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.

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, the usual year end rush in smaller deals appears to have resumed.</li>
<li>On placements front, this week was one for real estate with <a href="https://www.smartkarma.com/entities/country-garden-holdings-co" target="_blank" data-smartkarma-citation="entities:5225:1" rel="noopener">Country Garden Holdings Co (2007 HK)</a>, Macrotech, <a href="https://www.smartkarma.com/entities/seazen" target="_blank" data-smartkarma-citation="entities:14882:1" rel="noopener">Seazen (1030 HK)</a> and <a href="https://www.smartkarma.com/entities/nippon-prologis-reit-inc" target="_blank" data-smartkarma-citation="entities:15683:1" rel="noopener">Nippon Prologis Reit (3283 JP)</a> undertaking deals.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, the usual year end rush in smaller deals appears to have resumed.
On placements front, this week was one for real estate with Country Garden Holdings Co (2007 HK), Macrotech, Seazen (1030 HK) and Nippon Prologis Reit (3283 JP) undertaking deals.


ECM Weekly (11th Dec 2022) - ITail, Sunshine, Weilong, VinFast, Skymark, Tian Tu, Cntry Gard, Nippon

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

<ul><li>Prosus NV, the Dutch unit of Tencent Holdings Ltd.’s largest shareholder Naspers Ltd., said it will consider selling the $4.6 billion of Meituan shares it will receive from Tencent as a special dividend.</li><li>South African media giant Naspers owns about 28% of the Chinese internet giant indirectly via Prosus.</li><li>On Nov. 16, Tencent announced a special distribution of 958 million Meituan shares to shareholders.</li></ul>

Prosus NV, the Dutch unit of Tencent Holdings Ltd.’s largest shareholder Naspers Ltd., said it will consider selling the $4.6 billion of Meituan shares it will receive from Tencent as a special dividend.South African media giant Naspers owns about 28% of the Chinese internet giant indirectly via Prosus.On Nov. 16, Tencent announced a special distribution of 958 million Meituan shares to shareholders.

Top Tencent Investor Naspers Considers Selling Meituan Shares

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In mid-August at mid-day, a Reuters <a href="https://www.reuters.com/markets/deals/exclusive-tencent-plans-divest-24-bln-meituan-stake-sources-2022-08-16/" target="_blank" rel="noopener">article</a> suggested <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> would seek to divest its $24bn stake in <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> this year. The stock fell 9% that afternoon.</li>
<li>The general underlying suggestion was that regulators wanted them to sell. Other articles suggested later both aspects were "untrue" </li>
<li>With Q3 earnings, Tencent today <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/1116/2022111600357.pdf" target="_blank" rel="noopener">announced</a> a Jan23 distribution (Mar23 settlement) of 958,121,562 Meituan shares (1 for every 10 Tencent shares held). There are significant flow and index implications.</li>
</ul>


In mid-August at mid-day, a Reuters article suggested Tencent (700 HK) would seek to divest its $24bn stake in Meituan (3690 HK) this year. The stock fell 9% that afternoon.
The general underlying suggestion was that regulators wanted them to sell. Other articles suggested later both aspects were "untrue" 
With Q3 earnings, Tencent today announced a Jan23 distribution (Mar23 settlement) of 958,121,562 Meituan shares (1 for every 10 Tencent shares held). There are significant flow and index implications.


Tencent Distribution of Meituan Shares Official - Impact and Index Implications

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.</li>
<li>BliBli provides e-commerce services across Indonesia to both retail consumers and institutions.</li>
<li>In our previous notes, we have spoken about the company’s past performance. In this note, we talk about valuations and run the deal through our ECM framework.</li>
</ul>


PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.
BliBli provides e-commerce services across Indonesia to both retail consumers and institutions.
In our previous notes, we have spoken about the company’s past performance. In this note, we talk about valuations and run the deal through our ECM framework.


PT Global Digital Trade (BliBli) IPO - Thoughts on Valuation

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> provided a welcome respite with a positive listing, while South Korean IPOs continued to struggle.</li>
<li>There was only one large placement this week, with <a href="https://www.smartkarma.com/entities/glp-j-reit" target="_blank" data-smartkarma-citation="entities:11009:1" rel="noopener">GLP J-REIT (3281 JP)</a> deciding to brave the markets.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Socionext (6526 JP) provided a welcome respite with a positive listing, while South Korean IPOs continued to struggle.
There was only one large placement this week, with GLP J-REIT (3281 JP) deciding to brave the markets.


ECM Weekly (16th Oct 2022) - Socionext, Betagro, Lionheart, Five-Star, Giant Biogene, GLP J-REIT

China

Prosus N.V. provides internet based services. The Company focuses on investments in internet, digital media, e-commerce retailing, and consumer internet companies. Prosus serves customers worldwide.

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

Prosus NV (PRX NA)

ECM Weekly (11th Dec 2022) - ITail, Sunshine, Weilong, VinFast, Skymark, Tian Tu, Cntry Gard, Nippon

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

Sumeet Singh

Top Tencent Investor Naspers Considers Selling Meituan Shares

Prosus NV, the Dutch unit of Tencent Holdings Ltd.’s largest shareholder Naspers Ltd., said it will consider selling the $4.6 billion...

Caixin Global

Tencent Distribution of Meituan Shares Official - Impact and Index Implications

Tencent will distribute 90% of its holdings in Meituan in an in-specie distribution, which goes ex- on 5 January and gets settled 24 March 2023....

Travis Lundy

PT Global Digital Trade (BliBli) IPO - Thoughts on Valuation

PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO. In this note, we talk about valuations.

Sumeet Singh

ECM Weekly (16th Oct 2022) - Socionext, Betagro, Lionheart, Five-Star, Giant Biogene, GLP J-REIT

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

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)