ECM Weekly (18 October 2020) - Lufax, Simcere, KWG Living, GDS, Jacobio

ECM Weekly (25 October 2020) - Ant Group, Lufax, JW Thera, Shimao Svcs, GDS Secondary, Nanofilm

KWG Living (合景悠活) Pre-IPO - Updates from PHIP - Resilient Performance and Better Disclosure

KWG Living (合景悠活) Pre-IPO - Strong Growth and Margin Expansion but Overly Reliant on KWG Group

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

KWG Living Group / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/kwg-living-group" target="_blank" data-smartkarma-citation="entities:29231:1" rel="noopener">KWG Living Group (3913 HK)</a>  is looking to raise up to US$402m in its Hong Kong IPO.KLG is the property management services arm of KWG Group. The company provides management services for residential and commercial properties and, as of December 2019, managed 106 residential properties with a total GFA under management of 18.3m sqm.Overall, we like KLG due to its strong growth in revenue and strong margin expansion. As mentioned earlier, the improved disclosure of property management fee helps investors understand the drivers of profitability.Our previous coverage of the IPO:<ul>
<li>
<a href="https://www.smartkarma.com/insights/kwg-living-pre-ipo-updates-from-phip-resilient-performance-and-better-disclosure" target="_blank" data-smartkarma-citation="insights:44125" rel="noopener">KWG Living (合景悠活) Pre-IPO - Updates from PHIP - Resilient Performance and Better Disclosure</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/loblaw-cos-ltd" target="_blank" data-smartkarma-citation="entities:25150:1" rel="noopener"></a><a href="https://www.smartkarma.com/insights/kwg-living-pre-ipo-strong-growth-and-margin-expansion-but-overly-reliant-on-kwg-group" target="_blank" data-smartkarma-citation="insights:41974" rel="noopener">KWG Living (合景悠活) Pre-IPO - Strong Growth and Margin Expansion but Overly Reliant on KWG Group</a> </li>
</ul>

KWG Living Group (3913 HK)  is looking to raise up to US$402m in its Hong Kong IPO.KLG is the property management services arm of KWG Group. The company provides management services for residential and commercial properties and, as of December 2019, managed 106 residential properties with a total GFA under management of 18.3m sqm.Overall, we like KLG due to its strong growth in revenue and strong margin expansion. As mentioned earlier, the improved disclosure of property management fee helps investors understand the drivers of profitability.Our previous coverage of the IPO:

KWG Living (合景悠活) Pre-IPO - Updates from PHIP - Resilient Performance and Better Disclosure 

KWG Living (合景悠活) Pre-IPO - Strong Growth and Margin Expansion but Overly Reliant on KWG Group 


KWG Living (合景悠活) IPO - Not Cheap but Strong Lineup of Investors Helps