APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>
<a href="https://www.smartkarma.com/entities/huitongda" target="_blank" data-smartkarma-citation="entities:33789:1" rel="noopener">Huitongda (9878 HK)</a> is looking to raise up to US$318m in its Hong Kong IPO.</li>
<li>Huitongda (HTD) is a leading commerce and service platform serving businesses in the lower-tier retail markets of China.</li>
<li>In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.</li>
</ul>



Huitongda (9878 HK) is looking to raise up to US$318m in its Hong Kong IPO.
Huitongda (HTD) is a leading commerce and service platform serving businesses in the lower-tier retail markets of China.
In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.


Huitongda (汇通达) IPO - Not the Right Price

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a> listed just prior to review cutoff and will be eligible for inclusion in the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng Tech Index (HSTECH INDEX)</a> at the March rebalance.</li>
<li>We expect <a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a> to be added to the index and replace <a href="https://www.smartkarma.com/entities/autohome-inc" target="_blank" data-smartkarma-citation="entities:33492:1" rel="noopener">Autohome (2518 HK)</a> at the close of trading on 4 March.</li>
<li>The real float of <a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group</a> is much lower than what HSIL is likely to use. Expect a BIG squeeze if the stock is added at a higher float.</li>
</ul>



SenseTime Group (20 HK) listed just prior to review cutoff and will be eligible for inclusion in the Hang Seng Tech Index (HSTECH INDEX) at the March rebalance.
We expect SenseTime Group (20 HK) to be added to the index and replace Autohome (2518 HK) at the close of trading on 4 March.
The real float of SenseTime Group is much lower than what HSIL is likely to use. Expect a BIG squeeze if the stock is added at a higher float.


Hang Seng TECH Index Rebalance Preview (March 2022): SenseTime Could Be Added with HUGE Impact

Qingdao Ainnovation Technology Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qingdao-ainnovation-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:35405:1" rel="noopener">Qingdao Ainnovation Technology Group Co Ltd (1853807D CH)</a> raised around US$151m after pricing its IPO at HKD26.3/share, at the bottom end of its IPO price range.</li>
<li>Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions.</li>
<li>In this note, we will look at the trading dynamics and current valuation.</li>
</ul>



Qingdao Ainnovation Technology Group Co Ltd (1853807D CH) raised around US$151m after pricing its IPO at HKD26.3/share, at the bottom end of its IPO price range.
Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions.
In this note, we will look at the trading dynamics and current valuation.


Qingdao AInnovation Technology Group IPO Trading - Lukewarm Subscription Rates, Peers Have Corrected

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Beijing Yuanxin Technology Group Co Ltd / Equity Capital Markets

<ul>
<li>Beijing Yuanxin Tech (BYT) is looking to raise US$500m in its upcoming Hong Kong IPO.</li>
<li>As per F&amp;S, the firm is the No. 1 integrated healthcare fulfilment platform in China focusing on prescription drugs</li>
<li>In this note, we look at the company’s fundamentals and operations and share our thoughts about the IPO.</li>
</ul>


Beijing Yuanxin Tech (BYT) is looking to raise US$500m in its upcoming Hong Kong IPO.
As per F&amp;S, the firm is the No. 1 integrated healthcare fulfilment platform in China focusing on prescription drugs
In this note, we look at the company’s fundamentals and operations and share our thoughts about the IPO.


Beijing Yuanxin (北京圆心) Pre-IPO - Growing at the Expense of Margins

<ul>
<li>The review period for the March review of the HSCI ended on 31 December. There are a lot of new listings that should be included in the index.</li>
<li>SenseTime is a high probability inclusion to the index, though it will only be added to Stock Connect in July once it completes 6 months and 20 trading days.</li>
<li>Xpeng and Li Auto will be added to Stock Connect in Feb/March if they pass the velocity test. We see Li Auto as failing the test, while Xpeng is close.</li>
</ul>


The review period for the March review of the HSCI ended on 31 December. There are a lot of new listings that should be included in the index.
SenseTime is a high probability inclusion to the index, though it will only be added to Stock Connect in July once it completes 6 months and 20 trading days.
Xpeng and Li Auto will be added to Stock Connect in Feb/March if they pass the velocity test. We see Li Auto as failing the test, while Xpeng is close.


HSCI Index Rebalance and Stock Connect: Plenty of New Listings Should Be Included

China

SenseTime Group Inc. offers information technology services. The Company develops artificial intelligence software products, computer vision software products, and other products. SenseTime Group provides its services throughout China.

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SenseTime Group (20 HK)

Huitongda (汇通达) IPO - Not the Right Price

Huitongda (9878 HK) is looking to raise up to US$318m in its Hong Kong IPO. Huitongda (HTD) is a leading commerce and service platform serving...

Clarence Chu

Hang Seng TECH Index Rebalance Preview (March 2022): SenseTime Could Be Added with HUGE Impact

SenseTime could be added to the HSTECH Index at the March rebalance, replacing Autohome. HSIL is likely to use a much higher float for SenseTime...

Brian Freitas

Qingdao AInnovation Technology Group IPO Trading - Lukewarm Subscription Rates, Peers Have Corrected

Qingdao Ainnovation Technology Group Co Ltd (1853807D CH) raised around US$151m after pricing its IPO at HKD26.3/share, at the bottom end of its...

Clarence Chu

Beijing Yuanxin (北京圆心) Pre-IPO - Growing at the Expense of Margins

Beijing Yuanxin Tech (BYT) is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we look at the company's past performance.

Sumeet Singh

HSCI Index Rebalance and Stock Connect: Plenty of New Listings Should Be Included

There could be up to 34 adds and 22 deletes for the HSCI in March based on market cap, liquidity and prolonged suspensions. A lot of new listings,...

Brian Freitas

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