ECM Weekly (23 Feb 2020) - SBI Cards, United Hampshire US REIT, China Bright Culture

Asia ECM braved volatile conditions as three companies, China Bright Culture Group (1859 HK), United Hampshire US REIT (UHUS SP) and SBI Cards (SBICARDS IN), launched their IPO books this week. Ke Yan, CFA, FRM and Sumeet Singh covered them in:

• SBI Cards and Payments IPO - Its Expensive, as It Should Be
• China Bright Culture (煜盛文化) IPO: A Hard Sell
• United Hampshire US REIT IPO - E-Commerce Resistant Maybe but Still Not Doing Great
• United Hampshire US REIT IPO - Yield Looks Enticing but Falls Short on Multiple Measures

Two companies were added to our Hong Kong's IPO pipeline. China Bohai, backed by Standard Chartered, and GreenTown Management Holdings have filed their draft prospectus with the Hong Kong Exchange. We also share early thoughts on other upcoming IPOs this week in:

• Hygeia Healthcare (海吉亚) Pre-IPO: The Making of Jinxin in the Oncology Segment
• Zhenro Services (正荣服务) Pre-IPO - Diversifying Away from Zhenro Property Group
• E-Star Commercial Management Pre-IPO - Still Largely Reliant on Galaxy, Poor Disclosure Doesn’t Help

In India, SBI Cards launched its books on Friday and will be closing shortly on 5th March. Sumeet Singh has covered the IPO last week in and this week he analyzed a restaurant operator that will likely list in 2Q 2020.

• Barbeque Nation Pre-IPO - Not Really a Feast.

In the U.S, there were news reporting that Naixue Tea has filed confidentially for potentially a US$400m IPO. The company operates Naiyuki, one of the largest bubble tea chain in China and competes directly with HEYTEA.