ECM Weekly (8 Jun 2019) -ESR Cayman, Shanghai Henlius, Edvantage, JH Education

It will be a busy week of debuts in Hong Kong with China Tobacco International (HK) (6055 HK) and China East Education (667 HK) listing on Wednesday, Tai Hing (6811 HK) on Thursday, and Hansoh Pharmaceutical (3692 HK) on Friday.

New IPOs are still coming as we heard that Impro Precision is pre-marketing for its US$150m IPO while Hutchison China MediTech has been approved and will be launching its IPO soon. ManpowerGroup Greater China have already started pre-marketing as well.

Jinxin Fertility Co Ltd (1659778D CH) will likely open books next Tuesday and was previously expected to be raising US$500m. Ke Yan, CFA, FRM has already shared his initial thoughts on the company in:

• Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector

ESR Cayman (ESR HK) decided to delay its bookbuild on Monday citing trade war jitters. But, on Tuesday, markets turned around sharply after Powell suggested that the fed could cut rates in light of trade war, giving the green light for ESR's IPO. Sumeet Singh wrote his final thoughts on valuation in:

• ESR Cayman IPO - Richly Valued

In India, activity seems to be picking up. Penna Cement gets the go-ahead from Sebi for its US$200m IPO while Shyam Steel filed on Sebi for a US$72m IPO which could launch in November.

Whereas, in the US, we are disappointed by GSX Techedu (GSX US) poor debut as it joins the ranks of other poor performing US-listed China online education companies. Wanda Sports also just filed with the SEC on Friday which could potentially be interesting. We will share our early thoughts on the company next week.