APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Atour Lifestyle Holdings / Equity Capital Markets

<ul>
<li>Legend Capital (LC), one of the principal shareholders of <a href="https://www.smartkarma.com/entities/atour-lifestyle-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33481:1" rel="noopener">Atour Lifestyle Holdings (ATAT US)</a>, is looking to raise around US$124m through a secondary selldown. </li>
<li>The deal is a large one to digest, at approximately 22.6 days of three month ADV and 5.5% of current mcap.  </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US), is looking to raise around US$124m through a secondary selldown. 
The deal is a large one to digest, at approximately 22.6 days of three month ADV and 5.5% of current mcap.  
In this note, we will talk about the placement and run the deal through our ECM framework.


Atour Lifestyle Holdings Placement - Coming Back for Round Two This Year

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>BABA/JD/PDD: Post Bureau publishes Parcel Volume Data for Double 11 Festival (-/+)</li>
<li>3690 HK: Meituan published AI companion mobile app on November 7th(+)</li>
<li>BILI/700.HK/1024.HK/DOYU/HUYA: Douyu CEO Chen Shaojie missing for 3 Weeks (+/+/+/-/+)</li>
</ul>


BABA/JD/PDD: Post Bureau publishes Parcel Volume Data for Double 11 Festival (-/+)
3690 HK: Meituan published AI companion mobile app on November 7th(+)
BILI/700.HK/1024.HK/DOYU/HUYA: Douyu CEO Chen Shaojie missing for 3 Weeks (+/+/+/-/+)


[Blue Lotus Daily]: BABA/JD/PDD/BILI/Tencent 700.HK/Kuaishou 1024.HK/DOYU/HUYA

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>BABA/JD/PDD: Post Bureau publishes Parcel Volume Data for Double 11 Festival (-/+)</li>
<li>BILI/700.HK/1024.HK/DOYU/HUYA: Douyu CEO Chen Shaojie missing for 3 Weeks (+/+/+/-/+)</li>
<li>4689JP/PDD: LY C3Q23 result beat consensus on LINE advertising (/)</li>
</ul>


BABA/JD/PDD: Post Bureau publishes Parcel Volume Data for Double 11 Festival (-/+)
BILI/700.HK/1024.HK/DOYU/HUYA: Douyu CEO Chen Shaojie missing for 3 Weeks (+/+/+/-/+)
4689JP/PDD: LY C3Q23 result beat consensus on LINE advertising (/)


[Blue Lotus Daily]: BABA/JD/PDD/BILI/Tencent/700.HK/Kuaishou/1024.HK/DOYU/HUYA/ACMR

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vertex-technology-acquisition-corporation-ltd" target="_blank" data-smartkarma-citation="entities:35394:1" rel="noopener">Vertex Technology Acquisition Corporation (VTAC SP)</a> agreed to a De-SPAC transaction with 17LIVE, the top pure-play live streaming platform (by revenue) in Japan and Taiwan combined.</li>
<li>Industry data and the financials suggest that 17LIVE does not have a sustainable competitive advantage to translate its position into high earnings quality. </li>
<li>The purchase consideration of 17LIVE in the De-SPAC transaction is S$925.1 million (US$682.2 million). Our valuation analysis suggests that this consideration is full.</li>
</ul>



Vertex Technology Acquisition Corporation (VTAC SP) agreed to a De-SPAC transaction with 17LIVE, the top pure-play live streaming platform (by revenue) in Japan and Taiwan combined.
Industry data and the financials suggest that 17LIVE does not have a sustainable competitive advantage to translate its position into high earnings quality. 
The purchase consideration of 17LIVE in the De-SPAC transaction is S$925.1 million (US$682.2 million). Our valuation analysis suggests that this consideration is full.


Vertex Technology Acquisition (VTAC SP)/17LIVE: Turn Off

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities.</li>
<li>We looked at the company’s past performance and undertook a peer comparison in our earlier notes. In this note, we talk about valuations.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities.
We looked at the company’s past performance and undertook a peer comparison in our earlier notes. In this note, we talk about valuations.


United States

HUYA Inc. operates as a game live streaming platform. The Company offers interactive video broadcast services including e-sports, music, reality show, entertainment genres, talent shows, and anime and outdoor activities. HUYA serves customers in China.

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HUYA (HUYA US)

Atour Lifestyle Holdings Placement - Coming Back for Round Two This Year

Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US) , is looking to raise around US$124m through a...

Ethan Aw

[Blue Lotus Daily]: BABA/JD/PDD/BILI/Tencent 700.HK/Kuaishou 1024.HK/DOYU/HUYA

The article discusses the recent updates on parcel volume data for the Double 11 Festival, Meituan's new AI companion mobile app, and the missing...

Blue Lotus Research Institute

[Blue Lotus Daily]: BABA/JD/PDD/BILI/Tencent/700.HK/Kuaishou/1024.HK/DOYU/HUYA/ACMR

Parcel volume data for the Double 11 Festival is published, Douyu CEO Chen Shaojie has been missing for three weeks, and Meituan published AI...

Blue Lotus Research Institute

Vertex Technology Acquisition (VTAC SP)/17LIVE: Turn Off

Industry data and the financials suggest caution is warranted. The purchase consideration of 17LIVE in the De-SPAC transaction is S$925.1 million...

Arun George

VNG Pre-IPO - Thoughts on Valuation

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about valuations.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Atour Lifestyle Holdings Placement - Coming Back for Round Two This Year

Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US) , is looking to raise around US$124m through a...

Ethan Aw

[Blue Lotus Daily]: BABA/JD/PDD/BILI/Tencent 700.HK/Kuaishou 1024.HK/DOYU/HUYA

​The article discusses the recent updates on parcel volume data for the Double 11 Festival, Meituan's new AI companion mobile app, and the missing...

Blue Lotus Research Institute

[Blue Lotus Daily]: BABA/JD/PDD/BILI/Tencent/700.HK/Kuaishou/1024.HK/DOYU/HUYA/ACMR

​Parcel volume data for the Double 11 Festival is published, Douyu CEO Chen Shaojie has been missing for three weeks, and Meituan published AI...

Blue Lotus Research Institute

Vertex Technology Acquisition (VTAC SP)/17LIVE: Turn Off

Industry data and the financials suggest caution is warranted. The purchase consideration of 17LIVE in the De-SPAC transaction is S$925.1 million...

Arun George

VNG Pre-IPO - Thoughts on Valuation

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about valuations.

Sumeet Singh

The article discusses the recent updates on parcel volume data for the Double 11 Festival, Meituan's new AI companion mobile app, and the missing...

Parcel volume data for the Double 11 Festival is published, Douyu CEO Chen Shaojie has been missing for three weeks, and Meituan published AI...