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.

Equity Capital Markets

<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>, a baijiu company in China, is set to launch an HKEx IPO to raise US$800-900 million next week, according to press reports.</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> and <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>. </li>
<li>In this note, we present our forecasts and take the first look at ZJLD's potential valuation range. </li>
</ul>



ZJLD Group (ZJLD HK), a baijiu company in China, is set to launch an HKEx IPO to raise US$800-900 million next week, according to press reports.
We previously discussed the IPO in ZJLD Group IPO: The Bull Case and ZJLD Group IPO: The Bear Case. 
In this note, we present our forecasts and take the first look at ZJLD's potential valuation range. 


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.

<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 others in China and in Asia.</li>
<li>As of Dec 22, the firm’s portfolio of Modern Infrastructure Assets has a total AUM of RMB93.7bn, occupying a total gross floor area (GFA) of 23.3m sqm. </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 others in China and in Asia.
As of Dec 22, the firm’s portfolio of Modern Infrastructure Assets has a total AUM of RMB93.7bn, occupying a total gross floor area (GFA) of 23.3m sqm. 


<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>While sentiment took a hit as <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a>'s pulled its IPO, <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>cutting its price range leaves more upside on the table for investors.</li>
<li>
<a href="https://www.smartkarma.com/entities/merdeka-battery-materials" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials (2012725D IJ)</a> concluded its US$586m IPO bookbuild in Indonesia, with decent upside waiting for the longer-term investor. </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.
While sentiment took a hit as Trial Holdings (5882 JP)'s pulled its IPO, Rakuten Bank (5838 JP) cutting its price range leaves more upside on the table for investors.

Merdeka Battery Materials (2012725D IJ) concluded its US$586m IPO bookbuild in Indonesia, with decent upside waiting for the longer-term investor. 


ECM Weekly (10th Apr 2023) - Rakuten Bank, Merdeka Battery, ZJLD, Socionext, Trial Holdings

<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 up to US$500m in its upcoming Hong Kong IPO.</li>
<li>ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.</li>
<li>In this note, we discuss our earnings assumptions and share our thoughts on ZJLD’s valuation.</li>
</ul>



ZJLD Group (ZJLD HK) is looking to raise up to US$500m in its upcoming Hong Kong IPO.
ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.
In this note, we discuss our earnings assumptions and share our thoughts on ZJLD’s valuation.


ZJLD Group Pre-IPO - Thoughts on Valuation

<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/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</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/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ)</a> and <a href="https://www.smartkarma.com/entities/merdeka-battery-materials" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials (2012725D IJ)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a>, <a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources NL (MCR AU)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</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 - Rakuten Bank (5838 JP), ZJLD Group (ZJLD HK), PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) and Merdeka Battery Materials (2012725D IJ) IPOs.
Event-Driven developments - Golden Energy &amp; Resources (GER SP), Toyo Construction (1890 JP), Estia Health (EHE AU), Genesis Minerals (GMD AU), Mincor Resources NL (MCR AU), Pushpay Holdings (PPH NZ). 


Weekly Deals Digest (09 Apr) - Rakuten Bank, ZJLD, Harita, HKBN, Toyo, Estia, Mincor, Pushpay

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)

ZJLD Group IPO: Valuation First Look

ZJLD is set to launch an HKEx IPO to raise US$800-900 million next week. In this note, we present our forecasts and take the first look at ZJLD's...

Arun George

JD Property Pre-IPO Tearsheet

Jingdong Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO. JDP develops and manages modern infrastructure in China...

Clarence Chu

ECM Weekly (10th Apr 2023) - Rakuten Bank, Merdeka Battery, ZJLD, Socionext, Trial Holdings

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

Clarence Chu

ZJLD Group Pre-IPO - Thoughts on Valuation

ZJLD Group (ZJLD HK) is looking to raise up to US$500m in its upcoming Hong Kong IPO. In this note, we discuss our earnings assumptions and share...

Clarence Chu

Weekly Deals Digest (09 Apr) - Rakuten Bank, ZJLD, Harita, HKBN, Toyo, Estia, Mincor, Pushpay

Last week, notable developments occurred in Event-Driven (Estia, Genesis, Mincor, Pushpay, HKBN, Toyo, Golden Energy) and ECM (Rakuten Bank, ZJLD,...

Arun George

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