ECM Weekly (23 August 2020) - Nongfu Spring, Xpeng, Sunac Services, Pop Mart
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 has been a busy week in the ECM space, both IPOs and placements alike. In Hong Kong, Nongfu Spring (NON HK) was approved and filed its post hearing information pack (PHIP) for which Sumeet Singh has shared his thoughts and updated valuation in the notes this week. We also continue our early coverage of upcoming IPOs such as Sunac Services Holdings (1820476D HK) and POP MART (POP HK)
- Nongfu Spring Pre-IPO - Updates to Valuation
- Nongfu Spring Pre-IPO - PHIP Updates
- Sunac Services (融创服务) Pre-IPO - Promising Growth & Diversifying Away from Sunac Via Acquisitions
- Pop Mart Pre-IPO Quick Note - On the Ground - Pop-Up Stores Are Effective
Xpeng Motors (XPEV US) launched its IPO on Friday with a price range of US$11 - 13 per ADR. But before that, we looked at Xpeng's EVs and compared to similar EVs in China and shared our thoughts on peers and valuation.
- Xpeng Motors (小鹏汽车) Pre-IPO - Peer Comparison and Valuation
- Xpeng Motors (小鹏汽车) Pre-IPO - Car Comparison and P7 Performance Test
- Xpeng Motors (小鹏汽车): Visited a Store, Fairly Priced, But with Recharging Problem
Placement was mad rush across different geographies this week. We had Coronado Global Resources Inc (CRN AU) in Australia, Futu Holdings Ltd (FUTU US) in the US (ADR), Lasalle Logiport REIT (3466 JP)'s annual capital raise and acquisition in Japan, ADB's selldown of Wilmar International (WIL SP)'s shares ahead of Yikai IPO, and lastly, Kingdee International Software (268 HK)'s capital raise in Hong Kong:
- Coronado Global Placement - Calling Back Some of the Generous Dividends
- Futu Holdings Placement - Riding High on Momentum
- LaSalle Logiport REIT Placement - Has Been Performing Well This Year
- Wilmar International Placement - Can't Pinpoint the Reason for ADM Selling
- Kingdee Placement - Past Deals Haven't Done Well in the near Term
Accuracy Rate:
Our overall accuracy rate is 73% for IPOs and 66% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- Harbour Biomed/HBM Holdings (Hong Kong, ~US$300m)
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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- Ant Group (蚂蚁集团) Pre-IPO: Things to Clarify/Questions to Ask - Falling Fees, Margins, Cash Flow03 Sep 2020
- ECM Weekly (30 August 2020) - Ant Group, Kioxia, Yum China, Blue Moon, Softbank Corp Secondary30 Aug 2020
- Nongfu Spring IPO - Not Cheap by Any Measure but Is a Quality Name25 Aug 2020
- Kingdee Placement - Past Deals Haven't Done Well in the near Term20 Aug 2020
- Wilmar International Placement - Can't Pinpoint the Reason for ADM Selling19 Aug 2020
- ECM Weekly (16 August 2020) - RemeGen, Neusoft Edu, Huazhu HK, Xpeng Motors, KE Holdings16 Aug 2020