ECM Weekly (7 Sep 2019) - China Merchants Comm REIT, Immunotech Bio, Bank of Guizhou, XD, Huize

Momentum is holding up well for Hong Kong's ECM activity. China Merchants Commercial CMC Reit (CMCREIT HK) and Immunotech Biopharm (IMMBIO HK) filed with HKEX while Home Credit (HC HK) is filed its PHIP and will start pre-marketing of its IPO. We also heard that TOT Biopharm International Co Ltd (1366893D HK) and Bank of Guizhou Co Ltd (1147131D CH) have started pre-marketing and Shanghai Henlius Biotech (1566213D HK) will open bookbuild next Monday. Our team has covered these IPOs in:

• TOT Biopharm (东曜药业) IPO: An Unimpressive Pipeline
• Bank of Guizhou (贵州银行) IPO: A Local SOE Bank Serving Local Government Affiliates
• China Merchants Commercial REIT Pre-IPO - Not a Very Steady past Performance
• Immunotech Biopharm (永泰生物) IPO: Challenges for Cellular Immunotherapies
• Shanghai Henlius (复宏汉霖) IPO: Thoughts on Valuation

Activity in other South-east Asia countries are looking up too. Indonesia is looking to boost IPO activity by cutting taxes for companies that sell shares. Listed companies would enjoy lower corporate tax rate in the first five years after their listing.

Thailand, on the other hand, has already prepped up a few IPOs with Asset World Corporation (AWC TB) expected to open its books for US$1.5bn next week while Singha Hotel and Resorts is expected to list this quarter too.

In the Philippines, we are hearing that AllHome (AHM PM) has already started pre-marketing for its US$340m IPO and Axelum Resources (1729371D PM) is also set to list in October. We have covered both IPOs in:

• Axelum Resources Pre-IPO - Poor Disclosure
• AllHome IPO Early Thoughts on Valuation

Lendlease REIT has already started pre-marketing but we have yet to see any prospectus filed on the MAS website which seems unusually late.

IPOs in the U.S seemed to have stalled. CloudMinds have filed its prospectus in July but we have yet to hear progress on it. On the other hand, Huize Holding Limited (HUIZ US), an independent online insurance product and service platform operating in China, has filed for US$150m IPO this week.

• Huize (慧择) Pre-IPO - Insurance Agency Masquerading as a Platform Business

In India, there had been media reporting that Ebix Inc (EBIX US) will be looking to list its Indian subsidiary, EbixCash, by Q2 of 2020. Bajaj Energy has also been approved by Sebi for its US$700m IPO.