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>JD Logistics (JDL) aims to raise around US$1.1bn, with US$400m coming via an institutional placement. The balance will be funded by issuing shares at the same price to JD.com.</li>
<li>We have covered the stock extensively, links to our previous notes are below.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


JD Logistics (JDL) aims to raise around US$1.1bn, with US$400m coming via an institutional placement. The balance will be funded by issuing shares at the same price to JD.com.
We have covered the stock extensively, links to our previous notes are below.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


JD Logistics Placement - Not Wholly Convinced, JD’s US$700m Support Helps

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.

<ul>
<li>In <a href="https://www.smartkarma.com/insights/sf-intra-city-industrial-ipo-delivering-losses" target="_blank" data-smartkarma-citation="insights:61272" rel="noopener">SF Intra-City Industrial IPO: Delivering Losses</a>, we noted that SF Intra-city’s fundamentals are less than inspiring. </li>
<li>In <a href="https://www.smartkarma.com/insights/sf-intra-city-industrial-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:61939" rel="noopener">SF Intra-City Industrial IPO: Valuation Insights</a>, we noted that the IPO price is unattractive in the context of its unappetizing mix of high growth at the cost of losses.  </li>
<li>The IPO price is HK$16.42 and it closed -9% lower in the grey market. Our base-case DCF value of HK$15.44 per share is a 6% downside to the IPO price.  </li>
</ul>


In SF Intra-City Industrial IPO: Delivering Losses, we noted that SF Intra-city’s fundamentals are less than inspiring. 
In SF Intra-City Industrial IPO: Valuation Insights, we noted that the IPO price is unattractive in the context of its unappetizing mix of high growth at the cost of losses.  
The IPO price is HK$16.42 and it closed -9% lower in the grey market. Our base-case DCF value of HK$15.44 per share is a 6% downside to the IPO price.  


SF Intra-City Industrial IPO: Trading Debut

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hangzhou-sf-intra-city-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:34916:1" rel="noopener">SF Intra-City (9699 HK)</a> is the largest Chinese independent third-party on-demand delivery service provider. It launched an HKEx IPO to raise net proceeds of $273 million at the IPO mid-point. </li>
<li>In <a href="https://www.smartkarma.com/insights/sf-intra-city-industrial-ipo-delivering-losses" target="_blank" data-smartkarma-citation="insights:61272" rel="noopener">SF Intra-City Industrial IPO: Delivering Losses</a>, we noted that SF Intra-city’s fundamentals are less than inspiring. </li>
<li>While the valuation is undemanding vs peers, we give the IPO a pass as SF Intra-city offers an unappetizing mix of high growth at the cost of losses/cash burn.   </li>
</ul>



SF Intra-City (9699 HK) is the largest Chinese independent third-party on-demand delivery service provider. It launched an HKEx IPO to raise net proceeds of $273 million at the IPO mid-point. 
In SF Intra-City Industrial IPO: Delivering Losses, we noted that SF Intra-city’s fundamentals are less than inspiring. 
While the valuation is undemanding vs peers, we give the IPO a pass as SF Intra-city offers an unappetizing mix of high growth at the cost of losses/cash burn.   


SF Intra-City Industrial IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> is offering 11 million shares to raise $471 million through an HKEx secondary listing. The primary/secondary spilt is 50:50 (Sina is the secondary seller).  </li>
<li>In <a href="https://www.smartkarma.com/insights/weibo-secondary-listing-braving-uncertainty" target="_blank" data-smartkarma-citation="insights:61784" rel="noopener">Weibo Secondary Listing: Braving Uncertainty</a>, we noted that while the near-term visibility remains limited, the valuation at last close is undemanding in comparison to historical P/E and PEG ratios. </li>
<li>In this note, we will look at Weibo’s potential HK-ADS premium/(discount). Weibo pricing its H-shares at a discount of 4-5% to its ADSs will be reasonable, in our view.</li>
</ul>



Weibo Corp (WB US) is offering 11 million shares to raise $471 million through an HKEx secondary listing. The primary/secondary spilt is 50:50 (Sina is the secondary seller).  
In Weibo Secondary Listing: Braving Uncertainty, we noted that while the near-term visibility remains limited, the valuation at last close is undemanding in comparison to historical P/E and PEG ratios. 
In this note, we will look at Weibo’s potential HK-ADS premium/(discount). Weibo pricing its H-shares at a discount of 4-5% to its ADSs will be reasonable, in our view.


Weibo Secondary Listing: HK-ADS Premium/​​​(Discount) Views

<ul>
<li>Weibo plans to raise around US$500-700m in its secondary listing in Hong Kong. </li>
<li>The company won listing approval and filed its PHIP on last week and will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>


Weibo plans to raise around US$500-700m in its secondary listing in Hong Kong. 
The company won listing approval and filed its PHIP on last week and will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Weibo Secondary Listing - Needs to Come at a Discount

China

ZTO Express (Cayman) Inc. operates as an express delivery company. The Company provides express delivery service through their nationwide network, as well as other value-added logistics services. ZTO Express serves customers globally.

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ZTO Express Cayman (ZTO US)

JD Logistics Placement - Not Wholly Convinced, JD’s US$700m Support Helps

JD Logistics (JDL) aims to raise around US$1.1bn, with US$400m coming via an institutional placement. The balance will be funded by issuing shares...

Sumeet Singh

SF Intra-City Industrial IPO: Trading Debut

The IPO price is HK$16.42 and shares will be listed on 14 Dec. Our base-case DCF value of HK$15.44 per share is a 6% downside to the IPO price.

Arun George

SF Intra-City Industrial IPO: Valuation Insights

While the valuation is undemanding vs peers, we give the IPO a pass as SF Intra-city offers an unappetizing mix of high growth at the cost of...

Arun George

Weibo Secondary Listing: HK-ADS Premium/(Discount) Views

Considering the weak sentiment on Chinese tech names, we think that Weibo pricing its H-shares at a wider discount of around 4-5% to its ADSs will...

Arun George

Weibo Secondary Listing - Needs to Come at a Discount

Weibo plans to raise around US$500-700m in its secondary listing in Hong Kong. In this note, we talk about the deal and its impact.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JD Logistics Placement - Not Wholly Convinced, JD’s US$700m Support Helps

JD Logistics (JDL) aims to raise around US$1.1bn, with US$400m coming via an institutional placement. The balance will be funded by issuing shares...

Sumeet Singh

SF Intra-City Industrial IPO: Trading Debut

The IPO price is HK$16.42 and shares will be listed on 14 Dec. Our base-case DCF value of HK$15.44 per share is a 6% downside to the IPO price.

Arun George

SF Intra-City Industrial IPO: Valuation Insights

While the valuation is undemanding vs peers, we give the IPO a pass as SF Intra-city offers an unappetizing mix of high growth at the cost of...

Arun George

Weibo Secondary Listing: HK-ADS Premium/​​​(Discount) Views

Considering the weak sentiment on Chinese tech names, we think that Weibo pricing its H-shares at a wider discount of around 4-5% to its ADSs will...

Arun George

Weibo Secondary Listing - Needs to Come at a Discount

Weibo plans to raise around US$500-700m in its secondary listing in Hong Kong. In this note, we talk about the deal and its impact.

Sumeet Singh

Weibo Secondary Listing: HK-ADS Premium/(Discount) Views