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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.</li>
<li>On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.</li>
<li>In this note, we'll talk about the latest developments and its implications.</li>
</ul>


On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.
On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.
In this note, we'll talk about the latest developments and its implications.


China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

LG Energy Solution / Equity Capital Markets

<ul>
<li>2021 marked our sixth year covering Equity Capital Markets (ECM) in Asia Pacific. </li>
<li>Most markets were in top gear on the ECM front and we ended the year covering the highest number of IPOs and the second highest number of placements since inception.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2021 marked our sixth year covering Equity Capital Markets (ECM) in Asia Pacific. 
Most markets were in top gear on the ECM front and we ended the year covering the highest number of IPOs and the second highest number of placements since inception.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2021 IPOs and Placements Performance Review - Busiest Year on Record

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Cashed-Up <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718" rel="noopener">Jardine Matheson Holdings (JM SP)</a> doubles its buyback program. Separately, the appraisal rights proceedings for dissenting shareholders of <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081" rel="noopener">Jardine Strategic (JS SP)</a> are now underway in Bermuda's Supreme Court. </li>
<li>The PBOC, CBIRC, and CSRC appear to have thrown <a href="https://www.smartkarma.com/entities/china-evergrande-group" target="_blank" data-smartkarma-citation="entities:479:1" rel="noopener">Evergrande (3333 HK)</a> management under the bus with simultaneous statements that Evergrande's case is an individual one due to "reckless expansion."</li>
<li>The ACCC approval, a key condition to the <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063" rel="noopener">Sydney Airport (SYD AU)</a> proposal completing, has been obtained.</li>
</ul>


Cashed-Up Jardine Matheson Holdings (JM SP) doubles its buyback program. Separately, the appraisal rights proceedings for dissenting shareholders of Jardine Strategic (JS SP) are now underway in Bermuda's Supreme Court. 
The PBOC, CBIRC, and CSRC appear to have thrown Evergrande (3333 HK) management under the bus with simultaneous statements that Evergrande's case is an individual one due to "reckless expansion."
The ACCC approval, a key condition to the Sydney Airport (SYD AU) proposal completing, has been obtained.


Last Week in Event SPACE: Jardine Matheson, Evergrande, Sydney Airports, Shinsei Bank, Kansai Super

Huabao International Holdings / Equity Capital Markets

<ul>
<li>Huabao International Holdings (HIH) aims to raise up to US$207m via a top-up placement in Hong Kong.</li>
<li>The stock has done exceedingly well over the last year and analysts have been busy initiating on the stock. </li>
<li>In this note, we will talk about deal dynamics and run the deal through our ECM framework.</li>
</ul>


Huabao International Holdings (HIH) aims to raise up to US$207m via a top-up placement in Hong Kong.
The stock has done exceedingly well over the last year and analysts have been busy initiating on the stock. 
In this note, we will talk about deal dynamics and run the deal through our ECM framework.


Huabao Placement - Not Wholly Convinced but Giving It the Benefit of Doubt

Last Week in Event SPACE: Evergrande, Spark Infra, Naspers/Prosus, Boral, China Conch Ventures

United States

RLX Technology Inc. operates as an e-vapor company. The Company offers product development, research, supply chain management, and offline distribution services. RLX Technology serves customers in the United States.

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RLX Technology Inc (RLX US)

China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas...

Sumeet Singh

Aequitas 2021 IPOs and Placements Performance Review - Busiest Year on Record

2021 marked our sixth year of Asia ECM coverage. Most markets were in top gear on the ECM front and we ended the year covering the highest number...

Sumeet Singh

Last Week in Event SPACE: Jardine Matheson, Evergrande, Sydney Airports, Shinsei Bank, Kansai Super

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Huabao Placement - Not Wholly Convinced but Giving It the Benefit of Doubt

Huabao International Holdings (HIH) aims to raise up to US$207m via a top-up placement in Hong Kong. In this note we will talk about the deal...

Sumeet Singh

Last Week in Event SPACE: Evergrande, Spark Infra, Naspers/Prosus, Boral, China Conch Ventures

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)