ECM Weekly (6 Jul 2019) - Budweiser APAC, Prime US REIT, Topsports, Douyu, JS Global, China Feihe
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.
Hong Kong IPOs seemed to have taken a turn for the better. Budweiser Brewing Company APAC (1876 HK) launched its US$10bn mega IPO that have perhaps inspired confidence in other companies. For example, China Feihe (FEIHE HK) filed its prospectus after pulling its failed listing attempt back in 2017 while Shanghai Henlius Biotech (1566213D HK) refiled as well after its December 2018 application lapsed not long ago.
- China Feihe (中国飞鹤) IPO: New Numbers, New Red Flag, and Demographic Risk
- Shanghai Henlius (复宏汉霖) IPO: Valuation of Four Biosimilars
Other than new IPO filings, we also covered the recent applications such as Topsports International (TOP HK) and JS Global Lifestyle (JSG HK) which could potentially be interesting.
- Topsports International Holdings Pre-IPO - Performing Well but All Proceeds Will Likely Go to Belle
- JS Global Lifestyle (JS 环球生活) Early Thoughts - Declaring US$470m Dividend Before IPO
We are also hearing that Sterling & Wilson Solar (SWSL IN) will likely launch its IPO in the next two weeks while Douyu International Holdings (DOYU US) will kick off its IPO next week. We have covered both IPOs recently in:
- Sterling and Wilson Solar Pre-IPO - Potentially India's Largest IPO This Year - Ain't No Sunshine
- Douyu (斗鱼直播) IPO: Latest Numbers Bode Well for Listing (Part 3)
Other interesting things happening in APAC ECM is India's surprise proposed change in public free float requirement from 25% to 35% which may see share sale in the near future and could potentially enlarge upcoming IPO deal sizes.
Accuracy Rate:
Our overall accuracy rate is 72.5% for IPOs and 64% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- China Feihe (Hong Kong, ~US$1bn)
- Neutech (Hong Kong, potential US$100m)
- Shanghai Henlius Biotech (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.
News on Upcoming IPOs
- ByteDance’s IPO might happen as early as this year
- Lion Air Investigates Initial Public Offering Possibility
- Woolworths to spin off Endeavour Drinks and ALH
- GFG Alliance targets more modest $700 mln Australia IPO for steel unit
- Hospital chain KIMS draws up plan for a market debut in 2020
- UAE's Equitativa considering listing commercial, office assets on SGX
- China’s Top Domestic Baby Formula Firm Gives Hong Kong IPO a Second Shot
- WeWork's $3 billion Sequoia-backed Chinese rival is reportedly eyeing a 2020 IPO in the US
Analysis on Upcoming IPOs
- IVD Medical (華檢醫療) IPO Review - More than 70% of IPO Proceeds Used for Dividend and Acquisition
- Prime US REIT IPO - Highly Mature and Spread Out Portfolio
- Prime US REIT - Peer Comparison and Thoughts on Valuation
- Budweiser Brewing Company APAC IPO - Looks Reasonable at the Low End. It Should Go into MSCI, Early.
- Edvantage (中汇集团) IPO Review - Decent but Expensive
- Douyu (斗鱼直播) IPO: Latest Numbers Bode Well for Listing (Part 3)
- Topsports International Holdings Pre-IPO - Performing Well but All Proceeds Will Likely Go to Belle
- China Feihe (中国飞鹤) IPO: New Numbers, New Red Flag, and Demographic Risk
- JS Global Lifestyle (JS 环球生活) Early Thoughts - Declaring US$470m Dividend Before IPO
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- Budweiser Brewing Company APAC IPO (Cancelled) - Quick Trades on the Not so Subtle Butterfly Effect14 Jul 2019
- ECM Weekly (13 Jul 2019) - Budweiser APAC IPO Cancelled, Douyu Listing Next Week13 Jul 2019
- Budweiser Brewing APAC IPO - Valuation Corrigendum, Index Inclusion Timeline and Quick Take on M&A08 Jul 2019
- China Feihe (中国飞鹤) IPO: New Numbers, New Red Flag, and Demographic Risk05 Jul 2019
- Budweiser Brewing Company APAC IPO - Looks Reasonable at the Low End. It Should Go into MSCI, Early.02 Jul 2019
- ECM Weekly (29 Jun 2019) - Sterling&Wilson, Renrui, ASK, Zhongliang, AMTDI, Ascentage, CIMC29 Jun 2019