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.<div class="content-highlight">
It will be a busy week of debuts in Hong Kong with <a href="https://www.smartkarma.com/entities/china-tobacco-international-hk" target="_blank" data-smartkarma-citation="entities:27859:1">China Tobacco International (HK) (6055 HK)</a> and <a href="https://www.smartkarma.com/entities/china-east-education" target="_blank" data-smartkarma-citation="entities:27843:1">China East Education (667 HK)</a> listing on Wednesday, <a href="https://www.smartkarma.com/entities/tai-hing-group-holdings" target="_blank" data-smartkarma-citation="entities:28097:1">Tai Hing (6811 HK)</a> on Thursday, and <a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical" target="_blank" data-smartkarma-citation="entities:23675:1">Hansoh Pharmaceutical (3692 HK)</a> on Friday.
New IPOs are still coming as we heard that Impro Precision is pre-marketing for its US$150m IPO while <a href="https://www.smartkarma.com/entities/hutchison-china-meditech-ltd-7c2c4b58-ca71-4ac4-befb-345e8d0f10ca" target="_blank" data-smartkarma-citation="entities:27342:1">Hutchison China MediTech</a> has been approved and will be launching its IPO soon. ManpowerGroup Greater China have already started pre-marketing as well.
<a href="https://www.smartkarma.com/entities/sichuan-jinxin-fertility-co" target="_blank" data-smartkarma-citation="entities:28003:1">Jinxin Fertility Co Ltd (1659778D CH)</a> will likely open books next Tuesday and was previously expected to be raising US$500m. <a href="https://www.smartkarma.com/profiles/ke-yan-cfa-frm" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a> has already shared his initial thoughts on the company in:
<ul><li><a href="https://www.smartkarma.com/insights/jinxin-fertility-pre-ipo-strong-foothold-in-sichuan-but-weak-sentiment-for-sector" target="_blank" data-smartkarma-citation="insights:28576">Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector</a></li></ul>
<a href="https://www.smartkarma.com/entities/esr-cayman-ltd" target="_blank" data-smartkarma-citation="entities:27983:1">ESR Cayman (ESR HK)</a> decided to delay its bookbuild on Monday citing trade war jitters. But, on Tuesday, markets turned around sharply after Powell suggested that the fed could cut rates in light of trade war, giving the green light for ESR's IPO. <a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> wrote his final thoughts on valuation in:
<ul><li><a href="https://www.smartkarma.com/insights/esr-cayman-ipo-richly-valued" target="_blank" data-smartkarma-citation="insights:30243">ESR Cayman IPO - Richly Valued</a></li></ul>
In India, activity seems to be picking up. Penna Cement gets the go-ahead from Sebi for its US$200m IPO while Shyam Steel filed on Sebi for a US$72m IPO which could launch in November.
Whereas, in the US, we are disappointed by <a href="https://www.smartkarma.com/entities/gsx-techedu" target="_blank" data-smartkarma-citation="entities:28069:1">GSX Techedu (GSX US)</a> poor debut as it joins the ranks of other poor performing US-listed China online education companies. Wanda Sports also just filed with the SEC on Friday which could potentially be interesting. We will share our early thoughts on the company next week.
</div><h2>Accuracy Rate:</h2>Our overall accuracy rate is 72.2% for IPOs and 63.6% for Placements (Performance measurement criteria is explained at the end of the note)<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/089/879/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%282%29.png?1559964760" class="editor-image img-responsive" data-smartkarma-image-id="89879"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/089/880/original/2019-Total-Deals-2019-Accuracy-Rate-_chartbuilder%20%281%29.png?1559964765" class="editor-image img-responsive" data-smartkarma-image-id="89880"></figure><h2>New IPO filings this week </h2><ul><li>Bank of Guizhou (Hong Kong, US$1bn)</li></ul>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 <a href="https://www.smartkarma.com/tools/ipos" target="_blank">here </a>or through the tools menu.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/089/881/original/upcoming.PNG?1559965113" class="editor-image img-responsive" data-smartkarma-image-id="89881"></figure><div class="content-caption">Source: Aequitas Research, Smartkarma</div><h2>News on Upcoming IPOs </h2><ul>
<li><a href="https://www.theedgemarkets.com/article/mr-diy-plans-40-dividend-payout-postipo-submit-draft-prospectus-soon" target="_blank">Mr DIY plans 40% dividend payout post-IPO, to submit draft prospectus soon</a></li>
<li><a href="https://www.business-standard.com/article/companies/hyderabad-based-penna-cement-gets-sebi-nod-for-rs-1-550-crore-ipo-119060401056_1.html" target="_blank">Hyderabad-based Penna Cement gets Sebi nod for Rs 1,550 crore IPO</a></li>
<li><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/shapoorji-pallonji-groups-first-ipo-looks-to-raise-rs-4500-crore/articleshow/69670792.cms" target="_blank">Shapoorji Pallonji Group’s first IPO looks to raise Rs 4,500 crore</a></li>
<li><a href="https://www.businesstimes.com.sg/banking-finance/chinas-wanda-sports-files-for-us-ipo-partly-to-pay-down-loan" target="_blank">China's Wanda Sports files for US IPO partly to pay down loan</a></li>
</ul><h2>Analysis on Upcoming IPOs </h2><ul>
<li><a href="https://www.smartkarma.com/insights/shanghai-henlius-ipo-valuation-of-four-biosimilars" target="_blank" data-smartkarma-citation="insights:30158">Shanghai Henlius (复宏汉霖) IPO: Valuation of Four Biosimilars</a></li>
<li><a href="https://www.smartkarma.com/insights/jh-education-ipo-review-growth-will-only-materialize-later" target="_blank" data-smartkarma-citation="insights:30151">JH Education (嘉宏教育) IPO Review - Growth Will Only Materialize Later</a></li>
<li><a href="https://www.smartkarma.com/insights/esr-cayman-ipo-richly-valued" target="_blank" data-smartkarma-citation="insights:30243">ESR Cayman IPO - Richly Valued</a></li>
<li><a href="https://www.smartkarma.com/insights/edvantage-pre-ipo-review-slow-and-steady" target="_blank" data-smartkarma-citation="insights:30216">Edvantage (中汇集团) Pre-IPO Review - Slow and Steady</a></li>
</ul><table class="table table-striped"><tbody>
<tr>
<td>Name</td>
<td>Insight</td>
</tr>
<tr><td colspan="2">Hong Kong</td></tr>
<tr>
<td>AB Inbev</td>
<td><a href="https://www.smartkarma.com/insights/ab-inbev-asia-pre-ipo-a-brief-history-of-the-asia-pacific-operations-eeking-out-growth-in-china" target="_blank" data-smartkarma-citation="insights:27984">Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China</a></td>
</tr>
<tr>
<td>AB Inbev</td>
<td><a href="https://www.smartkarma.com/insights/ab-inbev-asia-pre-ipo-quick-note-more-like-cr-beer-rather-than-tsingtao" target="_blank" data-smartkarma-citation="insights:28080">Ab InBev Asia Pre-IPO - Quick Note - More like CR Beer Rather than Tsingtao</a></td>
</tr>
<tr>
<td>AB Inbev</td>
<td><a href="https://www.smartkarma.com/insights/ab-inbev-asia-pre-ipo-on-its-way-to-potentially-being-the-biggest-hk-ipo-this-year" target="_blank" data-smartkarma-citation="insights:29684">Ab InBev Asia Pre-IPO - On Its Way to Potentially Being the Biggest HK IPO This Year</a></td>
</tr>
<tr>
<td>AB Inbev</td>
<td><a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-pre-ipo-it-will-be-a-us-5bn-raise-owing-to-its-clean-balance-sheet" target="_blank" data-smartkarma-citation="insights:29748">Budweiser Brewing APAC Pre-IPO - It Will Be a US$5bn+ Raise Owing to Its Clean Balance Sheet</a></td>
</tr>
<tr>
<td>Ascentage</td>
<td><a href="https://www.smartkarma.com/insights/ascentage-pharma-ipo-too-early-for-an-ipo" target="_blank" data-smartkarma-citation="insights:26548">Ascentage Pharma (亚盛医药) IPO: Too Early for an IPO</a></td>
</tr>
<tr>
<td>Ant Financial</td>
<td><a href="https://www.smartkarma.com/insights/ant-financial-ipo-early-thought-understand-the-fintech-empire-growth-and-risk-factors" target="_blank" data-smartkarma-citation="insights:20105">Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors</a></td>
</tr>
<tr>
<td>CIMC Veh</td>
<td><a href="https://www.smartkarma.com/insights/cimc-vehicle-market-leader-of-semi-trailers-but-little-growth-ahead" target="_blank" data-smartkarma-citation="insights:28879">CIMC Vehicle (中集车辆): Market Leader of Semi-Trailers but Little Growth Ahead</a></td>
</tr>
<tr>
<td>Clarity</td>
<td><a href="https://www.smartkarma.com/insights/clarity-medical-ipo-proxy-to-hk-smile-surgery-demand" target="_blank" data-smartkarma-citation="insights:29255">Clarity Medical (清晰医疗) IPO: Proxy to HK SMILE Surgery Demand</a></td>
</tr>
<tr>
<td>ByteDance</td>
<td><a href="https://www.smartkarma.com/insights/bytedance-ipo-how-jinri-toutiao-paves-the-way-for-a-bigger-empire-part-1" target="_blank" data-smartkarma-citation="insights:27928">ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)</a></td>
</tr>
<tr>
<td>ByteDance</td>
<td><a href="https://www.smartkarma.com/insights/bytedance-ipo-tiktok-the-no-1-short-video-app-for-a-good-reason-part-2" target="_blank" data-smartkarma-citation="insights:27981">ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)</a></td>
</tr>
<tr>
<td>China Tobac</td>
<td><a href="https://www.smartkarma.com/insights/china-tobacco-international-ipo-the-monopolist-will-not-recover" target="_blank" data-smartkarma-citation="insights:27105">China Tobacco International (IPO): The Monopolist Will Not Recover</a></td>
</tr>
<tr>
<td>China Tobac</td>
<td><a href="https://www.smartkarma.com/insights/china-tobacco-intl-hk-ipo-proxy-for-the-chinese-cigarette-consumption" target="_blank" data-smartkarma-citation="insights:28133">China Tobacco Intl (HK) IPO: Proxy For the Chinese Cigarette Consumption</a></td>
</tr>
<tr>
<td>Helenbergh</td>
<td><a href="https://www.smartkarma.com/insights/helenbergh-early-thoughts-the-usual-red-flag-related-party-transactions" target="_blank" data-smartkarma-citation="insights:29812">Helenbergh (海伦堡) Early Thoughts - The Usual Red Flag - Related Party Transactions</a></td>
</tr>
<tr>
<td>Hut Chi-Med</td>
<td><a href="https://www.smartkarma.com/insights/hutchison-china-meditech-h-share-listing-mnc-partnerships-endorsed-its-r-d-capabilities" target="_blank" data-smartkarma-citation="insights:29274">Hutchison-China Med (和黄医药) H-Share Listing: MNC Partnerships Endorsed Its R&amp;D Capabilities</a></td>
</tr>
<tr>
<td>Jinxin</td>
<td><a href="https://www.smartkarma.com/insights/jinxin-fertility-pre-ipo-strong-foothold-in-sichuan-but-weak-sentiment-for-sector" target="_blank" data-smartkarma-citation="insights:28576">Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector</a></td>
</tr>
<tr>
<td>MicuRx</td>
<td><a href="https://www.smartkarma.com/insights/micurx-pharma-ipo-betting-on-single-drug-in-the-not-so-attractive-antibiotic-segment" target="_blank" data-smartkarma-citation="insights:24205">MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment</a></td>
</tr>
<tr>
<td>SH Henlius</td>
<td><a href="https://www.smartkarma.com/insights/shanghai-henlius-ipo-not-an-impressive-biosimilar-portfolio" target="_blank" data-smartkarma-citation="insights:27577">Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio</a> </td>
</tr>
<tr>
<td>SH Henlius</td>
<td><a href="https://www.smartkarma.com/insights/shanghai-henlius-ipo-valuation-of-four-biosimilars" target="_blank" data-smartkarma-citation="insights:30158">Shanghai Henlius (复宏汉霖) IPO: Valuation of Four Biosimilars</a></td>
</tr>
<tr>
<td>Tubatu</td>
<td><a href="https://www.smartkarma.com/insights/tubatu-group-pre-ipo-performing-better-than-qeeka-but-growing-much-slower-us-1bn-a-stretch" target="_blank" data-smartkarma-citation="insights:25751">Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch</a></td>
</tr>
<tr>
<td>Tubatu</td>
<td><a href="https://www.smartkarma.com/insights/tubatu-group-pre-ipo-online-online-offline-online" target="_blank" data-smartkarma-citation="insights:25384">Tubatu Group Pre-IPO - Online -&gt; Online + Offline -&gt; Online -&gt; ?</a></td>
</tr>
<tr><td colspan="2">South Korea</td></tr>
<tr>
<td>KMH Shilla</td>
<td><a href="https://www.smartkarma.com/insights/kmh-shilla-leisure-ipo-preview-part-1-highly-profitable-operator-of-public-golf-courses-in-korea" target="_blank" data-smartkarma-citation="insights:25040">KMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea</a></td>
</tr>
<tr>
<td>KMH Shilla</td>
<td><a href="https://www.smartkarma.com/insights/kmh-shilla-leisure-ipo-preview-part-2-valuation-analysis" target="_blank" data-smartkarma-citation="insights:25314">KMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis</a></td>
</tr>
<tr>
<td>Plakor</td>
<td><a href="https://www.smartkarma.com/insights/plakor-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:24256">Plakor IPO Preview (Part 1)</a></td>
</tr>
<tr>
<td>Zinus</td>
<td><a href="https://www.smartkarma.com/insights/zinus-ipo-preview-part-1-an-amazing-comeback-story-1-mattress-brand-on-amazon" target="_blank" data-smartkarma-citation="insights:13698">Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)</a></td>
</tr>
<tr><td colspan="2">India</td></tr>
<tr>
<td>Aakash Edu</td>
<td><a href="https://www.smartkarma.com/insights/aakash-education-pre-ipo-fast-growth-in-an-attractive-sector" target="_blank" data-smartkarma-citation="insights:29576">Aakash Education Pre-IPO - Fast Growth in an Attractive Sector</a></td>
</tr>
<tr>
<td>Anmol Ind</td>
<td><a href="https://www.smartkarma.com/insights/anmol-industries-pre-ipo-quick-take-no-growth-generous-payments-to-founders" target="_blank" data-smartkarma-citation="insights:26802">Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders</a></td>
</tr>
<tr>
<td>Bharat Hotels</td>
<td><a href="https://www.smartkarma.com/insights/bharat-hotels-pre-ipo-catching-up-with-peers" target="_blank" data-smartkarma-citation="insights:27568">Bharat Hotels Pre-IPO - Catching up with Peers</a> </td>
</tr>
<tr>
<td>CMS Info</td>
<td><a href="https://www.smartkarma.com/insights/cms-info-systems-pre-ipo-review-when-a-pe-sells-to-another-pe-only-one-gets-the-timing-right" target="_blank" data-smartkarma-citation="insights:15987">CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right</a></td>
</tr>
<tr>
<td>Crystal Crop</td>
<td><a href="https://www.smartkarma.com/insights/crystal-crop-protection-pre-ipo-drhp-raises-more-questions-than-in-answers" target="_blank" data-smartkarma-citation="insights:22797">Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers</a></td>
</tr>
<tr>
<td>Flemingo </td>
<td><a href="https://www.smartkarma.com/insights/flemingo-travel-retail-pre-ipo-its-a-different-business-in-every-country" target="_blank" data-smartkarma-citation="insights:22056">Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country</a></td>
</tr>
<tr>
<td>NSE</td>
<td><a href="https://www.smartkarma.com/insights/nse-ipo-preview-not-only-fast-its-risky-and-expensive" target="_blank" data-smartkarma-citation="insights:8915">NSE IPO Preview- Not Only Fast..its Risky and Expensive</a></td>
</tr>
<tr>
<td>NSE</td>
<td><a href="https://www.smartkarma.com/insights/national-stock-exchange-pre-ipo-review-bigger-better-stronger-but-a-little-too-fast-for-some" target="_blank">National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some</a></td>
</tr>
<tr>
<td>Mazagon</td>
<td><a href="https://www.smartkarma.com/insights/mazagon-dock-ipo-preview-a-monopoly-submarine-yard-in-india-with-captive-navy-spending" target="_blank" data-smartkarma-citation="insights:19931">Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending</a></td>
</tr>
<tr>
<td>Mrs. Bector</td>
<td><a href="https://www.smartkarma.com/insights/mrs-bectors-food-specialities-pre-ipo-quick-take-sales-for-its-main-segment-have-been-stagnant" target="_blank" data-smartkarma-citation="insights:27190">Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta</a></td>
</tr>
<tr>
<td>Lodha</td>
<td><a href="https://www.smartkarma.com/insights/lodha-developers-pre-ipo-second-time-lucky-but-not-really-that-much-affordable" target="_blank" data-smartkarma-citation="insights:22471">Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable</a></td>
</tr>
<tr>
<td>Lodha</td>
<td><a href="https://www.smartkarma.com/insights/lodha-developers-ipo-large-presence-in-affordable-segment-saves-lodha-the-blushes-in-a-sluggish-mkt" target="_blank" data-smartkarma-citation="insights:22313">Lodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt</a></td>
</tr>
<tr>
<td>IndiaMart</td>
<td><a href="https://www.smartkarma.com/insights/indiamart-pre-ipo-getting-and-retaining-subscribers-seems-to-be-difficult" target="_blank" data-smartkarma-citation="insights:25192">IndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult</a></td>
</tr>
<tr>
<td>PNB Met</td>
<td><a href="https://www.smartkarma.com/insights/pnb-metlife-pre-ipo-quick-take-doesn-t-stack-up-well-versus-its-larger-peers" target="_blank" data-smartkarma-citation="insights:28084">PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers</a></td>
</tr>
<tr><td colspan="2">Malaysia</td></tr>
<tr>
<td>QSR</td>
<td><a href="https://www.smartkarma.com/insights/qsr-brands-pre-ipo-as-healthy-as-fast-food" target="_blank" data-smartkarma-citation="insights:25780">QSR Brands Pre-IPO - As Healthy as Fast Food</a></td>
</tr>
<tr><td colspan="2">The U.S</td></tr>
<tr>
<td>Douyu</td>
<td><a href="https://www.smartkarma.com/insights/douyu-ipo-leader-at-a-cost" target="_blank" data-smartkarma-citation="insights:29369">Douyu (斗鱼直播) IPO: Leader At a Cost</a></td>
</tr>
<tr>
<td>Douyu</td>
<td><a href="https://www.smartkarma.com/insights/douyu-ipo-comparison-with-huya-part-2" target="_blank" data-smartkarma-citation="insights:29398">Douyu (斗鱼直播) IPO: Comparison with Huya (Part 2)</a></td>
</tr>
<tr>
<td>Meten</td>
<td><a href="https://www.smartkarma.com/insights/meten-international-edu-early-thoughts-unclear-strategies" target="_blank" data-smartkarma-citation="insights:30013">Meten International Edu (美联国际教育) Early Thoughts - Unclear Strategies</a></td>
</tr>
</tbody></table>

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.
It will be a busy week of debuts in Hong Kong with China Tobacco International (HK) (6055 HK) and China East Education (667 HK) listing on Wednesday, Tai Hing (6811 HK) on Thursday, and Hansoh Pharmaceutical (3692 HK) on Friday.
New IPOs are still coming as we heard that Impro Precision is pre-marketing for its US$150m IPO while Hutchison China MediTech has been approved and will be launching its IPO soon. ManpowerGroup Greater China have already started pre-marketing as well.
Jinxin Fertility Co Ltd (1659778D CH) will likely open books next Tuesday and was previously expected to be raising US$500m. Ke Yan, CFA, FRM has already shared his initial thoughts on the company in:
Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector
ESR Cayman (ESR HK) decided to delay its bookbuild on Monday citing trade war jitters. But, on Tuesday, markets turned around sharply after Powell suggested that the fed could cut rates in light of trade war, giving the green light for ESR's IPO. Sumeet Singh wrote his final thoughts on valuation in:
ESR Cayman IPO - Richly Valued
In India, activity seems to be picking up. Penna Cement gets the go-ahead from Sebi for its US$200m IPO while Shyam Steel filed on Sebi for a US$72m IPO which could launch in November.
Whereas, in the US, we are disappointed by GSX Techedu (GSX US) poor debut as it joins the ranks of other poor performing US-listed China online education companies. Wanda Sports also just filed with the SEC on Friday which could potentially be interesting. We will share our early thoughts on the company next week.
Accuracy Rate:Our overall accuracy rate is 72.2% for IPOs and 63.6% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  Bank of Guizhou (Hong Kong, US$1bn)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  
Mr DIY plans 40% dividend payout post-IPO, to submit draft prospectus soon
Hyderabad-based Penna Cement gets Sebi nod for Rs 1,550 crore IPO
Shapoorji Pallonji Group’s first IPO looks to raise Rs 4,500 crore
China's Wanda Sports files for US IPO partly to pay down loan
Analysis on Upcoming IPOs  
Shanghai Henlius (复宏汉霖) IPO: Valuation of Four Biosimilars
JH Education (嘉宏教育) IPO Review - Growth Will Only Materialize Later
ESR Cayman IPO - Richly Valued
Edvantage (中汇集团) Pre-IPO Review - Slow and Steady


Name
Insight

Hong Kong

AB Inbev
Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China


AB Inbev
Ab InBev Asia Pre-IPO - Quick Note - More like CR Beer Rather than Tsingtao


AB Inbev
Ab InBev Asia Pre-IPO - On Its Way to Potentially Being the Biggest HK IPO This Year


AB Inbev
Budweiser Brewing APAC Pre-IPO - It Will Be a US$5bn+ Raise Owing to Its Clean Balance Sheet


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


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


CIMC Veh
CIMC Vehicle (中集车辆): Market Leader of Semi-Trailers but Little Growth Ahead


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


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)


China Tobac
China Tobacco International (IPO): The Monopolist Will Not Recover


China Tobac
China Tobacco Intl (HK) IPO: Proxy For the Chinese Cigarette Consumption


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


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


Jinxin
Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector


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


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


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; ?

South Korea

KMH Shilla
KMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis


Plakor
Plakor IPO Preview (Part 1)


Zinus
Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)

India

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


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


IndiaMart
IndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult


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

Douyu
Douyu (斗鱼直播) IPO: Leader At a Cost


Douyu
Douyu (斗鱼直播) IPO: Comparison with Huya (Part 2)


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



ECM Weekly (8 Jun 2019) -ESR Cayman, Shanghai Henlius, Edvantage, JH Education

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Jinxin Fertility Group  / Equity Capital Markets

Jinxin Fertility, a leading privately owned assisted reproductive service provider in China and the US, refiled to list in Hong Kong. Per news reports, the company planned to raise up to USD 500 million. In this insight, we will cover the following topics:
<ul>
<li>Business lines and its hospitals</li>
<li>The assisted reproductive service industry</li>
<li>Key risks</li>
<li>Shareholders and use of proceeds</li>
<li>Our early thoughts on valuation</li>
</ul>

Jinxin Fertility, a leading privately owned assisted reproductive service provider in China and the US, refiled to list in Hong Kong. Per news reports, the company planned to raise up to USD 500 million. In this insight, we will cover the following topics:

Business lines and its hospitals
The assisted reproductive service industry
Key risks
Shareholders and use of proceeds
Our early thoughts on valuation


Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector

China

Jinxin Fertility Group Limited provides assisted reproductive services. The Company offers vitro fertilization services, embryo transfer services, management services, and other services. Jinxin Fertility Group also provides ancillary medical services.

Price Gauge
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Jinxin Fertility Group (1951 HK)

ECM Weekly (8 Jun 2019) -ESR Cayman, Shanghai Henlius, Edvantage, JH Education

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

Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector

Jinxin Fertility, a leading privately owned assisted reproductive service provider in China and the US, refiled to list in Hong Kong. Per news...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)