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

Cloopen Group Holding Ltd / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/cloopen-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:31315:1" rel="noopener">Cloopen Group Holding Ltd (RAAS US)</a> raised about US$320m at US$16 per ADS, which is above the initial price range.</p>
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<p>Cloopen is a multi-capability cloud-based communications solution provider in China. The company offers communications platform as a services (CPaaS), cloud-based contact center (CC), cloud-based UC&amp;C  solutions to customers.</p>
<p>In this note, we will look at the deal dynamics and provide a table with implied valuation at different share price levels.</p>
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<p>Our previous coverage:</p>
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<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-thematically-favorable-but-not-showing-results-for-now" target="_blank" data-smartkarma-citation="insights:47520" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Thematically Favorable but Not Showing Results for Now</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-peer-comparison-and-thoughts" target="_blank" data-smartkarma-citation="insights:47608" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Peer Comparison and Thoughts</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-forecast-assumptions-and-valuation" target="_blank" data-smartkarma-citation="insights:47651" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Forecast, Assumptions, and Valuation</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-investments-in-cloopen-pax-global-hi-sun-tech-market-cap" target="_blank" data-smartkarma-citation="insights:47655" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Investments in Cloopen + Pax Global &gt; Hi Sun Tech Market Cap</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-ipo-hi-sun-tech-angle-gets-more-attractive" target="_blank" data-smartkarma-citation="insights:47785" rel="noopener">Cloopen (容联.云通讯) IPO - Hi Sun Tech Angle Gets More Attractive</a> </li>
</ul>
</div>

Cloopen Group Holding Ltd (RAAS US) raised about US$320m at US$16 per ADS, which is above the initial price range.

Cloopen is a multi-capability cloud-based communications solution provider in China. The company offers communications platform as a services (CPaaS), cloud-based contact center (CC), cloud-based UC&amp;C  solutions to customers.
In this note, we will look at the deal dynamics and provide a table with implied valuation at different share price levels.


Our previous coverage:




Cloopen (容联.云通讯) Pre-IPO - Thematically Favorable but Not Showing Results for Now 

Cloopen (容联.云通讯) Pre-IPO - Peer Comparison and Thoughts 

Cloopen (容联.云通讯) Pre-IPO - Forecast, Assumptions, and Valuation 

Cloopen (容联.云通讯) Pre-IPO - Investments in Cloopen + Pax Global &gt; Hi Sun Tech Market Cap 

Cloopen (容联.云通讯) IPO - Hi Sun Tech Angle Gets More Attractive 



Cloopen (容联.云通讯) IPO Trading - Set for a Strong Debut

<p><a href="https://www.smartkarma.com/entities/cloopen-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:31315:1" rel="noopener">Cloopen Group Holding Ltd (RAAS US)</a> is looking to raise up to US$300m in its US IPO. </p><p>Cloopen is a multi-capability cloud-based communications solution provider in China. The company offers communications platform as a services (CPaaS), cloud-based contact center (CC), cloud-based UC&amp;C  solutions to customers.</p><div><p>Our previous coverage:</p></div><div><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-thematically-favorable-but-not-showing-results-for-now" target="_blank" data-smartkarma-citation="insights:47520" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Thematically Favorable but Not Showing Results for Now</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-peer-comparison-and-thoughts" target="_blank" data-smartkarma-citation="insights:47608" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Peer Comparison and Thoughts</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-forecast-assumptions-and-valuation" target="_blank" data-smartkarma-citation="insights:47651" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Forecast, Assumptions, and Valuation</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-investments-in-cloopen-pax-global-hi-sun-tech-market-cap" target="_blank" data-smartkarma-citation="insights:47655" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Investments in Cloopen + Pax Global &gt; Hi Sun Tech Market Cap</a> </li>
</ul></div>

Cloopen Group Holding Ltd (RAAS US) is looking to raise up to US$300m in its US IPO. Cloopen is a multi-capability cloud-based communications solution provider in China. The company offers communications platform as a services (CPaaS), cloud-based contact center (CC), cloud-based UC&amp;C  solutions to customers.Our previous coverage:

Cloopen (容联.云通讯) Pre-IPO - Thematically Favorable but Not Showing Results for Now 

Cloopen (容联.云通讯) Pre-IPO - Peer Comparison and Thoughts 

Cloopen (容联.云通讯) Pre-IPO - Forecast, Assumptions, and Valuation 

Cloopen (容联.云通讯) Pre-IPO - Investments in Cloopen + Pax Global &gt; Hi Sun Tech Market Cap 


Cloopen (容联.云通讯) IPO - Hi Sun Tech Angle Gets More Attractive

Hi Sun Technology China / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/cloopen-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:31315:1" rel="noopener">Cloopen Group Holding Ltd (RAAS US)</a> is looking to raise about US$500m in its upcoming US IPO. </p></div><div><p>Cloopen is a multi-capability cloud-based communications solution provider in China. The company offers communications platform as a services (CPaaS), cloud-based contact center (CC), cloud-based unified communications and collaboration (UC&amp;C) solutions to customers.</p></div><div><p>In this note, we will discuss potential trade set up leading up to Cloopen's IPO.</p></div><div><p>Our previous coverage:</p></div><div><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-thematically-favorable-but-not-showing-results-for-now" target="_blank" data-smartkarma-citation="insights:47520" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Thematically Favorable but Not Showing Results for Now</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-peer-comparison-and-thoughts" target="_blank" data-smartkarma-citation="insights:47608" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Peer Comparison and Thoughts</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-forecast-assumptions-and-valuation" target="_blank" data-smartkarma-citation="insights:47651" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Forecast, Assumptions, and Valuation</a> </li>
</ul></div>

Cloopen Group Holding Ltd (RAAS US) is looking to raise about US$500m in its upcoming US IPO. Cloopen is a multi-capability cloud-based communications solution provider in China. The company offers communications platform as a services (CPaaS), cloud-based contact center (CC), cloud-based unified communications and collaboration (UC&amp;C) solutions to customers.In this note, we will discuss potential trade set up leading up to Cloopen's IPO.Our previous coverage:

Cloopen (容联.云通讯) Pre-IPO - Thematically Favorable but Not Showing Results for Now 

Cloopen (容联.云通讯) Pre-IPO - Peer Comparison and Thoughts 

Cloopen (容联.云通讯) Pre-IPO - Forecast, Assumptions, and Valuation 


Cloopen (容联.云通讯) Pre-IPO - Investments in Cloopen + Pax Global > Hi Sun Tech Market Cap

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<p>Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods. </p><p>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Pax Global Technology Limited (327 HK) (HKD 31.1 million worth of buybacks), Xinyi Glass Holdings Limited (868 HK) (HKD 30.1 million worth of buybacks), Man Wah Holdings Limited (1999 HK) (HKD 20.3 million worth of buybacks). </p><p>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Bosideng International Holdings Limited (3998 HK) (HKD 124.9 million worth of buybacks), Jacobson Pharma (2633 HK) (HKD 96.2 million worth of buybacks), Duiba (1753 HK) (HKD 35.3 million worth of buybacks). </p><p>In the past 90 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 1,014.4 million worth of buybacks), Jacobson Pharma (2633 HK) (HKD 127.6 million worth of buybacks), Bosideng International Holdings Limited (3998 HK) (HKD 124.9 million worth of buybacks). </p><p>In the past year, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 3,114.2 million worth of buybacks), Tencent Holdings Limited (700 HK) (HKD 1,125.6 million worth of buybacks), E-House (China) Enterprise Holdings Limited (2048 HK) (HKD 832.0 million worth of buybacks). </p>

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods. In the past 7 days, the top 3 companies that repurchased the most shares from the market were Pax Global Technology Limited (327 HK) (HKD 31.1 million worth of buybacks), Xinyi Glass Holdings Limited (868 HK) (HKD 30.1 million worth of buybacks), Man Wah Holdings Limited (1999 HK) (HKD 20.3 million worth of buybacks). In the past 30 days, the top 3 companies that repurchased the most shares from the market were Bosideng International Holdings Limited (3998 HK) (HKD 124.9 million worth of buybacks), Jacobson Pharma (2633 HK) (HKD 96.2 million worth of buybacks), Duiba (1753 HK) (HKD 35.3 million worth of buybacks). In the past 90 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 1,014.4 million worth of buybacks), Jacobson Pharma (2633 HK) (HKD 127.6 million worth of buybacks), Bosideng International Holdings Limited (3998 HK) (HKD 124.9 million worth of buybacks). In the past year, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 3,114.2 million worth of buybacks), Tencent Holdings Limited (700 HK) (HKD 1,125.6 million worth of buybacks), E-House (China) Enterprise Holdings Limited (2048 HK) (HKD 832.0 million worth of buybacks). 

Hong Kong Buyback Weekly: Pax Global, Xinyi Glass, Man Wah

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<p><em>An H/A Spread Monitor Project offering a brief look at recent changes in H-Share and A-Share spreads, Southbound flow and impact, and where the spreads are trading within their own historical ranges.</em></p>
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<h2>The Nitty-Gritty Details Follow</h2>
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<p>There are five sets of data for now:<br>1.   HK-Shanghai Connect Southbound Turnover and Net Buying vs Indices and HKEx Turnover<br>2.   Top 20 Net Southbound buys and sells over the last 5 days<br>3.   H-Share/A-Share Discounts, Changes in Discount over 1 and 4 wks, Changes in Southbound Flow<br>4.   Southbound Flow as a % of Volume and Float on All Eligible Stocks<br>5.   H-Share/A-Share Sector Discount Ranges and Averages Charted Over the Last 12 months </p>
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<h2>Historical Southbound Flows:  Outright &amp; vs HKEx Turnover</h2>
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<p>Net Southbound flows continue to be somewhat lacklustre. November was negative after a couple of positive months. December so far is very mildly positive. Northbound had been strongly positive for months, but say RMB 5.8bn of outflows in October only to rebound to RMB +32.5bn in November. So far this month, NB is positive too.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/073/004/original/Screenshot%202018-12-12%20at%207.33.34%20PM.png?1544614446" class="editor-image img-responsive" data-smartkarma-image-id="73004"></figure>
<div style="text-align: left;" class="content-caption">data source: capitalIQ, HKEx, calculations Travis Lundy</div>

An H/A Spread Monitor Project offering a brief look at recent changes in H-Share and A-Share spreads, Southbound flow and impact, and where the spreads are trading within their own historical ranges.

The Nitty-Gritty Details Follow

There are five sets of data for now: 1.   HK-Shanghai Connect Southbound Turnover and Net Buying vs Indices and HKEx Turnover 2.   Top 20 Net Southbound buys and sells over the last 5 days 3.   H-Share/A-Share Discounts, Changes in Discount over 1 and 4 wks, Changes in Southbound Flow 4.   Southbound Flow as a % of Volume and Float on All Eligible Stocks 5.   H-Share/A-Share Sector Discount Ranges and Averages Charted Over the Last 12 months 

Historical Southbound Flows:  Outright &amp; vs HKEx Turnover

Net Southbound flows continue to be somewhat lacklustre. November was negative after a couple of positive months. December so far is very mildly positive. Northbound had been strongly positive for months, but say RMB 5.8bn of outflows in October only to rebound to RMB +32.5bn in November. So far this month, NB is positive too.

data source: capitalIQ, HKEx, calculations Travis Lundy

Quiddity Weekly H/A: Spread & Southbound Monitor - Going Into Year End

Hong Kong

PAX Global Technology Ltd. is an electronic fund transfer point-of-sale (EFT-POS) terminal solutions provider. The Company principally engaged in the development and sale of EFT-POS products and provision of related services. PAX develop and sells countertop and mobile EFT-POS terminals which are able to process a wide range of electronic payment types.

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Pax Global Technology (327 HK)

Cloopen (容联.云通讯) IPO Trading - Set for a Strong Debut

Cloopen is a multi-capability cloud-based communications solution provider in China. In this note, we will look at the deal dynamics and provide a...

Zhen Zhou, Toh

Cloopen (容联.云通讯) IPO - Hi Sun Tech Angle Gets More Attractive

Cloopen Group Holding Ltd (RAAS US) is looking to raise up to US$300m in its US IPO. The company set terms to raise up to US$300m and will debut on...

Zhen Zhou, Toh

Cloopen (容联.云通讯) Pre-IPO - Investments in Cloopen + Pax Global > Hi Sun Tech Market Cap

Cloopen Group Holding Ltd (RAAS US) is looking to raise about US$500m in its upcoming US IPO. In this note, we will discuss potential trade set up...

Zhen Zhou, Toh

Hong Kong Buyback Weekly: Pax Global, Xinyi Glass, Man Wah

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top...

Ke Yan, CFA, FRM

Quiddity Weekly H/A: Spread & Southbound Monitor - Going Into Year End

An H/A Spread Monitor Project offering a brief look at recent changes in H-Share and A-Share spreads, Southbound flow and impact, and where the...

Travis Lundy

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