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

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>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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> is looking to raise between US$775m-US$933m (including the oversubscription option) in its IPO by selling 564.3m shares at a price range of HK$10.78-HK$12.98/share.</li>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> will not get Fast Entry to any indices but should be added to the HSCI and Stock Connect in September.</li>
<li>Peer performance has not been great this year and that could weigh on the <a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> listing.</li>
</ul>



ZJLD Group (ZJLD HK) is looking to raise between US$775m-US$933m (including the oversubscription option) in its IPO by selling 564.3m shares at a price range of HK$10.78-HK$12.98/share.

ZJLD Group (ZJLD HK) will not get Fast Entry to any indices but should be added to the HSCI and Stock Connect in September.
Peer performance has not been great this year and that could weigh on the ZJLD Group (ZJLD HK) listing.


ZJLD Group (6979 HK): Index Inclusion Possibility & Timelines

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> has launched its HKEx listing at HK$10.78-12.98 per share to raise up to US$811 million. Books are open from 17 to 20 April.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zjld-group-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:99438" rel="noopener">ZJLD Group IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/zjld-group-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:99455" rel="noopener">ZJLD Group IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/zjld-group-ipo-valuation-first-look" target="_blank" data-smartkarma-citation="insights:99966" rel="noopener">ZJLD Group IPO: Valuation First Look</a>. </li>
<li>Our valuation analysis suggests that the IPO price range is attractive. Therefore, we would participate in the IPO. </li>
</ul>



ZJLD Group (ZJLD HK) has launched its HKEx listing at HK$10.78-12.98 per share to raise up to US$811 million. Books are open from 17 to 20 April.
We previously discussed the IPO in ZJLD Group IPO: The Bull Case, ZJLD Group IPO: The Bear Case and ZJLD Group IPO: Valuation First Look. 
Our valuation analysis suggests that the IPO price range is attractive. Therefore, we would participate in the IPO. 


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> is looking to raise around US$811m in its Hong Kong IPO.</li>
<li>ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.</li>
<li>In this note, we will look at deal dynamics and share our thoughts on valuation.</li>
</ul>



ZJLD Group (ZJLD HK) is looking to raise around US$811m in its Hong Kong IPO.
ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.
In this note, we will look at deal dynamics and share our thoughts on valuation.


ZJLD Group IPO - Sentiment Could See a Positive Shift, Mid-Bottom End Digestible

China

Beijing Yanjing Brewery Co., Ltd. operates in the brewery industry.  The Company's products include beer, spring water, beer raw materials, feeds, yeast, and other related products.

Beijing Yanjing Brewery Co, Ltd. (000729 CH)

Shede Spirits Co., Ltd. manufactures liquor products. The Company produces high end liquor, low end liquor, mid end liquor, and other products. Shede Spirits markets its products throughout China.

Chongqing Brewery Co., Ltd. manufactures and markets beer products.  The Company also produces medical preparations and capsules.

Anhui Kouzi Distillery Co., Ltd. produces wine. The Company also manufactures, produces and sells liquor and glassware. Anhui Kouzi Distillery operates in China.

Hebei Hengshui Laobaigan Liquor Co., Ltd. produces white spirits, breeds and raises pigs, as well as manufactures feeds.

Sichuan Swellfun Co., Ltd. produces and markets spirits.  Through its subsidiaries, the Company also manufactures antibiotics and operates in printing and packaging business.

Guangzhou Zhujiang Brewery Company Ltd. brews and sells beers, hops, bottle lid and beverages. The Company's products include various type of Zhujiang beer.

Guangzhou Zhujiang Brewery Co (002461 CH)

Yantai Changyu Pioneer Wine Company Limited distills, produces, and distributes wine, brandy, sparkling wine, and healthy liquor.  The Company's main products include dry red wines, dry white wines, sweet wine, XO brandy, VSOP brandy, tank-fermented sparkling wine, sparkling cider, and other spirits.

Jiugui Liquor Co., Ltd. manufactures and markets Xiangquan and Jiugui series of white spirits.  Through its subsidiaries, the Company also manufactures pharmaceutical products.

Anhui Golden Seed Winery Company, Ltd. produces and sells beer and spirit products. The Company also feeds cattle and produces leather products, animal feeds, packing materials, and biomedicals.

ITO EN, LTD. produces various types of Japanese tea and canned beverages.

The Boston Beer Company, Inc. produces a variety of craft-brewed beers and cider products at various contract breweries and Company-owned breweries.  The Company sells its products under brand names such as Boston Beer Company, Oregon Beer and Brewing Company, Samuel Adams, and HardCore.  Boston Beer sells its products to a network of wholesale distributors.

Sapporo Holdings Ltd produces and sells alcoholic and non-alcoholic beverages.  The Company's products include beer, wine, brandy, whiskey, imported beer, soft drinks, juice, coffee, and tea.  SAPPORO HOLDINGS also operates real estate businesses.

Radico Khaitan Ltd. produces and distributes branded liquor.   The Company operates molasses and grain distilleries and produces whiskey, rum, brandy, and vodka.  Radico also produces country liquor and extra neutral alcohol.

Remy Cointreau SA manufactures and distributes premium wines and spirits worldwide.  The Company produces Remy Martin cognac, Cointreau, Passoa, Mount Gay rum, Metaxa. Through its wholly-owned sales company, Remy sells throughout the world.

Britvic Plc supplies a wide range of soft drinks. The Company manufactures and markets its own brand of soft drinks as well as supplies drinks manufactured by other companies.

Royal Unibrew A/S  produces beer, ale, and soft drinks. The Company produces beer, soft drinks, orange juice, and mineral water. Unibrew distributes its products throughout Europe.

Saigon Beer - Alcohol - Beverage Corporation produces and distributes alcoholic beverages. The Company offers beer, spirits, soda, and other products. Saigon Beer - Alcohol - Beverage serves clients in Vietnam.

Embotelladora Andina S.A. produces, markets, and distributes Coca-Cola products throughout Chile, Brazil, and Argentina.  The Company distributes soda, juices, mineral water, and other non-alcoholic beverages.  Andina also produces PET plastic bottles.

Fraser & Neave Holdings Berhad is an investment holding company which provides management services.  The Company, through its subsidiaries, manufactures and sells glass containers, soft drinks, and dairy products.  Fraser & Neave also operates in property development and investment.

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)

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