ECM Weekly (28 February 2021) - Cheerwin, Coupang, DDMP REIT, Aztech, Autohome HK

Asia IPO pipeline is still looking strong. This week, there were five new draft prospectus filed on Hong Kong Exchange. Refer to the "New IPO filings this week" list below for the names and estimated deal size.

Upcoming IPOs have been sparse. Joinn Laboratories (H) (6127 HK)'s H-Share debuted on Friday, falling through its IPO price as A-shares price have fallen during bookbuild while Sciclone Pharmaceuticals (6600 HK) trades on Wednesday.

• Joinn Lab (昭衍新药) A+H Trading: Fall in A-Share Limits the Upside
• SciClone (赛生药业) IPO: A Mediocre Deal

Cheerwin (6601 HK) launched its IPO on Friday, looking to debut and we have looked at peer analysis, product review, and valuation in our notes this week.

• Cheerwin (朝云集团) IPO - Not the Right Price
• Cheerwin (朝云集团) Pre-IPO - Peer Analysis and Thoughts Valuation
• Cheerwin (朝云集团) Pre-IPO - 9M20 Results + Product Review

Also in Hong Kong secondary listings, news reports confirmed that Autohome Inc (Adr) (ATHM US) has won approval from HKEX for its proposed secondary listing. We take a look at deal dynamics and past secondary listings performance in:

• Autohome Secondary Listing - Doesn’t Need the Cash at All

Singapore finally got another large non REIT IPO. Aztech Global (1869224D SP) is looking to IPO after its 2017 privatization. The company's fortunes changed almost right after its delisting due to a lucky break. We discuss in detail in our note:

• Aztech IPO - A Lucky Break Marred by Checkered Past

In the U.S, we shared our earnings forecast and thoughts on valuation while waiting for Coupang (CPNG US)'s IPO bookbuild launch.

• Coupang Pre-IPO - Earnings Forecast and Valuation

Last but not least, in the Philippines, DDMP REIT (1848316D PM) is looking to ride on the REIT wave after Areit (AyalaLand REIT) (AREIT PM)'s strong comeback in share price despite a disappointing debut.

• DDMP REIT Pre-IPO - Brand New Assets but Not with the Best of Outlooks
• DDMP REIT Pre-IPO - Peer Review

Placements:

• SK Biopharma Placement - Juicy Discount but the Rest Looks Iffy
• Cromwell REIT Placement - Acquisition Was Announced Well Ahead and Placement Likely Expected
• Nissin Foods Placements - Shouldn't Have a Large Impact
• Mitsubishi Estate Logistic REIT Placement - Earlier than Before but Still a Well-Flagged Deal
• Hope Education (希望教育) Placement - Back for More Cash and Readying up for Acquisitions
• Bank of Queensland Placement - Is Transformative but Might Not Be as Great in the Short-Term