Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>We contacted drivers here in Shanghai and asked about their experience at Tuhu stores.</li>
<li>Franchised stores are well positioned in the aftermarket and Tuhu is the largest store chain among them.</li>
<li>However, Tuhu sets high standards for workshops, but average standards for mechanics.</li>
</ul>


We contacted drivers here in Shanghai and asked about their experience at Tuhu stores.
Franchised stores are well positioned in the aftermarket and Tuhu is the largest store chain among them.
However, Tuhu sets high standards for workshops, but average standards for mechanics.


Tuhu Car (途虎) Pre-IPO: Why Sedan Owners Choose Tuhu

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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>In the IPO space, things are getting busy again with multiple deals live across the region, whic his a refreshing change from the slow start in the first half.</li>
<li>There were only a few placement this week, but what the lacked in volume they made up for in size. </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.
In the IPO space, things are getting busy again with multiple deals live across the region, whic his a refreshing change from the slow start in the first half.
There were only a few placement this week, but what the lacked in volume they made up for in size. 


ECM Weekly (10th Sep 2023) - ARM, VNG, Tuhu, Integral, Doosan, Orora, JFE, RR Kabel, Samhi Hotel

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (2007986D HK)</a> is looking to raise up to US$300m in its upcoming Hong Kong IPO.</li>
<li>Tuhu is an integrated online and offline platform for automotive services in China.</li>
<li>We have looked at the firm’s past performance and undertaken a peer comparison in earlier notes. In this note, we will discuss our earnings assumptions and thoughts on valuation.</li>
</ul>



Tuhu Car (2007986D HK) is looking to raise up to US$300m in its upcoming Hong Kong IPO.
Tuhu is an integrated online and offline platform for automotive services in China.
We have looked at the firm’s past performance and undertaken a peer comparison in earlier notes. In this note, we will discuss our earnings assumptions and thoughts on valuation.


Tuhu Car Pre-IPO - Thoughts on Valuation - Will Likely Need a Markdown from Its Latest Funding Round

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.

Aquila Acquisition Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aquila-acquisition-corporation" target="_blank" data-smartkarma-citation="entities:35435:1" rel="noopener">Aquila Acquisition Corporation (7836 HK)</a> agreed to a De-SPAC transaction with ZG Group (formerly Zhaogang.com), the world’s largest digital platform for third-party steel transactions.</li>
<li>ZG has a questionable business model, struggling to generate profits or underlying FCF. This dynamic suggests that ZG has not established a sustainable competitive advantage. </li>
<li>The negotiated value of ZG in the De-SPAC transaction is HK$10,004 million (US$1,277 million). Our valuation analysis suggests that this negotiated value is unrealistic.</li>
</ul>



Aquila Acquisition Corporation (7836 HK) agreed to a De-SPAC transaction with ZG Group (formerly Zhaogang.com), the world’s largest digital platform for third-party steel transactions.
ZG has a questionable business model, struggling to generate profits or underlying FCF. This dynamic suggests that ZG has not established a sustainable competitive advantage. 
The negotiated value of ZG in the De-SPAC transaction is HK$10,004 million (US$1,277 million). Our valuation analysis suggests that this negotiated value is unrealistic.


Aquila Acquisition Corp (7836 HK): ZG Group’s Punchy Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (2007986D HK)</a> is looking to raise up to US$300m in its upcoming Hong Kong IPO. </li>
<li>Tuhu is an integrated online and offline platform for automotive services in China.</li>
<li>We have looked at the firm’s past performance and PHIP updates in earlier notes. In this note, we undertake a peer comparison.</li>
</ul>



Tuhu Car (2007986D HK) is looking to raise up to US$300m in its upcoming Hong Kong IPO. 
Tuhu is an integrated online and offline platform for automotive services in China.
We have looked at the firm’s past performance and PHIP updates in earlier notes. In this note, we undertake a peer comparison.


Tuhu Car Pre-IPO Peer Comp - While It Has Been Loss Making, GPM Expansion Has Been the Strongest

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (9618 HK)

Tuhu Car (途虎) Pre-IPO: Why Sedan Owners Choose Tuhu

We contacted drivers here in Shanghai. Franchised stores are well positioned in the aftermarket. But Tuhu sets overly high standards for workshops.

Ming Lu

ECM Weekly (10th Sep 2023) - ARM, VNG, Tuhu, Integral, Doosan, Orora, JFE, RR Kabel, Samhi Hotel

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

Tuhu Car Pre-IPO - Thoughts on Valuation - Will Likely Need a Markdown from Its Latest Funding Round

Tuhu Car (2007986D HK) is looking to raise up to US$300m in its upcoming Hong Kong IPO. In this note, we will discuss our earnings assumptions and...

Clarence Chu

Aquila Acquisition Corp (7836 HK): ZG Group’s Punchy Valuation

ZG has a questionable business model, struggling to generate profits or underlying FCF. Our valuation analysis suggests that ZG's negotiated value...

Arun George

Tuhu Car Pre-IPO Peer Comp - While It Has Been Loss Making, GPM Expansion Has Been the Strongest

Tuhu Car (2007986D HK) is looking to raise up to US$300m in its upcoming Hong Kong IPO. We have looked at the firm’s past performance in earlier...

Clarence Chu

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