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

Simplex Holdings / 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.


Events next week:
It is still fairly quiet in the IPO space but Hong Kong's pipeline is swelling, likely heading for a very busy 4Q 2021. SenseTime, ClouDr, 58 Freight (GogoX), and Samoyed Cloud are the notable new filings this week.
Our Hong Kong IPO coverage this week was skewed towards Healthcare and Biotech companies. We initiated on Imeik Technology Development (300896 CH) (A/H listing), Ambio Pharmaceuticals (ABP HK), Jenscare Scientific (JCS HK), and Dingdang Health Technology Group (DDH HK) .


Imeik Tech (爱美客) A/H Pre-IPO - Dermal Filler Leader Capitalizing on Its Valuation 

AmbioPharm (昂博制药) Pre-IPO: Peptide CDMO Leader Turning Licensor 

Jenscare (宁波健世科技) Pre-IPO: Differentiated Heart Valve Portfolio 

Dingdang Health Tech (叮当健康) Pre-IPO - Impressive Growth but Not Without Concerns 

We also shared our initial thoughts on Helen's International and Simplex IPOs in Hong Kong and Japan, respectively. The former had been pre-marketing this week, and likely to launch its IPO bookbuild next week while the latter will open books the week after on 7th September.


Helens Intl (海伦司国际) Pre-IPO - Largest Bar Chain Targeted at Youths 

Simplex Holdings Pre-IPO - Steady Topline Growth but Appears to Be at Peak Margins 

In India, we initiated on Aditya Birla Sun Life AMC (570499Z IN) which was approved by SEBI earlier this month.

Aditya Birla Sun Life AMC Pre-IPO - Strong Profit Growth but It's Losing Market Share 
However, recent Indian IPOs have failed to perform. CarTrade (CARTRADE IN) , Aptus Value Housing Finance India (APTUS IN), Nuvoco Vistas (NUVOCO IN) broke their respective IPO prices, mostly due to unattractive valuation.


Aptus Value Housing Finance IPO Trading - Remains One of the Most Expensive HFCs 

Nuvoco Vistas IPO Trading - Tepid Demand 

Cartrade Tech IPO Trading - Decent Demand but It Remains Expensive 

Back in Korea, Hyundai Heavy Industries (1748326D KS) opened its books on Thursday and was reported to have been covered a day later. We didn't think there is upside for the IPO based on valuation. On top of that, Korean shipbuilders have been trading weak lately, compared to Chinese shipbuilders. Books will close on Friday, 3rd September and it is expected to list on 16th September.


Hyundai Heavy IPO - Expensive Valuation and Korea Shipbuilders Have Been Trading Weak 

Hyundai Heavy IPO - Sharp 1H21 Recovery Accompanied with a Surge in Costs 

It was another busy week for placements. Some are long-dated; Activia Properties and Showa Denko will price on 1st and 6th September while OBIC, which we covered last week will price on Tuesday, 31st August. 


MR DIY Placement - Has Done Exceptionally Well Since Listing 

IDP Education Placement - Stock Is Expensive and Deal Is Big, but It Is Also Very Well Flagged 

Showa Denko Placement - Relatively Large Deal, past Deal Didn’t Do Well 

Activia Properties Placement - Accretive Deal but Comes with a Weak Backdrop 


Accuracy Rate:Our overall accuracy rate is 74% for IPOs and 67.6% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  

SenseTime(Hong Kong, US$2bn)
ClouDr (Hong Kong, US$500m)
58 Freight (GogoX) (Hong Kong, US$500m)
Samoyed Cloud (Hong Kong, US$500m)
Shanghai NewMed (Hong Kong, US$300m)
TransThera Sciences (Hong Kong, &gt;US$100m)
Powerlong Commercial REIT (Hong Kong, &gt;US$100m)
Metro Brands (India, US$300m)
Freshworks (U.S., US$100m)
News on Upcoming IPOs  
Hong Kong/China
Top Glove to renew application
Ping An-backed Airdoc Tech to seek HK listing approval next month
DRC Bank wins approval for US$1bn HK IPO
Capvision plans US$300m HK IPO
Suntak Tech to spin off IC unit
Wanda Commercial Management files overseas IPO with CSRC

GogoX plans HK IPO filing (filed)
Samoyed Cloud Tech files for HK IPO
J&amp;T Express Is Said to Eye Shifting IPO From U.S. to Hong Kong
Tea Chain ChaBaiDao Is Said to Weigh $500 Million Hong Kong IPO 
Ice Cream and Tea Chain Mixue Is Said to Explore Hong Kong IPO
PAG’s Yingde Is Said to Pick Banks for $1 Billion Hong Kong IPO
Botanee Is Said to Pick Banks for $1 Billion Hong Kong Listing
BYD's chip unit IPO plans halted by regulatory woes
US/China ADRs
Software startup Freshworks files for IPO with losses shrinking
Payments firm Sezzle steps closer to US IPO
Aspire sheds light on VIE disclosure
China Plans to Ban U.S. IPOs for Data-Heavy Tech Firms
Razer Mulls Secondary Listing in the U.S.
Tiki to close US$200m private round next month ahead of IPO
SEC Chief Warns ‘Clock Is Ticking’ on Delisting Chinese Stocks
SEC to Demand All Chinese Firms Reveal More About Investor Risks
India
Recent Indian IPOs disappoint
Delhivery plans October IPO filing
Djarum-Backed E-Commerce Startup Blibli Is Said to Weigh IPO
Sequoia-Backed Indian Beer Maker Plans Fifth Brewery Before IPO
Byju’s Urged to Go Public at up to $50b Valuation
India Is Said to Consider Allowing FDI in Life Insurance Corp
10 banks selected to manage LIC IPO
Ola, Ola Electric have plans to go public next year
India's Second Largest Pharmacy Retailer MedPlus Files For An IPO
Japan/Korea
K Car plans US$700m KRX IPO

Korean tech companies  , SSG and Kakao Mobility, plan IPOs

Kakao Pay May Submit Revised IPO Prospectus Next Week
HHI books covered
Korean H2 IPO candidates revisit their IPO terms amid unfavorable market wind
Kakao’s Mobility Unit to Hire Arrangers for IPO in Korea 
SM Line IPO prospects brighten with Q2 OP at record high
LG Energy Asks KRX to Extend IPO Review Period
Others
Citicore Energy REIT plans IPO
Seazen’s SGX REIT plans to raise US$300m from IPO
Philippine supermarket operator AllDay Mart files for IPO
Rich Lister appoints Goldman Sachs for APM's feel good float
Djarum-Backed E-Commerce Startup Blibli Is Said to Weigh IPO
Digital Realty meets investors for US$400m SGX IPO
Analysis on Upcoming IPOs

Name
Insight

Hong Kong

APM Monaco
APM Monaco Pre-IPO - China’s Resilience Shines 


Anjuke
Anjuke Pre-IPO - Mixed (Positive and Negative) Developments 


Ambio
AmbioPharm (昂博制药) Pre-IPO: Peptide CDMO Leader Turning Licensor 


Biel Crystal
Biel Crystal (伯恩光学) Pre-IPO - Cash Flow Generative Business but Underlying Trend Is Worrying 


Broncus
Broncus (堃博医疗) Pre-IPO: Big Potential to Be Tested 


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 


ByteDance
ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Mixed PHIP Update, Updated Thoughts on Valuation 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Initial Thoughts on Valuation 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Tencent Music Peer Comp, Regulatory Impact 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Was in the Slow Stream, Playing Catch-Up 


Edda 
EDDA Healthcare Pre-IPO - RoboDoc - Has Been Around for a While but Is Just Getting the Robo Going 


Dingdang
Dingdang Health Tech (叮当健康) Pre-IPO - Impressive Growth but Not Without Concerns 


Intco Med
Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1 


Imeik
Imeik Tech (爱美客) A/H Pre-IPO - Dermal Filler Leader Capitalizing on Its Valuation 


Jenscare
Jenscare (宁波健世科技) Pre-IPO: Differentiated Heart Valve Portfolio 


MicroPort Medbot
MicroPort MedBot Pre-IPO - RoboDoc - Pre-Revenue, Has a Large Competitor but a Large Market as Well 


Neusoft Xikang
Neusoft Xikang (东软熙康) Pre-IPO: A Long Way to Profit 


Neusoft Med
Neusoft Medical Systems (东软医疗系统) Pre-IPO: Unattractive Fundamentals 


Novotech
Novotech Pre-IPO: Biotech Focused CRO at Hefty Pre-IPO 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 


WeDoctor

We Doctor (微医) Pre-IPO - Peer Comparison - Picking Its Battles Wisely 


WeDoctor

We Doctor (微医) Pre-IPO - Forecasts, Early Thoughts on Valuation, and Acquisition Gripes 


Weilong

Weilong Delicious Global Pre-IPO - The Positives - Fast Growth, Strong Backers 


Weilong

Weilong Delicious Global Pre-IPO - The Negatives - Spicy Valuation 


WM Tech

WM Tech Pre-IPO - Peer Comparison and Pre-IPO Valuation - Some Signs of Advantage 


WM Tech

WM Tech Pre-IPO - Digitalization Efforts Coming Through but Not Well Substantiated 

India

Aadhar Housing

Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures 


Aditya AMC

Aditya Birla Sun Life AMC Pre-IPO - Strong Profit Growth but It's Losing Market Share 


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


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


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


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 


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 


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


LIC

Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 


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

Malaysia

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

Philippines

MREIT

MREIT Pre-IPO - Mediocre Performance, Convoluted Lease, Low Asset Yield 



ECM Weekly (29th August 2021) - Imeik, Helen’s, Jenscare, Dingdang, Simplex, Hyundai Heavy

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Simplex Holding’s shareholders aim to raise around US$300m via selling some of their stake in the company in its Japan IPO. Simplex has consistently been ranked among the top companies in IDC Fintech rankings over the past nine years.Simplex provides consulting, system development, maintenance and operations to banks, asset managers and insurance companies in AsiaSimplex was established in Sep 97. It was listed on JASDAQ in Feb 2002 and progressed to the First Section in Sep 2005. The company undertook an MBO, in Apr 2013 and was delisted in Oct 2013.Since delisting, Simplex has expanded its product offering further to cover life insurance and non-life insurance companies as well, along with crypto exchanges. It has been reporting steady revenue growth over the past few years, although its margins have been volatile. Its performance prior to delisting wasn’t great, as it missed its medium term targets, and it now appears to be at peak margins.

Simplex Holding’s shareholders aim to raise around US$300m via selling some of their stake in the company in its Japan IPO. Simplex has consistently been ranked among the top companies in IDC Fintech rankings over the past nine years.Simplex provides consulting, system development, maintenance and operations to banks, asset managers and insurance companies in AsiaSimplex was established in Sep 97. It was listed on JASDAQ in Feb 2002 and progressed to the First Section in Sep 2005. The company undertook an MBO, in Apr 2013 and was delisted in Oct 2013.Since delisting, Simplex has expanded its product offering further to cover life insurance and non-life insurance companies as well, along with crypto exchanges. It has been reporting steady revenue growth over the past few years, although its margins have been volatile. Its performance prior to delisting wasn’t great, as it missed its medium term targets, and it now appears to be at peak margins.

Simplex Holdings Pre-IPO - Steady Topline Growth but Appears to Be at Peak Margins

Japan

Simplex Holdings, Inc. provides system information technology solutions. The Company offers system consulting, system development, system operation and maintenance, and other services.  Simplex Holdings serves financial institutions across worldwide.

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