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

JD Health International  / 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.
Starting off with IPOs in Hong Kong first, Harbour Biomed (2142 HK), POP MART (POP HK), and Blue Moon Group Holdings (BMG HK) opened their bookbuild on Monday (for the former two) and Friday, respectively, whereas we are hearing that Netjoy (NETJOY HK) and Sino-Ocean Service (1827597D HK) will be coming next week.  Pop Mart closed its bookbuild a day early, citing strong demand. 


Blue Moon Group IPO - Not a Clean Wash 

Pop Mart IPO - Making You Pay Well for Growth 

Netjoy (云想科技) Pre-IPO: Growth Stalled for the Short Video Marketer 

Sino-Ocean Services (远洋服务) Pre-IPO - Nothing Stands Out 
HBM (和铂医药) IPO: Strong Cornerstone Not a Performance Guarantee

In India, Burger King India (BKI IN) finally launched its IPO, more than a year after it filed its Draft Red Herring Prospectus. While the company was not offered at a cheap valuation, it still has a long growth runway. Sumeet Singh also took the chance to visit some of Brookfield India Real Estate Trust (BIREIT IN) properties.


Burger King India IPO - Can Still Grow Fast 

Brookfields India Real Estate Trust Pre-IPO- Gurgaon Site Visit Takeaways 

In the U.S, Ke Yan, CFA, FRM covered 17 Education and Technology (YQ US) valuation which we thought didn't exactly stand out in terms of growth and had the worst cost structure. Sumeet Singh took some time off looking at APAC IPOs to understand the Airbnb Inc (9865065Z US) and shared his thoughts in:


Airbnb IPO - Time for a Good Break - Even from the Share Lock-Up 

17 Edu &amp; Tech (一起教育) IPO: Inferior Cost Structure, Overvalued Deal 

For trading debuts this week, Evergrande Property Services (6666 HK) traded flat which was well within expectations. What was surprising was the fact that the company/bookrunners looked to close books a few hours early last week to maybe draw out some FOMO bids by maybe implying that demand was strong. But in actual fact, as per our trading note, demand wasn't great.

Evergrande Services (恒大物业) IPO Trading - Slightly Weaker Demand 
17 Education and Technology (YQ US) traded higher intraday but closed just 0.7% above deal price whereas Nuix (NXL AU) closed about 50.8% higher than its IPO price. Nuix will probably still need some time to find its footing since Friday's trading was on a deferred settlement basis whereas settlement will happen coming Monday and normal settlement trading will begin the day after.
Nuix Limited IPO Trading - Aiming for a Modest Debut
Last, but not least, there had been a surge in placement/follow-on offering by companies and shareholders. The common theme across these deals had been that they were mostly opportunistic. Shareholders looked to cash in on their positions whereas companies sought to lock in more cash as share price traded higher. 


Li Auto (理想汽车) Placement - Opportunistic but Still a Worth a Bet Among EV Peers 

Longfor Placement - Chairwoman/Co-Founder Selling in the Mix 

Dada Nexus (达达集团) Placement - Proving Its Worth; Traded Well Since IPO 

Recruit Holdings Placement - Another Major Selldown But, This Time, with a Much Shorter Time Frame 

GLP J-REIT Placement - Already Back for More but Still Getting Good Accretion 

Yeahka (移卡) Placement - Selling Just as Lock-Up Expires 

Xiaomi Placement - Price Back to Where It Was in Sept. This Time, It's Different. 

ANA Holdings Placement - Bigger but Not Necessarily Better Deal than JAL 

Accuracy Rate:Our overall accuracy rate is 73.4% for IPOs and 66.3% for Placements (Performance measurement criteria is explained at the end of the note)
New IPO filings this week  

China Youran Dairy (Hong Kong, US$100m)
Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.News on Upcoming IPOs  

JD Logistics seeks bank pitches for Hong Kong IPO of up to $3 billion
Jacobio Pharma Lines Up Hong Kong IPO
IPO-Bound TikTok Rival Kuaishou Continues to Play Second Fiddle
Analysis on Upcoming IPOs

Name
Insight

Hong Kong

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 


Dida
Dida Pre-IPO - Making Hay While Big Brother Retreats 


E-Star Comm
E-Star Commercial Management Pre-IPO - Better Disclosure in New Prospectus 


E-Star Comm
E-Star Commercial Management Pre-IPO - Still Largely Reliant on Galaxy, Poor Disclosure Doesn’t Help 


Kilcoy
Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 


Kilcoy
Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 


Kuaishou
Kuaishou Technology Pre-IPO - The Positives - Hot Segment, Fast Growth 


Kuaishou
Kuaishou Technology Pre-IPO - The Negatives - Ample Doubts Remain 


Megvii

Megvii (旷视) Pre-IPO - Remarkable Growth (Part 1) 


Megvii

Megvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential 


Megvii

Megvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent 


Megvii

Megvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis 


Megvii

Megvii (旷视) Pre-IPO -  Initial Thoughts on Valuation 


Ocumension

Ocumension (欧康维视) Pre-IPO: All Ready for a Great Listing Except a Block Buster 


RemeGen

RemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48 


Toplist

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


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 

India

ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


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


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


Brookfields REIT
Brookfields India Real Estate Trust Pre-IPO - The Positives- Provides Different Geographic Exposure 


Brookfields REIT
Brookfields India Real Estate Trust Pre-IPO- The Negatives- Asset Details Leave Questions Unanswered 


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


CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


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 


IRFC

Indian Railway Finance Pre-IPO - Low Risk, Low Margin Business 


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


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta


LIC

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


Lodha
Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


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


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 

Malaysia

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

Thailand

PTTOR

PTT Oil and Retail IPO - F&amp;B Business Is the Profit Driver 

The U.S

CDP

CDP Holdings Pre-IPO Review - Highly Reliant on Best Inc. 


CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent



ECM Weekly (6 December 2020) - Blue Moon Group, Pop Mart, HBM, Burger King India, and More

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Netjoy, a leading short video marketing solution player, is raising USD 200m via a listing in Hong Kong.Netjoy rode the wave of emergence of short video platforms such as Tiktok and Kuaishou. It specialises in short video marketing. Online gaming is the main spender on ads through Netjoy.We note that key operating metrics such as revenue per click and revenue per advertiser has been trending down in the track record period. The company's shareholders are mainly individuals with no significant investments from institutional investors. We also note that the company didn't disclose operating data in 2020 hence it is challenging to assess the recent development. We provide our preliminary thought on its valuation.

Netjoy, a leading short video marketing solution player, is raising USD 200m via a listing in Hong Kong.Netjoy rode the wave of emergence of short video platforms such as Tiktok and Kuaishou. It specialises in short video marketing. Online gaming is the main spender on ads through Netjoy.We note that key operating metrics such as revenue per click and revenue per advertiser has been trending down in the track record period. The company's shareholders are mainly individuals with no significant investments from institutional investors. We also note that the company didn't disclose operating data in 2020 hence it is challenging to assess the recent development. We provide our preliminary thought on its valuation.

Netjoy (云想科技) Pre-IPO: Growth Stalled for the Short Video Marketer

China

Netjoy Holdings Limited offers advertising and marketing services. The Company provides big data empowered short video marketing solutions development, online entertainment content production, online marketing, and other services. Netjoy Holdings provides its services throughout China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Netjoy (2131 HK)

ECM Weekly (6 December 2020) - Blue Moon Group, Pop Mart, HBM, Burger King India, and More

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

Zhen Zhou, Toh

Netjoy (云想科技) Pre-IPO: Growth Stalled for the Short Video Marketer

Netjoy rode the wave of emergence of short video platforms such as Tiktok and Kuaishou. It specialises in short video marketing. Online gaming is...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)