ECM Weekly (4 May 2019) - Hansoh, Douyu, Eagle Hospitality, Mulsanne, Luckin

605 Views04 May 2019 09:33

SUMMARY

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.

IPO activity continues its strong momentum. We are hearing that there will be Haitong UniTrust International Leasing (HUIL HK), Mulsanne Group Holding Ltd (1817 HK), Xinyi Energy Holdings Ltd (1671746D HK), and Hansoh Pharmaceutical (HANSOH HK) are targeting to list in May. Duiba Group (1753 HK) and Viva Biotech Holdings (1873 HK) will trade next week on Tuesday and Friday respectively.

We have already shared our thoughts on the upcoming IPOs:

In the US, there were two listings this week. Yunji was downsized to 11m ADS and priced at the bottom end in line with our thoughts that it was expensive. Nonetheless, the IPO still traded well, 24% above its IPO price. On the other hand, So-Young, which we were bullish on, is trading 50% above its IPO price. We also are hearing that Dada-JD Daojia, backed by JD.com and Walmart is considering an IPO in the US.

As for upcoming IPOs, Douyu International Holdings (DOYU US) and Luckin Coffee (LK US), we've analyzed them further in:

For other ASEAN markets, there are three REITs IPOs in Singapore, ARA US Hospitality Trust (HOTEL SP) and Eagle Hospitality Trust (EHT SP), are open whereas we are hearing that Prime US REIT will start pre-marketing soon. In Malaysia, Leong Hup closed its bookbuild a day earlier.

Accuracy Rate:

Our overall accuracy rate is 72.1% for IPOs and 64% for Placements

(Performance measurement criteria is explained at the end of the note)

New IPO filings

Beijing Enterprises Urban Resources (Hong Kong, >US$100m)
TOT Biopharma (Hong Kong, >US$100m)
Renrui Human Resources (Hong Kong, >US$100m)
Impro Precision Industries (Hong Kong, re-filed)
Helenbergh (Hong Kong, re-filed)

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.

Source: Aequitas Research, Smartkarma

News on Upcoming IPOs

Analysis on Upcoming IPO

Name	Insight
Hong Kong
AB Inbev	Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China
Ascentage	Ascentage Pharma (亚盛医药) IPO: Too Early for an IPO
Ant Financial	Ant Financial IPO Early Thought: Understand Fintech Empire, Growth & Risk Factors
CIMC Veh	CIMC Vehicle (中集车辆): Market Leader of Semi-Trailers but Little Growth Ahead
Clarity	Clarity Medical (清晰医疗) IPO: Proxy to HK SMILE Surgery Demand
ByteDance	ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)
ByteDance	ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)
East Edu	China East Education (中国东方教育) Pre-IPO - The Company Known for Its Culinary School
China Tobac	China Tobacco International (IPO): The Monopolist Will Not Recover
China Tobac	China Tobacco Intl (HK) IPO: Proxy For the Chinese Cigarette Consumption
ESR	ESR Cayman Pre-IPO - A Giant in the Making
ESR	ESR Cayman Pre-IPO - Earnings and Segment Analysis
ESR	ESR Cayman Pre-IPO- First Stab at Valuation
Frontage	Frontage (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect
Frontage	Frontage (方达控股) IPO: Updates from 2018 Numbers
Haitong	Haitong UniTrust Intl Leasing Pre-IPO - Shape Shifting
Hansoh	Hansoh Pharma (翰森制药) IPO: New Numbers, Pre-IPO Dividend and Boyu Investment (Part 3)
Hujiang Edu	Hujiang Education (沪江教育) Pre-IPO - Spending More than It Earns
Hut Chi-Med	Hutchison-China Meditech (和黄医药) H-Share Listing: MNC Partnerships Endorsed Its R&D Capabilities
Jinxin	Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector
MicuRx	MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment
MabPharm	MabPharma (迈博医药) IPO: Assembled for a Trade?
MabPharm	MabPharm (迈博医药) IPO: Thoughts on Valuation (Part 2)
SH Henlius	Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio
Tubatu	Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch
Tubatu	Tubatu Group Pre-IPO - Online -> Online + Offline -> Online -> ?
South Korea
KMH Shilla	KMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea
KMH Shilla	KMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis
Plakor	Plakor IPO Preview (Part 1)
Zinus	Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)
India
Anmol Ind	Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders
Bharat Hotels	Bharat Hotels Pre-IPO - Catching up with Peers
CMS Info	CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right
Crystal Crop	Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers
Flemingo	Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country
NSE	NSE IPO Preview- Not Only Fast..its Risky and Expensive
NSE	National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some
Mazagon	Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending
Mrs. Bector	Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta
Lodha	Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable
Lodha	Lodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt
IndiaMart	IndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult
PNB Met	PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers
Malaysia
QSR	QSR Brands Pre-IPO - As Healthy as Fast Food
The U.S
Douyu	Douyu (斗鱼直播) IPO: Leader At a Cost
Douyu	Douyu (斗鱼直播) IPO: Comparison with Huya (Part 2)
Luckin	Luckin Coffee (瑞幸咖啡) Early Thoughts - Caffeine Rush
Luckin	Luckin Coffee (瑞幸咖啡) App Walk-Through and Channel Checks
Luckin	Luckin Coffee (瑞幸咖啡) Vs. Starbucks (星巴克) - Still Has a Long Way to Go
Luckin	Luckin Coffee (瑞幸咖啡) - Base Case Valuation - Cheap Coffee Expensive Company
Luckin	Luckin Coffee (瑞幸咖啡) - Blue-Sky/Bear-Case Valuation