Jiumaojiu (九毛九) Lock-Up Expiry Trade Idea - Heady Valuation with Significant Overhang

Jiumaojiu Placement - Right at Lock-Up Expiry

Jiumaojiu (九毛九) Trading - Off to a Great Start with 638x Oversubscription

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APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<div><p>Shareholders of <a href="https://www.smartkarma.com/entities/jiumaojiu-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:28293:1" rel="noopener">Jiumaojiu (9922 HK)</a> are looking to raise around US$78m by selling about 35m shares.</p></div><div><p>This is the founder's first time selling which may trigger overhang concerns. But his shares are locked up for twelve months and he still has significant skin in the game. The wide discount offered at the price range, relative to the percentage of shares sold, probably reflects the overhang concerns.</p></div><div><p>Our previous notes on the deal:</p></div><div><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/jiumaojiu-trading-off-to-a-great-start-with-638x-oversubscription" target="_blank" data-smartkarma-citation="insights:35813" rel="noopener">Jiumaojiu (九毛九) Trading - Off to a Great Start with 638x Oversubscription</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/jiumaojiu-ipo-tai-er-s-strength-shines-through" target="_blank" data-smartkarma-citation="insights:35524" rel="noopener">Jiumaojiu (九毛九) IPO - Tai Er’s Strength Shines Through</a> </li>
<li><a href="https://www.smartkarma.com/insights/jiumaojiu-pre-ipo-early-thoughts-new-brand-driving-growth" target="_blank" rel="noopener">Jiumaojiu (九毛九) Pre-IPO Early Thoughts - New Brand Driving Growth</a></li>
<li>
<a href="https://www.smartkarma.com/insights/jiumaojiu-placement-right-at-lock-up-expiry" target="_blank" data-smartkarma-citation="insights:41280" rel="noopener">Jiumaojiu  (九毛九)  Placement - Right at Lock-Up Expiry</a> </li>
</ul></div>

Shareholders of Jiumaojiu (9922 HK) are looking to raise around US$78m by selling about 35m shares.This is the founder's first time selling which may trigger overhang concerns. But his shares are locked up for twelve months and he still has significant skin in the game. The wide discount offered at the price range, relative to the percentage of shares sold, probably reflects the overhang concerns.Our previous notes on the deal:

Jiumaojiu (九毛九) Trading - Off to a Great Start with 638x Oversubscription 

Jiumaojiu (九毛九) IPO - Tai Er’s Strength Shines Through 
Jiumaojiu (九毛九) Pre-IPO Early Thoughts - New Brand Driving Growth

Jiumaojiu  (九毛九)  Placement - Right at Lock-Up Expiry 


Jiumaojiu (九毛九) Placement - Founder and Employees Selling