APAC IPOs & Placements

Zhen Zhou, Toh

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

<a href="https://www.smartkarma.com/entities/27412" target="_blank" data-smartkarma-citation="entities:27412:1">111 Inc (YI US)</a> is looking to raise up to about US$150m in its upcoming IPO. Proceeds from IPO will be mainly used for research and development and selling and marketing expenses to acquired new consumers.
Key operating metrics of 111 Inc suggests that the company has been facing tremendous competition in its B2C business and has probably forced the management to pivot into B2B market to arrest the slow down in revenue growth.
However, 1H FY2018 results indicated that B2B segment is margin dilutive. Although losses are narrowing and operating cash outflow has been shrinking, the company still has some way to go to prove to investors that it can be a sustainable new business segment
In this insight, we will look at the company's past financial performance, analyze its market share in China's online B2C pharmaceutical market, and compare its valuation to other e-commerce and online healthcare peers. As usual, we will also run the deal through our ECM framework.

111 Inc (YI US) is looking to raise up to about US$150m in its upcoming IPO. Proceeds from IPO will be mainly used for research and development and selling and marketing expenses to acquired new consumers.
Key operating metrics of 111 Inc suggests that the company has been facing tremendous competition in its B2C business and has probably forced the management to pivot into B2B market to arrest the slow down in revenue growth.
However, 1H FY2018 results indicated that B2B segment is margin dilutive. Although losses are narrowing and operating cash outflow has been shrinking, the company still has some way to go to prove to investors that it can be a sustainable new business segment
In this insight, we will look at the company's past financial performance, analyze its market share in China's online B2C pharmaceutical market, and compare its valuation to other e-commerce and online healthcare peers. As usual, we will also run the deal through our ECM framework.

Ping An Healthcare and Technology (1833 HK)

111 Inc. (1药网) IPO Review - Key Operating Metrics of B2C Segment Has Been Declining