APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

REPT BATTERO Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy (REPT HK)</a> is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are Morgan Stanley, and Citic Securities.</li>
<li>REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs. </li>
<li>As per F&amp;S, it was amongst the top ten lithium-ion battery manufacturers in China as per installations for new energy application in 2021.</li>
</ul>



REPT BATTERO Energy (REPT HK) is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are Morgan Stanley, and Citic Securities.
REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs. 
As per F&amp;S, it was amongst the top ten lithium-ion battery manufacturers in China as per installations for new energy application in 2021.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

GoTo Gojek Tokopedia Tbk PT / Event-Driven

<ul>
<li>GoTo pre-IPO shareholders were released from the lockup on 1st Dec 2022, which led to a 47% slide in its share price.</li>
<li>We had written about the upcoming lockup expiry in our earlier note, <a href="https://www.smartkarma.com/insights/goto-ipo-lockup-expiry-us-13bn-lockup-release-or-in-other-words-the-real-ipo" target="_blank" data-smartkarma-citation="insights:84796" rel="noopener">GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO</a>.</li>
<li>While the price appears to be settling down now, given the intra-day trading limits in Indonesia,  very little volumes have been transacted compared to the shares released from lockup.</li>
</ul>


GoTo pre-IPO shareholders were released from the lockup on 1st Dec 2022, which led to a 47% slide in its share price.
We had written about the upcoming lockup expiry in our earlier note, GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO.
While the price appears to be settling down now, given the intra-day trading limits in Indonesia,  very little volumes have been transacted compared to the shares released from lockup.


GoTo IPO Lockup Expiry Follow-Up - Has Corrected but Has Traded Relatively Little Volume

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Continue to support digital economy development </li><li>Encouraging technology breakthroughs, innovations, and overseas expansion. </li><li>Business model robustness, operating leveraging improvement, and ability to expand to new revenue streams will be the key stock alpha drivers.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Continue to support digital economy development Encouraging technology breakthroughs, innovations, and overseas expansion. Business model robustness, operating leveraging improvement, and ability to expand to new revenue streams will be the key stock alpha drivers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet – Quality growth and further digitization penetration provide growth support

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kanzhun-ltd" target="_blank" data-smartkarma-citation="entities:33368:1" rel="noopener">Kanzhun (BZ US)</a> a.k.a. has been listed in the US since about the same time as <a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a>, and it had similar but minor tech issues pre-listing. </li>
<li>On Friday 16 December, the company announced it would conduct a Listing by Introduction in Hong Kong under the ticker <a href="https://www.smartkarma.com/entities/kanzhun-limited" target="_blank" data-smartkarma-citation="entities:36622:1" rel="noopener">Zhipin (2076 HK)</a>, listing on 22 Dec. </li>
<li>That creates an interesting launch supply/demand dynamic, likely HS Tech inclusion in March 2023, and then Southbound much later in 2023.</li>
</ul>



Kanzhun (BZ US) a.k.a. has been listed in the US since about the same time as DiDi Global (DIDI US), and it had similar but minor tech issues pre-listing. 
On Friday 16 December, the company announced it would conduct a Listing by Introduction in Hong Kong under the ticker Zhipin (2076 HK), listing on 22 Dec. 
That creates an interesting launch supply/demand dynamic, likely HS Tech inclusion in March 2023, and then Southbound much later in 2023.


Boss Zhipin (2076 HK | BZ US) HK Dual Primary Listing on 22 Dec - Index, Southbound, and SPECIAL

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 16th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight inflows into Meituan, Tencent, and outflows from China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 16th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Meituan, Tencent, and outflows from China Mobile.


Hong Kong Connect Flows (Dec 16th): Meituan, Tencent, China Mobile

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

REPT BATTERO Energy Pre-IPO Tearsheet

REPT BATTERO Energy (REPT HK) is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are Morgan Stanley, and Citic...

Clarence Chu

GoTo IPO Lockup Expiry Follow-Up - Has Corrected but Has Traded Relatively Little Volume

GoTo pre-IPO shareholders were released from the lockup on 1st Dec 2022, which led to a 47% slide in its share price. While the stock has...

Sumeet Singh

China Internet – Quality growth and further digitization penetration provide growth support

Continue to support digital economy development. Encouraging technology breakthroughs, innovations, and overseas expansion.

CMB International

Boss Zhipin (2076 HK | BZ US) HK Dual Primary Listing on 22 Dec - Index, Southbound, and SPECIAL

Kanzhun a.k.a. Boss Zhipin, the leading online recruitment platform in China, is listing in HK by way of Introduction. No offer. That means trading...

Travis Lundy

Hong Kong Connect Flows (Dec 16th): Meituan, Tencent, China Mobile

We analyzed the Hong Kong Connect Scheme for last week and highlight inflows for Meituan, Tencent, and outflows from China Mobile.

Ke Yan, CFA, FRM

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