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>If there is one phrase to summarize PM sector’s 2022, that is “never give up”.</li><li>Facing an unprecedented COVID and property market, not only SOEs utilized their dominate resources to deliver better-than-expected results (Poly, CR Mixc, COPH), but also POEs increased dividend and fought hard in third party expansion. (CGS, Sunac Service, New Hope Service). I</li><li>In this sector report, we initiate Binjiang service as Top pick on management’s good track record, 30% growth profile, stable parentco (63% sales YoY growth in 1Q23) and attractive valuation (11/9x 2023/24E PE).</li></ul>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.

If there is one phrase to summarize PM sector’s 2022, that is “never give up”.Facing an unprecedented COVID and property market, not only SOEs utilized their dominate resources to deliver better-than-expected results (Poly, CR Mixc, COPH), but also POEs increased dividend and fought hard in third party expansion. (CGS, Sunac Service, New Hope Service). IIn this sector report, we initiate Binjiang service as Top pick on management’s good track record, 30% growth profile, stable parentco (63% sales YoY growth in 1Q23) and attractive valuation (11/9x 2023/24E PE).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 Property Sector – FY22 review: if and only if Binjiang Service

Equity Bottom-Up

<ul><li>We are more positive than market on its Onewo Town project due to our channel check.</li><li>The logic behind includes 1) Onewo’s market-leading brand and strong third-party expansion capacity especially in existing projects (50% of its third-party expansion) allow the Company to continue winning projects within their planned Town circle (3km) and increase the density.</li><li>This can be seen even from the tough 2022 that revenue from third-party grew 53% and 46% YoY in residential and commercial PM.</li></ul>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.

We are more positive than market on its Onewo Town project due to our channel check.The logic behind includes 1) Onewo’s market-leading brand and strong third-party expansion capacity especially in existing projects (50% of its third-party expansion) allow the Company to continue winning projects within their planned Town circle (3km) and increase the density.This can be seen even from the tough 2022 that revenue from third-party grew 53% and 46% YoY in residential and commercial PM.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.

Onewo (2602 HK) – Let Onewo Town Surprise you

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/w-scope-chungju-plant-co-ltd-wcp" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (393890 KS)</a> raised around US$314m via in its Korean IPO. The stock was listed on 30th Sep 2022, its six-month lockup will expire soon.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



WCP (393890 KS) raised around US$314m via in its Korean IPO. The stock was listed on 30th Sep 2022, its six-month lockup will expire soon.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries.
In this note, we will talk about the lock-up dynamics and updates since our last note.


W-Scope IPO Lock-Up - US$300m Worth of Shares to Come Free

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.</li>
<li>OST is a property management service provider in China, primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke (H) (2202 HK)</a>. </li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Onewo (2602 HK) (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.
OST is a property management service provider in China, primarily owned by China Vanke (H) (2202 HK). 
In this note, we will talk about the lock-up dynamics and updates since our last note.


Onewo Space-Tech IPO Lock-Up - Company, Parent and Cornerstones Could Eventually Sell

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

Shum Yip Property Operations Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shum-yip-property-operations-group" target="_blank" data-smartkarma-citation="entities:36812:1" rel="noopener">Shum Yip Property Operations Group (SYPOG HK)</a> is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>Shum Yip Property Operations Group (SYPOG) is a property management, commercial operational and city services provider in China.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm was eighth among comprehensive property management, commercial operational and city services providers in China as per 2021 revenue.</li>
</ul>



Shum Yip Property Operations Group (SYPOG HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Shum Yip Property Operations Group (SYPOG) is a property management, commercial operational and city services provider in China.
As per Frost &amp; Sullivan (F&amp;S), the firm was eighth among comprehensive property management, commercial operational and city services providers in China as per 2021 revenue.


Shum Yip Property Operations Group Pre-IPO Tearsheet

China

Onewo Inc. operates as a property management service provider. The Company operates and manages residential communities, workspaces, public premises, and others. Onewo provides its services throughout Hong Kong.

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Onewo (2602 HK)

China Property Sector – FY22 review: if and only if Binjiang Service

In this sector report, we initiate Binjiang service as Top pick on management’s good track record, 30% growth profile, stable parentco (63% sales...

CMB International

Onewo (2602 HK) – Let Onewo Town Surprise you

In 2022, Onewo has increased its number of Onewo Town to 584 (459 in 2021) with 38 projects finished. Management targeted another 100+ Onewo Town...

CMB International

W-Scope IPO Lock-Up - US$300m Worth of Shares to Come Free

WCP (393890 KS) raised around US$314m via in its Korean IPO. The stock was listed on 30th Sep 2022, its six-month lockup will expire soon.

Sumeet Singh

Onewo Space-Tech IPO Lock-Up - Company, Parent and Cornerstones Could Eventually Sell

Onewo (2602 HK) (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.

Sumeet Singh

Shum Yip Property Operations Group Pre-IPO Tearsheet

Shum Yip Property Operations Group (SYPOG HK) is looking to raise about US$200m in its upcoming Hong Kong IPO. SYPOG is a property management,...

Clarence Chu

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