ECM Weekly (20 September 2020) - Ant Group, Ming Yuan Cloud, Neusoft Edu, Computer Age Mgt
Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
Deal flow remains strong in Hong Kong as companies will probably take advantage of momentum and optimism leading up Ant Financial (1051260D CH)'s listing. Ant moved another step closer to listing as it has already won approval from Star Market.
- Ant Group (蚂蚁集团) Pre-IPO: Impact Assessment of the New Rule for Financial Holding Companies
- Ant Group (蚂蚁集团) Running Neck and Neck with Tencent in Direct Financial Services
- AliPay’s Advantage over WeChat Pay in Physical Stores
Ming Yuan Cloud Group (909 HK) and Neusoft Education (NEUEDU HK) launched their bookbuild this week and the former closed its books early, indicating strong demand from investors.
- Ming Yuan Cloud (明源云) IPO - Better Disclosure and a Leader in the Industry
- Neuedu (东软教育) Pre-IPO: COVID-19 Updates, Financial Comp, Valuation
Hong Kong secondary listings/homecoming wave continued this week and Sumeet Singh shared his thoughts on all three listings:
- ZTO Express Secondary Listing - Fast Growth but It Hasn't Been Flowing Down to Earnings
- Zai Lab HK Secondary Listing - Large Deal to Digest but past Deals Have Done Well
- Baozun HK Secondary Listing - Large Dilution Needs a Large Correction
For upcoming Hong Kong IPOs, we are hearing that Jinke Smart Services (JKS HK) is looking to get approval next week, Wei Hai Bank has passed hearing this week, and Everest Medicines (EVEREST HK) is looking to pre-market next week. There were also news reports that Kuaishou is looking to IPO by the end of this year and JD Health is likely to file this month.
- Jinke Smart Services (金科智慧服务) Pre-IPO - GFA Growth at the Expense of Fees
- Everest Medicines (云顶新耀) Pre-IPO: License-In Specialist Led by Biotech Investors
In other parts of Asia, Computer Age Management Services (CAMS IN) launched its IPO bookbuild at a fairly expensive valuation whereas, in Japan, Kioxia (6600 JP) launched its IPO.
Other IPO coverage:
- JHBP/Genor (嘉和生物) Pre-IPO: Thoughts on Valuation
- IHuman Inc (洪恩) Pre-IPO - Overly Reliant on One App to Generate the Majority of Revenue
- CR Mixc Lifestyle Services (华润万象生活) Pre-IPO - A Balance of Residential and Commercial Properties
Placements this week:
Accuracy Rate:
Our overall accuracy rate is 73.0% for IPOs and 66.1% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- Baozun (Hong Kong secondary, US$486m)
- Zai Lab (Hong Kong secondary, US$835m)
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.
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- Chindata Group IPO Trading - Would Book Profits if It Trades at a Premium30 Sep 2020
- ECM Weekly (27 September 2020) - Ant Group, Chindata, SCG Packaging, JHBP/Genor, Neuedu, UTI AMC27 Sep 2020
- Ming Yuan Cloud (明源云) Trading - Max Clawback Triggered but Still Decent Amount Left for Insti24 Sep 2020
- Ant Group (蚂蚁集团) Pre-IPO: Impact Assessment of the New Rule for Financial Holding Companies17 Sep 2020
- Ant Group (蚂蚁集团) Running Neck and Neck with Tencent in Direct Financial Services16 Sep 2020
- ECM Weekly (13 September 2020) - Ant Group, Joy Spreader, Chindata, Huazhu Secondary, Converge ICT13 Sep 2020