ECM Weekly (3 Nov 2019) - Alibaba, China Feihe, Cal-Comp Tech, Shanghai Kindly, SinoMab, Sinic
Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
IPO sentiment across Asia is still looking up with the China ADR listings taking the lead this week with a handful of filing. Canaan, Phoenix Tree, I-Mab Bioscience, Lizhi FM, Meili Auto, and Ehang have filed their prospectuses with the SEC and should be listing in the coming weeks. We are also hearing that uCommune, a co-working space operator in China, has filed confidentially.
Back in Hong Kong, Alibaba Group Holding (BABA US) is said to likely file after its 11.11 online retail day and it is looking to list in Hong Kong before the end of the year. This is probably on the back of continuous outperformance of Hong Kong IPOs regardless of deal size as seen from ESR and CMGE debut performance. Other ongoing IPO bookbuild in Hong Kong are Sinic Holdings, SinoMab, and China Feihe while Changsha Broad Homes and Shanghai Kindly are listing on the 6th and 8th of November respectively.
- China Feihe (中国飞鹤) IPO - Wide Valuation Range, No Cornerstone, and Things to Note
- Shanghai Kindly (康德莱医疗) IPO - Cardiovascular Device Leader Backed by Strong Cornerstone
- SinoMab (中国抗体) IPO - A Hard Sell
- Sinic Holdings IPO - Heady Growth but with Enough Issues to Make a Warning Manual
In South-East Asia, ECM activity has been encouraging too. Cal-Comp Tech is looking to open books on Monday while Siam Cement has gotten board approval to spin of Siam Packaging which could be a US$1bn IPO. PTT Oil and Retail is also planning to file its draft prospectus for an IPO of up to US$2bn towards the end of the year.
Accuracy Rate:
Our overall accuracy rate is 72.7% for IPOs and 64.9% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- Canaan (~US$400m, the U.S.)
- Phoenix Tree (~US$300m, the U.S.)
- I-Mab Bioscience (~US$200m, the U.S.)
- Lizhi FM (~US$100m, the U.S.)
- Meili Auto Holdings (~US$100m, the U.S.)
- Ehang (~US$100m, the U.S.)
- Central China New Life (~US$100m, Hong Kong)
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.
News on Upcoming IPOs
Analysis on Upcoming IPOs
- Sinic Holdings IPO - Heady Growth but with Enough Issues to Make a Warning Manual
- Shanghai Kindly (康德莱医疗) IPO - Cardiovascular Device Leader Backed by Strong Cornerstone
- China Feihe (中国飞鹤) IPO - Wide Valuation Range, No Cornerstone, and Things to Note
- YX Asset Recovery Pre-IPO - Rapid Portfolio Growth Has Not Led to Commensurate Earnings Growth
- SinoMab (中国抗体) IPO - A Hard Sell
- Cal-Comp Technology IPO - Getting Vacuumed up by Dyson, in a Good Way
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