ECM Weekly (22 Jun 2019) -  Alibaba, Budweiser Brewing Co, Ascentage, CIMC Vehicle, Impro Precision

IPOs took a back seat this week while placements activity picked up. Budweiser Brewing Company APAC (0338867D HK) ​and Ascentage Pharma Group Corp (1309679D CH) ​have started pre-marketing for their Hong Kong IPOs while CIMC Vehicle Group Co Ltd (1706044D HK) ​relaunched its pre-marketing.

• Budweiser Brewing Company APAC Pre-IPO - PHIP Updates Further Indicate the Need for Split Valuations ​
• Budweiser Brewing Company APAC Pre-IPO - Quick Take on Likely Index Impact ​
• Ascentage Pharma (亚盛医药) IPO: Updates and Thoughts on HQP1351 (3rd Gen Bcr-Abl TKI) ​
• CIMC Vehicle (中集车辆) IPO PHIP Update: Sales Growth Could Be Peaking in N. America

The other important IPO to look out for is Alibaba Group Holding (BABA US). The company announced earlier this week that it is planning to split its shares ahead of the IPO. Sumeet Singh ​looked into the key issues that matter - stock connect flows and index inclusion.

• Alibaba IPO/Secondary Listing - The Real IPO Only Begins on the 11th Day Post Listing ​

Impro Precision Industries (1286 HK) ​and Jinxin Fertility Co Ltd (1951 HK) ​will start trading next week. Jinxin announced earlier this week that it closed bookbuild one day early and will be pricing at the top-end of price range whereas Impro Precision covered its book on the second last day of bookbuilding.

Ebang (EBANG HK)'s Hong Kong IPO application lapsed but, at the same time, Bitmain Technologies Ltd (1374554D CH) ​which was previously pursuing its Hong Kong IPO is said to be going for a listing in the US.

In the U.S, AMTD International, the investment banking arm of AMTD Group, has filed with the SEC for a US$200m IPO while we are hearing that Huize.com, a Chinese online insurance agency, is planning for a US$100 - 200m IPO in the US this year.

In Singapore, Dalian Wanda is said to be preparing for a REIT IPO as it has hired Citigroup and DBS to list its retail assets amounting to about US$1bn. Prime US REIT is also said to be targeting its IPO launch at the end of this month.

As for placements, most have been completed except for Sushiro Global (3563 JP)'s placement which will likely price on 26th of June next week. The circumstance of the placement is interesting because the block is sold by Shinmei, Sushiro's largest shareholder, after the merger between Sushiro and Genki Sushi (9828 JP) ​broke down. ​

• Sushiro Global Placement: Shareholder Sells Down After Merger Is Called Off ​