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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

China Resources Mixc Lifestyle / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/china-resources-mixc-lifestyle-services" target="_blank" data-smartkarma-citation="entities:29285:1" rel="noopener">China Resources Mixc Lifestyle Services (CRML HK)</a> (CRML) is looking to raise US$1bn in its upcoming Hong Kong IPO. CRML is the property management arm of China Resources Land (CR Land). The company provides property management and value-added services (VAS) to residential properties. It also manages and operates a portfolio of commercial properties that includes shopping malls and office buildings. As of 30th June 2020, the company has a total GFA under management (including residential and commercial) of 106.6m sqm.We didn’t like the fact that CRML’s SOE-linked parentage puts CRML in a position where it had to manage old properties. While they don’t account for a significant proportion of residential properties’ revenue, it still reflects the quality of properties that could come to CRML in the future.In this note, we will look at updates from PHIP, peer comparison, and discuss our thoughts on assumptions and forecasts.

China Resources Mixc Lifestyle Services (CRML HK) (CRML) is looking to raise US$1bn in its upcoming Hong Kong IPO. CRML is the property management arm of China Resources Land (CR Land). The company provides property management and value-added services (VAS) to residential properties. It also manages and operates a portfolio of commercial properties that includes shopping malls and office buildings. As of 30th June 2020, the company has a total GFA under management (including residential and commercial) of 106.6m sqm.We didn’t like the fact that CRML’s SOE-linked parentage puts CRML in a position where it had to manage old properties. While they don’t account for a significant proportion of residential properties’ revenue, it still reflects the quality of properties that could come to CRML in the future.In this note, we will look at updates from PHIP, peer comparison, and discuss our thoughts on assumptions and forecasts.

CR Mixc Lifestyle Services (华润万象生活) Pre-IPO - SOE-Linked Parentage Didn’t Help