APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gushengtang-cayman-ltd" target="_blank" data-smartkarma-citation="entities:33503:1" rel="noopener">Gushengtang (GUS HK)</a> is looking to raise up to US$104m in its Hong Kong IPO. </li>
<li>While there isn’t anything fundamentally wrong with the deal, valuation is at a premium, despite having margins towards the bottom end of its peer set.</li>
<li>Pre-IPO investors, from Mar 2021, would have made gains on listing as well and could remain an overhang post-listing.</li>
</ul>



Gushengtang (GUS HK) is looking to raise up to US$104m in its Hong Kong IPO. 
While there isn’t anything fundamentally wrong with the deal, valuation is at a premium, despite having margins towards the bottom end of its peer set.
Pre-IPO investors, from Mar 2021, would have made gains on listing as well and could remain an overhang post-listing.


Gushengtang IPO - Wide Valuation Gap from Peers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> is offering 11 million shares to raise $471 million through an HKEx secondary listing. The primary/secondary spilt is 50:50 (Sina is the secondary seller).  </li>
<li>In <a href="https://www.smartkarma.com/insights/weibo-secondary-listing-braving-uncertainty" target="_blank" data-smartkarma-citation="insights:61784" rel="noopener">Weibo Secondary Listing: Braving Uncertainty</a>, we noted that while the near-term visibility remains limited, the valuation at last close is undemanding in comparison to historical P/E and PEG ratios. </li>
<li>In this note, we will look at Weibo’s potential HK-ADS premium/(discount). Weibo pricing its H-shares at a discount of 4-5% to its ADSs will be reasonable, in our view.</li>
</ul>



Weibo Corp (WB US) is offering 11 million shares to raise $471 million through an HKEx secondary listing. The primary/secondary spilt is 50:50 (Sina is the secondary seller).  
In Weibo Secondary Listing: Braving Uncertainty, we noted that while the near-term visibility remains limited, the valuation at last close is undemanding in comparison to historical P/E and PEG ratios. 
In this note, we will look at Weibo’s potential HK-ADS premium/(discount). Weibo pricing its H-shares at a discount of 4-5% to its ADSs will be reasonable, in our view.


Weibo Secondary Listing: HK-ADS Premium/​​​(Discount) Views

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Weibo plans to raise around US$470m in its secondary listing in Hong Kong. </li>
<li>We have covered most aspects of the deal in our previous note, <a href="https://www.smartkarma.com/insights/weibo-secondary-listing-needs-to-come-at-a-discount" target="_blank" rel="noopener">Weibo Secondary Offering - Needs to come at a discount</a>.</li>
<li>In this note, we'll talk about the deal pricing and structure.</li>
</ul>


Weibo plans to raise around US$470m in its secondary listing in Hong Kong. 
We have covered most aspects of the deal in our previous note, Weibo Secondary Offering - Needs to come at a discount.
In this note, we'll talk about the deal pricing and structure.


Weibo Secondary Listing - Going Down the Autohome Route

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> is offering 11 million shares to raise $471 million through an HKEx secondary listing. The primary/secondary spilt is 50:50 (Sina is the secondary seller).  </li>
<li>Weibo is navigating macro and regulatory headwinds by delivering better than expected top-line growth, strong margins and cash generation. </li>
<li>While the near-term visibility remains limited, the valuation at last close is undemanding in comparison to historical P/E and PEG ratios. </li>
</ul>



Weibo Corp (WB US) is offering 11 million shares to raise $471 million through an HKEx secondary listing. The primary/secondary spilt is 50:50 (Sina is the secondary seller).  
Weibo is navigating macro and regulatory headwinds by delivering better than expected top-line growth, strong margins and cash generation. 
While the near-term visibility remains limited, the valuation at last close is undemanding in comparison to historical P/E and PEG ratios. 


Weibo Secondary Listing: Braving Uncertainty

China Tourism Group Duty Free Corp Ltd / Equity Capital Markets

<ul>
<li><strong>Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. </strong></li>
<li>Hong Kong ECM took another blow this week with Weilong Delicious Global (WDG HK) and Biel Crystal (0924581D HK) delaying their US$1bn IPOs.</li>
<li>The silver lining is that H-shares secondary/additional listing will likely still proceed. Weibo Corp (WB US) HK and China Tourism Group Duty Free Corp Ltd (601888 CH) were approved.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. 
Hong Kong ECM took another blow this week with Weilong Delicious Global (WDG HK) and Biel Crystal (0924581D HK) delaying their US$1bn IPOs.
The silver lining is that H-shares secondary/additional listing will likely still proceed. Weibo Corp (WB US) HK and China Tourism Group Duty Free Corp Ltd (601888 CH) were approved.


ECM Weekly (28st Nov 2021) - Weibo HK, China Tourism HK, SenseTime, Gushengtang, Digital Core REIT

China

Weibo Corp is a social media platform for people to create, distribute and discover Chinese-language content.  The Company offers users public self-expression in real time with a powerful platform for social interaction, as well as content aggregation and distribution.

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Weibo Corp (WB US)

Gushengtang IPO - Wide Valuation Gap from Peers

Gushengtang (GUS HK) is looking to raise up to US$104m in its Hong Kong IPO. Valuation comes in at a premium, despite having margins towards the...

Clarence Chu

Weibo Secondary Listing: HK-ADS Premium/(Discount) Views

Considering the weak sentiment on Chinese tech names, we think that Weibo pricing its H-shares at a wider discount of around 4-5% to its ADSs will...

Arun George

Weibo Secondary Listing - Going Down the Autohome Route

Weibo plans to raise around US$470m in its secondary listing in Hong Kong. In this note, we will talk about the deal pricing and structure.

Sumeet Singh

Weibo Secondary Listing: Braving Uncertainty

Weibo is offering 11m shares through an HKEx secondary listing. While the near-term visibility remains limited, the valuation at last close is...

Arun George

ECM Weekly (28st Nov 2021) - Weibo HK, China Tourism HK, SenseTime, Gushengtang, Digital Core REIT

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Gushengtang IPO - Wide Valuation Gap from Peers

Gushengtang (GUS HK) is looking to raise up to US$104m in its Hong Kong IPO. Valuation comes in at a premium, despite having margins towards the...

Clarence Chu

Weibo Secondary Listing: HK-ADS Premium/​​​(Discount) Views

Considering the weak sentiment on Chinese tech names, we think that Weibo pricing its H-shares at a wider discount of around 4-5% to its ADSs will...

Arun George

Weibo Secondary Listing - Going Down the Autohome Route

Weibo plans to raise around US$470m in its secondary listing in Hong Kong. In this note, we will talk about the deal pricing and structure.

Sumeet Singh

Weibo Secondary Listing: Braving Uncertainty

Weibo is offering 11m shares through an HKEx secondary listing. While the near-term visibility remains limited, the valuation at last close is...

Arun George

ECM Weekly (28st Nov 2021) - Weibo HK, China Tourism HK, SenseTime, Gushengtang, Digital Core REIT

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Weibo Secondary Listing: HK-ADS Premium/(Discount) Views