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

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.
There are a handful of IPOs coming up in Hong Kong. We are hearing that China East Education (EASTEDU HK) will be starting its premarketing next week while Haitong UniTrust International Leasing Co Ltd (HUIL HK) will be launching its IPO next Tuesday. CSSC (HK) Shipping has also filed its PHIP on HKEX, hence, its IPO will likely launch soon as well. We have already covered the companies in our earlier notes:


China East Education (中国东方教育) Pre-IPO - The Company Known for Its Culinary School 
Haitong UniTrust Intl Leasing Pre-IPO - Shape Shifting
CSSC (HK) Shipping IPO: A Cyclical Business Masked as an Income Stock

For upcoming IPOs in Hong Kong, media has reported Ping An's OneConnect has hired banks for its IPO and may come as soon as June with a potential deal size of US$1bn. 
In the U.S, Luckin Coffee (LK US) made a fantastic debut, trading up to as high as US$25.96 (+52%). Valuation is expensive based on our base-case assumptions and even blue-sky assumptions put the fair value of Luckin at about US$26 per ADS. As mentioned in our previous note, the founding team has a track record of aggressively burning cash for market share and yet still build out a sustainable business thereafter. Hence, market was willing to ignore valuation in favor of its strong growth story.
As per our trading strategies note, we think that the first week pop is as good as it gets and price should retrace from here as the market will likely adopt a wait-and-see approach until the next earnings release to see whether management can deliver the growth that they have promised; mainly in cutting discount and raising the average ASP of drinks.
In Thailand, we are hearing that Singha Hotel and Resorts (SPRHOTEL TB) will be looking to IPO in the next quarter. On the other hand, Eagle Hospitality Trust (EHT SP) still managed to price its IPO at the bottom end of its adjusted price range and will be listing on the 24th of May.
Last, but not least, in Malaysia, Leong Hup International (LHIB MK) managed to deliver a first day intraday pop of about +8% before trading back down to its IPO price on debut and continue to break deal price thereafter. Sumeet Singh has mentioned that valuation wasn't attractive. Furthermore, cornerstone investors are not locked up.
Accuracy Rate:Our overall accuracy rate is 72.1% for IPOs and 63.8% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings  
Zhongliang Holdings (Hong Kong, re-filed)
JH Education (Hong Kong, re-filed)
GSX Techedu (the U.S, US$220m)
Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: Aequitas Research, SmartkarmaNews on Upcoming IPOs  
S Hotels &amp; Resorts IPO planned for Q3
Eagle Hospitality Trust prices IPO at US$0.78, below indications
Ping An's OneConnect picks banks for up to $1 billion Hong Kong IPO
AB InBev Adds BNP, Citigroup, HSBC to Asia Unit IPO
Analysis on Upcoming IPOs  
MabPharm (迈博医药) IPO: Fairly Valued and Lacks Biotech Investors
Helenbergh (海伦堡) Early Thoughts - The Usual Red Flag - Related Party Transactions
Frontage Holdings (方达控股) IPO: Reasonable Valuation &amp; Quality Cornerstones
Mulsanne Group IPO - Might Not Be Cheap Enough Even at the Low-End
Xinyi Energy (信义能源) IPO: An Overvalued Deal Disguised by High Dividend
Luckin Coffee (瑞幸咖啡) - The Art of Burning Cash for Market Share
Budweiser Brewing Company APAC Pre-IPO - It Will Be a US$5bn+ Raise Owing to Its Clean Balance Sheet


Name
Insight

Hong Kong

AB Inbev
Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China


AB Inbev
Ab InBev Asia Pre-IPO - Quick Note - More like CR Beer Rather than Tsingtao


AB Inbev
Ab InBev Asia Pre-IPO - On Its Way to Potentially Being the Biggest HK IPO This Year


AB Inbev
Budweiser Brewing APAC Pre-IPO - It Will Be a US$5bn+ Raise Owing to Its Clean Balance Sheet


Ascentage
Ascentage Pharma (亚盛医药) IPO: Too Early for an IPO


Ant Financial
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


CIMC Veh
CIMC Vehicle (中集车辆): Market Leader of Semi-Trailers but Little Growth Ahead


Clarity
Clarity Medical (清晰医疗) IPO: Proxy to HK SMILE Surgery Demand


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) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


East Edu
China East Education (中国东方教育) Pre-IPO - The Company Known for Its Culinary School


China Tobac
China Tobacco International (IPO): The Monopolist Will Not Recover


China Tobac
China Tobacco Intl (HK) IPO: Proxy For the Chinese Cigarette Consumption


CSSC
CSSC (HK) Shipping IPO: A Cyclical Business Masked as an Income Stock


ESR
ESR Cayman Pre-IPO - A Giant in the Making


ESR
ESR Cayman Pre-IPO - Earnings and Segment Analysis 


ESR
ESR Cayman Pre-IPO- First Stab at Valuation


Haitong
Haitong UniTrust Intl Leasing Pre-IPO - Shape Shifting


Hansoh
Hansoh Pharma (翰森制药) IPO: New Numbers, Pre-IPO Dividend and Boyu Investment (Part 3)


Helenbergh
Helenbergh (海伦堡) Early Thoughts - The Usual Red Flag - Related Party Transactions


Hut Chi-Med
Hutchison-China Meditech (和黄医药) H-Share Listing: MNC Partnerships Endorsed Its R&amp;D Capabilities


Jinxin
Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector


MicuRx
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment


MabPharm
MabPharma (迈博医药) IPO: Assembled for a Trade?


MabPharm
MabPharm (迈博医药) IPO: Thoughts on Valuation (Part 2)


SH Henlius
Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio 


Tubatu
Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch


Tubatu
Tubatu Group Pre-IPO - Online -&gt; Online + Offline -&gt; Online -&gt; ?

South Korea

KMH Shilla
KMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis


Plakor
Plakor IPO Preview (Part 1)


Zinus
Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)

India

Aakash Edu
Aakash Education Pre-IPO - Fast Growth in an Attractive Sector


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


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


CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


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


Mazagon
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta


Lodha
Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


IndiaMart
IndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult


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

The U.S

Douyu
Douyu (斗鱼直播) IPO: Leader At a Cost


Douyu
Douyu (斗鱼直播) IPO: Comparison with Huya (Part 2)


GSX
GSX Techedu (跟谁学) IPO Early Thoughts - Successful Pivot Away from Marketplace Model



ECM Weekly (18 May 2019) - MabPharm, Frontage, Mulsanne, Xinyi Energy, Helenbergh

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ECM Weekly (18 May 2019) - MabPharm, Frontage, Mulsanne, Xinyi Energy, Helenbergh

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for...

Zhen Zhou, Toh