ECM Weekly (31 May 2020) - JD & NetEase HK, Legend Biotech, Burning Rock, Dada Nexus, Kangji
Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
As per news reports, JD.com and NetEase have gotten approvals for their secondary listing in Hong Kong. NetEase is said to be opening books on Monday and listing is scheduled to be on June 11th while JD.com will likely list on June 18th. Sumeet Singh share more thoughts on how to trade the secondary listings in:
Despite the tension between US and China regarding investments in China ADRs, Legend Biotech (LEGN US) has decided to brave the storm and launch its bookbuild as of Friday. Ke Yan, CFA, FRM shared his thoughts on the company's drugs earlier this week in his note and also covered the first look at last week's filing, Burning Rock. There will be another note on Legend Biotech valuation next week.
- Legend Biotech (传奇生物) Pre-IPO: Superior Efficacy Vs Bluebird/BMS Candidate
- Burning Rock (燃石医学) Pre-IPO: Leading Precision Oncology Player but Short of Disclosure
We also heard that Dada Nexus (DADA US) has already started pre-marketing their IPO earlier this week. We covered the company in more detail on peers and will be following up with another note on valuation next week:
Back in Hong Kong, recent IPOs have all traded well and Yeahka Limited (9923 HK), hoping to ride the momentum launch its bookbuild last week and will be listing on Monday. We covered valuation at different price levels and deal dynamics in:
Other upcoming Hong Kong IPO coverage this week by Aequitas also include:
Placement coverage this week:
Accuracy Rate:
Our overall accuracy rate is 73.5% for IPOs and 65.4% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- First Service Holding (Hong Kong, ~US$100m)
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.
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- ECM Weekly (14 June 2020) - JD, Burning Rock, Kangji Med, Hygeia Healthcare, Pop Mart, Bohai Bank14 Jun 2020
- Pop Mart Pre-IPO - The Positives - Expanding Portfolio+Wider Distribution= Explosive Earnings Growth11 Jun 2020
- ECM Weekly (7 June 2020) - JD & NetEase HK Bookbuild, Burning Rock & Nongfu Spring Valuation07 Jun 2020
- JD & NetEase Secondary Listings - What to Do with the ADR? Lessons from Baba31 May 2020
- Burning Rock (燃石医学) Pre-IPO: Leading Precision Oncology Player but Short of Disclosure29 May 2020
- ECM Weekly (24 May 2020) - NetEase and JD Homecoming, Legend Biotech, Nongfu Spring, Yeahka24 May 2020