APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Xiaocaiyuan International Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaocaiyuan-international-holding-ltd" target="_blank" data-smartkarma-citation="entities:40688:1" rel="noopener">Xiaocaiyuan International Holding (XCY HK)</a> is looking to raise up to US$200m in its upcoming HK IPO.</li>
<li>Xiaocaiyuan is a Chinese home-style cuisine restaurant operator. It prices its menus’ items to achieve average spending per consumer between RMB50 and RMB70 for its dine-in customers at its restaurants. </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Xiaocaiyuan International Holding (XCY HK) is looking to raise up to US$200m in its upcoming HK IPO.
Xiaocaiyuan is a Chinese home-style cuisine restaurant operator. It prices its menus’ items to achieve average spending per consumer between RMB50 and RMB70 for its dine-in customers at its restaurants. 
In this note, we talk about the company’s historical performance.


Xiaocaiyuan International Holding Pre-IPO - Strong Network Expansion and Same Store Sales Growth

Clarence Chu

Guoquan Food (Shanghai) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guoquan-food-shanghai" target="_blank" data-smartkarma-citation="entities:36899:1" rel="noopener">Guoquan Food (Shanghai) (1786512D CH)</a> is looking to raise about US$500m in its upcoming Hong Kong IPO.</li>
<li>Guoquan Food (Shanghai) is a home meal solutions provider in China.</li>
<li>Offering a wide variety of home meal solutions products under its Guoquan Shihui (鍋圈食匯) brand, the firm had a total of 755 SKUs as of Dec 22. </li>
</ul>



Guoquan Food (Shanghai) (1786512D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO.
Guoquan Food (Shanghai) is a home meal solutions provider in China.
Offering a wide variety of home meal solutions products under its Guoquan Shihui (鍋圈食匯) brand, the firm had a total of 755 SKUs as of Dec 22. 


Guoquan Food Pre-IPO - Decent Track Record, Although Newfound Profits Could Be Unsustainable

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

<ul>
<li>The HK SAR government is set to relax the dining-in restrictions and a number of listed F&amp;B operators shall benefit</li>
<li>
<a href="https://www.smartkarma.com/entities/tsui-wah-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7198:1" rel="noopener">Tsui Wah Holdings (1314 HK)</a> is the odd one out as it has only 50% of its revenues from HK and the rest are from China. </li>
<li>
<a href="https://www.smartkarma.com/entities/cafe-de-coral-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2568:1" rel="noopener">Cafe De Coral Holdings (341 HK)</a> and <a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai International (2217 HK)</a> are set to benefit the most given the market capitalization and the outstanding profitability. </li>
</ul>


The HK SAR government is set to relax the dining-in restrictions and a number of listed F&amp;B operators shall benefit

Tsui Wah Holdings (1314 HK) is the odd one out as it has only 50% of its revenues from HK and the rest are from China. 

Cafe De Coral Holdings (341 HK) and Tam Jai International (2217 HK) are set to benefit the most given the market capitalization and the outstanding profitability. 


Hong Kong F&B: Restrictions Lifting Winners and Losers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Cafe De Coral Holdings / Equity Bottom-Up

<ul>
<li>Hong Kong's hospitality industry has endured three years of upheaval, first with the democracy protestors in 2019, which slowed inbound, followed by the onset of Covid in early 2020.</li>
<li>Beginning today, 21 April, the Government commenced the relaxation of most social distancing measures, to be eased over three phases.</li>
<li>This evolving dynamic is welcome, yet the progress and recovery for many operators may be gradual.</li>
</ul>


Hong Kong's hospitality industry has endured three years of upheaval, first with the democracy protestors in 2019, which slowed inbound, followed by the onset of Covid in early 2020.
Beginning today, 21 April, the Government commenced the relaxation of most social distancing measures, to be eased over three phases.
This evolving dynamic is welcome, yet the progress and recovery for many operators may be gradual.


Hong Kong F&B: Stock Screening As Social-Distancing Curbs Ease

<ul>
<li>
<a href="https://www.smartkarma.com/entities/green-tea-group" target="_blank" data-smartkarma-citation="entities:34599:1" rel="noopener">Green Tea Group (GT HK)</a> is looking to raise about US$150m in its upcoming Hong Kong IPO. </li>
<li>Green Tea Group is a restaurant chain operator for fusion cuisine in China. </li>
<li>As of the latest practicable date (LPD), it had a restaurant network of 236 restaurants covering 18 provinces, four municipalities and three autonomous regions in the PRC.</li>
</ul>



Green Tea Group (GT HK) is looking to raise about US$150m in its upcoming Hong Kong IPO. 
Green Tea Group is a restaurant chain operator for fusion cuisine in China. 
As of the latest practicable date (LPD), it had a restaurant network of 236 restaurants covering 18 provinces, four municipalities and three autonomous regions in the PRC.


Green Tea Group Pre-IPO - Growing for the Sake of Growth

Hong Kong

Tam Jai International Co. Limited operates restaurants. The Company provides specialties, fast food products, desserts, drinks, and other related products. Tam Jai International markets its products throughout Hong Kong.

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Tam Jai International (2217 HK)

Xiaocaiyuan International Holding Pre-IPO - Strong Network Expansion and Same Store Sales Growth

Xiaocaiyuan International Holding (XCY HK) is looking to raise up to US$200m in its upcoming HK IPO. In this note, we talk about the company’s...

Ethan Aw

Guoquan Food Pre-IPO - Decent Track Record, Although Newfound Profits Could Be Unsustainable

Guoquan Food (Shanghai) (1786512D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. Guoquan Food (Shanghai) is a home meal...

Clarence Chu

Hong Kong F&B: Restrictions Lifting Winners and Losers

Cafe de Coral is a familiar name but Tam Jai has a different offering and the management is capable to upsell other products incorporated in the...

Henry Soediarko

Green Tea Group Pre-IPO - Growing for the Sake of Growth

Green Tea Group (GT HK) is looking to raise about US$150m in its upcoming Hong Kong IPO. Green Tea Group is a restaurant chain operator for fusion...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xiaocaiyuan International Holding Pre-IPO - Strong Network Expansion and Same Store Sales Growth

Xiaocaiyuan International Holding (XCY HK) is looking to raise up to US$200m in its upcoming HK IPO. In this note, we talk about the company’s...

Ethan Aw

Guoquan Food Pre-IPO - Decent Track Record, Although Newfound Profits Could Be Unsustainable

Guoquan Food (Shanghai) (1786512D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. Guoquan Food (Shanghai) is a home meal...

Clarence Chu

Hong Kong F&B: Restrictions Lifting Winners and Losers

Cafe de Coral is a familiar name but Tam Jai has a different offering and the management is capable to upsell other products incorporated in the...

Henry Soediarko

Hong Kong F&B: Stock Screening As Social-Distancing Curbs Ease

I'm inclined to pursue pure-restaurant outlet/venue companies, as oppsed to those with hotel operations, the latter of which remains highly...

David Blennerhassett

Green Tea Group Pre-IPO - Growing for the Sake of Growth

Green Tea Group (GT HK) is looking to raise about US$150m in its upcoming Hong Kong IPO. Green Tea Group is a restaurant chain operator for fusion...

Clarence Chu