Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of IPO & Placements for Aequitas Research. At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%. 
Prior to Aequitas. I was heading Content Strategy for Smartkarma, along with covering IPOs & Placement. In an earlier life I have covered ASEAN property and the banking space in India.

Head of Research, IPOs & Placements

Ronshine Placement - Another Equity Raise After Two Note Issuances and a Placement Since Oct 2017

Ronshine (融信集团) Placement - Back for a Equity Raise

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Ronshine China Holdings / Equity Capital Markets

Ronshine China Holdings plans to raise US$230-270 through an issuance of primary shares in its IPO. The company seems to have a good reputation as a developer in the Fujian province. However, the deal doesn't score well on our framework and valuations don't look appealing versus peers. Even post the IPO, the company will have one of the highest gearing ratios in the sector and will primarily be funded through borrowings via trust funds. Furthermore, JV's with related party companies have accounted for a substantial proportion of profits in the past. Lack of clarity on how projects will be split between related parties and the company going forward, raises corporate governance issues as well.

Ronshine China Holdings plans to raise US$230-270 through an issuance of primary shares in its IPO. The company seems to have a good reputation as a developer in the Fujian province. However, the deal doesn't score well on our framework and valuations don't look appealing versus peers. Even post the IPO, the company will have one of the highest gearing ratios in the sector and will primarily be funded through borrowings via trust funds. Furthermore, JV's with related party companies have accounted for a substantial proportion of profits in the past. Lack of clarity on how projects will be split between related parties and the company going forward, raises corporate governance issues as well. 

Ronshine China IPO: Needs a Lot More Equity to Be Investable