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

Afcons Infrastructure Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/afcons-infrastructure-limited" target="_blank" data-smartkarma-citation="entities:41288:1" rel="noopener">Afcons Infrastructure Limited (6595396Z IN)</a> is looking to raise US$840m in its upcoming India IPO.</li>
<li>Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO.
Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.
In this note, we talk about the not-so-positive aspects of the deal.


Afcons Infrastructure Limited Pre-IPO - The Negatives - But Overdue Trade Receivables Increasing

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

China Resources Beverage / Equity Capital Markets

<ul>
<li>China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA, BOCI, Citic, and UBS.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages  in China.</li>
<li>According CIC, it was the second largest company in the packaged drinking water market in China and the largest company in the purified drinking water market in 2023.</li>
</ul>


China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA, BOCI, Citic, and UBS.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages  in China.
According CIC, it was the second largest company in the packaged drinking water market in China and the largest company in the purified drinking water market in 2023.


China Resources Beverage (Holdings) Pre-IPO Tearsheet

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>700 HK: Tencent's "Dungeon &amp; Fighter Mobile" is officially scheduled to be released on May 21st.(+)</li>
<li>3690 HK/TCOM US: Meituan and Ctrip revenue growth may lower than industry average, indicating intensified competition.(-/-)</li>
<li>BIDU US: Baidu ADS sets revenue and profit indicators for Robotaxi（/）</li>
</ul>


700 HK: Tencent's "Dungeon &amp; Fighter Mobile" is officially scheduled to be released on May 21st.(+)
3690 HK/TCOM US: Meituan and Ctrip revenue growth may lower than industry average, indicating intensified competition.(-/-)
BIDU US: Baidu ADS sets revenue and profit indicators for Robotaxi（/）


[Blue Lotus Daily - TMT Update]:700 HK/3690 HK/TCOM US/BIDU US/MNSO US/PDD US/BABA US/NTES US

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

Tongcheng Travel Holdings  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tongcheng-travel-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27363:1" rel="noopener">Tongcheng Travel Holdings (780 HK)</a> has a solid FY23 and 4Q23 with massive net profit recovery. Earnings momentum for FY24 and FY25 look to stay impressive.</li>
<li>FY23 is a record year of profit, demonstrating its ability to gain market share after COVID-19 disruption. Further volume growth will lead to better operating leverage.</li>
<li>Net cash reached Rmb2.3bn, up 90.4% YoY, showcasing its cash-generating ability. The first-time dividend payout also reflected management's confidence on the outlook.</li>
</ul>



Tongcheng Travel Holdings (780 HK) has a solid FY23 and 4Q23 with massive net profit recovery. Earnings momentum for FY24 and FY25 look to stay impressive.
FY23 is a record year of profit, demonstrating its ability to gain market share after COVID-19 disruption. Further volume growth will lead to better operating leverage.
Net cash reached Rmb2.3bn, up 90.4% YoY, showcasing its cash-generating ability. The first-time dividend payout also reflected management's confidence on the outlook.


Tongcheng Travel (780 HK): Riding the High Tide

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities.</li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we talk about the positive aspects of the deal.


Horizon Robotics Pre-IPO - The Positives - Rapid Revenue Growth

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

Afcons Infrastructure Limited Pre-IPO - The Negatives - But Overdue Trade Receivables Increasing

Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO. In this note, we talk about the not-so-positive...

Ethan Aw

China Resources Beverage (Holdings) Pre-IPO Tearsheet

China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA,...

Sumeet Singh

[Blue Lotus Daily - TMT Update]:700 HK/3690 HK/TCOM US/BIDU US/MNSO US/PDD US/BABA US/NTES US

USTR initiates section 301 investigations on China Maritime and logistics,.Meituan Promotes Marketing Tool "Divine Membership" <blood strike> has...

Blue Lotus Research Institute

Tongcheng Travel (780 HK): Riding the High Tide

According to www.fliggy.com, outbound travel bookings during the 5-day Labour Day holiday have doubled this year. This was achieved on a high base...

Osbert Tang, CFA

Horizon Robotics Pre-IPO - The Positives - Rapid Revenue Growth

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

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