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.
It has been a fairly quiet week but with the market bouncing back from last week's low, we are getting more news flow on IPOs looking to launch their books soon and activity is starting to ramp up towards the end of the year.
Starting off in Hong Kong, Innovent Biologics Inc (1801 HK) has finally turned the lackluster IPO space around with a strong debut on the 1st of November, closing 18.5% above its IPO price. Prior to its debut, the institutional excluding cornerstone bookbuild was more than 10x oversubscribed and the IPO was priced at the top-end, suggesting positive sentiment going into the IPO. At current valuation, the upside is limited as it is trading around Ke Yan, CFA, FRM 's base case of US$2.5bn in his update note, Innovent Biologics (信达生物) Post IPO: Hit Our TP, What's Next?
Meanwhile, Thailand Future Fund (TFFIF TB) made a decent debut opening 3% above deal price and continued to trade marginally above its IPO price. There is nothing exciting about the debut since this is effectively a REIT. Furthermore, since the share has been mostly placed to local investors and not marketed for a quick profit but as an investment for a steady income stream, the share price will probably continue to hold up even though Sumeet Singh's view is that TFFIF should at least trade at a 200bps spread over government yield.
In Japan, Softbank Group (9984 JP)'s ambition for a US$90bn IPO for its telecom unit is dented after NTT Docomo Inc (9437 JP) succumbed to pressure to cut prices. The company guided that it will take about five years to recover above the profit level for the current fiscal year which led to KDDI Corp (9433 JP) and Docomo crashing 15 - 17% on the day of the announcement. 
For upcoming IPOs, we are seeing a handful of IPOs that will launch soon in Hong Kong and we are already hearing preliminary valuations for them. Wanka Online (1669726D HK) is said to be valued up to U$1.6bn, Mobvista (MBV HK) up to US$3.3bn, Babytree Inc (BABYTRE HK) up to US$4.3bn, and Tongcheng-Elong Holdings Ltd (1629482D CH) up to US$6.8bn.  
Sinochem Energy (1644249D HK) should also launch soon since it has passed the Hong Kong listing approval while Idreamsky Technology, which was previously delisted from the US, is seeking listing approval in Hong Kong too. Last, but not least, CNFinance Holdings Ltd (1640496D US), which already had some coverage on Smartkarma, is looking to raise only US$50m, much smaller than its initial guided valuation.
Accuracy Rate:Our overall accuracy rate is 71.9% for IPOs and 64.1% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  Liaoning Chengda Biotechnology (Hong Kong, ~US$500m)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  
Ping An Is Said to Plan $2 Billion IPO of Health Tech Unit
Top Chinese Online Brokers Prepare for IPO Showdown in U.S.
Alibaba-backed Ruhnn plans US IPO of up to US$200m
Smartkarma Community's this week Analysis on Upcoming IPO  
Revolve IPO Preview (Part 1): Influence, Rinse, &amp; Repeat
Babytree IPO: Not Pulling Its Weight
Tencent Music IPO – Should You Be Wary of the Controlling Parent?
Wanka Online IPO Preview: Rapid but Unsustainable Growth
Yancoal Australia IPO: Just Turned Profitable But Is It Sustainable Against Industry Headwinds
Neofect IPO Preview (Part 1): AI + Innovative Rehab Solutions = Kaching $$$
SoftBank KK IPO Preview: Paying Dividends at a Full Price
List of pre-IPO Coverage on Smartkarma

Name
Insight

Hong Kong

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


Asia Info
AsiaInfo Tech (亚信科技) IPO: Cost Control Is the Key (Part 1)


BabyTree
Babytree Group Pre-IPO - Young Moms Need It but Almost All Seem to Have It, Might Be at Peak MAU


BabyTree
Babytree IPO Preview: In Desperate Need of Alibaba to Unleash Its Potential


Bitmain
Bitmain IPO Preview: The Last Hurrah Before Reality Bites


Bitmain
Bitmain IPO Preview (Part 2) - King of Cryptocurrency Mining Rigs but Its Moat Is Shrinking


Bitmain
Bitmain: A Counter Thesis


Bitmain
Bitmain (比特大陆) IPO: Running Out of Steam on Mining Rigs (Part 1)


Bitmain
Bitmain (比特大陆) IPO: Value At Risk of Founder's Belief (Part 2)


Canaan Inc.
Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018


Canaan Inc.
Canaan Inc. IPO Preview (Part 2) - A Closer Look at ASIC Developments and Competition


Canaan Inc.
Canaan Inc. IPO Preview (Part 3): Earnings Forecast &amp; Valuation Analysis


Canaan Inc.
Canaan (嘉楠耘智) IPO Quick Take: Beware that ASIC Is a Different Ball Game


Cansino
CanSino Biologics (康希诺) IPO: Promising Pre-Clinical Results but Vaccine Scandal Weighs (Part 1)


Cenmintang
Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp


China Feihe
China Feihe IPO Preview: Goat Bless Infant Formula Milk?


Entertnmt Plus
Entertainment Plus – 60% Market Share, Margin Not a Concern


Entertnmt Plus
Maoyan IPO Preview: Running Out of Growth Drivers


Entertnmt Plus
Entertainment Plus (猫眼娱乐) IPO: The Engineered Movie Ticketing Leader Running Out of Steam (Part 1)


Entertnmt Plus
Entertainment Plus (猫眼娱乐) IPO: The Coming Regulatory Bang Isn't That Bad (Part 2)


Fosun Tourism
Fosun Tourism IPO, Part 1: Back to the Beach With Club Med! | But Is This a 'China' Play?


Fosun Tourism
Fosun Tourism IPO Analysis: Quid Pro Quo for the Better of Fosun Group?


China Kepei
China Kepei Edu (科培教育) Pre-IPO Review - A Well Run Private Higher Education Company


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


Sinochem Energy
Sinochem Energy (中化能源) IPO First Impression: Trophy Asset Mixed with Volatile Trading Business


STX 
STX IPO Preview– a One-Hit Wonder


STX 
STX Entertainment (胜图娱乐) IPO: Legendary Founder but Results Matter


Stealth Bio
Stealth Biotherapeutics IPO: Cure the Symptoms but Not the Cause (Part 1)


Tongcheng
Tongcheng-ELong (同程艺龙) Pre-IPO Review - A Force to Be Reckoned With


Tongcheng
Tongcheng-Elong IPO Preview: When Unequals Try to Merge as Equals


Qilu Express
Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers


Wanka
Wanka Online Pre-IPO - Listing Too Early but It Needs the Cash


Wanka
Wanka Online IPO Preview: Rapid but Unsustainable Growth


WeLab
WeLab Pre-IPO - Stuck in a Regulatory Quagmire; Not the Right Time to List


Yancoal
Yancoal Australia IPO: Just Turned Profitable But Is It Sustainable Against Industry Headwinds

South Korea

Asiana
Asiana IDT IPO Preview (Part 1)


Asiana
Asiana IDT IPO Preview (Part 2) - Valuation Analysis


Daeyu
Daeyu Co. IPO Preview (Part 1)


Ebang
Ebang IPO Preview (Part 1): Lower Sales but Higher Operating Profit Versus Canaan Inc.


Foodnamoo
Foodnamoo Inc IPO Preview (Part 1) - A Leader in Home Meal Replacement Products in 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


Livent
Livent IPO Preview (Part 1): A Profitable Company that Produces Lithium


Plakor
Plakor IPO Preview (Part 1)


Robotis
Robotis IPO Preview (Part 1) - An Innovative Provider of Robotic Solutions in Korea


Vespa
Vespa Inc IPO Preview (Part 1)


T-Robotics
T-Robotics IPO Preview (Part 1) - Following the Explosive Demand of Robotis IPO?


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

India

CMS Info
CMS Info Systems Pre-IPO Review - 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 Dock
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


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


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

Japan

Softbank
Softbank Telecom Pre-IPO Review - Vision Is Needed to Arrive at US$90bn Valuation


Softbank
SoftBank KK IPO Preview: Paying Dividends at a Full Price

The U.S.

CNFinance
CNFinance (泛华金融) IPO First Impression: Beware Rising Credit Risk and Slowing Loan Origination


CNFinance
CNFinance IPO Preview: A Renaissance that May Not Come


Tencent Music
Tencent Music IPO: A Deep-Dive on Why Tencent Music Is Profitable and Spotify Is Not


Tencent Music
Tencent Music (TME): Only 29% Spotify-Like, But the Other Business Produces Profits


Tencent Music
Tencent Music IPO: A Deep-Dive on Why Tencent Music Is Profitable and Spotify Is Not


Tencent Music
Tencent Music Entertainment Group - Much Ado Nah Music About Nothing!


Tencent Music
Tencent Music Entertainment Group: Part 2 -The Curious Case of Acquiring Ultimate Music Inc


Tencent Music
Tencent Music Pre-IPO - This Is How We Do It - A Quick Look at How the Apps Work


Tencent Music
Tencent Music Pre-IPO Review - The Final Countdown - Growth Doesn't Seem to Be Slowing Down


Tencent Music
Tencent Music Entertainment Group– Competitors Aplenty Imply No Differentiation Except Moniker


Tencent Music
Tencent Music:We Estimate Value at USD 3.77 Per Share; Lower Than Many Expect - $11.7 B for TME


Tencent Music
Tencent Music Pre-IPO - Valuations Estimates - Leaving on a Jet Plane - $30bn Was Quite Stretched


Tencent Music
Tencent Music Pre-IPO - Quick Peer Analysis - If I Was You, I’d Wanna Be Me Too - Bigger and Fast


Tencent Music
Tencent Music Pre-IPO - Industry - Don't Cry - In 2010 a Little Red Dot Almost Overtook the Dragon


Weidai
Weidai IPO Preview: Robust Foundations in Turbulent Times

Australia

Latitude financial
Latitude Financial Group Pre-IPO Review - Credit Prospectus Throw up Some Interesting Data Points



ECM Weekly (3 November 2018) - TFFIF, Innovent, Softbank, Zhaogang - Open the IPO Floodgate!

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<p>Sinochem Energy, the petrochemical subsidiary of the state-owned Sinochem Group, filed with the Hong Kong Stock Exchange to raise up to USD 2 billion. In this insight, we will explore the following topics:</p>
<ul>
<li>The company's business segments</li>
<li>Background of its shareholder and evolution of China crude import market</li>
<li>Growth drivers</li>
<li>Initial thoughts on valuation</li>
</ul>

Sinochem Energy, the petrochemical subsidiary of the state-owned Sinochem Group, filed with the Hong Kong Stock Exchange to raise up to USD 2 billion. In this insight, we will explore the following topics:

The company's business segments
Background of its shareholder and evolution of China crude import market
Growth drivers
Initial thoughts on valuation


Sinochem Energy (中化能源) IPO First Impression: Trophy Asset Mixed with Volatile Trading Business

China

Sinochem Energy Co., Ltd. operates as a petroleum trading company. The Company sells gasoline, diesel, fuel oils, kerosene, crude oils, fuel gas, and other products. Sinochem Energy also operates petroleum refining, storage and logistics, and businesses.

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Sinochem Energy (1644249D HK)

ECM Weekly (3 November 2018) - TFFIF, Innovent, Softbank, Zhaogang - Open the IPO Floodgate!

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

Sinochem Energy (中化能源) IPO First Impression: Trophy Asset Mixed with Volatile Trading Business

Sinochem Energy, the petrochemical subsidiary of the state-owned Sinochem Group, filed with the Hong Kong Stock Exchange to raise up to USD 2...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)