ECM Weekly (18 October 2020) - Lufax, Simcere, KWG Living, GDS, Jacobio
Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
It was a pretty busy week in Hong Kong ECM. Simcere Pharmaceutical Group (2096 HK), KWG Living Group (3913 HK), and Radiance Holdings (RH HK) launched their IPO bookbuilds this week.
- Simcere (先声制药) IPO: Fairly Valued for a Generic Player
- KWG Living (合景悠活) IPO - Not Cheap but Strong Lineup of Investors Helps
We continue our coverage on upcoming HK Biotech listings, specifically, Jacobio Pharmaceuticals (1588148D CH). We are also hearing that GDS Holdings (ADR) (GDS US) will start its secondary listing bookbuild next week while JW Therapeutics (JWT HK) which just got HKEX approval this week will be premarketing its IPO. Shimao Services Holdings (SSH HK) will likely launch its bookbuild soon too, considering that its PHIP was filed around the same time as KWG Living.
- GDS Holdings Hong Kong Secondary - Hot Sector, Needs the Money
- Jacobio (加科思药业) Pre-IPO: Right Team but Long Time to Market
- Shimao Services (世茂服务) Pre-IPO - PHIP Updates - Impressive 6M 2020 Results
- JW Therapeutics (药明巨诺) Pre-IPO: CAR-T Leader in China
In the U.S, MINISO Group Holdings (MNSO US)'s trading debut volatile. It opened about 22% above IPO price and traded down to close just 4% above IPO price but continue to trade 11% higher on the second day. Sumeet Singh also covered Lufax Holdings (LU US) earlier this week which filed its prospectus last Friday, likely to raise up to US$3bn in its IPO.
- Lufax Pre-IPO - The Negatives - Remains in Flux
- Lufax Pre-IPO - The Positives - Able to Grow Despite the Headwinds
- MINISO (名创优品) IPO Trading - Not Much Value Left After Pricing Above Range
Back in ASEAN region, Singapore ECM space finally got a sizable IPO. Nanofilm Technologies (and selling shareholders) are looking to raise about US$345m in its IPO. It was reported that the deal has a strong lineup of cornerstone investors. Other than that, SCG Packaging (SCGP TB) and MR D.I.Y. Group (MRDIY MK) will be debuting next week in Thailand and Malaysia, respectively.
Placements:
Accuracy Rate:
Our overall accuracy rate is 73.4% for IPOs and 66.5% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- Nanofilm (US$345m, Singapore)
Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.
News on Upcoming IPOs
- Hong Kong bets on Ant's giant IPO to keep up listings bonanza
- HK brokers tout lower costs for retail investors seeking to buy into Ant Group’s IPO
- Singapore's Nanofilm to raise up to S$510m, largest local IPO in year
- CVC-Backed Thai Lender Ngern Tid Lor Weighs $1 Billion IPO
- MR DIY IPO shares oversubscribed
Analysis on Upcoming IPOs
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- ECM Weekly (8 November 2020) - Ant, Sunac Svcs, Jinke Svcs, Antengene, Gland Pharma, Kalyan Jewel08 Nov 2020
- ECM Weekly (1 November 2020) - Ant Group, Sunac Services, New Oriental HK, Bio-Thera01 Nov 2020
- ECM Weekly (25 October 2020) - Ant Group, Lufax, JW Thera, Shimao Svcs, GDS Secondary, Nanofilm25 Oct 2020
- KWG Living (合景悠活) IPO - Not Cheap but Strong Lineup of Investors Helps17 Oct 2020
- GDS Holdings Hong Kong Secondary - Hot Sector, Needs the Money14 Oct 2020
- ECM Weekly (11 October 2020) - Excellence Comm, MR DIY, Converge ICT, Simcere, SciClone, JW Thera11 Oct 2020