ECM Weekly (12 July 2020) - Ocumension and Smoore, Simcere, Blue Moon, Weihai City Bank, Radiance

Hong Kong IPOs mostly delivered spectacular returns on their debut this week with Smoore International (6969 HK) and Ocumension Therapeutics (1477 HK) leading the charge and closing about 150% above IPO price on their Friday debuts. The HK IPO rush has slowed down this week and we are left with a handful of listings next week. Details of the listings next week in the screenshot further below.

• Smoore Intl (思摩尔国际) IPO Trading: Visible Upside as Peer Performed Well
• Ocumension (欧康维视) IPO Trading: Share Could Double Thanks to Record Demand
• GreenTown Management Holdings (绿城管理) Trading Update - Sub Rate Pales in Comparison to Recent IPOs
• Zhenro Services (正荣服务) Trading Update - Strong HKPO Demand Triggers Max Clawback
• Immunotech (永泰生物) IPO Trading: Bifurcation of Book Coverage
• Shenzhen Hepalink (海普瑞) A+H Trading: 20% Upside Thanks to A-Share Performance

We also covered a few upcoming Hong Kong IPOs:

• Radiance Holdings (金辉控股) Pre-IPO - Property Mgt Svc Sold Out at a Ridiculously Cheap Valuation
• Simcere (先声制药) Pre-IPO: Long History but Products Concentrated
• Blue Moon: No. 1 But No Exclusive Advantage, Observation on the Ground
• Weihai City Commercial Bank Pre-IPO - More of an Asset Manager Rather than a Lender

In India, ECM activity seems to be picking up. Gland Pharma filed its draft prospectus with the Sebi this week, expecting to raise about US$800m. It was reported earlier that Mindspace Business Parks REIT (MBP IN) is moving closer to its IPO with an updated filing of draft prospectus which Sumeet Singh has covered this week. There are also more Indian bank placements to come as they look to strengthen their balance sheets.

• Mindspace Business Parks REIT Pre-IPO - Updates Aren't so Great
• Axis Bank Placement - Early Look - Looking to Raise US$2bn
• ICICI Bank Placement - Early Look - Another US$2bn Raising

Aside from India, we also had placements in Hong Kong, Australia, and Korean this week.

• Afterpay Placement - We Would Sell Now, Maybe Buy Later, if It Corrects
• Celltrion Healthcare Placement: Clean up Trade for One Equity Partner
• Jinxin Fertility Placement: Sound Fundamentals
• Times Neighborhood (时代邻里) Placement - Opportunistic Raise to Lock in Cash for M&A

Last, but not least, we look into upcoming IPO lock-up expiry and share our thoughts on potential trade ideas.

• Jiumaojiu (九毛九) Lock-Up Expiry Trade Idea - Heady Valuation with Significant Overhang
• I-Mab (天境生物) Lock-Up Expiry: A Differentiated Immunotherapy Player Worth Reverse Inquiry