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

Lionheart Studio  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lionheart-studio-corporation" target="_blank" data-smartkarma-citation="entities:36417:1" rel="noopener">Lionheart Studio (426630 KS)</a>, a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.</li>
<li>The company is majority owned by <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a>, which after having recently hiked its stake, owned 54.94% of the company prior to listing.  </li>
<li>We spoke about the company’s past performance in our previous note. In this note, we’ll undertake a peer comparison.</li>
</ul>



Lionheart Studio (426630 KS), a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.
The company is majority owned by Kakao Games Corp (293490 KS), which after having recently hiked its stake, owned 54.94% of the company prior to listing.  
We spoke about the company’s past performance in our previous note. In this note, we’ll undertake a peer comparison.


LionHeart Studio IPO - Peer Comparison - Youngest and Most Untested

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lionheart-studio-corporation" target="_blank" data-smartkarma-citation="entities:36417:1" rel="noopener">Lionheart Studio (426630 KS)</a>, a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.</li>
<li>The company is majority owned by <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a> , which after having recently hiked its stake, owned 54.94% of the company prior to listing.  </li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



Lionheart Studio (426630 KS), a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.
The company is majority owned by Kakao Games Corp (293490 KS) , which after having recently hiked its stake, owned 54.94% of the company prior to listing.  
In this note, we will talk about the not-so-positive aspects of the deal.


LionHeart Studio Pre-IPO - The Negatives - Appears to Be Well past Its Peak, Founder Cashed In $700m

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Logistics companies’ revenue grew by over 10%, which reflects the recovery of e-commerce.</li>
<li>The market size of Chinese online game continued to shrink in July.</li>
<li>Alibaba’s Ele.me sets up a mini-program on TikTok to fight Meituan.</li>
</ul>


Logistics companies’ revenue grew by over 10%, which reflects the recovery of e-commerce.
The market size of Chinese online game continued to shrink in July.
Alibaba’s Ele.me sets up a mini-program on TikTok to fight Meituan.


China Internet Weekly (22Aug22): E-Commerce, Logistics, Online Game, Food Delivery

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul>
<li>Chinese regulators cleared publishing licenses Tuesday for 60 online games in this year’s second batch of new title approvals following an eight-month suspension</li>
<li>The omission of Tencent and NetEase extended their 11-month drought for new title approvals.</li>
<li>Titles on the latest list are mainly smaller-budget games. Despite the absence of the biggest players, the approvals fanned hopes that regulators are easing their tight leash on the industry and will allow more new games</li>
</ul>


Chinese regulators cleared publishing licenses Tuesday for 60 online games in this year’s second batch of new title approvals following an eight-month suspension
The omission of Tencent and NetEase extended their 11-month drought for new title approvals.
Titles on the latest list are mainly smaller-budget games. Despite the absence of the biggest players, the approvals fanned hopes that regulators are easing their tight leash on the industry and will allow more new games


Tencent, NetEase Miss Out in China’s New Game Approvals

<ul>
<li>Authorities encourage platform economy and restarted approving the licenses for new games.</li>
<li>Fintech just met a high comparison base in 1Q21 and we believe the growth rate will rise.</li>
<li>We believe the stock has an upside of 39% for the year end 2022.</li>
</ul>


Authorities encourage platform economy and restarted approving the licenses for new games.
Fintech just met a high comparison base in 1Q21 and we believe the growth rate will rise.
We believe the stock has an upside of 39% for the year end 2022.


Tencent (700 HK): 1Q22, Zero Growth, But Will Recover for New Policies, Upgrade to Buy

United States

TrueCar, Inc. develops and publishes an online automotive information and communication platform. The Company provides data and price reports for cars both online and over the phone for consumers and a communications platform for automobile dealers to communicate with consumers. TrueCar serves customers throughout the United States.

Tucows Inc. provides wholesale digital products to Internet service providers and Web hosting companies.  The Company distributes electronic business services and applications on the Internet.  The Company provides wholesale domain name registration.

Quotient Technology Inc. operates a promotion platform. The Company offers online printable, social, and mobile coupons in apparel, automotive, beverages, books, entertainment, food, healthcare, household, office supplies, pet, photography, professional services, and restaurants.

DHI Group, Inc. is a provider that specialize in career sites and career fairs for high growth vertical sectors. The Company provides services to help recruiters, consultants and businesses hire and train highly qualified professionals.

Travelzoo Inc. provides online marketing solutions to the travel industry.  The Company publishes deals from travel, entertainment, and local companies. Travelzoo researches, evaluates, and tests numerous deals and recommends deals whose accuracy and availability can be confirmed.

Brightcove Inc. provides video hosting and publishing services. The Company operates a video platform whose services include uploading and encoding, content management, players and styling, delivery, and live streaming. Brightcove offers its services globally.

Veritone, Inc. operates as a cloud-based artificial intelligence media technology company. The Company develops a cloud-based ecosystem that enables real-time audio and video processing, audience analytics, search, retrieval, replay, and share capabilities. Veritone offers visual and audio discovery applications.

LivePerson, Inc. provides technology that facilitates real-time sales and customer service for companies doing business on the Internet.  The Company, an application service provider, offers its real-time interaction technology as an outsourced service.  The LivePerson service enables its clients to communicate directly with Internet users via text-based chat.

Marchex, Inc. provides Internet advertising services.  The Company offers call-based advertising and related services, pay-per-click advertising and related services and proprietary traffic sources.  Marchex also offers a suite of marketing products to resellers.  The Company serves business customers of all sizes.

comScore Inc provides data-based Internet infrastructure services to the Internet electronic economy.

Xiamen 35.com Technology Co., Ltd. researches and develops application software, provides corporate email hosting services, electronic business homepage building services.  The Company also provides domain name, office automation system (OA), and customer relationship management system (CRM).

Trade-Van Information Services Co., Ltd. provides custom filing services for importers and exporters through EDI (Electronic Data Interchange).  The Company's services include EDI, interactive EDI, file transfer, electronic mail, database inquiry, and archiving.

ACCESS CO., LTD. develops browser software for the Internet.  The Company designs custom browsers for manufacturers of electronics such as cellular phones, portable e-mail devices, handheld PCs, video game consoles, and car navigation systems.

ADDCN Technology Co., Ltd. operates an Internet trading platform and online apparel retail businesses. The Company's platforms trades in virtual treasures, housing for tenants and buyers, car sales and apparel retail.

Serko Ltd operates as an online corporate travel booking and expense management company.

MiX Telematics Limited is a leading global provider of fleet and mobile asset management solutions delivered as SaaS to customers in various countries. The company's products and services provide enterprise fleets, small fleets and consumers with solutions for safety, efficiency and security.

MarkLines Co., Ltd. is specialized in offering information about automobile industry on the Internet.  The Company also offers consulting and temporary staffing services.

Softbank Technology Corp. provides electronic commerce (EC) related services. The Company mainly provides Internet systems integration, web site management, marketing consulting, and technical support services.

Feelingk Co., Ltd. provides end-to-end solutions for the wireless Internet system.  The Company's products includes WAP gateway, Short Messaging Service Center (SMSC), and Push Proxy Gateway (PPG).  Feelingk provides wireless solution to major mobile telecom service providers such as SK and LG telecom.

Carta Holdings, Inc. provides on-line information retrieval services on a contract or fee basis.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

HUYA (HUYA US)

LionHeart Studio IPO - Peer Comparison - Youngest and Most Untested

Lionheart Studio, a game development studio based in South Korea, aims to raise around US$420m via its South Korean IPO. In this note, we...

Sumeet Singh

LionHeart Studio Pre-IPO - The Negatives - Appears to Be Well past Its Peak, Founder Cashed In $700m

Lionheart Studio, a game development studio based in South Korea, aims to raise around US$420m via its South Korean IPO. In this note, we talk...

Sumeet Singh

China Internet Weekly (22Aug22): E-Commerce, Logistics, Online Game, Food Delivery

Logistics companies’ revenue grew by over 10%, which reflects the recovery of e-commerce. The market size of Chinese online game continued to...

Ming Lu

Tencent, NetEase Miss Out in China’s New Game Approvals

Chinese regulators cleared publishing licenses Tuesday for 60 online games in this year’s second batch of new title approvals following an eight...

Caixin Global

Tencent (700 HK): 1Q22, Zero Growth, But Will Recover for New Policies, Upgrade to Buy

Authorities encourage platform economy and restarted approve new games. Fintech just met a high comparison base in 1Q21 and we believe the growth...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)