Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

Econ Healthcare Asia Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/econ-healthcare-asia-ltd" target="_blank" data-smartkarma-citation="entities:33015:1" rel="noopener">Econ Healthcare Asia Ltd (ECON SP)</a> received a privatization offer from TPG Capital on 14th Feb 25. </li>
<li>Per the announcement, TPG is offering S$0.33 per share in cash, representing a 20% premium over the last undisturbed price of S$0.275 / share on 14th Jan 25. </li>
<li>While the deal is hardly a fantastic one, we would still recommend that minority shareholders accept the deal and redeploy their funds.</li>
</ul>



Econ Healthcare Asia Ltd (ECON SP) received a privatization offer from TPG Capital on 14th Feb 25. 
Per the announcement, TPG is offering S$0.33 per share in cash, representing a 20% premium over the last undisturbed price of S$0.275 / share on 14th Jan 25. 
While the deal is hardly a fantastic one, we would still recommend that minority shareholders accept the deal and redeploy their funds.


Econ Healthcare (Asia) - Not the Best but Still an Exit Opportunity

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (1364 HK)</a> raised US$233m in its Hong Kong IPO. Guming Holdings (Guming) sells freshly-made beverages in China.</li>
<li>Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Guming Holdings (1364 HK) raised US$233m in its Hong Kong IPO. Guming Holdings (Guming) sells freshly-made beverages in China.
Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Guming Holdings IPO Trading - Strong Retail Demand, with Decent Coverage on the Insti Tranche

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> is looking to raise US$202m in its Hong Kong IPO. Guming Holdings (Guming) sells freshly-made beverages in China.</li>
<li>Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.</li>
<li>In this note, we discuss our thoughts on valuation at the IPO price range.</li>
</ul>



Guming Holdings (GUM HK) is looking to raise US$202m in its Hong Kong IPO. Guming Holdings (Guming) sells freshly-made beverages in China.
Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
In this note, we discuss our thoughts on valuation at the IPO price range.


Guming Holdings IPO - Digestible Valuation from the Bottom End

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a>, China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the IPO pricing.</li>
</ul>



S.F. Holding (002352 CH), China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have covered the company and deal background in our previous notes. In this note, we talk about the IPO pricing.


SF Holdings A/H Listing - Lower End Looks Digestable

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> (SFH), China’s largest express delivery company, is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the past A/H listing and possible premium.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have covered the company and deal background in our previous notes. In this note, we talk about the past A/H listing and possible premium.


SF Holdings A/H Listing - Thoughts on A/H Premium and past A/H Listings

China

Huayi Tencent Entertainment Company Limited is a new media company integrating culture and entertainment. The Company produces quality international films, animations and TV dramas, and invests in international entertainment companies through M&A and resource integration, aiming at building an integrated platform with both content development and online-to-offline entertainment channels.

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Huayi Tencent Entertainment (419 HK)

Econ Healthcare (Asia) - Not the Best but Still an Exit Opportunity

Econ Healthcare Asia Ltd received a privatization offer from TPG Capital on 14th Feb 25. While the deal is hardly fantastic , we would still...

Evolve Capital Advisory Pte Ltd

Guming Holdings IPO Trading - Strong Retail Demand, with Decent Coverage on the Insti Tranche

Guming Holdings (1364 HK) raised US$233m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we...

Clarence Chu

Guming Holdings IPO - Digestible Valuation from the Bottom End

Guming Holdings (GUM HK) is looking to raise US$202m in its Hong Kong IPO. In this note, we discuss our thoughts on valuation at the IPO price range.

Clarence Chu

SF Holdings A/H Listing - Lower End Looks Digestable

S.F. Holding (002352 CH), China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong. In...

Sumeet Singh

SF Holdings A/H Listing - Thoughts on A/H Premium and past A/H Listings

S.F. Holding (002352 CH) is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong. In this note, we talk about the...

Sumeet Singh

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