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

<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.

Beijing Yuanxin Technology Group Co Ltd / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/beijing-yuanxin-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34685:1" rel="noopener">Beijing Yuanxin Technology Group Co Ltd (1865453D CH)</a> is looking to raise US$500m in its upcoming Hong Kong IPO. The deal will be run by Goldman Sachs and CITIC Securities.Beijing Yuanxin Technology Group is a pharmaceutical firm operating under the Miaoshu Physician and Yuanxin Pharmacy brands. As per Frost &amp; Sullivan (F&amp;S), the firm is the No. 1 integrated healthcare fulfilment platform in China focusing on prescription drugs. The firm also operates its brick-and-mortar pharmacies under the Yuanxin Pharmacy brand, and as of 8M21, had 251 pharmacies over 30 provinces in China.

Beijing Yuanxin Technology Group Co Ltd (1865453D CH) is looking to raise US$500m in its upcoming Hong Kong IPO. The deal will be run by Goldman Sachs and CITIC Securities.Beijing Yuanxin Technology Group is a pharmaceutical firm operating under the Miaoshu Physician and Yuanxin Pharmacy brands. As per Frost &amp; Sullivan (F&amp;S), the firm is the No. 1 integrated healthcare fulfilment platform in China focusing on prescription drugs. The firm also operates its brick-and-mortar pharmacies under the Yuanxin Pharmacy brand, and as of 8M21, had 251 pharmacies over 30 provinces in China.

Beijing Yuanxin Technology Group Pre-IPO Tearsheet

<a href="https://www.smartkarma.com/entities/linmon-media" target="_blank" data-smartkarma-citation="entities:34550:1" rel="noopener">Linmon Media (LM HK)</a> is looking to raise up to US$300m in its Hong Kong IPO. The deal will be run by Morgan Stanley and CICC. Linmon Media is a content production firm that operates the full value chain of investment, production, distribution, promotion and derivatives licensing of drama series. As per Frost &amp; Sullivan (F&amp;S), the firm ranked fourth among all Chinese drama series companies in terms of revenue for 2020. As of the latest practicable date (24 September 2021), the firm had produced and distributed 13 drama series, of which the firm was lead investor and executive producer for 11 of them, where it owns proprietary rights.

Linmon Media (LM HK) is looking to raise up to US$300m in its Hong Kong IPO. The deal will be run by Morgan Stanley and CICC. Linmon Media is a content production firm that operates the full value chain of investment, production, distribution, promotion and derivatives licensing of drama series. As per Frost &amp; Sullivan (F&amp;S), the firm ranked fourth among all Chinese drama series companies in terms of revenue for 2020. As of the latest practicable date (24 September 2021), the firm had produced and distributed 13 drama series, of which the firm was lead investor and executive producer for 11 of them, where it owns proprietary rights.

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.

Tam Jai International / Equity Capital Markets

<ul>
<li>Although the recent media reports suggested overwhelming interest from both retail and institutional investors, the <a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai International (2271 HK)</a> IPO subscription status was not all that great with subscription rates of 29.6x and 3.9x for the Hong Kong offer and international offer respectively.</li>
<li>Consequently, the IPO was priced at the low end of the offer range at HK$ 3.33 per share, which implies a market cap and EV of HK$ 4.5bn and HK$ 3.1bn respectively.</li>
<li>Nevertheless, we remain unruffled by the surprisingly low IPO subscriptions as 66% of the Hong Kong IPO during the last three months made listing gains with less than 5.0x subscriptions (international offer).</li>
</ul>


Although the recent media reports suggested overwhelming interest from both retail and institutional investors, the Tam Jai International (2271 HK) IPO subscription status was not all that great with subscription rates of 29.6x and 3.9x for the Hong Kong offer and international offer respectively.
Consequently, the IPO was priced at the low end of the offer range at HK$ 3.33 per share, which implies a market cap and EV of HK$ 4.5bn and HK$ 3.1bn respectively.
Nevertheless, we remain unruffled by the surprisingly low IPO subscriptions as 66% of the Hong Kong IPO during the last three months made listing gains with less than 5.0x subscriptions (international offer).


China

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)

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

Beijing Yuanxin Technology Group Pre-IPO Tearsheet

Beijing Yuanxin Technology Group Co Ltd (1865453D CH) is looking to raise US$500m in its upcoming Hong Kong IPO. The deal will be run by Goldman...

Clarence Chu

Linmon Media Pre-IPO Tearsheet

Linmon Media (LM HK) is looking to raise up to US$300m in its Hong Kong IPO. The deal will be run by Morgan Stanley and CICC.

Clarence Chu

Tam Jai International IPO Valuation

Tam Jai IPO seems to be priced at a steep discount to peers, suggesting limited downside risk to Tam Jai’s IPO price. Therefore, we remain...

Oshadhi Kumarasiri

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