Goldman Sachs, CICC, and Jefferies. Quwan Network is a gaming-centric mobile social platform provider that operates primarily via its mobile app, TT Chat. According to Frost &amp; Sullivan (F&amp;S), the firm was the largest voice-based mobile social platform and the largest gamer-centric mobile social platform in China in terms of average MAUs in the first half of 2021. In 1H21, the firm had 16.2m average MAUs, and users spent approximately 158 minutes a day in voice chat rooms where on average, 850,000 of them are initiated per day.

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)

Hong Kong Connect Flows (Oct 14th): Tencent, Li Auto

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Tencent Holding (700 HK), and Li Auto (2015 HK).

Ke Yan, CFA, FRM

Gushengtang Pre-IPO - The Positives - Resilient Financials and Could Ride on Industry Tailwind

Gushengtang (GUS HK) is looking to raise US$150m in its Hong Kong IPO. The firm is a traditional chinese medicine (TCM) healthcare service provider...

Clarence Chu

KK Technology Pre-IPO Tearsheet

KK Technology (KK HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and Credit Suisse.

Clarence Chu

Uju Holding IPO Trading - Downside Seems Imminent

Uju Holding (1948 HK) raised around US$106m after pricing its IPO at HKD6.90/share, at the bottom end of the IPO price range.

Clarence Chu

Quwan Holding Limited Pre-IPO Tearsheet

Quwan Holding Limited (1478079D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by Goldman Sachs, CICC,...

Clarence Chu

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