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

<p>AIM Vaccine is looking to raise US$1bn in its upcoming Hong Kong IPO. The deal is run by Goldman Sachs, CICC, China Securities, and Macquarie. This is a refiling after its filing in July 2021 was rejected by HKEX.</p><p>AIM Vaccine is a leading vaccine company covering the full value chain from research to manufacturing and commercialisation. As of the latest practicable date (3 Sept 2021), it had commercialised eight vaccine products against six disease areas. It also has 23 vaccine candidates against 13 disease areas. The firm has four Licensed Manufacturing Facilities in Rong’an Bio, AIM Hanxin, AIM Kanghuai and AIM Weixin, and a total designed annual production capacity of 91.3m doses.</p>

AIM Vaccine is looking to raise US$1bn in its upcoming Hong Kong IPO. The deal is run by Goldman Sachs, CICC, China Securities, and Macquarie. This is a refiling after its filing in July 2021 was rejected by HKEX.AIM Vaccine is a leading vaccine company covering the full value chain from research to manufacturing and commercialisation. As of the latest practicable date (3 Sept 2021), it had commercialised eight vaccine products against six disease areas. It also has 23 vaccine candidates against 13 disease areas. The firm has four Licensed Manufacturing Facilities in Rong’an Bio, AIM Hanxin, AIM Kanghuai and AIM Weixin, and a total designed annual production capacity of 91.3m doses.

AIM Vaccine (艾美疫苗) Pre-IPO Tearsheet (Refiled)

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Sinohealth Technology Holdings / Equity Capital Markets

<p>Due to the COVID-19, medical technology has once again become a hot concept, and the digital era of the healthcare industry has arrived. Meanwhile, many technology companies providing healthcare big data solutions are heading to the capital markets. On June 25, 2021, <a href="https://www.smartkarma.com/entities/sinohealth-technology-holdings-limited" target="_blank" data-smartkarma-citation="entities:33564:1" rel="noopener">Sinohealth Technology Holdings (SHT HK)</a> officially kicked off the IPO process by submitting its prospectus to the HKEX. Sinohealth is a leading technology company committed to providing big data solutions to corporate clients in China’s healthcare industry driven by big data and AI technologies. This article mainly analyzed the industry characteristics, the business and the concerns of the Company.</p>

Due to the COVID-19, medical technology has once again become a hot concept, and the digital era of the healthcare industry has arrived. Meanwhile, many technology companies providing healthcare big data solutions are heading to the capital markets. On June 25, 2021, Sinohealth Technology Holdings (SHT HK) officially kicked off the IPO process by submitting its prospectus to the HKEX. Sinohealth is a leading technology company committed to providing big data solutions to corporate clients in China’s healthcare industry driven by big data and AI technologies. This article mainly analyzed the industry characteristics, the business and the concerns of the Company.

Pre-IPO Sinohealth Technology - Solid Financial Performance Cannot Cover up the Challenges Ahead

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Capitaland, Boral, Milton/WHSP, Santos/Oil Search, Education Profit Ban

Zhen Zhou, Toh

<div><p><a href="https://www.smartkarma.com/entities/yidu-tech-inc" target="_blank" data-smartkarma-citation="entities:29245:1" rel="noopener">Yidu Tech Inc (2158 HK)</a> (Yidu) IPO lock-up expired on 15th July, 2021. Earlier in January, the company raised about US$539m in its Hong Kong IPO after pricing at HK$26.30 per share, the top-end of the price range.</p></div><div><p>Yidu is a healthcare data solution provider. It leverages big data and artificial intelligence (AI) technologies and provides solutions to key healthcare participants that include mainly hospitals, pharmaceutical, biotech and medical device companies, regulators and policy makers. </p></div><div><p>Our previous coverage of the IPO:</p></div><div><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/yidu-tech-pre-ipo-big-buzzwords" target="_blank" data-smartkarma-citation="insights:46381" rel="noopener">Yidu Tech (医渡云) Pre-IPO - Big Buzzwords</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/yidu-tech-pre-ipo-forecast-and-peer-valuation" target="_blank" data-smartkarma-citation="insights:46462" rel="noopener">Yidu Tech (医渡云) Pre-IPO - Forecast and Peer Valuation</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/yidu-tech-ipo-expensive-but-it-s-still-justifiable" target="_blank" data-smartkarma-citation="insights:46707" rel="noopener">Yidu Tech (医渡云) IPO - Expensive but It's Still Justifiable</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/yidu-tech-ipo-trading-strong-demand-points-to-good-debut" target="_blank" data-smartkarma-citation="insights:47033" rel="noopener">Yidu Tech (医渡云) IPO Trading - Strong Demand Points to Good Debut</a> </li>
</ul></div>

Yidu Tech Inc (2158 HK) (Yidu) IPO lock-up expired on 15th July, 2021. Earlier in January, the company raised about US$539m in its Hong Kong IPO after pricing at HK$26.30 per share, the top-end of the price range.Yidu is a healthcare data solution provider. It leverages big data and artificial intelligence (AI) technologies and provides solutions to key healthcare participants that include mainly hospitals, pharmaceutical, biotech and medical device companies, regulators and policy makers. Our previous coverage of the IPO:

Yidu Tech (医渡云) Pre-IPO - Big Buzzwords 

Yidu Tech (医渡云) Pre-IPO - Forecast and Peer Valuation 

Yidu Tech (医渡云) IPO - Expensive but It's Still Justifiable 

Yidu Tech (医渡云) IPO Trading - Strong Demand Points to Good Debut 


Yidu Tech (医渡云) Lock-Up Expiry - About US$2bn Worth of Shares Unlocked

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.

Medlive Technology / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/medlive-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32985:1" rel="noopener">Medlive Technology (2192 HK)</a> is the largest online professional physician platform in China as measured by the number of registered physician users as of 31 December 2020, according to Frost &amp; Sullivan. Medlive derives most of its revenue from providing solutions that facilitate healthcare marketing to physicians. Medlive ranked first among physician platform-based digital healthcare marketing service providers in China as measured by revenue in 2020, with a 21.4% market share, according to Frost &amp; Sullivan. Medlive is a JV between <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a> and Tiantian, each with 50% stakes.</p></div><div><p>Medlive will commence trading on Thursday, 15 July. Medlive priced its IPO at HK$27.20 and <a href="https://inews.hket.com/article/3006198/%E3%80%90%E6%96%B0%E8%82%A1IPO%E3%80%913%E9%9A%BB%E6%96%B0%E8%82%A1%E6%9A%97%E7%9B%A4%E3%80%80%E9%86%AB%E8%84%88%E9%80%9A2192%E5%8D%871%E6%88%90%E3%80%81%E4%B8%80%E6%89%8B%E5%B8%B3%E9%9D%A2%E8%B3%BA1350%E5%85%83?mtc=40001&amp;srkw=IPO%E6%9C%80%E5%BF%AB%E6%9C%80%E9%BD%8A" target="_blank" rel="noopener">closed 10% up at HK$29.90</a> in the Futu securities grey market. </p></div><div><p>In <a href="https://www.smartkarma.com/insights/medlive-technology-ipo-initiation-what-s-up-doc" target="_blank" data-smartkarma-citation="insights:53683" rel="noopener">Medlive Technology IPO Initiation: What's Up, Doc?</a>, we stated that Medlive believes that it can compete with several players for a slice of healthcare companies’ marketing budgets due to its large and engaged physician user base, which enables it to reach a wider group of physicians more efficiently and achieve a better return on marketing spending. Medlive has strong fundamentals due to fast-paced revenue growth, rising margin and strong cash generation. We concluded that the Medlive IPO is worth a look. In <a href="https://www.smartkarma.com/insights/medlive-technology-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:53879" rel="noopener">Medlive Technology IPO: Valuation Insights</a>, we stated that we would participate in the IPO due to an attractive IPO price range and strong blue-chip cornerstone support.</p></div><div><div><div class="content-highlight"><p>Updating for the final IPO net raise, our base-case DCF derived price target of HK$32.17 per share. As DCF-based target prices are subject to a wide range of variability, we present a sensitivity table to help investors gauge where target prices could head. Our DCF sensitivity analysis shows that the grey market price is attractive.</p></div></div></div>

Medlive Technology (2192 HK) is the largest online professional physician platform in China as measured by the number of registered physician users as of 31 December 2020, according to Frost &amp; Sullivan. Medlive derives most of its revenue from providing solutions that facilitate healthcare marketing to physicians. Medlive ranked first among physician platform-based digital healthcare marketing service providers in China as measured by revenue in 2020, with a 21.4% market share, according to Frost &amp; Sullivan. Medlive is a JV between M3 Inc (2413 JP) and Tiantian, each with 50% stakes.Medlive will commence trading on Thursday, 15 July. Medlive priced its IPO at HK$27.20 and closed 10% up at HK$29.90 in the Futu securities grey market. In Medlive Technology IPO Initiation: What's Up, Doc?, we stated that Medlive believes that it can compete with several players for a slice of healthcare companies’ marketing budgets due to its large and engaged physician user base, which enables it to reach a wider group of physicians more efficiently and achieve a better return on marketing spending. Medlive has strong fundamentals due to fast-paced revenue growth, rising margin and strong cash generation. We concluded that the Medlive IPO is worth a look. In Medlive Technology IPO: Valuation Insights, we stated that we would participate in the IPO due to an attractive IPO price range and strong blue-chip cornerstone support.Updating for the final IPO net raise, our base-case DCF derived price target of HK$32.17 per share. As DCF-based target prices are subject to a wide range of variability, we present a sensitivity table to help investors gauge where target prices could head. Our DCF sensitivity analysis shows that the grey market price is attractive.

China

Shanghai Hi-tech Control System Co. Ltd. designs, manufactures, distributes, and provides industrial automation, electric systems, electronic and IT system integration products and services.

Daheng New Epoch Technology Inc. produces network storage products, designs virtual reality software, and provides system integration services.  The Company also designs, develops, and manufactures fine films used in the fiber-optics application, laser processed false proof packaging materials, radiotherapy equipment, and television digital network editing and broadcast system.

Daheng New Epoch Technology, Inc (600288 CH)

United Electronics Company Limited provides data centers of large and medium enterprises with system integration and related technical services. The Company's main products include system integration and technical services.

Wiscom System Co., Ltd. provides software technology, design and consulting services to power-generating enterprises. The company also researches, develops and markets information technology products for colleges and universities.

Guangdong Eastone Century Technology Company Limited provides communication network technology services and system solutions. The Company's main services include technical services such as communication network construction, maintenance and optimization, business support and IT applications related system solutions.

Beijing Trust & Far Technology Company Limited provides IT operational and maintenance services.  The Company's main products include IT infrastructure services, development and sales of IT infrastructure management software, and integration systems and services.

Beijing Transtrue Technology Inc. provides integrated multimedia video solutions. The Company offers a range of services, including consulting design, development, integration and services.

Vixtel Technologies Holdings Limited is an holding company. The Company, through its subsidiaries, are principally engaged in providing application and network performance management and monitoring solutions. Vixtel Technologies Holdings serves customers in the People's Republic of China.

Beijing Teamsun Technology Co., Ltd. develops system integration service for the telecommunication and finance industry. The Company also provides consulting services and markets its product under brand name Teamsun.

Beijing Teamsun Technology Co, Ltd. (600410 CH)

Anhui Wantong Technology Co Ltd. develops information technology software and integration system for highways and provides maintenance services.  The Company also designs, installs and repairs video monitoring network, communication system, and control system.

Comture Corp offers groupware solution and web solution which provides information sharing environments. The Company offers ERP solution services as well as provides network management services.

TDC SOFTWARE ENGINEERING Inc. provides system development services including consultation, installation, operation, and maintenance of the system.  The Company develops network software, and also business management software for such industries as manufacturing, distribution, finance, and retail.  TDC also sells packaged software and hardware products.

Hinduja Global Solutions Ltd. offers business process outsourcing and contact center services.

Cigniti Technologies Ltd. offers information technology services. The Company offers software product testing; performance testing; test automation; mobile testing; test, management and network consulting; and software for organization information, technical  evaluations, and employee management applications.

CMC Corporation manufactures computers.  The Company produces desktop and laptop computers and servers.  CMC also offers systems integration services.

SNP Schneider-Neureither & Partner AG provides software and software related services for the business landscape transformation. The Company's software is used by businesses to implement changes to their IT landscape, business processes and structures. SNP also offer consulting services.

Snp Schneider-Neureither & Partner Ag (SHF GY)

Cafe24 Corp. provides electronic commerce services. The Company offers web hosting, server hosting, e-commerce hosting, e-commerce marketing consulting, and other web services. Cafe24 provides services worldwide.

JBCC Holdings Inc. is a domestic distributor of IBM Japan's hardware and software.  The Company designs, constructs, introduces, operates, and maintains information systems for its customers.  JBCC also provides system solutions.

ZUKEN INC. plans, develops, and sells computer-aided design (CAD), computeraided manufacturing (CAM), and computer-aided engineering (CAE) system services. The Company operates an overseas production subsidiary in England and sales subsidiaries in the US, England, the Netherlands, Germany, Austria, Switzerland, France, Italy, Korea, and Singapore.

Cass Information Systems, Inc. provides freight and utility invoice payment services to Fortune 500 and major logistics companies across North America.  The Company also provides specialized banking services to privately held companies in St. Louis, Missouri, and to churches throughout the United States.

Chinese big data and AI-powered healthcare solutions provider.

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Yidu Tech Inc (2158 HK)

AIM Vaccine (艾美疫苗) Pre-IPO Tearsheet (Refiled)

AIM Vaccine is looking to raise US$1bn in its upcoming Hong Kong IPO. The deal is run by Goldman Sachs, CICC, China Securities, and Macquarie.

Clarence Chu

Pre-IPO Sinohealth Technology - Solid Financial Performance Cannot Cover up the Challenges Ahead

This article mainly analyzed Sinohealth in terms of the industry characteristics, its business, comparison with peers (Yidu Tech, Linkdoc, etc.),...

Xinyao (Criss) Wang

Last Week in Event SPACE: Capitaland, Boral, Milton/WHSP, Santos/Oil Search, Education Profit Ban

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Yidu Tech (医渡云) Lock-Up Expiry - About US$2bn Worth of Shares Unlocked

Yidu Tech Inc (2158 HK) (Yidu) IPO lock-up expired on 15th July, 2021. Earlier in January, the company raised about US$539m

Zhen Zhou, Toh

Medlive Technology IPO: Trading Debut

Medlive will commence trading on 15 July. Medlive priced at HK$27.20 and closed 10% up at HK$29.90 in the Futu grey market. Our DCF sensitivity...

Arun George

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