APAC IPOs & Placements

Zhen Zhou, Toh

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

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.
Momentum is holding up well for Hong Kong's ECM activity. China Merchants Commercial CMC Reit (CMCREIT HK) and Immunotech Biopharm (IMMBIO HK) filed with HKEX while Home Credit (HC HK) is filed its PHIP and will start pre-marketing of its IPO. We also heard that TOT Biopharm International Co Ltd (1366893D HK) and Bank of Guizhou Co Ltd (1147131D CH) have started pre-marketing and Shanghai Henlius Biotech (1566213D HK) will open bookbuild next Monday. Our team has covered these IPOs in:


TOT Biopharm (东曜药业) IPO: An Unimpressive Pipeline 

Bank of Guizhou (贵州银行) IPO: A Local SOE Bank Serving Local Government Affiliates 

China Merchants Commercial REIT Pre-IPO - Not a Very Steady past Performance 

Immunotech Biopharm (永泰生物) IPO: Challenges for Cellular Immunotherapies 

Shanghai Henlius (复宏汉霖) IPO: Thoughts on Valuation 

Activity in other South-east Asia countries are looking up too. Indonesia is looking to boost IPO activity by cutting taxes for companies that sell shares. Listed companies would enjoy lower corporate tax rate in the first five years after their listing.
Thailand, on the other hand, has already prepped up a few IPOs with Asset World Corporation (AWC TB) expected to open its books for US$1.5bn next week while Singha Hotel and Resorts is expected to list this quarter too.
In the Philippines, we are hearing that AllHome (AHM PM) has already started pre-marketing for its US$340m IPO and Axelum Resources (1729371D PM) is also set to list in October. We have covered both IPOs in:


Axelum Resources Pre-IPO - Poor Disclosure 

AllHome IPO Early Thoughts on Valuation 

Lendlease REIT has already started pre-marketing but we have yet to see any prospectus filed on the MAS website which seems unusually late. 
IPOs in the U.S seemed to have stalled. CloudMinds have filed its prospectus in July but we have yet to hear progress on it. On the other hand, Huize Holding Limited (HUIZ US), an  independent online insurance product and service platform operating in China, has filed for US$150m IPO this week. 

Huize (慧择) Pre-IPO - Insurance Agency Masquerading as a Platform Business 
In India, there had been media reporting that Ebix Inc (EBIX US) will be looking to list its Indian subsidiary, EbixCash, by Q2 of 2020. Bajaj Energy has also been approved by Sebi for its US$700m IPO.
Accuracy Rate:Our overall accuracy rate is 72.5% for IPOs and 64.7% for Placements (Performance measurement criteria is explained at the end of the note)
New IPO filings this week  

China Merchants Commercial REIT (Hong Kong, ~US$800m)
Immunotech Biopharm (Hong Kong, ~US$100m)
Huize (the U.S., ~US$150m)
Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: Aequitas Research, SmartkarmaNews on Upcoming IPOs  
Hong Kong IPO activity picking up after quiet
‘Greater Bay Area’ reit files documentation for US$800 million Hong Kong IPO
Paytm to start planning IPO in next two years
SaaS unicorn Druva eyes IPO; Wunder Mobility shuts ops
Indonesia Seeks to Boost IPO Market Through Tax Cuts
Malaysia's Axiata flags other deals, tower unit IPO after Telenor letdown
Analysis on Upcoming IPOs  
Prosus IPO Part II - A Lot of Future IPO Candidates for Emerging Markets - OLX, PayU, Byju &amp; Swiggy

XD Inc. (心动有限公司) Pre-IPO - Sustainability in Question 

Home Credit Pre-IPO - PHIP Updates - Origination Flatlining, NPLs Remain High 

Axelum Resources Pre-IPO - Poor Disclosure 

Bank of Guizhou (贵州银行) IPO: A Local SOE Bank Serving Local Government Affiliates 

China Merchants Commercial REIT Pre-IPO - Not a Very Steady past Performance 

Immunotech Biopharm (永泰生物) IPO: Challenges for Cellular Immunotherapies 

Huize (慧择) Pre-IPO - Insurance Agency Masquerading as a Platform Business 


Name
Insight

Hong Kong

Alibaba
Alibaba IPO/Secondary Listing - The Real IPO Only Begins on the 11th Day Post Listing ​


Alphamab
Alphamab (康宁杰瑞) IPO: Strong R&amp;D Capability and Innovative Platforms 


Ascentage
Ascentage Pharma (亚盛医药) IPO: Too Early for an IPO


Ascentage
Ascentage Pharma (亚盛医药) IPO: Updates and Thoughts on HQP1351 (3rd Gen Bcr-Abl TKI) ​


Ant Financial
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


ByteDance
ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)


ByteDance
ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


Clarity
Clarity Medical (清晰医疗) IPO: Proxy to HK SMILE Surgery Demand


Broad Home
Changsha Broad Homes IPO - Exposure to Prefabricated Construction in China 


China Feihe
China Feihe (中国飞鹤) IPO: New Numbers, New Red Flag, and Demographic Risk 


China Feihe
China Feihe (中国飞鹤) IPO: Thoughts on Valuation 


Helenbergh
Helenbergh (海伦堡) Early Thoughts - The Usual Red Flag - Related Party Transactions


Home Credit
Home Credit Pre-IPO (Part I) - The Positives - Lots to Like 


Home Credit
Home Credit Pre-IPO (Part II) - The Negatives - A Lot More to Dislike 


Home Credit
Home Credit Pre-IPO - Bigger but Not Necessarily Better than Peers 


Home Credit
Home Credit Pre-IPO - Thoughts on Valuation and the Curious Case of Expanding Equity Base 


Huali
Huali University (华立大学) IPO Early Thoughts - Risks Abound 


Hut Chi-Med
Hutchison-China Med (和黄医药) H-Share Listing: MNC Partnerships Endorsed Its R&amp;D Capabilities


JS Global
JS Global Lifestyle (JS 环球生活) Early Thoughts - Declaring US$470m Dividend Before IPO 


JS Global
JS Global Lifestyle (JS 环球生活) Quick Note - Questions About Corporate Structure &amp; Reorganization 


Megvii

Megvii (旷视) Pre-IPO - Remarkable Growth (Part 1) 


Megvii

Megvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential 


Megvii

Megvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent 


MicuRx
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment


Pharmaron

Pharmaron (康龙化成) A+H Listing: A Leading Drug Discovery Company 


Poly Prp

Poly Property Development (保利物业发展) IPO Early Thoughts - Well-Rounded Company 


Renrui
Renrui Human Resources (人瑞人才) Pre-IPO Review - Riding on China's Unicorns 


SH Henlius
Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio 


SH Henlius
Shanghai Henlius (复宏汉霖) IPO: Valuation of Four Biosimilars


SH Henlius
Shanghai Henlius (复宏汉霖) IPO: Thoughts on Valuation 


SinoMab
SinoMab (中国抗体): Pipeline Concentrated on Autoimmune Therapy 


Smoore
Smoore Tech (麦克韦尔) IPO: Hidden E-Cigarette Player Behind the FEELM Technology 


Smoore
Smoore Tech (麦克韦尔) Pre-IPO: 6Y and 1H2019 Financials Show Technology Driven Growth 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


Topsports

Topsports International Holdings Pre-IPO - Performing Well but All Proceeds Will Likely Go to Belle 


Topsports

Topsports Pre-IPO - Quick Take - Nike &amp; Adidas Data Throws up Some Interesting Nuggets 


Topsports

Topsports Pre-IPO - Way Ahead of Its Peer on Most Counts 


Topsports

Topsports Pre-IPO - Thoughts on Valuation 


TOT Bio

TOT Biopharm (东曜药业) IPO: An Unimpressive Pipeline 


Tubatu
Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch


Tubatu
Tubatu Group Pre-IPO - Online -&gt; Online + Offline -&gt; Online -&gt; ?


Venus

Venus Medtech (启明医疗) IPO: Has the Elements for a Hot Healthcare Deal 

India

ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


Aakash Edu
Aakash Education Pre-IPO - Fast Growth in an Attractive Sector


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotels
Bharat Hotels Pre-IPO - Catching up with Peers 


CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Emami Shares Pledge Might Lead to an Early IPO 


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Mazagon
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta


Lodha
Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers

Malaysia

QSR
QSR Brands Pre-IPO - As Healthy as Fast Food

The U.S

CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent


Meten
Meten International Edu (美联国际教育) Early Thoughts - Unclear Strategies



ECM Weekly (7 Sep 2019) - China Merchants Comm REIT, Immunotech Bio, Bank of Guizhou, XD, Huize

Huize Holding Limited / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/huize-holding-limited" target="_blank" data-smartkarma-citation="entities:28287:1" rel="noopener">Huize Holding Limited (HUIZ US)</a>, an independent online insurance product and service platform, is looking to raise US$150m in its upcoming US IPO.
The company has been growing fast, accelerating to 148% YoY revenue growth in 6M 2019 and has already turned a profit in 2018. Growth has been largely driven by the shift towards selling more life and health insurance products which command higher commission fees compared to P&amp;C insurance products.
However, we are concerned about the company's reliance on indirect marketing methods to generate revenue. The dependency on "social influencers" makes it look more like an insurance agency rather than a platform business and our research suggests that it treads in a legal grey zone.

Huize Holding Limited (HUIZ US), an independent online insurance product and service platform, is looking to raise US$150m in its upcoming US IPO.
The company has been growing fast, accelerating to 148% YoY revenue growth in 6M 2019 and has already turned a profit in 2018. Growth has been largely driven by the shift towards selling more life and health insurance products which command higher commission fees compared to P&amp;C insurance products.
However, we are concerned about the company's reliance on indirect marketing methods to generate revenue. The dependency on "social influencers" makes it look more like an insurance agency rather than a platform business and our research suggests that it treads in a legal grey zone.

Huize (慧择) Pre-IPO - Insurance Agency Masquerading as a Platform Business

China

Huize Holding Limited operates as an online insurance products and services platform in China. The Company focuses on life and health, property, and casualty insurance products. Huize Holding serves customers in China.

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Huize Holding Limited (HUIZ US)

ECM Weekly (7 Sep 2019) - China Merchants Comm REIT, Immunotech Bio, Bank of Guizhou, XD, Huize

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for...

Zhen Zhou, Toh

Huize (慧择) Pre-IPO - Insurance Agency Masquerading as a Platform Business

Huize Holding Limited (HUIZ US), an independent online insurance product and service platform, is looking to raise US$150m in its upcoming US...

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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