Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.</li>
<li>Overall, the net inflow over the past week was ~US$1.3bn, split (+US$0.75bn) for Shanghai and (+US$0.58bn) for Shenzhen.</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a> and <a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (H) (1398 HK)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, the net inflow over the past week was ~US$1.3bn, split (+US$0.75bn) for Shanghai and (+US$0.58bn) for Shenzhen.
The largest inflows were into Tencent (700 HK) and CNOOC Ltd (883 HK). The largest outflows were in Sunny Optical (2382 HK) and ICBC (H) (1398 HK).


Shanghai/​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (30 September 2022)

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/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> priced its H Share at HK$49.35 per share to raise net proceeds of HK$5.6 billion (US$713 million). The H Share will start trading tomorrow.</li>
<li>Notwithstanding the industry headwinds, the H Shares of peers with financially sound parentco backgrounds are trading above the listing prices.</li>
<li>Despite peer multiple derating, the IPO price remains attractive compared to peers with financially sound parentco backgrounds. </li>
</ul>



Onewo (2602 HK) priced its H Share at HK$49.35 per share to raise net proceeds of HK$5.6 billion (US$713 million). The H Share will start trading tomorrow.
Notwithstanding the industry headwinds, the H Shares of peers with financially sound parentco backgrounds are trading above the listing prices.
Despite peer multiple derating, the IPO price remains attractive compared to peers with financially sound parentco backgrounds. 


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.

<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) raised around US$733m in its Hong Kong IPO. OST is a property management service provider 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 Co Ltd (H) (2202 HK)</a> . </li>
<li>As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.</li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>



Onewo (2602 HK) (OST) raised around US$733m in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co Ltd (H) (2202 HK) . 
As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
In this note, we will talk about the demand for the deal and other trading dynamics.


Onewo Space-Tech IPO Trading - Weak but Relatively Better Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> announced a voluntary conditional general offer from Boyu Capital at HK$12.00 per share, a 33.0% premium to the undisturbed price.</li>
<li>The offer is conditional on 7.71% valid acceptances (such that Boyu represents 30.40% of outstanding shares) and anti-trust approval. The conditions can be waived.  </li>
<li>The offer is designed to flush out minorities unwilling to wait for the industry headwinds to dissipate. A low threshold suggests that the offer will be declared unconditional.</li>
</ul>



Jinke Smart Services (9666 HK) announced a voluntary conditional general offer from Boyu Capital at HK$12.00 per share, a 33.0% premium to the undisturbed price.
The offer is conditional on 7.71% valid acceptances (such that Boyu represents 30.40% of outstanding shares) and anti-trust approval. The conditions can be waived.  
The offer is designed to flush out minorities unwilling to wait for the industry headwinds to dissipate. A low threshold suggests that the offer will be declared unconditional.


Jinke Smart’s VGO of HK$12.00 from Boyu Capital

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Onewo Space-Tech (ONEWO HK) has provided its IPO price range of HK$47.1 to HK$52.7 a piece in the IPO offering of 116.74 million shares, representing 10% of its outstanding shares.</li>
<li>Our base case valuation of Onewo Spacetech is HKD27.7 per share, which represents 41% lower than the low end of the IPO price of HKD47.1 per share. </li>
<li>Our valuation analysis suggests a range of HKD25 per share to HKD33.5 per share. We would AVOID this deal due to the much lower target price relative to IPO price.</li>
</ul>


Onewo Space-Tech (ONEWO HK) has provided its IPO price range of HK$47.1 to HK$52.7 a piece in the IPO offering of 116.74 million shares, representing 10% of its outstanding shares.
Our base case valuation of Onewo Spacetech is HKD27.7 per share, which represents 41% lower than the low end of the IPO price of HKD47.1 per share. 
Our valuation analysis suggests a range of HKD25 per share to HKD33.5 per share. We would AVOID this deal due to the much lower target price relative to IPO price.


China

Poly Property Services Co., Ltd. provides property services. The Company offers property management, property projects pre-consultation, post-delivery evaluation and analysis, professional equipment and facilities maintenance, housekeeping, and other services. Poly Property Services provides services in China.

Price Gauge
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Poly Property Services (6049 HK)

Shanghai/Shenzhen Southbound Connect: Weekly Moves (30 September 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~US$1.3bn, split (-US$0.75bn)...

David Blennerhassett

Onewo IPO: Trading Debut

Despite peer multiple derating since the prospectus release, the IPO price remains attractive compared to peers with financially sound parentco...

Arun George

Onewo Space-Tech IPO Trading - Weak but Relatively Better Demand

Onewo (2602 HK) (OST) raised around US$733m in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co...

Sumeet Singh

Jinke Smart’s VGO of HK$12.00 from Boyu Capital

The offer is designed to flush out minorities unwilling to wait for the industry headwinds to dissipate. A low threshold suggests that the offer...

Arun George

Onewo Space-Tech IPO Valuation Analysis

Our base case valuation of Onewo Spacetech is HKD27.7 per share, which represents 41% lower than the low end of the IPO price of HKD47.1 per share.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai/​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (30 September 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~US$1.3bn, split (-US$0.75bn)...

David Blennerhassett

Onewo IPO: Trading Debut

Despite peer multiple derating since the prospectus release, the IPO price remains attractive compared to peers with financially sound parentco...

Arun George

Onewo Space-Tech IPO Trading - Weak but Relatively Better Demand

Onewo (2602 HK) (OST) raised around US$733m in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co...

Sumeet Singh

Jinke Smart’s VGO of HK$12.00 from Boyu Capital

The offer is designed to flush out minorities unwilling to wait for the industry headwinds to dissipate. A low threshold suggests that the offer...

Arun George

Onewo Space-Tech IPO Valuation Analysis

Our base case valuation of Onewo Spacetech is HKD27.7 per share, which represents 41% lower than the low end of the IPO price of HKD47.1 per share.

Douglas Kim

Shanghai/Shenzhen Southbound Connect: Weekly Moves (30 September 2022)