ECM Weekly (14th March 2021) - Coupang, Baidu, Shanghai Heartcare, Chaoju Eye Care, Linklogis, Tuya

Hong Kong IPOs broke its hot streak after Sciclone Pharmaceuticals (6600 HK) and Cheerwin (6601 HK) recent poor debut. But the pipeline continues to build up and quite a number of them were secondary listings. There were news reports of Xpeng (XPEV US), NIO Inc (NIO US), Li Auto Inc. (LI US), Hutchison China MediTech Ltd (HCM US) preparing for their Hong Kong secondary listing. Meanwhile Bilibili Inc (BILI US)'s HK listing was approved, Baidu (BIDU US) launched this week and Autohome Inc (Adr) (ATHM US) will trade on Monday.

• Baidu Secondary Listing - Smaller than Expected, Doing the Bare Minimum
• Bilibili Secondary Listing Early Look - 4Q20 Results Quick Note
• Autohome Secondary Listing - Going Down a Different Route
• Autohome Secondary Trading - Strong Retail, Weak Insti Coverage
• Cheerwin (朝云集团) IPO - Good Bookbuild Demand but Still Below Average

We also covered other upcoming Hong Kong IPOs like Chaoju Eye Care Holdings (CEC HK), Shanghai HeartCare Medical Technology (HMT HK) and Linklogis (LINK HK) in:

• Chaoju Eye Care (朝聚眼科) Pre-IPO: How Does It Fare Against Industry Leader
• Linklogis Pre-IPO - The Positives - Fast Growing Blockchain Driven Supply Chain Financier
• Linklogis Pre-IPO - The Negatives - Inconsistent Growth and Margins, Well Funded Competitors
• Shanghai HeartCare (上海心玮医疗) Pre-IPO: A Decent Story to Sell

Meanwhile, Coupang (CPNG US) had a spectacular debut even after pricing above its revised priced range. At this price level, valuation is expensive compared to peers and with tiered lock-up expiry, it's probably wise to lighten up from a short-term trading perspective.

• Coupang IPO Trading - Most Hit near Term Peak on the First Day - Key Trading/Lock-Up Dates
• Coupang IPO - Quick Note - Peers Move Down, Range Moves Up. Ripe for Trading.

For upcoming IPOs, Ximalaya FM and Waterdrop has filed confidentially for up to US$1bn and US$500m IPO, respectively. We continued our coverage of Tuya Inc (1869782D US) with peer analysis and share our thoughts on forecast, and valuation and initiation on Zhihu Technology (ZH US)

• Tuya (涂鸦智能) Pre-IPO - Peer Comparison, Forecast, and Valuation
• Zhihu (知乎) Pre-IPO - In the Early Stages of Monetization

In Singapore, Aztech Global (AZTECH SP) had a less than ideal debut. The company's share price opened 7% higher but traded down to close just 0.8% above its IPO price.

• Aztech IPO - Notes from Analyst Briefing
• Aztech IPO Trading - Heading for a Modest Debut

Last, but not least, India ECM has been picking up momentum with a handful of IPOs launched this week. Sumeet Singh covered Kalyan Jewellers (KALYAN IN) with updates on valuation and financials since the draft prospectus.

• Kalyan Jewellers IPO - No Glitter
• Kalyan Jewellers Pre-IPO - Strategy Missteps Led to Earnings Flatlining

We covered one Hong Kong placement this week. But more importantly, shareholders of IDP Education (IEL AU) have confirmed that they will be looking to sell their shares before the end of year which will be a large block:

• China Hongqiao Placement - Back for More, Previous Deal Did Well
• IDP Education Placement Early Look - A Big Block/Whole Lot of Blocks Could Be Coming