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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, starting with Hong Kong.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, starting with Hong Kong.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2024 Asia IPO Pipeline - Hong Kong

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 15th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight Hong Kong Conncect flows for Meituan and Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight Hong Kong Conncect flows for Meituan and Tencent.


Hong Kong Connect Flows (Dec 15th): Meituan, Tencent

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.

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (1877628D HK)</a> priced its IPO at HK$20.60 per share to raise the gross proceeds of US$470 million. The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/wuxi-xdc-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:116331" rel="noopener">WuXi XDC IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/wuxi-xdc-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:116507" rel="noopener">WuXi XDC IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/wuxi-xdc-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:116962" rel="noopener">WuXi XDC IPO: Valuation Insights</a>.</li>
<li>The market sentiment on the sector has modestly weakened. However, the IPO price is attractive, with our DCF valuation of HK$22.89 per share, 11.1% above the IPO price.</li>
</ul>



WuXi XDC Cayman (1877628D HK) priced its IPO at HK$20.60 per share to raise the gross proceeds of US$470 million. The shares will start trading tomorrow.
We previously discussed the IPO in WuXi XDC IPO: The Bull Case, WuXi XDC IPO: The Bear Case and WuXi XDC IPO: Valuation Insights.
The market sentiment on the sector has modestly weakened. However, the IPO price is attractive, with our DCF valuation of HK$22.89 per share, 11.1% above the IPO price.


Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes for the Hang Seng Index in September 2023.</li>
<li>The index changes for the December 2023 rebalance will be announced in mid-November (17 Nov) and implemented in early-December (with effect from 4 Dec).</li>
<li>Although the Hang Seng index has a highly subjective constituent selection process and index changes are somewhat unpredictable, we will continue sharing our thoughts for each quarterly review.</li>
</ul>


In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes for the Hang Seng Index in September 2023.
The index changes for the December 2023 rebalance will be announced in mid-November (17 Nov) and implemented in early-December (with effect from 4 Dec).
Although the Hang Seng index has a highly subjective constituent selection process and index changes are somewhat unpredictable, we will continue sharing our thoughts for each quarterly review.


Quiddity Leaderboard for Hang Seng Index Dec 23: High Conviction Names Have Decent Momentum Vs HSI

Sichuan Baicha Baidao Industrial / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial </a>(SBBI) is looking to raise up to US$300m in its upcoming HK IPO. </li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.6%.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Sichuan Baicha Baidao Industrial (SBBI) is looking to raise up to US$300m in its upcoming HK IPO. 
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.6%.
In this note, we talk about the positive aspects of the deal.


Sichuan Baicha Baidao Pre-IPO - The Positives - Riding on Franchise Store Expansion

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ZJLD Group (6979 HK)

Aequitas 2024 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, starting with Hong Kong including the filed, lapsed and future filings.

Sumeet Singh

Hong Kong Connect Flows (Dec 15th): Meituan, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight weekly Hong Kong connect flows for Meituan and Tencent.

Ke Yan, CFA, FRM

WuXi XDC IPO: Trading Debut

The market sentiment on the sector has modestly weakened. However, the IPO price is attractive, with our DCF valuation of HK$22.89 per share, 11.1%...

Arun George

Quiddity Leaderboard for Hang Seng Index Dec 23: High Conviction Names Have Decent Momentum Vs HSI

The Hang Seng Index changes for Dec 23 will be published after the close on Friday 17th November 2023. In this insight, you can see Quiddity's...

Janaghan Jeyakumar, CFA

Sichuan Baicha Baidao Pre-IPO - The Positives - Riding on Franchise Store Expansion

Sichuan Baicha Baidao Industrial (SBBI) is looking to raise up to US$300m in its upcoming HK IPO. The company sells new style tea drinks through...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)