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

China Youran Dairy Group Ltd / Equity Capital Markets

<div>
<p><a href="https://www.smartkarma.com/entities/china-youran-dairy-group-ltd" target="_blank" data-smartkarma-citation="entities:31075:1" rel="noopener">China Youran Dairy Group Ltd (9858 HK)</a> (CYD) raised about US$643m at HK$6.98 per share, the bottom-end of its IPO price range. </p>
<p>CYD is an integrated provider of products and services in the upstream dairy industry. The company is a leader in the various upstream industries that it operates in even though they are mostly fragmented.</p>
<p>In this note, we will discuss deal dynamics and update valuation.</p>
<p>We have previously covered the IPO in:</p>
</div>
<div>
<ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/china-youran-dairy-pre-ipo-a-leader-pulling-ahead-in-a-fragmented-market" target="_blank" rel="noopener">China Youran Dairy(悠然牧业) Pre-IPO - A Leader Pulling Ahead in a Fragmented Market<br></a></li>
<li>
<a href="https://www.smartkarma.com/insights/china-youran-dairy-pre-ipo-phip-updates-much-better-disclosure" target="_blank" data-smartkarma-citation="insights:51794" rel="noopener">China Youran Dairy(悠然牧业) Pre-IPO - PHIP Updates - Much Better Disclosure</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/china-youran-dairy-pre-ipo-peer-comparison-youran-is-the-leader" target="_blank" data-smartkarma-citation="insights:51796" rel="noopener">China Youran Dairy(悠然牧业) Pre-IPO - Peer Comparison - Youran Is the Leader</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/china-youran-dairy-ipo-reasonable-valuation-but-there-will-be-significant-overhang" target="_blank" data-smartkarma-citation="insights:52634" rel="noopener">China Youran Dairy(悠然牧业) IPO - Reasonable Valuation but There Will Be Significant Overhang</a> </li>
</ul>
</div>


China Youran Dairy Group Ltd (9858 HK) (CYD) raised about US$643m at HK$6.98 per share, the bottom-end of its IPO price range. 
CYD is an integrated provider of products and services in the upstream dairy industry. The company is a leader in the various upstream industries that it operates in even though they are mostly fragmented.
In this note, we will discuss deal dynamics and update valuation.
We have previously covered the IPO in:



China Youran Dairy(悠然牧业) Pre-IPO - A Leader Pulling Ahead in a Fragmented Market 

China Youran Dairy(悠然牧业) Pre-IPO - PHIP Updates - Much Better Disclosure 

China Youran Dairy(悠然牧业) Pre-IPO - Peer Comparison - Youran Is the Leader 

China Youran Dairy(悠然牧业) IPO - Reasonable Valuation but There Will Be Significant Overhang 



China Youran Dairy(悠然牧业) IPO Trading - Weak Demand

<div>
<p><a href="https://www.smartkarma.com/entities/jd-logistics" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/jd-logistics" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (2618 HK)</a> raised US$3.1bn at HK$40.36 per share, close to the bottom-end of its price range in its Hong Kong IPO. </p>
</div>
<div>
<p>JD Logistics (JDL) was the leading supply chain solutions and logistics services provider in China in terms of revenue in 2018 and 2019. The company offers a full spectrum of supply chain solutions and logistics services ranging from warehousing to distribution, spanning across manufacturing to end-customers, covering regular and specialized items. </p>
</div>
<div>
<p>In this note, we will discuss deal dynamics and update valuation.</p>
</div>
<div>
<p>We had previously covered the IPO in:</p>
</div>
<div>
<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/jd-logistics-ipo-updated-index-implications-and-impact-on-jd-com-holdco-valuation" target="_blank" data-smartkarma-citation="insights:51591" rel="noopener">JD Logistics (京东物流) IPO - Updated Index Implications and Impact on JD.com (京东) HoldCo Valuation</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/jd-logistics-ipo-widening-its-lead" target="_blank" data-smartkarma-citation="insights:51583" rel="noopener">JD Logistics (京东物流) IPO - Widening Its Lead</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/jd-logistics-pre-ipo-index-implications-it-will-cut-close" target="_blank" data-smartkarma-citation="insights:51054" rel="noopener">JD Logistics (京东物流) Pre-IPO - Index Implications - It Will Cut Close</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/jd-logistics-pre-ipo-quick-note-new-phip-with-1q21-results-changes-narrative" target="_blank" data-smartkarma-citation="insights:51453" rel="noopener">JD Logistics (京东物流) Pre-IPO - Quick Note - New PHIP with 1Q21 Results Changes Narrative</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/jd-logistics-pre-ipo-phip-updates-and-fine-tuning-valuation" target="_blank" data-smartkarma-citation="insights:51008" rel="noopener">JD Logistics (京东物流) Pre-IPO - PHIP Updates and Fine-Tuning Valuation</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/jd-logistics-pre-ipo-thoughts-on-valuation" target="_blank" data-smartkarma-citation="insights:50953" rel="noopener">JD Logistics (京东物流) Pre-IPO - Thoughts on Valuation</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/jd-logistics-pre-ipo-peer-comparison-shielded-from-price-war" target="_blank" data-smartkarma-citation="insights:50575" rel="noopener">JD Logistics (京东物流) Pre-IPO - Peer Comparison - Shielded from Price War</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/jd-logistics-pre-ipo-tethered-to-jd-group-and-looking-beyond" target="_blank" data-smartkarma-citation="insights:48396" rel="noopener">JD Logistics (京东物流) Pre-IPO - Tethered to JD Group and Looking Beyond</a> </li>
</ul>
</div>


JD Logistics (2618 HK) raised US$3.1bn at HK$40.36 per share, close to the bottom-end of its price range in its Hong Kong IPO. 


JD Logistics (JDL) was the leading supply chain solutions and logistics services provider in China in terms of revenue in 2018 and 2019. The company offers a full spectrum of supply chain solutions and logistics services ranging from warehousing to distribution, spanning across manufacturing to end-customers, covering regular and specialized items. 


In this note, we will discuss deal dynamics and update valuation.


We had previously covered the IPO in:




JD Logistics (京东物流) IPO - Updated Index Implications and Impact on JD.com (京东) HoldCo Valuation 

JD Logistics (京东物流) IPO - Widening Its Lead 

JD Logistics (京东物流) Pre-IPO - Index Implications - It Will Cut Close 

JD Logistics (京东物流) Pre-IPO - Quick Note - New PHIP with 1Q21 Results Changes Narrative 

JD Logistics (京东物流) Pre-IPO - PHIP Updates and Fine-Tuning Valuation 

JD Logistics (京东物流) Pre-IPO - Thoughts on Valuation 

JD Logistics (京东物流) Pre-IPO - Peer Comparison - Shielded from Price War 

JD Logistics (京东物流) Pre-IPO - Tethered to JD Group and Looking Beyond 



JD Logistics (京东物流) IPO Trading - Decent Demand + Updates to JD.com Valuation

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<p>Hang Seng Indexes Company (HSIL) reviews the constituents of the Hang Seng Composite Index (HSCI) on a half yearly basis in March and September with data cut-off dates as of the end of December and June. The review announcement for the September 2021 review should be made on 13 August and will be effective after the close of trading on 3 September.</p><p>The June review will see the inclusion of stocks that were newly listed from 1 January to 31 March and meet the criteria for joining the index.</p><p>Although there are almost no assets indexed to the HSCI, the index forms the basis of stocks that are eligible for Southbound Stock Connect. Stocks that are included in the HSCI and subsequently included in the Stock Connect program get inflows from mainland investors.</p><div><p>There are a lot of stocks that will join the HSCI and will subsequently be included as a part of the Southbound Stock Connect program - these stocks could be bought by mainland investors and could outperform their peers and the market.</p></div><div><p>There are stocks that will be deleted from the HSCI and consequently deleted from the Southbound Stock Connect buy list while some stocks will be deleted from the HSCI but maintained in Stock Connect since they have listed A-shares.</p></div><div><p>Read on for more details and the stocks affected by the changes.</p></div>

Hang Seng Indexes Company (HSIL) reviews the constituents of the Hang Seng Composite Index (HSCI) on a half yearly basis in March and September with data cut-off dates as of the end of December and June. The review announcement for the September 2021 review should be made on 13 August and will be effective after the close of trading on 3 September.The June review will see the inclusion of stocks that were newly listed from 1 January to 31 March and meet the criteria for joining the index.Although there are almost no assets indexed to the HSCI, the index forms the basis of stocks that are eligible for Southbound Stock Connect. Stocks that are included in the HSCI and subsequently included in the Stock Connect program get inflows from mainland investors.There are a lot of stocks that will join the HSCI and will subsequently be included as a part of the Southbound Stock Connect program - these stocks could be bought by mainland investors and could outperform their peers and the market.There are stocks that will be deleted from the HSCI and consequently deleted from the Southbound Stock Connect buy list while some stocks will be deleted from the HSCI but maintained in Stock Connect since they have listed A-shares.Read on for more details and the stocks affected by the changes.

HSCI Index Rebalance and Stock Connect: Potential Changes in June and September

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<p><a href="https://www.smartkarma.com/entities/linklogis" target="_blank" data-smartkarma-citation="entities:31126:1" rel="noopener">Linklogis (9959 HK)</a> had a rather subdued debut compared to other recent SaaS IPOs. The company’s share price appreciated by 9.9% on 9<sup>th</sup> April 2021, compared to an average first day gain of 133% for recent SaaS IPOs <a href="https://www.smartkarma.com/entities/ming-yuan-cloud-group" target="_blank" data-smartkarma-citation="entities:29268:1" rel="noopener">Ming Yuan Cloud Group (909 HK)</a>, <a href="https://www.smartkarma.com/entities/snowflake-inc" target="_blank" data-smartkarma-citation="entities:29254:1" rel="noopener">Snowflake Inc (SNOW US)</a>, and <a href="https://www.smartkarma.com/entities/cloopen-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:31315:1" rel="noopener">Cloopen Group Holding Ltd (RAAS US)</a>.</p>
<p>Over the last couple of weeks, the share price moved up by another HK$ 3.70 to HK$ 23.00 per share, up 31% from the IPO price.</p>
<p>In <a href="https://www.smartkarma.com/insights/linklogis-ipo-first-day-trading" target="_blank" rel="noopener">Linklogis IPO: First Day Trading</a>, we predicted that shares could open trading near HK$ 26.0 per share. We also said that we would be looking to sell at or near the open if shares open trading near HK$ 25.0-26.0 range.</p>
<p>After a two-week delay, it appears that Linklogis is slowly reaching our target exit range.</p>
<p>We like the company’s long-term prospects, but at 20.2x FY+2 EV/Sales with 35% revenue CAGR, the company is fundamentally overvalued.</p>

Linklogis (9959 HK) had a rather subdued debut compared to other recent SaaS IPOs. The company’s share price appreciated by 9.9% on 9th April 2021, compared to an average first day gain of 133% for recent SaaS IPOs Ming Yuan Cloud Group (909 HK), Snowflake Inc (SNOW US), and Cloopen Group Holding Ltd (RAAS US).
Over the last couple of weeks, the share price moved up by another HK$ 3.70 to HK$ 23.00 per share, up 31% from the IPO price.
In Linklogis IPO: First Day Trading, we predicted that shares could open trading near HK$ 26.0 per share. We also said that we would be looking to sell at or near the open if shares open trading near HK$ 25.0-26.0 range.
After a two-week delay, it appears that Linklogis is slowly reaching our target exit range.
We like the company’s long-term prospects, but at 20.2x FY+2 EV/Sales with 35% revenue CAGR, the company is fundamentally overvalued.

Linklogis Post-IPO Trading & Valuation: Time to Get Out

<p><a href="https://www.smartkarma.com/entities/linklogis" target="_blank" data-smartkarma-citation="entities:31126:1" rel="noopener">Linklogis (9959 HK)</a> priced its IPO at HK$17.58 per share, 2% above the midpoint of the offer price range despite generating significant interest from both retail and institutional investors. The Hong Kong offer was oversubscribed 98.46x while the international offer was oversubscribed by 14.83x.</p><p>At 14.1x FY+2 EV/Sales with 35% revenue CAGR, Linklogis does not appear overly cheap compared peer multiples. However, the first day performance of recent SaaS IPOs like <a href="https://www.smartkarma.com/entities/ming-yuan-cloud-group" target="_blank" data-smartkarma-citation="entities:29268:1" rel="noopener">Ming Yuan Cloud Group (909 HK)</a>, <a href="https://www.smartkarma.com/entities/snowflake-inc" target="_blank" data-smartkarma-citation="entities:29254:1" rel="noopener">Snowflake Inc (SNOW US)</a> and <a href="https://www.smartkarma.com/entities/cloopen-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:31315:1" rel="noopener">Cloopen Group Holding Ltd (RAAS US)</a> suggests that Linklogis could open reasonably strong on trading debut.</p>

Linklogis (9959 HK) priced its IPO at HK$17.58 per share, 2% above the midpoint of the offer price range despite generating significant interest from both retail and institutional investors. The Hong Kong offer was oversubscribed 98.46x while the international offer was oversubscribed by 14.83x.At 14.1x FY+2 EV/Sales with 35% revenue CAGR, Linklogis does not appear overly cheap compared peer multiples. However, the first day performance of recent SaaS IPOs like Ming Yuan Cloud Group (909 HK), Snowflake Inc (SNOW US) and Cloopen Group Holding Ltd (RAAS US) suggests that Linklogis could open reasonably strong on trading debut.

Hong Kong

Linklogis Inc operates as a technology solution provider. The company develops cloud native solutions and supply chain finance technology solutions which optimize the payment cycle of supply chain transactions and digitalize the entire workflow of supply chain finance. Linklogis provides its services throughout Hong Kong.

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Linklogis (9959 HK)

China Youran Dairy(悠然牧业) IPO Trading - Weak Demand

China Youran Dairy Group Ltd (9858 HK) (CYD) raised about US$643m at HK$6.98 per share, the bottom-end of its IPO price range.

Zhen Zhou, Toh

JD Logistics (京东物流) IPO Trading - Decent Demand + Updates to JD.com Valuation

JD Logistics (2618 HK) is raised US$3.1bn at HK$40.36 per share, close to the bottom-end of its price range in its Hong Kong IPO.

Zhen Zhou, Toh

HSCI Index Rebalance and Stock Connect: Potential Changes in June and September

A look at the potential changes to the HSCI at the June & September reviews and stocks that could be included in/excluded from Stock Connect. These...

Brian Freitas

Linklogis Post-IPO Trading & Valuation: Time to Get Out

After a two-week delay, it appears that Linklogis is slowly reaching our target exit range. We like the company’s long-term prospects, but at 20.2x...

Oshadhi Kumarasiri

Linklogis IPO: First Day Trading

At 14.1x FY+2 EV/Sales with 35% revenue CAGR, Linklogis does not appear overly cheap compared peer multiples. However, the first day performance of...

Oshadhi Kumarasiri

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