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

Japan Post Holdings / 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.
Events next week:

Aditya Birla Sun Life AMC IPO Trading - Tepid Demand 
ECM activity is certainly starting to heat up in Asia Pacific. In particular, Japan has had a steady stream of large placements. This week Japan Post Holdings (6178 JP) was the center of attention as plans of the Japanese government selldown is slated to open this Monday, and price on the 25th of October.  The selldown has been well-flagged and it will be a quasi clean-up. We revisited Hulic Co Ltd (3003 JP) just before its pricing and so far, Hulic’s share price has been holding up above its deal price. 


Japan Post Holdings Placement - The Final US$8bn Countdown - Past Deal Didn't Do Well 

Hulic Placement Update - Correction in Line with Our Expectation 

Chinasoft Placement - Small Deal and Proceeds Will Be Put to Good Use 

Back to IPOs, in Hong Kong, MicroTech Medical Hangzhou (2235 HK) launched its bookbuild on Wednesday and it will close this coming Monday. The company's listing debut is on 19th October. We think valuation looks full despite the strong cornerstone line-up.


MicroTech (微泰医疗) IPO: Demanding Valuation Despite a Decent Story 

MicroTech (微泰医疗) Pre-IPO: Thoughts on Valuation 

We initiated on IPOs in the pipeline, Medbanks Network Technology (1690522D CH), an healthcare service provider with an oncology and pharmacy tilt,  and 4Paradigm (1764934D HK), a platform-centric AI enterprise solutions provider. 


Medbanks (思派健康) Pre-IPO - Caught a Lucky Break 

4Paradigm (第四范式智能) Pre-IPO - Stupendous Growth but Needs Better Disclosure of Certain Data 

We also shared our thoughts on valuation of Shanghai MicroPort MedBot Group (MMG HK), which is set to capture significant market share in China's laparoscopic robotic surgical market.


MicroPort MedBot Pre-IPO - Thoughts on Valuation 

MicroPort MedBot Pre-IPO - RoboDoc - PHIP Updates and a Look at Its Largest Competitor 

In the U.S, FWD Group Holdings (FWD US) has been doing its rounds, meeting investors. We took a closer look at how the company compares to regional insurance competitors and share our thoughts on its valuation.


FWD Pre-IPO - Peer Comparison 

FWD Pre-IPO - Thoughts on Valuation 

Last, but not least, tearsheets for newly filed IPOs this week:


Linmon Media Pre-IPO Tearsheet 

Oravel Stays (Oyo) Pre-IPO Tearsheet 

LB Group Pre-IPO Tearsheet 

Accuracy Rate:Our overall accuracy rate is 73.8% for IPOs and 67.8% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  

Green Tea Group (Hong Kong, US$200m, refiled)
Farm Fresh (Indonesia, US$125m)
News on Upcoming IPOs  
Hong Kong/China

MicroPort MedBot pre-markets HK IPO of up to US$1bn
MicroTech Medical pre-markets US$300m HK IPO
Futu plans HK secondary listing
Didi’s Closest China Rival Eyes New Fundraising, Potential IPO
Shares of Transcenta, DRC Bank fall on debuts
Tencent-backed Linmon Media plans US$300m HK IPO
Agile Group Shelves Hong Kong IPO Plans of Unit A-City
CNOOC to return home for Rmb35bn Shanghai IPO
China Evergrande New Energy Vehicle Group cancels A-share IPO
Dongfeng Motor changes A-share listing venue from ChiNext to SZSE main board
Four companies file for Star IPOs to raise a combined Rmb7.13bn
Zhejiang Dahua Technology to list machine vision unit
ZJMI Environmental Energy clears hearing for Rmb2bn Shanghai IPO
Haier Smart Home seeks approval
Evergrande fights for survival
China Chip Firm Horizon Said to Eye Moving U.S. IPO to Hong Kong
Yonghe plans to seek HK listing approval this month
Baidu’s iQiyi Is Said to Pick Banks for Hong Kong Second Listing

US/China ADR
Chinese Biotech Firm Eyes U.S. IPO Amid High Scrutiny
India
Sebi proposes wider IPO price band
Sebi proposes sweeping changes to HNI allotment process for IPOs
Fino Payments Bank, Popular Vehicles win IPO approval
MobiKwik wins Sebi nod for IPO
Aditya Birla AMC IPO subscribed 5.24x
NTPC Said to Plan IPOs of 3 Units, Could Raise $2 Billion
SEBI approves Fino Payments Bank’s ₹1,300 crore IPO, Paytm next in line
New investors in talks to join PharmEasy’s pre-IPO funding round

Paytm Is Said to Be in Talks With ADIA, BlackRock for IPO Stakes

Japan/Korea
PHC Holdings IPO priced at low end
SBI Sumishin Net Bank files for TSE IPO
CJ Olive Young mulls KRX IPO
SK Telecom’s ADT Caps Seeks 300b Won Pre-IPO, Daily Reports
SM Line Seeks 846b Won IPO in South Korea
S.Korea's top golf course operator aims for 2022 IPO
Others

PHC Holdings IPO priced at low end
SBI Sumishin Net Bank files for TSE IPO
CJ Olive Young mulls KRX IPO
SK Telecom’s ADT Caps Seeks 300b Won Pre-IPO, Daily Reports
SM Line Seeks 846b Won IPO in South Korea
S.Korea's top golf course operator aims for 2022 IPO  

Others  

Genie Solutions cancels IPO
GQG Partners pre-markets ASX IPO

SG Lottery anchors think about 4pc yield, 15x earnings, SG Lottery brokers weigh into valuation debate: pre-IPO reports land, SG Lottery IPO pre-markets A$5bn ASX IPO

Human services group APM puts $1b-plus raising to investors
2degrees merger discussions confirmed by its majority-owner
Trilogy pauses 2degrees’ NZX, ASX listings
Autopact readies sales data for potential IPO investors
Vulcan Steel Sets IPO Price at A$7.10 Per Share
Cisarua starts IPO investor education
Farm Fresh files for US$125m IPO
Data Center REIT, Thai Brewer Mulling Singapore IPOs: ECM Watch
Emperador plans to pre-market SGX listing this month
Synergy Grid to start pre-marketing Ps26.3bn share sale this week

Analysis on Upcoming IPOs

Name
Insight

Hong Kong

4Paradigm
4Paradigm (第四范式智能) Pre-IPO - Stupendous Growth but Needs Better Disclosure of Certain Data 


APM Monaco
APM Monaco Pre-IPO - China’s Resilience Shines 


Airdoc
Beijing Airdoc (北京鹰瞳科技) Pre-IPO - A Niche Field with Merits but Can It Sell? 


Anjuke
Anjuke Pre-IPO - Mixed (Positive and Negative) Developments 


Ambio
AmbioPharm (昂博制药) Pre-IPO: Peptide CDMO Leader Turning Licensor 


Biel Crystal
Biel Crystal (伯恩光学) Pre-IPO - Cash Flow Generative Business but Underlying Trend Is Worrying 


Biel Crystal
Biel Crystal (伯恩光学) Pre-IPO - Industry Landscape &amp; Peer Comparison -  Auto Is the Wildcard 


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 


ByteDance
ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Mixed PHIP Update, Updated Thoughts on Valuation 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Initial Thoughts on Valuation 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Tencent Music Peer Comp, Regulatory Impact 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Was in the Slow Stream, Playing Catch-Up 


Edda 
EDDA Healthcare Pre-IPO - RoboDoc - Has Been Around for a While but Is Just Getting the Robo Going 


Dingdang
Dingdang Health Tech (叮当健康) Pre-IPO - Impressive Growth but Not Without Concerns 


Intco Med
Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1 


Imeik
Imeik Tech (爱美客) A/H Pre-IPO - Dermal Filler Leader Capitalizing on Its Valuation 


Jenscare
Jenscare (宁波健世科技) Pre-IPO: Differentiated Heart Valve Portfolio 


Medbanks
Medbanks (思派健康) Pre-IPO - Caught a Lucky Break 


MicroPort Medbot
MicroPort MedBot Pre-IPO - RoboDoc - Pre-Revenue, Has a Large Competitor but a Large Market as Well 


NewMed
NewMed (纽脉医疗) Pre-IPO: Uphill Battle for TAVR but Leads the TMVR 


Neusoft Xikang
Neusoft Xikang (东软熙康) Pre-IPO: A Long Way to Profit 


Neusoft Med
Neusoft Medical Systems (东软医疗系统) Pre-IPO: Unattractive Fundamentals 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


WeDoctor

We Doctor (微医) Pre-IPO - Peer Comparison - Picking Its Battles Wisely 


WeDoctor

We Doctor (微医) Pre-IPO - Forecasts, Early Thoughts on Valuation, and Acquisition Gripes 


Weilong

Weilong Delicious Global Pre-IPO - The Positives - Fast Growth, Strong Backers 


Weilong

Weilong Delicious Global Pre-IPO - The Negatives - Spicy Valuation 


WM Tech

WM Tech Pre-IPO - Peer Comparison and Pre-IPO Valuation - Some Signs of Advantage 


WM Tech

WM Tech Pre-IPO - Digitalization Efforts Coming Through but Not Well Substantiated 

India

Aadhar Housing

Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures 


Aditya AMC

Aditya Birla Sun Life AMC Pre-IPO - Strong Profit Growth but It's Losing Market Share 


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotel
Bharat Hotels Pre-IPO - Catching up with Peers 


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


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 


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 


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


LIC

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


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

Malaysia

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



ECM Weekly (10th October 2021) - Japan Post, MicroPort Medbot, MicroTech, FWD, Medbanks, 4Paradigm

Medbanks Network Technology / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/medbanks-network-technology" target="_blank" data-smartkarma-citation="entities:34202:1" rel="noopener">Medbanks Network Technology (1690522D CH)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO. Medbanks is a healthcare service provider in China that aims to add value to stakeholders and participants of the healthcare industry with a focus on oncology. The company runs three main business segments, Physician Research Solution (PRS), Pharmacy Benefit Management (PBM), and Provider and Payer Solution (PPS), which have strong synergies with each other.In this note, we take a look at the company’s business, its growth and share our initial thoughts on the IPO.

Medbanks Network Technology (1690522D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. Medbanks is a healthcare service provider in China that aims to add value to stakeholders and participants of the healthcare industry with a focus on oncology. The company runs three main business segments, Physician Research Solution (PRS), Pharmacy Benefit Management (PBM), and Provider and Payer Solution (PPS), which have strong synergies with each other.In this note, we take a look at the company’s business, its growth and share our initial thoughts on the IPO.

Medbanks (思派健康) Pre-IPO - Caught a Lucky Break

China

Medbanks Network Technology Co. Ltd. operates as an oncology database firm. The Company provides professional tumor database, clinical research support, patient community, pathology intelligent classification system, and other services. Medbanks Network Technology mainly offers its services in China.

Medbanks Network Technology (1690522D CH)

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ECM Weekly (10th October 2021) - Japan Post, MicroPort Medbot, MicroTech, FWD, Medbanks, 4Paradigm

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

Sumeet Singh

Medbanks (思派健康) Pre-IPO - Caught a Lucky Break

Medbanks is a healthcare service provider in China that aims to add value to stakeholders and participants of the healthcare industry with a focus...

Sumeet Singh