ECM Weekly (24 January 2021) - Kuaishou, New Horizon Health, Indigo Paints, Home First Fin, IRFC

Hong Kong IPO had a short respite this week as we gear up for Beijing Kuaishou Technology Co Ltd (1496219D CH)'s US$6bn mega IPO next week. We also heard that Basecare's IPO is likely to launch its bookbuild in the same week while MicroPort CardioFlow (1844972D HK) which started premarketing this week too, should come to market very soon too.

• Kuaishou Technology Pre-IPO - Updated Forecasts and Valuation
• Kuaishou Technology Pre-IPO - PHIP Updates - User Growth Has Been Slowing Down Post COVID

This week we also covered Cheerwin (CHEER HK) and New Horizon Health (NHH HK) which are likely to come to market soon.

• Cheerwin (朝云集团) Pre-IPO - Monetizing a Mature Business
• New Horizon Health (诺辉健康) Pre-IPO: Thoughts on Valuation

The next busiest market is probably India where there were three IPO bookbuilds ongoing this week. Indian Railway Finance Corporation (INFZ IN) launched its IPO last week while Indigo Paints (IP IN) launched on Tuesday and Home First Finance (HFF IN) launching a day later. We covered this IPOs in:

• Indigo Paints IPO - Not Leaving a Whole Lot on the Table
• Indigo Paints IPO - Growing Fast but Future Growth Won’t Come as Easy
• Indian Railway Finance IPO - Low Risk, Low Margin, Low Returns
• Home First Finance IPO - It’s Not Really Cheap, Banking on Momentum

Despite China ADRs' delisting woes, RLX Technology Inc (RLX US)'s +146% trading debut showed that US market is still an enviable venue to list on. Other potential US listing to come this year includes Tencent-backed online education company, Huohua Siwei, which was reported to have picked banks for its IPO and also Cloopen Group Holding Ltd (RAAS US) which just filed its prospectus with the SEC.

• RLX Technology IPO Trading - We Won't Be Chasing

Beyond IPOs, Hong Kong placement was still very active with a handful of capital raise and secondary selldowns. India listed Apollo Hospitals Enterprise (APHS IN) also raised about US$160m in its well-flagged QIP.

• BYD (比亚迪汽车) Placement - A Well Anticipated Placement with Strong Momentum
• Venus Medtech (启明医疗) & Peijia Medical (沛嘉医疗) Placement - Take Your Pick
• Alibaba Health Placement - Another Round of Selldown by Yunfeng
• Apollo Hospital Placement/​​QIP - Well Flagged Deal with Well Planned Use of Proceeds