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.

Equity Capital Markets

<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

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.

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

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<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

<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> is looking to raise up to US$253m 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>In this note, we will look at the updates since our last note and share our thoughts on valuation.</li>
</ul>



Tian Tu Capital (1390587D CH) is looking to raise up to US$253m 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.
In this note, we will look at the updates since our last note and share our thoughts on valuation.


Tian Tu Capital IPO - Even with a Wide Price Range, Upside Seems Limited

Hong Kong

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 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

Tian Tu Capital IPO - Even with a Wide Price Range, Upside Seems Limited

Tian Tu Capital (1390587D CH) is looking to raise up to US$253m in its Hong Kong IPO. In this note, we will look at the updates since our last note...

Clarence Chu

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