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

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
Akeso Biopharma Inc (9926 HK) traded well on its Hong Kong IPO debut and closed about 50% above its IPO price. Ke Yan, CFA, FRM discussed deal dynamics and price levels in his trading note:
Akesobio (康方生物) IPO Trading: Action Post Near Zero Allocation
We are expecting more IPOs to come on the back of Akeso's strong performance giving bankers confidence to launch more deals in Hong Kong. There were news reports that Shenzhen Hepalink Pharma Co., Ltd. (002399 CH) has gotten CSRC approval for its Hong Kong IPO (A/H listing) and Peijia Medical (1740651D CH) has sought for Hong Kong approval this week and WeDoctor is looking to list in Hong Kong (from news earlier). We covered upcoming IPOs in:


Shenzhen Hepalink (海瑞普) A+H: FY2019 Results Snippet and Valuation Update 

Peijia Medical (沛嘉医疗) Pre-IPO: Reminiscence of Venus Medtech? 

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Service Provider than Ping An Good Doctor 

Ping An Good Doctor (平安好医生) - What Can We Expect from WeDoctor (微医) 

However, in an unfortunate turn of events, SCMP reported that Megvii Technology (1737211D HK) may turn to the Star market in Shanghai for listing after its Hong Kong application lapsed in February. 
There were also a handful of placements in Hong Kong this week. Sino Biopharmaceutical (1177 HK) struggled to hold above its deal price after its founder sold down some shares worth about US$300m. Hansoh Pharmaceutical (3692 HK), on the other hand, did way better, closed at HKD30.05 on Friday, about 12% above its deal price.


Hansoh Pharma Placement - Good Stock but Valuation and No Lack of Cash Makes It Appear Opportunistic 

Sino Biopharm (中国生物制药) Placement - Not a Big Deal, Still a Good Company but Relatively Expensive 

Other market were mostly quiet with a few placements. In Australia, Ramsay Health Care (RHC AU) raised about US$750m in its placement to enhance financial flexibility while Metcash Ltd (MTS AU) raise US$190m to shore up balance sheet and working capital needs. Whereas, in India, Kotak Mahindra Bank (KMB IN) is preparing for an equity capital raise with both primary and secondary shares. The selldown has been well anticipated while the primary raise should help strengthen. With support from index flows, the deal should trade well. Read more in:


Kotak Placement - Early Look - Gearing up for a US$1.5bn+ Raising/Selldown, Index Flows Will Help 

Ramsay Healthcare Placement - Past Deals Have Done Well, Missed Revenue Will Be Back 

Metcash Placement - Has Done Well Of Late but We Remain Lukewarm 

Tenaga Nasional Placement - Fifth Block in as Many Years 

Last but not least, another China ADR is ready to brave the U.S. market after Luckin Coffee (LK US)'s scandal. Ebang (EBANG US) filed for a US$100m IPO on Friday. Aside from that, Ke Yan, CFA, FRM continued his coverage on Kingsoft Cloud (1775017D US) with valuation and peer comparison.


Kingsoft Cloud (金山云) Pre-IPO: Thoughts on Peers and Valuation 

Kingsoft Cloud (金山云) Pre-IPO: Video Streaming Exposure and Aggressive Industry Forecast 

 Accuracy Rate:Our overall accuracy rate is 73.4% for IPOs and 65.3% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  

Hangzhou Tigermed (US$1bn, Hong Kong)
Ebang International (~US$100m, U.S.)
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  

Bitcoin miner maker Ebang officially files for $100 million US IPO
China’s Megvii looks to a more favourable reception and deep pockets in its home market 
Shenzhen Hepalink Pharma Gets Regulatory Approval For Hong Kong IPO


Name
Insight

Hong Kong

Ant Financial
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


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 


GTMH
GreenTown Mgt (绿城管理) Pre-IPO - Sacrificed Margins in Pursuit of Growth, Muddled by JVs 


Helenbergh
Helenbergh (海伦堡) Early Thoughts - The Usual Red Flag - Related Party Transactions


Hepalink
Shenzhen Hepalink (海瑞普) A+H: A Heparin-API King but Nothing Too Exciting 


Hepalink
Shenzhen Hepalink (海瑞普) A+H: FY2019 Results Snippet and Valuation Update 


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 


Kintor
Kintor Pharma (开拓药业) Pre-IPO: Interesting Prostate Cancer Drug but Low in Core Assets 


Kintor
Kintor Pharma (开拓药业) Pre-IPO: Thoughts on Valuation 


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 


Peijia

Peijia Medical (沛嘉医疗) Pre-IPO: Reminiscence of Venus Medtech? 


Smoore
Smoore Tech (麦克韦尔) IPO: Hidden E-Cigarette Player Behind the FEELM Technology 


Smoore
Smoore Tech (麦克韦尔) Pre-IPO: 6Y and 1H2019 Financials Show Technology Driven Growth 


Smoore
Smoore Intl (思摩尔国际) Pre-IPO: Tripling Capacity in Three Years 


Smoore
Smoore Intl (思摩尔国际) Pre-IPO: Thoughts on E-Cig Regulation 


Tasly

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


Yeahka

Yeahka (移卡) Pre-IPO Review - Growing in an Increasingly Competitive Space 


Yeahka

Yeahka (移卡) Pre-IPO - Peer Analysis and Early Thoughts on Valuation 


Zhenro Svc

Zhenro Services (正荣服务) Pre-IPO - Diversifying Away from Zhenro Property Group 


Zhenro Svc

Zhenro Services (正荣服务) Pre-IPO - Peer Comparison and Thoughts on Valuation 


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 


Aakash Edu
Aakash Education Pre-IPO - Fast Growth in an Attractive Sector


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


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


Burger King
Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster 


Burger King
Burger King India Pre-IPO - Peer Comparison Yields Interesting Nuggets on Profitability and Capex 


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


CAMS

CAMS Pre-IPO - Quasi Monopoly Status Muddled by Inconsistent Performance 


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 


Equitas SFB

Equitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing 


Equitas SFB

Equitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing 


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


Mazagon
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Mindspace

Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal 


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

Mr DIY

Mr D.I.Y. Pre-IPO - Largest Home Improvement Retailer in Malaysia 


Mr DIY

Mr D.I.Y. Pre-IPO - Store Walk-Through and Thoughts on Value Proposition 


Mr DIY

Mr D.I.Y. Pre-IPO - Peer Comparison - Small Stores with Dominant Market Share  


Mr DIY

Mr D.I.Y. Pre-IPO - Assumptions and Thoughts on Valuation 


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

Thailand

SCGP

SCGP Pre-IPO - Shift to Packaging Has Been Aiding Margins but Acquisition Drove up Leverage 

The U.S

CDP

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


CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent


Kingsoft Cloud

Kingsoft Cloud (金山云) Pre-IPO: The Leading Cloud Provider in China 


Kingsoft Cloud

Kingsoft Cloud (金山云) Pre-IPO: Video Streaming Exposure and Aggressive Industry Forecast 


Kingsoft Cloud

Kingsoft Cloud (金山云) Pre-IPO: Thoughts on Peers and Valuation 



ECM Weekly (26 Apr 2020) - Kingsoft Cloud, WeDoctor, Akesobio, Kotak Mahindra Bank

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<p>Peijia Medical is a leading domestic player in the transcatheter valve therapeutic medical device market and the neurointerventional procedural medical devices.</p><p>The company's core TAVR product TaurusOne will be commercialized soon in 4Q2020. Having said that, the company is three years behind its domestic competitors, including <a href="https://www.smartkarma.com/entities/venus-medtech-hangzhou-inc" target="_blank" data-smartkarma-citation="entities:28257:1" rel="noopener">Venus MedTech (2500 HK)</a>, Suzhou Jiecheng and <a href="https://www.smartkarma.com/entities/microport-scientific-corp" target="_blank" data-smartkarma-citation="entities:4487:1" rel="noopener">Microport Scientific (853 HK)</a>. TAVR market is characterized by under-penetration and rapid growth.</p><p>The company is also a leading domestic player in the neurointerventional product. We believe its newly launched guide catheter complements its existing guide wire and micro catheter well. The company will benefit from the market growth as well as replacement of international products by its domestic competitors.</p><p>The company has a strong founder team with relevant experience in the interventional device market. The CEO and COO have worked in MicroPort Scientific which is a leading interventional medical device company in China. It also attracted a decent line-up of pre-IPO investors. </p><hr><div><p>If you have not read our 2019 IPO Analytic Series, please have a look:</p></div><div><div><h2>Aequitas Research 2019 IPO Analytics</h2></div></div><div><ul>
<li><a href="https://www.smartkarma.com/insights/aequitas-2019-ipos-and-placements-performance-things-we-got-right-wrong-and-things-we-plan-to-do" target="_blank" rel="noopener">Aequitas 2019  IPOs and Placements Performance - Things we got right/wrong and things we plan to do</a></li>
<li><a href="https://www.smartkarma.com/insights/2019-hong-kong-ipo-analytics-highlight-of-brokers-and-sectors-performance" target="_blank" rel="noopener">2019 Hong Kong IPO Analytics: Highlight of Brokers’ and Sectors’ Performance</a></li>
<li><a href="https://www.smartkarma.com/insights/2019-hong-kong-ipo-analytics-how-did-insti-and-retail-coverage-impact-deal-performance" target="_blank" rel="noopener">2019 Hong Kong IPO Analytics: How Did Insti and Retail Coverage Impact Deal Performance</a></li>
</ul></div>

Peijia Medical is a leading domestic player in the transcatheter valve therapeutic medical device market and the neurointerventional procedural medical devices.The company's core TAVR product TaurusOne will be commercialized soon in 4Q2020. Having said that, the company is three years behind its domestic competitors, including Venus MedTech (2500 HK), Suzhou Jiecheng and Microport Scientific (853 HK). TAVR market is characterized by under-penetration and rapid growth.The company is also a leading domestic player in the neurointerventional product. We believe its newly launched guide catheter complements its existing guide wire and micro catheter well. The company will benefit from the market growth as well as replacement of international products by its domestic competitors.The company has a strong founder team with relevant experience in the interventional device market. The CEO and COO have worked in MicroPort Scientific which is a leading interventional medical device company in China. It also attracted a decent line-up of pre-IPO investors. If you have not read our 2019 IPO Analytic Series, please have a look:Aequitas Research 2019 IPO Analytics
Aequitas 2019  IPOs and Placements Performance - Things we got right/wrong and things we plan to do
2019 Hong Kong IPO Analytics: Highlight of Brokers’ and Sectors’ Performance
2019 Hong Kong IPO Analytics: How Did Insti and Retail Coverage Impact Deal Performance


Peijia Medical (沛嘉医疗) Pre-IPO: Reminiscence of Venus Medtech?

China

Peijia Medical Ltd. produces and sells medical devices. The Company develops and sells heart valve disease treatment medical devices and other products. Peijia Medical Technology markets its products throughout China. 

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Peijia Medical (9996 HK)

ECM Weekly (26 Apr 2020) - Kingsoft Cloud, WeDoctor, Akesobio, Kotak Mahindra Bank

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

Zhen Zhou, Toh

Peijia Medical (沛嘉医疗) Pre-IPO: Reminiscence of Venus Medtech?

Peijia Medical is a leading domestic player in the transcatheter valve therapeutic medical device market and the neurointerventional procedural...

Ke Yan, CFA, FRM

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