ECM Weekly (31 Aug 2019) -  Megvii, Pharmaron, China Feihe, Home Credit, Prosus

Things are finally picking in Hong Kong even though protests have yet to die down. This week alone, three notable companies filed with the Hong Kong Exchange, namely, Megvii, Jiumaojiu, and Pharmaron. China Feihe is also said to have started investor education recently. We have covered the companies in:

• Megvii (旷视) Pre-IPO - Remarkable Growth (Part 1)
• Megvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential
• Megvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent
• Pharmaron (康龙化成) A+H Listing: A Leading Drug Discovery Company
• China Feihe (中国飞鹤) IPO: Thoughts on Valuation

In the Philippines, two companies, Axelum Resources (1729371D PM) and AllHome (AHM PM), have been approved by the SEC and will be listing early October. Sta Lucia Land (SLI PM) has also gotten the approval for a planned follow-on offer of about US$160m and the offer period is set to be in November.

• AllHome IPO Early Thoughts - About to Grow Even Faster
• AllHome IPO Peer Comparison - Playing Catch Up
• AllHome IPO Early Thoughts on Valuation

In Thailand, PTT has said that it is expecting to list its retail business in the next twelve months while Asset World started premarketing for its US$1.5bn IPO.

In Japan, shareholders of Recruit Holdings (6098 JP) came back onto the market to sell about US$3.5bn worth of shares. We shareD our initial thoughts on the deal and will follow up with a closer look on past deal performances and scores on our deal framework.

• Recruit Holdings Placement: First Major Sell Down Since 2016