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/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">Jingdong Property (JDP HK)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Jingdong Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
In this note, we will talk about the not so positive aspects of the deal.


JD Property Pre-IPO - The Negatives - Unprofitable Without FV Gain. Gearing Could Limit Growth Plans

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">Jingdong Property (JDP HK)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Jingdong Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
In this note, we will talk about the positive aspects of the deal.


JD Property Pre-IPO - The Positives - Active on the Acquisition Front Leading to Growth

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>ZJLD Group, a founder-led baijiu company, backed by PE firm KKR priced its Hong Kong IPO at HK$10.82/share. ZJLD Group shares are expected to start trading on Thursday, Apr.27.</li>
<li>The company’s IPO price implies a market cap of ~$4.6B, making it the Hong Kong’s largest IPO this year. Goldman Sachs and China Securities International acted as joint sponsors. </li>
<li>Baijiu is the world's most consumed liquor and accounted for ~70% of the alcoholic beverage market in China in 2021. Baijiu has a history of more than 5,000 years.</li>
</ul>


ZJLD Group, a founder-led baijiu company, backed by PE firm KKR priced its Hong Kong IPO at HK$10.82/share. ZJLD Group shares are expected to start trading on Thursday, Apr.27.
The company’s IPO price implies a market cap of ~$4.6B, making it the Hong Kong’s largest IPO this year. Goldman Sachs and China Securities International acted as joint sponsors. 
Baijiu is the world's most consumed liquor and accounted for ~70% of the alcoholic beverage market in China in 2021. Baijiu has a history of more than 5,000 years.


ZJLD Group: Limited Near-Term Post-IPO Upside, but Long-Term Prospects Indicate a Promising Future

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.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/yuexiu-property-co-ltd" target="_blank" data-smartkarma-citation="entities:18097:1" rel="noopener">Yuexiu Property (123 HK)</a> rights issue and <a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a>, <a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a>, <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/jiangnan-group-ltd" target="_blank" data-smartkarma-citation="entities:9828:1" rel="noopener">Jiangnan (1366 HK)</a>, <a href="https://www.smartkarma.com/entities/essential-metals-ltd" target="_blank" data-smartkarma-citation="entities:9645:1" rel="noopener">Essential Metals (ESS AU)</a>, <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>, <a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Yuexiu Property (123 HK) rights issue and ADICON Holdings Limited (ADI HK), ZJLD Group (ZJLD HK), Mankind Pharma (6596876Z IN) IPOs.
Event-Driven developments - HKBN Ltd (1310 HK), Jiangnan (1366 HK), Essential Metals (ESS AU), Healius (HLS AU), Lian Beng (LBG SP), Oishi Group PCL (OISHI TB). 


Weekly Deals Digest (23 Apr) - HKBN, Jiangnan, Lian Beng, Yuexiu Property, ZJLD, Mankind, Adicon

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>All eyes were on <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> listing this week. It didn't disappoint, neither did <a href="https://www.smartkarma.com/entities/merdeka-battery-materials" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials.</a>
</li>
<li>
<a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> pulled off one of the largest placements so far in 2023, despite being net cash.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
All eyes were on Rakuten Bank (5838 JP) listing this week. It didn't disappoint, neither did Merdeka Battery Materials.


Anta Sports Products (2020 HK) pulled off one of the largest placements so far in 2023, despite being net cash.


ECM Weekly (23rd Apr 2023) - Rakuten Bank, Merdeka, ZJLD, Mankind, Lalatech, IMotion, Anta, KIT

China

ZJLD Group Inc offers premium baijiu products featuring sauce aroma profile. The Company operates four major baijiu brands including flagship brand Zhen Jiu, thriving brand Li Du, as well as two regional leading brands Xiang Jiao and Kai Kou Xiao. ZJLD Group markets its products in China.

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ZJLD Group (6979 HK)

JD Property Pre-IPO - The Negatives - Unprofitable Without FV Gain. Gearing Could Limit Growth Plans

Jingdong Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive...

Clarence Chu

JD Property Pre-IPO - The Positives - Active on the Acquisition Front Leading to Growth

Jingdong Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of...

Clarence Chu

ZJLD Group: Limited Near-Term Post-IPO Upside, but Long-Term Prospects Indicate a Promising Future

ZJLD Group is a high-quality long-term growth story in the baijiu industry in China. The company’s IPO price implies a market cap of ~$4.6B, making...

Andrei Zakharov

Weekly Deals Digest (23 Apr) - HKBN, Jiangnan, Lian Beng, Yuexiu Property, ZJLD, Mankind, Adicon

Last week, notable developments occurred in Event-Driven (Essential, Healius, HKBN, Jiangnan, Lian Beng, Oishi) and ECM (Yuexiu, Adicon, ZJLD,...

Arun George

ECM Weekly (23rd Apr 2023) - Rakuten Bank, Merdeka, ZJLD, Mankind, Lalatech, IMotion, Anta, KIT

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

Sumeet Singh

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