ECM Weekly (28 Sep 2019) - Metro Pacific Hospitals, Topsports, ESR Cayman, JS Global

The IPO schedule is looking busy as we head into Q4. In Hong Kong, China Mobile Games Adr (CMGE US) refiled its draft prospectus. Sichuan Languang Justbon which recently just refiled is already looking to pre-market its IPO while JS Global Lifestyle (JSG HK) is seeking listing approval next week. We are also heard that Topsports have already covered their books shortly after it launched its IPO.

• CMGE Tech (中手游) Pre-IPO Review - Unfortunate Timing
• JS Global (JS 环球生活) Pre-IPO - Sometimes, Two Negatives Don't Make a Positive

In India, Goldman-backed Samhi Hotels, which owns 29 hotels operated under brands like Courtyard by Marriott, Sheraton, Hyatt Regency and Holiday Inn Express, has filed for a US$300m IPO. The company is said to be targeting to list in January next year.

Back in Singapore, the REIT market has been active. UOB Hamshire REIT is said to be pre-marketing for its US$400m IPO which will comprise US-based retail assets. Mapletree Commercial Trust (MCT SP) is announced this week that it looking to raise about US$600m in its upcoming placement to partially fund the acquisition of Mapletree Business City (Phase 2).

• MCT - Well Flagged Deal, Large Size Remains a Short Term Worry

In Australia, Latitude Financial Services (1272471D AU) is set to continue the momentum in ECM after Ramsay Health Care (RHC AU)'s US$880m block. The company is set to raise about US$945m after its initial delay earlier this year. It will be pricing between 15 - 16th October and list on the 18th of October.

• Latitude Financial Group Pre-IPO Review - Credit Prospectus Throw up Some Interesting Data Points

In the U.S., Chinese ADR listings have gotten a little interesting/complicated as of Friday. It was reported that the Trump administration is considering delisting Chinese companies from U.S. stock exchanges and limiting Americans’ exposure to the Chinese market through government pension funds. There are no details on the mechanism nor concrete plans laid out yet but this could slow down or dampen sentiment for Chinese ADR listings just as we are seeing some uptick in activity.

We were hearing that NetEase Youdao is looking to pre-market its IPO next week and Ecmoho just filed with the SEC for its US$150m IPO. Dada-JD Daojia, backed by JD.com and Walmart, has only just started to work on a US listing to raise about US$700m–$800m next year. Ehang is also said to have filed confidentially for an IPO to raise about US$200m.