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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group-bab2ff71-b80e-406a-8746-77d70acaa16e" target="_blank" data-smartkarma-citation="entities:40625:1" rel="noopener">MIXUE Group (1860056D CH)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are Bank of America, Goldman Sachs, and UBS.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>The firm is the largest domestically freshly-made drinks company in terms of number of stores as of Sept 23, and number of cups sold during 9M23, according to CIC.</li>
</ul>



MIXUE Group (1860056D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are Bank of America, Goldman Sachs, and UBS.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
The firm is the largest domestically freshly-made drinks company in terms of number of stores as of Sept 23, and number of cups sold during 9M23, according to CIC.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (MIX HK)</a>, a world-leading freshly made drinks company, filed for an HKEx IPO to raise US$0.5-1.0 billion. </li>
<li>Mixue is China’s largest and the world’s second-largest freshly made drinks company, in terms of both the number of stores and cups sold in 9M23, according to CIC.</li>
<li>The investment case rests on a strong brand, leading market share, high revenue growth, robust cost control, stable profitability and cash generation. </li>
</ul>



Mixue Group (MIX HK), a world-leading freshly made drinks company, filed for an HKEx IPO to raise US$0.5-1.0 billion. 
Mixue is China’s largest and the world’s second-largest freshly made drinks company, in terms of both the number of stores and cups sold in 9M23, according to CIC.
The investment case rests on a strong brand, leading market share, high revenue growth, robust cost control, stable profitability and cash generation. 


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 15th.</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 Hong Kong Conncect flows for Meituan and Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight Hong Kong Conncect flows for Meituan and Tencent.


Hong Kong Connect Flows (Dec 15th): Meituan, Tencent

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Pu'er Lancang Ancient Tea / Equity Capital Markets

<ul>
<li>Traditional tea companies are rarely seen in China's secondary market. The most significant issue in the domestic tea industry is product standardization, leading to obvious bottlenecks in future revenue/profit scale. </li>
<li>Despite increasing investment in sales/marketing, financial results of Lancang haven’t shown much improvement. Sales of 1966 products would continue to be under pressure due to weak demand during economic downturn.</li>
<li>Lancang’s financial performance is unsatisfactory, with declining revenue growth and profit margin. We are not optimistic about the Company's prospects. Valuation should be lower than <a href="https://www.smartkarma.com/entities/nayuki-holdings" target="_blank" data-smartkarma-citation="entities:32149:1" rel="noopener">Nayuki Holdings (2150 HK).</a>
</li>
</ul>


Traditional tea companies are rarely seen in China's secondary market. The most significant issue in the domestic tea industry is product standardization, leading to obvious bottlenecks in future revenue/profit scale. 
Despite increasing investment in sales/marketing, financial results of Lancang haven’t shown much improvement. Sales of 1966 products would continue to be under pressure due to weak demand during economic downturn.
Lancang’s financial performance is unsatisfactory, with declining revenue growth and profit margin. We are not optimistic about the Company's prospects. Valuation should be lower than Nayuki Holdings (2150 HK).



Pre-IPO Pu'er Lancang Ancient Tea (PHIP Updates) - Lack of Product Standardization Is the Pain Point

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tian-tu-capital" target="_blank" data-smartkarma-citation="entities:36146:1" rel="noopener">Tian Tu Capital (1390587D CH)</a> raised around US$144m in its Hong Kong IPO.</li>
<li>Tian Tu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Tian Tu Capital (1390587D CH) raised around US$144m in its Hong Kong IPO.
Tian Tu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


Tian Tu Capital IPO Trading - Subscription Rates Were Lukewarm

Hong Kong

Regal Hotels International Holdings Limited owns and operates hotels.  The Company also manages and invests in real estate properties as well as invests in and trades financial instruments and marketable securities.  In addition, Regal hotel operates brewery, operates restaurants, and provides travel and florist and wedding services.

Cafe De Coral Holdings Limited, through its subsidiaries, operates quick service restaurants, fast casual dining, institutional catering and specialty restaurant chains, and food manufacturing business.

Fosun Tourism Group operates as a leisure focused integrated tourism group. The Company provides resorts management, tourism destinations development, and other related services. Fosun Tourism Group offers its services worldwide.

Sino Hotels Holdings Limited, through its subsidiaries, operates hotels and clubs.  The Company also invests in securities and provides hotel management services.

China Star Entertainment Limited, through its subsidiaries, principally engaged in the production and distribution of films and television drama series that are based in Chinese dialect. The Company also invests the gaming promotion business, property and hotel investments.

Fairwood Holdings Limited, through its subsidiaries, operates a chain of fast food restaurants.  The Company also invests in properties.

Ajisen (China) Holdings Limited operates a chain of casual restaurants that offers Japanese ramen and Japanese-style dishes in Hong Kong and People's Republic of China.

China Energy Development Holdings Limited, through its subsidiaries, is engaged in the sale of food and beverages in Hong Kong and exploration and production of natural gas in the People's Republic of China (PRC).

China Energy Development Holdings Ltd (228 HK)

Paradise Entertainment Limited is the holding company of a diverse group of companies that engages in casino management, and development, supply and leasing of game machinery and equipment.

Paliburg Holdings Limited owns and manages hotels.  The Company also invests in, manages and develops properties and provides development consultancy, project management, and construction services.  The Company also invests in and trades financial instruments and marketable securities as well as operates brewery.

Hotel Grand Central Limited owns, operates, and manages hotels. The Company also collects rent, develops properties, and provides marketing and support services.

Berjaya Sports Toto Berhad is an investment holding company. The Company through its subsidiaries, operates a non-four-digit betting games, leases computerized lottery equipment, manufactures and distributes computerized lottery systems, and develops property.

Stamford Land Corporation Limited is an investment holding company.  The Company owns and manages hotels and travel agencies.  Stamford Land Corporation also develops and invests in properties.

GENKI SUSHI CO., LTD. operates revolving sushi bar chain "Genki Sushi", "Sushi Ondo", and "Senryo" in the Kanto area.  The Company also operates in the Tohoku area.

Magnum Berhad is a holding company. The Company, through its subsidiary, focuses on the gaming or numbers forecasting lottery business.

Delta Corp Limited a diversified business group having a presence in the entertainment and gaming, real estate business in India and Kenya. The Company's business includes offshore casinos, and real estate consulting & development.

Centurion Corporation Limited owns, develops and manages quality, purpose-built workers accommodation assets in Singapore and Malaysia, and purpose-built student accommodation assets in Singapore, Australia, the United Kingdom (“UK”), the United States (“US”) and South Korea.

Huatian Hotel Group Co., Ltd. operates a five-star hotel in Changsha, Hunan. The Company also provides related food, entertainment, and other services. Through its subsidiaries, Hunan Huatian develops computer software.

Xi'an Tourism Co., Ltd. operates hotels, providing lodging, catering, and travel services.  The Company also operates in petroleum exploration and extraction businesses.

Berjaya Land Berhad is an investment holding company which provides management services. The Company, through its subsidiaries, operates betting, leases computerized lottery equipment, manufactures and distributes computerized lottery systems. Berjaya Land also develops and invests in properties, operates hotels, resorts, and casinos.

Nayuki Holdings Limited operates as a holding compnay. The Company, through its subsidiaries, produces and retails tea and bakery products. Nayuki serves customers in China.

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Nayuki Holdings (2150 HK)

MIXUE Group Pre-IPO Tearsheet

MIXUE Group (1860056D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are Bank of America, Goldman...

Clarence Chu

MIXUE Group IPO: The Investment Case

The investment case rests on a strong brand, leading market share, high revenue growth, robust cost control, stable profitability and cash generation.

Arun George

Hong Kong Connect Flows (Dec 15th): Meituan, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight weekly Hong Kong connect flows for Meituan and Tencent.

Ke Yan, CFA, FRM

Pre-IPO Pu'er Lancang Ancient Tea (PHIP Updates) - Lack of Product Standardization Is the Pain Point

Due to lack of product standardization, weak marketing, poor cost control, there're obvious growth bottleneck in Lancang's revenue scale. Profit...

Xinyao (Criss) Wang

Tian Tu Capital IPO Trading - Subscription Rates Were Lukewarm

Tian Tu Capital (1390587D CH) raised around US$144m in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

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