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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal</a> <a href="https://www.smartkarma.com/entities/pt-pertamina-persero" target="_blank" data-smartkarma-citation="entities:35862:1" rel="noopener"></a>is set to make its debut in the coming week.</li>
<li>Placements picked up pace this week, with multiple deals across geographies.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Pertamina Geothermal is set to make its debut in the coming week.
Placements picked up pace this week, with multiple deals across geographies.


ECM Weekly (19th Feb 2023) - Rakuten Bank, ZJLD, REPT, Link REIT, SoCar, Ryman, Indigo, ESR, Oasis

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> is looking to raise up to US$400m in its upcoming Hong Kong IPO.</li>
<li>ZJLD is a Chinese liquor company primarily producing baijiu. As per F&amp;S, the firm was the fourth largest privately-owned baijiu company in terms of FY21 sales.</li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



ZJLD Group (ZJLD HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO.
ZJLD is a Chinese liquor company primarily producing baijiu. As per F&amp;S, the firm was the fourth largest privately-owned baijiu company in terms of FY21 sales.
In this note, we will talk about the not-so-positive aspects of the deal.


ZJLD Group Pre-IPO - The Negatives - Small Fish in a Big Pond. Drunk on Inventory Buildup

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> is looking to raise up to US$400m in its upcoming Hong Kong IPO</li>
<li>ZJLD is a Chinese liquor company primarily producing baijiu. As per F&amp;S, the firm was the fourth largest privately-owned baijiu company in terms of FY21 sales.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



ZJLD Group (ZJLD HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO
ZJLD is a Chinese liquor company primarily producing baijiu. As per F&amp;S, the firm was the fourth largest privately-owned baijiu company in terms of FY21 sales.
In this note, we will talk about the positive aspects of the deal.


ZJLD Group Pre-IPO - The Positives - Larger Network Led to Sales Growth. Poised for Market Tailwind

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huitongda-network-co-ltd" target="_blank" data-smartkarma-citation="entities:33789:1" rel="noopener">Huitongda (9878 HK)</a> was listed on 18th Feb 2023, when it raised US$285m in its HK IPO. Its one-year lockup will expire on 17th February 2023.</li>
<li>Huitongda (HTD) is a commerce and service platform serving businesses in the lower-tier retail markets of China.</li>
<li>Coming up for one-year lockup expiry are HTD's pre-IPO investors. With the exception of Alibaba and SOE backers, the bulk of HTD’s pre-IPO investors are still currently in the money.</li>
</ul>



Huitongda (9878 HK) was listed on 18th Feb 2023, when it raised US$285m in its HK IPO. Its one-year lockup will expire on 17th February 2023.
Huitongda (HTD) is a commerce and service platform serving businesses in the lower-tier retail markets of China.
Coming up for one-year lockup expiry are HTD's pre-IPO investors. With the exception of Alibaba and SOE backers, the bulk of HTD’s pre-IPO investors are still currently in the money.


Huitongda Lock-Up - US$1.1bn Pre-IPO Lock-Up Expiry. China-Based Funds at Least 40% Up

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We keep confident on HTD to deliver above-industrial growth and margin improvement in the long run.</li><li>2H22E &amp; 1Q23E momentum would be disrupted by epidemic outbreak &amp; reopening impact (forecasting rev/adj. net profit +16%/17% YoY in 2H22E), but well anticipated by the market.</li><li>We expect HTD to benefit from consumption recovery post reopening, and forecast its FY23E earnings &gt;30% YoY, with moderate but high-quality topline growth (+21% YoY). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We keep confident on HTD to deliver above-industrial growth and margin improvement in the long run.2H22E &amp; 1Q23E momentum would be disrupted by epidemic outbreak &amp; reopening impact (forecasting rev/adj. net profit +16%/17% YoY in 2H22E), but well anticipated by the market.We expect HTD to benefit from consumption recovery post reopening, and forecast its FY23E earnings &gt;30% YoY, with moderate but high-quality topline growth (+21% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huitongda Network (9878 HK) – Quality growth with advanced profitability

China

Huitongda Network Co., Ltd. develops a sinking market retail industry transaction and service platform. The Company provides supply chain solutions development, deal matching, logistics and after sales supporting, and other services. Huitongda Network provides its services throughout China.

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Huitongda (9878 HK)

ECM Weekly (19th Feb 2023) - Rakuten Bank, ZJLD, REPT, Link REIT, SoCar, Ryman, Indigo, ESR, Oasis

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

ZJLD Group Pre-IPO - The Negatives - Small Fish in a Big Pond. Drunk on Inventory Buildup

ZJLD Group (ZJLD HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO. In this note, we will talk about the not-so-positive aspects...

Clarence Chu

ZJLD Group Pre-IPO - The Positives - Larger Network Led to Sales Growth. Poised for Market Tailwind

ZJLD Group (ZJLD HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of the...

Clarence Chu

Huitongda Lock-Up - US$1.1bn Pre-IPO Lock-Up Expiry. China-Based Funds at Least 40% Up

Huitongda (9878 HK) was listed on 18th Feb 2023, when it raised US$285m in its HK IPO. Coming up for one-year lockup expiry on 17th February 2023...

Clarence Chu

Huitongda Network (9878 HK) – Quality growth with advanced profitability

2H22E & 1Q23E momentum would be disrupted by epidemic outbreak & reopening impact (forecasting rev/adj. net profit +16%/17% YoY in 2H22E), but well...

CMB International

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