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

Yageo Corporation / Equity Capital Markets

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
We are seeing companies launching book build/file for an IPO as global markets started to trade better. The IPO that we will be focusing on next week is Kingsoft Cloud (1775017D US) which has just filed their prospectus with the SEC on Friday. Ke Yan, CFA, FRM shared his thoughts on the company in our early coverage note:

Kingsoft Cloud (金山云) Pre-IPO: The Leading Cloud Provider in China 
In Hong Kong, Akeso Biopharma Inc (9926 HK) launched its bookbuild this week. This is the first large listing (&gt;US$100m) in Hong Kong after InnoCare Pharma Ltd (9969 HK)'s listing last month (which traded well post-IPO). Ke Yan, CFA, FRM has a comprehensive coverage of the deal in his notes:


Akesobio (康方生物) Pre-IPO: Late in the PD-1 Game but Products Are Promising 

Akesobio (康方生物) Pre-IPO: Thoughts on Valuation 

Akesobio (康方生物) Pre-IPO: Clinical Trial Updates from PHIP 
Latest note: Akesobio (康方生物) IPO: Expect near Zero Allocation 

Other upcoming Hong Kong IPO coverage:

Shenzhen Hepalink (海瑞普) A+H: FY2019 Results Snippet and Valuation Update 
Australia placements have slowed down. Qbe Insurance (QBE AU) and Bapcor Ltd (BAP AU) raised about US$770m and US$113m, respectively, to shore up their balance sheets. Specifically, QBE's placement was done to lift its regulatory capital in response to economic and financial market uncertainty. Both deals are trading well, holding above deal price.


QBE Insurance Placement - Big Deal but Doesn't Sound Very Exciting 

Bapcor Placement: Capital Raising for an Essential Service Provider 

Over and above the deals that have already raised capital, we looked into what are some of the companies in Australia and New Zealand that may come to market. Sumeet Singh covered the details in his note:

Australia and New Zealand Candidates for Placement 
This week, our attention turned  to Hong Kong and Taiwan too. Yageo Corporation (2327 TT)  raised about US$700 from its GDS placement which has been well-flagged since a month ago whereas SK E&amp;S sold its entire US$1.5bn stake in China Gas Holdings (384 HK) in a clean-up placement. 


Yageo Corp Placement - Well-Flagged in Advance 

Longfor Placement: A Perplexing Derivative Transaction of Major Shareholder 

China Gas Placement - Big Deal to Digest but Track Record Should Help 

Accuracy Rate:Our overall accuracy rate is 73.3% for IPOs and 65.2% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  
Weihai City Commercial Bank (~US$800m, Hong Kong)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.News on Upcoming IPOs  

Chinese cloud services provider Kingsoft Cloud files for a $100 million US IPO
Chinese companies eye IPOs closer to home 
BYD Plans to Spin off Chip Unit, Eyeing Potential IPO


Name
Insight

Hong Kong

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) Pre-IPO: Why Facebook Should Worry About TikTok 


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


ByteDance
ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 


ByteDance
ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 


GTMH
GreenTown Mgt (绿城管理) Pre-IPO - Sacrificed Margins in Pursuit of Growth, Muddled by JVs 


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


Hepalink
Shenzhen Hepalink (海瑞普) A+H: A Heparin-API King but Nothing Too Exciting 


Hepalink
Shenzhen Hepalink (海瑞普) A+H: FY2019 Results Snippet and Valuation Update 


Kilcoy
Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 


Kilcoy
Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 


Kintor
Kintor Pharma (开拓药业) Pre-IPO: Interesting Prostate Cancer Drug but Low in Core Assets 


Kintor
Kintor Pharma (开拓药业) Pre-IPO: Thoughts on Valuation 


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 


Megvii

Megvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis 


Megvii

Megvii (旷视) Pre-IPO -  Initial Thoughts on Valuation 


Peijia

Peijia Medical (沛嘉医疗) Pre-IPO: Reminiscence of Venus Medtech? 


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 


Smoore
Smoore Intl (思摩尔国际) Pre-IPO: Tripling Capacity in Three Years 


Smoore
Smoore Intl (思摩尔国际) Pre-IPO: Thoughts on E-Cig Regulation 


Tasly

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


Yeahka

Yeahka (移卡) Pre-IPO Review - Growing in an Increasingly Competitive Space 


Yeahka

Yeahka (移卡) Pre-IPO - Peer Analysis and Early Thoughts on Valuation 


Zhenro Svc

Zhenro Services (正荣服务) Pre-IPO - Diversifying Away from Zhenro Property Group 


Zhenro Svc

Zhenro Services (正荣服务) Pre-IPO - Peer Comparison and Thoughts on Valuation 

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 Hotel
Bharat Hotels Pre-IPO - Catching up with Peers 


Burger King
Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster 


Burger King
Burger King India Pre-IPO - Peer Comparison Yields Interesting Nuggets on Profitability and Capex 


Bajaj En
Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 


CAMS

CAMS Pre-IPO - Quasi Monopoly Status Muddled by Inconsistent Performance 


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


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


Equitas SFB

Equitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing 


Equitas SFB

Equitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing 


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 Shares Pledge Might Lead to an Early IPO 


IRFC

Indian Railway Finance Pre-IPO - Low Risk, Low Margin Business 


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


Mindspace

Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal 


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


LIC

Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 


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


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 

Malaysia

Mr DIY

Mr D.I.Y. Pre-IPO - Largest Home Improvement Retailer in Malaysia 


Mr DIY

Mr D.I.Y. Pre-IPO - Store Walk-Through and Thoughts on Value Proposition 


Mr DIY

Mr D.I.Y. Pre-IPO - Peer Comparison - Small Stores with Dominant Market Share  


Mr DIY

Mr D.I.Y. Pre-IPO - Assumptions and Thoughts on Valuation 


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

Thailand

SCGP

SCGP Pre-IPO - Shift to Packaging Has Been Aiding Margins but Acquisition Drove up Leverage 

The U.S

CDP

CDP Holdings Pre-IPO Review - Highly Reliant on Best Inc. 


CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent


Kingsoft Cloud

Kingsoft Cloud (金山云) Pre-IPO: The Leading Cloud Provider in China 



ECM Weekly (19 Apr 2020) - Kingsoft Cloud, Akesobio, Shenzhen Hepalink, China Gas, Yageo

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Kingsoft Cloud is a subsidiary of Hong Kong-listed Kingsoft (3888 HK), that is aiming to raise up to USD 500 million via a listing in the US. In this note, we take a look at the value chain of the cloud service industry in China. Cloud service is under-penetrated in China and there will be large room for growth, particularly for independent providers. We explain the various types of services in the downstream cloud computing segment. We note that Kingsoft is a leading independent cloud service provider with a strong forte in the video cloud service segment.  Kingsoft Cloud has been growing rapidly with YoY revenue growth of  62% in the recent quarter. We summarize the company's four rounds of pre-IPO investment and estimate that the company was valued at USD 2.7 billion at the latest round. We also had a quick look at Kingsoft Cloud's peers, including both A-share listed cloud service providers and overseas listed data center providers with their main business in China. We have a preliminary valuation of USD 2.9 billion of EV for the company.

Kingsoft Cloud is a subsidiary of Hong Kong-listed Kingsoft (3888 HK), that is aiming to raise up to USD 500 million via a listing in the US. In this note, we take a look at the value chain of the cloud service industry in China. Cloud service is under-penetrated in China and there will be large room for growth, particularly for independent providers. We explain the various types of services in the downstream cloud computing segment. We note that Kingsoft is a leading independent cloud service provider with a strong forte in the video cloud service segment.  Kingsoft Cloud has been growing rapidly with YoY revenue growth of  62% in the recent quarter. We summarize the company's four rounds of pre-IPO investment and estimate that the company was valued at USD 2.7 billion at the latest round. We also had a quick look at Kingsoft Cloud's peers, including both A-share listed cloud service providers and overseas listed data center providers with their main business in China. We have a preliminary valuation of USD 2.9 billion of EV for the company.

Kingsoft Cloud (金山云) Pre-IPO: The Leading Cloud Provider in China

China

Kingsoft Cloud manufactures software. The Company mainly produces office software, king dictionary, game software, anti-virus software, and other application software.

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Kingsoft Cloud (KC US)

ECM Weekly (19 Apr 2020) - Kingsoft Cloud, Akesobio, Shenzhen Hepalink, China Gas, Yageo

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. We are...

Zhen Zhou, Toh

Kingsoft Cloud (金山云) Pre-IPO: The Leading Cloud Provider in China

Kingsoft Cloud is a subsidiary of Hong Kong-listed Kingsoft (3888 HK), that is aiming to raise up to USD 500 million via a listing in the US. In...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)