APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight"><p>IPOs will finally be getting some action next week after a seemingly never-ending string of placements for the past two weeks.</p><p>There will be a couple of IPOs debuting next week, <a href="https://www.smartkarma.com/entities/26717" target="_blank" data-smartkarma-citation="entities:26717:1">Galaxy Surfactants Ltd (1570854D IN)</a> , <a href="https://www.smartkarma.com/entities/26706" target="_blank" data-smartkarma-citation="entities:26706:1">Huami Corp (HMI US)</a> , and <a href="https://www.smartkarma.com/entities/26728" target="_blank" data-smartkarma-citation="entities:26728:1">A-Living Services Co Ltd (3319 HK)</a>. For some who might also be interested, <a href="https://www.smartkarma.com/entities/26738" target="_blank" data-smartkarma-citation="entities:26738:1">TFI TAB Gida Yatirimlari AS (TFIG US)</a> , the operator of Burger King in Turkey and China, will be pricing on the 6th of Feb.</p><p>We are hearing that A-living was 10x covered at low-end, 2-3x at mid-point and just covered at high whereas Galaxy Surfactants had some good demand and was subscribed 20x; QIB quota demand at 54x. But, its grey market premium has fallen from about INR 400 to about INR 80 - 100 as of 2nd Feb.</p><p>There are also heads up that there will finally be two Australia IPOs coming up soon, <a href="https://www.smartkarma.com/entities/26740" target="_blank" data-smartkarma-citation="entities:26740:1">Latitude Financial Services (1272471D AU)</a> and <a href="https://www.smartkarma.com/entities/26741" target="_blank" data-smartkarma-citation="entities:26741:1">Prospa Advance Pty Ltd (1030895D AU)</a>.</p><p><em><strong>Tentative pipeline IPOs for next week: ICICI Securities (<a href="https://www.smartkarma.com/profiles/4" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> ), PingAn Healthcare and Tech (<a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Toh Zhen Zhou</a> and <a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a>)</strong></em></p></div><div><h2>Accuracy Rate:</h2></div><p>Our overall accuracy rate is<strong> 72.5% for IPOs </strong>and <strong>62.8% for Placements.</strong></p><p><em>(Performance measurement criteria is explained at the end of the note)</em></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/043/683/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%281%29.png?1517630939" class="editor-image img-responsive" data-smartkarma-image-id="43683"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li><strong>Ping An Healthcare and Technology (Hong Kong, ~US$1bn)</strong></li><li><strong>Nazara Technologies Limited (India, ~US$155)</strong></li><li><strong>Credit Access Grameen Limited (India, ~US$100)</strong></li></ul><p>Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool <a href="https://www.smartkarma.com/tools/ipos" target="_blank">here </a>or through the tools menu.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/043/684/original/upcoming.PNG?1517631045" class="editor-image img-responsive" data-smartkarma-image-id="43684"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="http://www.telegraph.co.uk/business/2018/01/27/softbank-inches-closer-bank-line-up-mammoth-mobile-listing/" target="_blank">Softbank inches closer to bank line-up for mammoth mobile listing</a></li><li><a href="http://www.philstar.com/business/2017/10/09/1746752/tlc-eyes-ipo-next-year" target="_blank">Philippine Fruit-Juice Maker Fruitas Plans IPO This Year</a></li><li><a href="https://www.dealstreetasia.com/stories/hinduja-leyland-finance-looks-revive-ipo-plan-91253/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=83072816d5-RSS_EMAIL_CAMPAIGN+%2A%7CRSSFEED%3ADATE%3A+F+j%2C+Y%7C%2A&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-83072816d5-239139321&amp;mc_cid=83072816d5&amp;mc_eid=28c8c22a08" target="_blank">Hinduja Leyland Finance looks to revive IPO plan</a></li><li><a href="https://economictimes.indiatimes.com/markets/stocks/news/blackstone-backed-embassy-plans-indias-first-reit/articleshow/62663417.cms" target="_blank">Blackstone-backed Embassy plans India's first REIT</a></li><li><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/lodha-developers-to-file-for-1-billion-ipo-this-month/articleshow/62754170.cms" target="_blank">Lodha Developers to file for $1 billion IPO this month</a></li><li><a href="http://www.businesskorea.co.kr/english/news/management/20445-along-singaporean-hospital-acquisition-mirae-asset-cha-medical-center-list" target="_blank">Mirae Asset-CHA Medical Center to List Holding Company in Singapore</a></li><li><a href="https://economictimes.indiatimes.com/small-biz/money/nazara-gets-set-to-play-for-gaming-industrys-first-rs-1000-crore-ipo/articleshow/60456135.cms" target="_blank">Nazara gets set to play for gaming industry's first Rs 1,000-crore IPO </a></li><li><a href="https://www.vccircle.com/creditaccess-backed-microlender-grameen-koota-files-for-ipo/" target="_blank">CreditAccess-backed microlender Grameen Koota files for IPO</a></li></ul><h2><strong>Smartkarma Community's Analyses on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.smartkarma.com/insights/huami-ipo-valuation-priced-to-reflect-low-earnings-quality" target="_blank" data-smartkarma-citation="insights:17158">Huami IPO Valuation: Priced to Reflect Low Earnings Quality</a></li><li><a href="https://www.smartkarma.com/insights/ipo-radar-chayo-the-next-jmt-debt-collection-biz" target="_blank" data-smartkarma-citation="insights:17078">IPO Radar: CHAYO, the Next JMT (Debt Collection Biz)</a></li><li><a href="https://www.smartkarma.com/insights/cafe24-ipo-bookbuilding-results-summary-implications" target="_blank" data-smartkarma-citation="insights:17194">Cafe24 IPO Bookbuilding Results - Summary &amp; Implications</a></li><li><a href="https://www.smartkarma.com/insights/enzychem-lifesciences-new-ipo-book-summary" target="_blank" data-smartkarma-citation="insights:17129">Enzychem Lifesciences New IPO Book Summary</a></li></ul><h2>List of pre-IPO Coverage on Smartkarma</h2><div><table class="table table-striped"><tbody><tr><td>Name</td><td>Insight</td></tr><tr><td colspan="2"><strong>Hong Kong</strong></td></tr><tr><td>Cenmintang</td><td><a href="https://www.smartkarma.com/insights/cenmintang-ipo-preview-a-beverage-and-snack-play-whose-growth-is-hard-to-grasp" target="_blank" data-smartkarma-citation="insights:9282">Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp</a></td></tr><tr><td>China Feihe</td><td><a href="https://www.smartkarma.com/insights/china-feihe-ipo-preview-goat-bless-infant-formula-milk" target="_blank" data-smartkarma-citation="insights:12751">China Feihe IPO Preview: Goat Bless Infant Formula Milk?</a></td></tr><tr><td>China Xinhua</td><td><a href="https://www.smartkarma.com/insights/china-xinhua-education-ipo-preview-superior-margins-vs-peers-but-high-concentration-risk" target="_blank" data-smartkarma-citation="insights:15955">China Xinhua Education IPO Preview: Superior Margins Vs Peers, but High Concentration Risk</a></td></tr><tr><td>Bank of Jiujiang</td><td><a href="https://www.smartkarma.com/insights/scraping-the-bottom-of-the-barrel-bank-of-jiujiang" target="_blank">Scraping the Bottom of the Barrel: Bank of JiuJiang</a></td></tr><tr><td colspan="2"><strong>South Korea</strong></td></tr><tr><td>Bodyfriend</td><td><a href="https://www.smartkarma.com/insights/bodyfriend-ipo-preview-part-i-goodbye-osim-hello-bodyfriend" target="_blank">Bodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) </a></td></tr><tr><td>CJ OliveNetworks</td><td><a href="https://www.smartkarma.com/insights/cj-olivenetworks-on-a-fast-track-to-an-ipo-in-2017" target="_blank">CJ OliveNetworks - On A Fast Track to an IPO in 2017? </a></td></tr><tr><td>Data Solution</td><td><a href="https://www.smartkarma.com/insights/datasolution-ipo-summary-questions-remain-on-growth-but-market-seems-excited" target="_blank" data-smartkarma-citation="insights:12519">Datasolution IPO Summary - Questions Remain on Growth, but Market Seems Excited</a></td></tr><tr><td>Gentle Monster</td><td><a href="https://www.smartkarma.com/insights/gentle-monster-ipo-a-monster-growth" target="_blank" data-smartkarma-citation="insights:8630">Gentle Monster IPO - A Monster Growth</a></td></tr><tr><td>Korea Exchange</td><td><a href="https://www.smartkarma.com/insights/korea-exchange-ipo-question-is-when-not-if" target="_blank">Korea Exchange IPO - Question Is When, Not If</a></td></tr><tr><td>Outin Futures</td><td><a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:11212">Outin Futures Corp IPO Preview (Part 1)</a>,  <a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-valuations-part-2" target="_blank" data-smartkarma-citation="insights:11736">Valuations (Part 2)</a></td></tr><tr><td>Woowa Bro</td><td><a href="https://www.smartkarma.com/insights/woowa-brothers-corp-ipo-preview-part-1-the-most-popular-food-delivery-service-in-korea" target="_blank" data-smartkarma-citation="insights:11104">Woowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in Korea</a></td></tr><tr><td>V-One Tech</td><td><a href="https://www.smartkarma.com/insights/v-one-tech-ipo-summary-another-oled-stock-ipo" target="_blank" data-smartkarma-citation="insights:11689">V-One Tech IPO Summary - Another OLED Stock IPO</a>,  <a href="https://www.smartkarma.com/insights/v-one-tech-ipo-part-2-ipo-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:11806">IPO Bookbuilding Results</a></td></tr><tr><td>Zinus</td><td><a href="https://www.smartkarma.com/insights/zinus-ipo-preview-part-1-an-amazing-comeback-story-1-mattress-brand-on-amazon" target="_blank" data-smartkarma-citation="insights:13698">Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)</a></td></tr><tr><td colspan="2"><strong>India</strong></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/national-stock-exchange-pre-ipo-review-bigger-better-stronger-but-a-little-too-fast-for-some" target="_blank">National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/nse-ipo-preview-not-only-fast-its-risky-and-expensive" target="_blank">NSE IPO Preview- Not Only Fast..its Risky and Expensive</a></td></tr></tbody></table></div>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.IPOs will finally be getting some action next week after a seemingly never-ending string of placements for the past two weeks.There will be a couple of IPOs debuting next week, Galaxy Surfactants Ltd (1570854D IN) , Huami Corp (HMI US) , and A-Living Services Co Ltd (3319 HK). For some who might also be interested, TFI TAB Gida Yatirimlari AS (TFIG US) , the operator of Burger King in Turkey and China, will be pricing on the 6th of Feb.We are hearing that A-living was 10x covered at low-end, 2-3x at mid-point and just covered at high whereas Galaxy Surfactants had some good demand and was subscribed 20x; QIB quota demand at 54x. But, its grey market premium has fallen from about INR 400 to about INR 80 - 100 as of 2nd Feb.There are also heads up that there will finally be two Australia IPOs coming up soon, Latitude Financial Services (1272471D AU) and Prospa Advance Pty Ltd (1030895D AU).Tentative pipeline IPOs for next week: ICICI Securities (Sumeet Singh ), PingAn Healthcare and Tech (Toh Zhen Zhou and Ke Yan, CFA, FRM)Accuracy Rate:Our overall accuracy rate is 72.5% for IPOs and 62.8% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  Ping An Healthcare and Technology (Hong Kong, ~US$1bn)Nazara Technologies Limited (India, ~US$155)Credit Access Grameen Limited (India, ~US$100)Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: SmartkarmaNews on Upcoming IPOs  Softbank inches closer to bank line-up for mammoth mobile listingPhilippine Fruit-Juice Maker Fruitas Plans IPO This YearHinduja Leyland Finance looks to revive IPO planBlackstone-backed Embassy plans India's first REITLodha Developers to file for $1 billion IPO this monthMirae Asset-CHA Medical Center to List Holding Company in SingaporeNazara gets set to play for gaming industry's first Rs 1,000-crore IPO CreditAccess-backed microlender Grameen Koota files for IPOSmartkarma Community's Analyses on Upcoming IPOs  Huami IPO Valuation: Priced to Reflect Low Earnings QualityIPO Radar: CHAYO, the Next JMT (Debt Collection Biz)Cafe24 IPO Bookbuilding Results - Summary &amp; ImplicationsEnzychem Lifesciences New IPO Book SummaryList of pre-IPO Coverage on SmartkarmaNameInsightHong KongCenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to GraspChina FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?China XinhuaChina Xinhua Education IPO Preview: Superior Margins Vs Peers, but High Concentration RiskBank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangSouth KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? Data SolutionDatasolution IPO Summary - Questions Remain on Growth, but Market Seems ExcitedGentle MonsterGentle Monster IPO - A Monster GrowthKorea ExchangeKorea Exchange IPO - Question Is When, Not IfOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)Woowa BroWoowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in KoreaV-One TechV-One Tech IPO Summary - Another OLED Stock IPO,  IPO Bookbuilding ResultsZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)IndiaNSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for SomeNSENSE IPO Preview- Not Only Fast..its Risky and Expensive

Smartkarma: ECM Coverage Weekly Update (3 February 2018)

<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight"><p>Placement momentum continues this week as HSI and HSCEI have been able to sustain their momentum and companies are looking to sell some equity and lock in cash at these valuations. </p><p>On the other hand, IPOs momentum is starting to pick up as we see more companies considering to come onto market with AEP considering their REIT listing, <a href="https://www.smartkarma.com/entities/26728" target="_blank" data-smartkarma-citation="entities:26728:1">A-Living Services Co Ltd (3319 HK)</a> is also currently running its bookbuild (which <a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a> will be publishing next week).</p><p>Another IPO to keep a look out for in the next few weeks will be <a href="https://www.smartkarma.com/entities/25912" target="_blank" data-smartkarma-citation="entities:25912:1">Cafe24 Corp (042000 KF)</a> which <a href="https://www.smartkarma.com/profiles/342" target="_blank" data-smartkarma-citation="accounts:342">Douglas Kim</a> and <a href="https://www.smartkarma.com/profiles/354" target="_blank" data-smartkarma-citation="accounts:354">Sanghyun Park</a> have been very bullish on and likened the business to that of Shopify. Currently, its OTC price is already trading at KRW80,000 while its IPO will likely be priced at the high end, about KRW57,000. Another notable aspect to this IPO is that this is the first company that will be listed under the "Tesla Policy" and retail investors will have their downside protected through a putback option clause.</p><p><strong><em>Tentative pipeline IPOs for next week: A-Living Services (<a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a> ), ICICI Securities (<a href="https://www.smartkarma.com/profiles/4" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> ), Galaxy Surfactants (<a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Toh Zhen Zhou</a> )</em></strong></p></div><div><h2>Accuracy Rate:</h2></div><p>Our overall accuracy rate is<strong> 72.5% for IPOs </strong>and <strong>62.7% for Placements.</strong></p><p><em>(Performance measurement criteria is explained at the end of the note)</em></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/043/111/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%281%29.png?1517036960" class="editor-image img-responsive" data-smartkarma-image-id="43111"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li><strong>Shandong Gold Mining (Hong Kong, ~US$200m)</strong></li><li><strong>Bharat Dynamics (India, ~US$157)</strong></li><li><strong>Route Mobile (India, ~US$100m)</strong></li></ul><p>Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool <a href="https://www.smartkarma.com/tools/ipos" target="_blank">here </a>or through the tools menu.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/043/112/original/upcoming.PNG?1517036982" class="editor-image img-responsive" data-smartkarma-image-id="43112"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs</strong></h2><ul><li><a href="https://www.bloomberg.com/news/articles/2018-01-26/hna-s-former-singapore-partner-is-said-to-revive-reit-ipo-work" target="_blank">HNA's Former Singapore Partner Is Said to Revive IPO Work</a></li><li><a href="https://www.bloomberg.com/news/articles/2018-01-26/dell-technologies-is-said-to-be-considering-ipo-other-options" target="_blank">Dell Mulls Return to Market Four Years After Going Private</a></li><li><a href="https://www.dealstreetasia.com/stories/chinas-wanda-group-approaches-citigroup-clsa-ubs-for-1b-sports-unit-ipo-90832/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=edb773636c-RSS_EMAIL_CAMPAIGN+%2A%7CRSSFEED%3ADATE%3A+F+j%2C+Y%7C%2A&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-edb773636c-239139321&amp;mc_cid=edb773636c&amp;mc_eid=28c8c22a08" target="_blank">China’s Wanda Group approaches Citigroup, CLSA, UBS for $1b sports unit IPO</a></li><li><a href="https://asia.nikkei.com/Markets/Capital-Markets/Foxconn-weighs-adding-core-iPhone-unit-to-Shanghai-spin-off" target="_blank">Foxconn weighs adding core iPhone unit to Shanghai spin-off</a></li><li><a href="https://www.bloomberg.com/news/articles/2018-01-23/new-oriental-backed-online-learning-firm-said-to-plan-u-s-ipo" target="_blank">New Oriental-Backed Online Learning Firm Plans U.S. IPO</a></li></ul><h2><strong>Smartkarma Community's Analyses on Upcoming IPOs</strong></h2><ul><li><a href="https://www.smartkarma.com/insights/galaxy-surfactants-ipo-preview-selling-shareholders-cleaning-up" target="_blank" data-smartkarma-citation="insights:17047">Galaxy Surfactants IPO Preview: Selling Shareholders Cleaning Up</a></li><li><a href="https://www.smartkarma.com/insights/huali-university-group-ipo-preview-falling-enrolment-and-weaker-margins-mean-premium-unlikely" target="_blank" data-smartkarma-citation="insights:16930">Huali University Group IPO Preview: Falling Enrolment and Weaker Margins Mean Premium Unlikely</a></li><li><a href="https://www.smartkarma.com/insights/enzychem-lifesciences-ipo-rescheduling-summary" target="_blank" data-smartkarma-citation="insights:16951">Enzychem Lifesciences IPO Rescheduling Summary</a></li><li><a href="https://www.smartkarma.com/insights/aekyung-co-ipo-preview-part-1-a-leading-household-products-company-in-korea" target="_blank" data-smartkarma-citation="insights:17029">Aekyung Co. IPO Preview (Part 1): A Leading Household Products Company in Korea</a></li><li><a href="https://www.smartkarma.com/insights/cafe24-ipo-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:17136">Cafe24 IPO Bookbuilding Results</a></li></ul><h2>List of pre-IPO Coverage on Smartkarma</h2><div><table class="table table-striped"><tbody><tr><td>Name</td><td>Insight</td></tr><tr><td colspan="2"><strong>Hong Kong</strong></td></tr><tr><td>Cenmintang</td><td><a href="https://www.smartkarma.com/insights/cenmintang-ipo-preview-a-beverage-and-snack-play-whose-growth-is-hard-to-grasp" target="_blank" data-smartkarma-citation="insights:9282">Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp</a></td></tr><tr><td>China Feihe</td><td><a href="https://www.smartkarma.com/insights/china-feihe-ipo-preview-goat-bless-infant-formula-milk" target="_blank" data-smartkarma-citation="insights:12751">China Feihe IPO Preview: Goat Bless Infant Formula Milk?</a></td></tr><tr><td>Bank of Jiujiang</td><td><a href="https://www.smartkarma.com/insights/scraping-the-bottom-of-the-barrel-bank-of-jiujiang" target="_blank">Scraping the Bottom of the Barrel: Bank of JiuJiang</a></td></tr><tr><td colspan="2"><strong>South Korea</strong></td></tr><tr><td>Bodyfriend</td><td><a href="https://www.smartkarma.com/insights/bodyfriend-ipo-preview-part-i-goodbye-osim-hello-bodyfriend" target="_blank">Bodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) </a></td></tr><tr><td>CJ OliveNetworks</td><td><a href="https://www.smartkarma.com/insights/cj-olivenetworks-on-a-fast-track-to-an-ipo-in-2017" target="_blank">CJ OliveNetworks - On A Fast Track to an IPO in 2017? </a></td></tr><tr><td>Cafe24</td><td><a href="https://www.smartkarma.com/insights/cafe-24-ipo-preview-part-1-korea-s-shopify-leading-contender-for-tesla-requirements-based-ipo" target="_blank" data-smartkarma-citation="insights:13665">Cafe 24 IPO Preview (Part 1): Korea’s Shopify - Leading Contender For “Tesla” Requirements Based IPO</a></td></tr><tr><td>Data Solution</td><td><a href="https://www.smartkarma.com/insights/datasolution-ipo-summary-questions-remain-on-growth-but-market-seems-excited" target="_blank" data-smartkarma-citation="insights:12519">Datasolution IPO Summary - Questions Remain on Growth, but Market Seems Excited</a></td></tr><tr><td>Gentle Monster</td><td><a href="https://www.smartkarma.com/insights/gentle-monster-ipo-a-monster-growth" target="_blank" data-smartkarma-citation="insights:8630">Gentle Monster IPO - A Monster Growth</a></td></tr><tr><td>Korea Exchange</td><td><a href="https://www.smartkarma.com/insights/korea-exchange-ipo-question-is-when-not-if" target="_blank">Korea Exchange IPO - Question Is When, Not If</a></td></tr><tr><td>Outin Futures</td><td><a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:11212">Outin Futures Corp IPO Preview (Part 1)</a>,  <a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-valuations-part-2" target="_blank" data-smartkarma-citation="insights:11736">Valuations (Part 2)</a></td></tr><tr><td>Woowa Bro</td><td><a href="https://www.smartkarma.com/insights/woowa-brothers-corp-ipo-preview-part-1-the-most-popular-food-delivery-service-in-korea" target="_blank" data-smartkarma-citation="insights:11104">Woowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in Korea</a></td></tr><tr><td>V-One Tech</td><td><a href="https://www.smartkarma.com/insights/v-one-tech-ipo-summary-another-oled-stock-ipo" target="_blank" data-smartkarma-citation="insights:11689">V-One Tech IPO Summary - Another OLED Stock IPO</a>,  <a href="https://www.smartkarma.com/insights/v-one-tech-ipo-part-2-ipo-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:11806">IPO Bookbuilding Results</a></td></tr><tr><td>Zinus</td><td><a href="https://www.smartkarma.com/insights/zinus-ipo-preview-part-1-an-amazing-comeback-story-1-mattress-brand-on-amazon" target="_blank" data-smartkarma-citation="insights:13698">Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)</a></td></tr><tr><td colspan="2"><strong>India</strong></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/national-stock-exchange-pre-ipo-review-bigger-better-stronger-but-a-little-too-fast-for-some" target="_blank">National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/nse-ipo-preview-not-only-fast-its-risky-and-expensive" target="_blank">NSE IPO Preview- Not Only Fast..its Risky and Expensive</a></td></tr></tbody></table></div>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Placement momentum continues this week as HSI and HSCEI have been able to sustain their momentum and companies are looking to sell some equity and lock in cash at these valuations. On the other hand, IPOs momentum is starting to pick up as we see more companies considering to come onto market with AEP considering their REIT listing, A-Living Services Co Ltd (3319 HK) is also currently running its bookbuild (which Ke Yan, CFA, FRM will be publishing next week).Another IPO to keep a look out for in the next few weeks will be Cafe24 Corp (042000 KF) which Douglas Kim and Sanghyun Park have been very bullish on and likened the business to that of Shopify. Currently, its OTC price is already trading at KRW80,000 while its IPO will likely be priced at the high end, about KRW57,000. Another notable aspect to this IPO is that this is the first company that will be listed under the "Tesla Policy" and retail investors will have their downside protected through a putback option clause.Tentative pipeline IPOs for next week: A-Living Services (Ke Yan, CFA, FRM ), ICICI Securities (Sumeet Singh ), Galaxy Surfactants (Toh Zhen Zhou )Accuracy Rate:Our overall accuracy rate is 72.5% for IPOs and 62.7% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  Shandong Gold Mining (Hong Kong, ~US$200m)Bharat Dynamics (India, ~US$157)Route Mobile (India, ~US$100m)Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: SmartkarmaNews on Upcoming IPOsHNA's Former Singapore Partner Is Said to Revive IPO WorkDell Mulls Return to Market Four Years After Going PrivateChina’s Wanda Group approaches Citigroup, CLSA, UBS for $1b sports unit IPOFoxconn weighs adding core iPhone unit to Shanghai spin-offNew Oriental-Backed Online Learning Firm Plans U.S. IPOSmartkarma Community's Analyses on Upcoming IPOsGalaxy Surfactants IPO Preview: Selling Shareholders Cleaning UpHuali University Group IPO Preview: Falling Enrolment and Weaker Margins Mean Premium UnlikelyEnzychem Lifesciences IPO Rescheduling SummaryAekyung Co. IPO Preview (Part 1): A Leading Household Products Company in KoreaCafe24 IPO Bookbuilding ResultsList of pre-IPO Coverage on SmartkarmaNameInsightHong KongCenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to GraspChina FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?Bank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangSouth KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? Cafe24Cafe 24 IPO Preview (Part 1): Korea’s Shopify - Leading Contender For “Tesla” Requirements Based IPOData SolutionDatasolution IPO Summary - Questions Remain on Growth, but Market Seems ExcitedGentle MonsterGentle Monster IPO - A Monster GrowthKorea ExchangeKorea Exchange IPO - Question Is When, Not IfOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)Woowa BroWoowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in KoreaV-One TechV-One Tech IPO Summary - Another OLED Stock IPO,  IPO Bookbuilding ResultsZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)IndiaNSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for SomeNSENSE IPO Preview- Not Only Fast..its Risky and Expensive

Smartkarma: ECM Coverage Weekly Update (27 January 2018)

<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight"><p>Hang Seng Index rallying to record levels continues to sustain the momentum of ECM deal flows week as companies try to take advantage by selling equity at rich valuations. We saw two fairly large placements launched very late in the evening, <a href="https://www.smartkarma.com/entities/5225" target="_blank" data-smartkarma-citation="entities:5225:1">Country Garden Holdings Co (2007 HK)</a> and <a href="https://www.smartkarma.com/entities/14882" target="_blank" data-smartkarma-citation="entities:14882:1">Future Land Development Holdings Ltd (1030 HK)</a>.</p><p>Unfortunately, we had been wrong about momentum being able to support Country Garden's share price in the short term as the company sold about US$2bn worth CBs along with the equity offering which added to selling pressure. Country Garden only managed to recover to close just 0.5% below its deal price. </p><p>However, we did see the momentum Future Land as the share price shot over its last close price <em><strong>before </strong></em>the placement, giving it a good 20.1% return from the deal price. </p><p>For IPOs, this week, <a href="https://www.smartkarma.com/entities/26178" target="_blank" data-smartkarma-citation="entities:26178:1">Zhenro Properties Group Ltd (6158 HK)</a> and <a href="https://www.smartkarma.com/entities/26177" target="_blank" data-smartkarma-citation="entities:26177:1">Bank of Gansu Co Ltd (2139 HK)</a> both had a decent first week. Zhenro, despite doing nothing on the first day of its IPO, managed to climb and close 27% about IPO price. Bank of Gansu closed just 7% above IPO price just like what <a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a> had mentioned in his insight. He drew similarities between Gansu's IPO and <a href="https://www.smartkarma.com/entities/23735" target="_blank" data-smartkarma-citation="entities:23735:1">Jilin Jiutai Rural Comm Bank (6122 HK)</a>'s IPO last year in which the latter also closed about 10% above its IPO price in its first week.</p><p><strong><em>Tentative pipeline IPOs for next week: Huami Tech Part 2 (<a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a> ), Aster DM Healthcare (<a href="https://www.smartkarma.com/profiles/4" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> ), China Xinhua Education Early Thoughts (<a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Toh Zhen Zhou</a> )</em></strong></p></div><div><h2>Accuracy Rate:</h2></div><p>Our overall accuracy rate is<strong> 72.8% for IPOs </strong>and <strong>63.7% for Placements.</strong></p><p><em>(Performance measurement criteria is explained at the end of the note)</em></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/042/576/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder.png?1516420235" class="editor-image img-responsive" data-smartkarma-image-id="42576"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li><strong>RITES Limited (India, about US$94m)</strong></li></ul><p>Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool <a href="https://www.smartkarma.com/tools/ipos" target="_blank">here </a>or through the tools menu.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/042/577/original/upcoming.PNG?1516421183" class="editor-image img-responsive" data-smartkarma-image-id="42577"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="http://www.businesstimes.com.sg/banking-finance/capital-group-eyeing-stake-in-china-biotech-unicorn-sources" target="_blank">Capital Group eyeing stake in China biotech unicorn</a></li><li><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/barbeque-nation-gets-sebis-nod-for-ipo/articleshow/62511462.cms" target="_blank">Barbeque-Nation gets Sebi's nod for IPO</a></li><li><a href="https://www.dealstreetasia.com/stories/chinas-lufax-seeks-60b-valuation-april-hong-kong-ipo-90306/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=9dbb3cc795-RSS_EMAIL_CAMPAIGN+%2A%7CRSSFEED%3ADATE%3A+F+j%2C+Y%7C%2A&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-9dbb3cc795-239139321&amp;mc_cid=9dbb3cc795&amp;mc_eid=28c8c22a08" target="_blank">China's Lufax seeks $60bn valuation with April IPO in Hong Kong</a></li><li><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/galaxy-surfactants-gets-sebis-go-ahead-to-float-ipo/articleshow/62520977.cms" target="_blank">Galaxy Surfactants gets Sebi's go-ahead to float IPO</a></li><li><a href="http://vietnamnews.vn/economy/421358/pv-power-to-sell-shares-in-ipo.html#6JyZiaowATDsxvYT.97" target="_blank">PV Power to sell shares in IPO</a></li><li><a href="https://www.dealstreetasia.com/stories/softbank-ping-an-1bn-healthcare-unit-ipo-90610/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=ffc133f650-RSS_EMAIL_CAMPAIGN+%2A%7CRSSFEED%3ADATE%3A+F+j%2C+Y%7C%2A&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-ffc133f650-239139321&amp;mc_cid=ffc133f650&amp;mc_eid=28c8c22a08" target="_blank">SoftBank leads $1b funding in Ping An healthcare unit ahead of Hong Kong IPO</a></li></ul><h2><strong>Smartkarma Community's Analyses on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.smartkarma.com/insights/huami-ipo-preview-an-unprofitable-company-masquerading-as-a-profitable-one" target="_blank" data-smartkarma-citation="insights:16936">Huami IPO Preview: An Unprofitable Company Masquerading as a Profitable One</a></li><li><a href="https://www.smartkarma.com/insights/bandhan-bank-ipo-preview-poor-people-rich-returns" target="_blank" data-smartkarma-citation="insights:16810">Bandhan Bank IPO Preview: Poor People, Rich Returns</a></li><li><a href="https://www.smartkarma.com/insights/sk-lubricants-ipo-preview-part-1-a-solid-business-weighed-down-by-long-term-pressures-from-evs" target="_blank" data-smartkarma-citation="insights:16626">SK Lubricants IPO Preview (Part 1) - A Solid Business Weighed Down by Long-Term Pressures from EVs</a></li><li><a href="https://www.smartkarma.com/insights/newgen-software-issues-not-to-be-overlooked" target="_blank" data-smartkarma-citation="insights:16807">Newgen Software: Issues Not To Be Overlooked</a></li></ul><h2>List of pre-IPO Coverage on Smartkarma</h2><table class="table table-striped"><tbody><tr><td>Name</td><td>Insight</td></tr><tr><td colspan="2"><strong>Hong Kong</strong></td></tr><tr><td>Cenmintang</td><td><a href="https://www.smartkarma.com/insights/cenmintang-ipo-preview-a-beverage-and-snack-play-whose-growth-is-hard-to-grasp" target="_blank" data-smartkarma-citation="insights:9282">Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp</a></td></tr><tr><td>China Feihe</td><td><a href="https://www.smartkarma.com/insights/china-feihe-ipo-preview-goat-bless-infant-formula-milk" target="_blank" data-smartkarma-citation="insights:12751">China Feihe IPO Preview: Goat Bless Infant Formula Milk?</a></td></tr><tr><td>Bank of Jiujiang</td><td><a href="https://www.smartkarma.com/insights/scraping-the-bottom-of-the-barrel-bank-of-jiujiang" target="_blank">Scraping the Bottom of the Barrel: Bank of JiuJiang</a></td></tr><tr><td colspan="2"><strong>South Korea</strong></td></tr><tr><td>Bodyfriend</td><td><a href="https://www.smartkarma.com/insights/bodyfriend-ipo-preview-part-i-goodbye-osim-hello-bodyfriend" target="_blank">Bodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) </a></td></tr><tr><td>CJ OliveNetworks</td><td><a href="https://www.smartkarma.com/insights/cj-olivenetworks-on-a-fast-track-to-an-ipo-in-2017" target="_blank">CJ OliveNetworks - On A Fast Track to an IPO in 2017? </a></td></tr><tr><td>Cafe24</td><td><a href="https://www.smartkarma.com/insights/cafe-24-ipo-preview-part-1-korea-s-shopify-leading-contender-for-tesla-requirements-based-ipo" target="_blank" data-smartkarma-citation="insights:13665">Cafe 24 IPO Preview (Part 1): Korea’s Shopify - Leading Contender For “Tesla” Requirements Based IPO</a></td></tr><tr><td>Data Solution</td><td><a href="https://www.smartkarma.com/insights/datasolution-ipo-summary-questions-remain-on-growth-but-market-seems-excited" target="_blank" data-smartkarma-citation="insights:12519">Datasolution IPO Summary - Questions Remain on Growth, but Market Seems Excited</a></td></tr><tr><td>Gentle Monster</td><td><a href="https://www.smartkarma.com/insights/gentle-monster-ipo-a-monster-growth" target="_blank" data-smartkarma-citation="insights:8630">Gentle Monster IPO - A Monster Growth</a></td></tr><tr><td>Korea Exchange</td><td><a href="https://www.smartkarma.com/insights/korea-exchange-ipo-question-is-when-not-if" target="_blank">Korea Exchange IPO - Question Is When, Not If</a></td></tr><tr><td>Outin Futures</td><td><a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:11212">Outin Futures Corp IPO Preview (Part 1)</a>,  <a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-valuations-part-2" target="_blank" data-smartkarma-citation="insights:11736">Valuations (Part 2)</a></td></tr><tr><td>Woowa Bro</td><td><a href="https://www.smartkarma.com/insights/woowa-brothers-corp-ipo-preview-part-1-the-most-popular-food-delivery-service-in-korea" target="_blank" data-smartkarma-citation="insights:11104">Woowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in Korea</a></td></tr><tr><td>V-One Tech</td><td><a href="https://www.smartkarma.com/insights/v-one-tech-ipo-summary-another-oled-stock-ipo" target="_blank" data-smartkarma-citation="insights:11689">V-One Tech IPO Summary - Another OLED Stock IPO</a>,  <a href="https://www.smartkarma.com/insights/v-one-tech-ipo-part-2-ipo-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:11806">IPO Bookbuilding Results</a></td></tr><tr><td>Zinus</td><td><a href="https://www.smartkarma.com/insights/zinus-ipo-preview-part-1-an-amazing-comeback-story-1-mattress-brand-on-amazon" target="_blank" data-smartkarma-citation="insights:13698">Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)</a></td></tr><tr><td colspan="2"><strong>India</strong></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/national-stock-exchange-pre-ipo-review-bigger-better-stronger-but-a-little-too-fast-for-some" target="_blank">National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/nse-ipo-preview-not-only-fast-its-risky-and-expensive" target="_blank">NSE IPO Preview- Not Only Fast..its Risky and Expensive</a></td></tr></tbody></table>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Hang Seng Index rallying to record levels continues to sustain the momentum of ECM deal flows week as companies try to take advantage by selling equity at rich valuations. We saw two fairly large placements launched very late in the evening, Country Garden Holdings Co (2007 HK) and Future Land Development Holdings Ltd (1030 HK).Unfortunately, we had been wrong about momentum being able to support Country Garden's share price in the short term as the company sold about US$2bn worth CBs along with the equity offering which added to selling pressure. Country Garden only managed to recover to close just 0.5% below its deal price. However, we did see the momentum Future Land as the share price shot over its last close price before the placement, giving it a good 20.1% return from the deal price. For IPOs, this week, Zhenro Properties Group Ltd (6158 HK) and Bank of Gansu Co Ltd (2139 HK) both had a decent first week. Zhenro, despite doing nothing on the first day of its IPO, managed to climb and close 27% about IPO price. Bank of Gansu closed just 7% above IPO price just like what Ke Yan, CFA, FRM had mentioned in his insight. He drew similarities between Gansu's IPO and Jilin Jiutai Rural Comm Bank (6122 HK)'s IPO last year in which the latter also closed about 10% above its IPO price in its first week.Tentative pipeline IPOs for next week: Huami Tech Part 2 (Ke Yan, CFA, FRM ), Aster DM Healthcare (Sumeet Singh ), China Xinhua Education Early Thoughts (Toh Zhen Zhou )Accuracy Rate:Our overall accuracy rate is 72.8% for IPOs and 63.7% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  RITES Limited (India, about US$94m)Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: SmartkarmaNews on Upcoming IPOs  Capital Group eyeing stake in China biotech unicornBarbeque-Nation gets Sebi's nod for IPOChina's Lufax seeks $60bn valuation with April IPO in Hong KongGalaxy Surfactants gets Sebi's go-ahead to float IPOPV Power to sell shares in IPOSoftBank leads $1b funding in Ping An healthcare unit ahead of Hong Kong IPOSmartkarma Community's Analyses on Upcoming IPOs  Huami IPO Preview: An Unprofitable Company Masquerading as a Profitable OneBandhan Bank IPO Preview: Poor People, Rich ReturnsSK Lubricants IPO Preview (Part 1) - A Solid Business Weighed Down by Long-Term Pressures from EVsNewgen Software: Issues Not To Be OverlookedList of pre-IPO Coverage on SmartkarmaNameInsightHong KongCenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to GraspChina FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?Bank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangSouth KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? Cafe24Cafe 24 IPO Preview (Part 1): Korea’s Shopify - Leading Contender For “Tesla” Requirements Based IPOData SolutionDatasolution IPO Summary - Questions Remain on Growth, but Market Seems ExcitedGentle MonsterGentle Monster IPO - A Monster GrowthKorea ExchangeKorea Exchange IPO - Question Is When, Not IfOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)Woowa BroWoowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in KoreaV-One TechV-One Tech IPO Summary - Another OLED Stock IPO,  IPO Bookbuilding ResultsZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)IndiaNSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for SomeNSENSE IPO Preview- Not Only Fast..its Risky and Expensive

Smartkarma: ECM Coverage Weekly Update (20 January 2018)

<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight"><p>This week we kick off 2018 by first summarizing our performance for 2017 in <a href="https://www.smartkarma.com/insights/2017-smartkarma-ecm-results-round-up" target="_blank" data-smartkarma-citation="insights:16297">2017 Smartkarma ECM Results Round-Up</a> and an insightful break down of Hong Kong IPOs in <a href="https://www.smartkarma.com/insights/2017-hk-ipos-analytics-good-deals-don-t-need-cornerstones" target="_blank" data-smartkarma-citation="insights:16627">2017 HK IPOs Analytics: Good Deals Don’t Need Cornerstones</a>. For readers, who have been following our ECM research, do find some time to read through these insights!</p><p>Just as we thought that it would be a quiet week, we received three placements in Hong Kong within the span of about three hours, namely, <a href="https://www.smartkarma.com/entities/17001" target="_blank" data-smartkarma-citation="entities:17001:1">China Zhengtong Auto Services (1728 HK)</a>, <a href="https://www.smartkarma.com/entities/10626" target="_blank" data-smartkarma-citation="entities:10626:1">Beijing Capital Intl Airport (694 HK)</a>, and <a href="https://www.smartkarma.com/entities/78" target="_blank" data-smartkarma-citation="entities:78:1">China Maple Leaf Educational Systems Ltd (1317 HK)</a>. There was also a placement by <a href="https://www.smartkarma.com/entities/540" target="_blank" data-smartkarma-citation="entities:540:1">Universal Medical Financial (2666 HK)</a> on Sunday last week.</p><p>We are bullish on all four placements and they have done well on their first day of trading, holding at least 2 - 3% above deal price. In particular, Universal Medical continues to hover 2% above deal price even after the settlement date. </p><p>The increase in placement is perhaps an indication that valuations, in general, are getting expensive and companies are taking this opportunity to issue equity to capture the higher market valuation. It will also likely be supported by the tailwind of improved market sentiment. Hang Seng Index alone gained 4.5% in just two weeks (since the start of 2018).</p><p>We are also hearing that <a href="https://www.smartkarma.com/entities/26106" target="_blank" data-smartkarma-citation="entities:26106:1">China Xinhua Education (CXE HK)</a>, Huami Tech, and Golden Infra Trust are doing their PDIE and we are expecting them to come onto the market soon.</p></div><div><h2>Accuracy Rate:</h2></div><p>Our overall accuracy rate is<strong> 72.4% for IPOs </strong>and <strong>63.8% for Placements.</strong></p><p><em>(Performance measurement criteria is explained at the end of the note)</em></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/042/030/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder.png?1515741360" class="editor-image img-responsive" data-smartkarma-image-id="42030"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li>Bandhan Bank (India, US$500m)</li><li>Huali University Group (Hong Kong, US$100m)</li></ul><p>Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool <a href="https://www.smartkarma.com/tools/ipos" target="_blank">here </a>or through the tools menu.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/042/031/original/upcoming.PNG?1515741470" class="editor-image img-responsive" data-smartkarma-image-id="42031"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="http://www.aastocks.com/en/stocks/news/aafn-news/NOW.848421/1" target="_blank">Report Says Xiaomi To List in HK This Year End; Valuation at US$200B</a></li><li><a href="http://www.businesstimes.com.sg/banking-finance/tencent-backed-douyu-plans-ipo-this-year" target="_blank">Tencent-backed Douyu plans IPO this year</a></li><li><a href="http://www.businesstimes.com.sg/transport/airasia-explores-india-unit-ipo-seeks-partner-for-services-business" target="_blank">AirAsia explores India unit IPO, seeks partner for services business</a></li></ul><h2><strong>Smartkarma Community's Analyses on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.smartkarma.com/insights/cafe24-ipo-preview-part-2-korea-s-shopify-but-at-what-price" target="_blank" data-smartkarma-citation="insights:16307">Cafe24 IPO Preview (Part 2): Korea’s Shopify, But at What Price?</a></li><li><a href="https://www.smartkarma.com/insights/cafe24-ipo-valuation-discussions" target="_blank" data-smartkarma-citation="insights:16542">Cafe24 IPO - Valuation Discussions</a></li><li><a href="https://www.smartkarma.com/insights/cafe24-valuation-analysis" target="_blank" data-smartkarma-citation="insights:16582">Cafe24: Valuation Analysis</a></li><li><a href="https://www.smartkarma.com/insights/c-g-hi-tech-ipo-summary-unfancy-but-attractive-valuation-wise" target="_blank" data-smartkarma-citation="insights:16652">C&amp;G Hi Tech IPO Summary - Unfancy but Attractive Valuation Wise</a></li><li><a href="https://www.smartkarma.com/insights/ipo-radar-b-work-a-true-office-reit-yeah-that-ll-work" target="_blank" data-smartkarma-citation="insights:16550">IPO Radar: B-WORK, A True Office REIT....Yeah, That’ll Work :)</a></li><li><a href="https://www.smartkarma.com/insights/ipo-radar-dod-biotech-some-vitamin-m-money-for-2018" target="_blank" data-smartkarma-citation="insights:16429">IPO Radar: DOD Biotech...Some Vitamin M (Money) For 2018</a></li><li><a href="https://www.smartkarma.com/insights/bank-of-gansu-ipo-preview-superior-profitability-inferior-asset-quality" target="_blank" data-smartkarma-citation="insights:16453">Bank of Gansu IPO Preview: Superior Profitability, Inferior Asset Quality</a></li></ul><div><h2>List of pre-IPO Coverage on Smartkarma</h2></div><div><table class="table table-striped"><tbody><tr><td>Name</td><td>Insight</td></tr><tr><td colspan="2"><strong>Hong Kong</strong></td></tr><tr><td>Cenmintang</td><td><a href="https://www.smartkarma.com/insights/cenmintang-ipo-preview-a-beverage-and-snack-play-whose-growth-is-hard-to-grasp" target="_blank" data-smartkarma-citation="insights:9282">Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp</a></td></tr><tr><td>China Feihe</td><td><a href="https://www.smartkarma.com/insights/china-feihe-ipo-preview-goat-bless-infant-formula-milk" target="_blank" data-smartkarma-citation="insights:12751">China Feihe IPO Preview: Goat Bless Infant Formula Milk?</a></td></tr><tr><td>Bank of Jiujiang</td><td><a href="https://www.smartkarma.com/insights/scraping-the-bottom-of-the-barrel-bank-of-jiujiang" target="_blank">Scraping the Bottom of the Barrel: Bank of JiuJiang</a></td></tr><tr><td colspan="2"><strong>South Korea</strong></td></tr><tr><td>Bodyfriend</td><td><a href="https://www.smartkarma.com/insights/bodyfriend-ipo-preview-part-i-goodbye-osim-hello-bodyfriend" target="_blank">Bodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) </a></td></tr><tr><td>CJ OliveNetworks</td><td><a href="https://www.smartkarma.com/insights/cj-olivenetworks-on-a-fast-track-to-an-ipo-in-2017" target="_blank">CJ OliveNetworks - On A Fast Track to an IPO in 2017? </a></td></tr><tr><td>Cafe24</td><td><a href="https://www.smartkarma.com/insights/cafe-24-ipo-preview-part-1-korea-s-shopify-leading-contender-for-tesla-requirements-based-ipo" target="_blank" data-smartkarma-citation="insights:13665">Cafe 24 IPO Preview (Part 1): Korea’s Shopify - Leading Contender For “Tesla” Requirements Based IPO</a></td></tr><tr><td>Data Solution</td><td><a href="https://www.smartkarma.com/insights/datasolution-ipo-summary-questions-remain-on-growth-but-market-seems-excited" target="_blank" data-smartkarma-citation="insights:12519">Datasolution IPO Summary - Questions Remain on Growth, but Market Seems Excited</a></td></tr><tr><td>Gentle Monster</td><td><a href="https://www.smartkarma.com/insights/gentle-monster-ipo-a-monster-growth" target="_blank" data-smartkarma-citation="insights:8630">Gentle Monster IPO - A Monster Growth</a></td></tr><tr><td>Korea Exchange</td><td><a href="https://www.smartkarma.com/insights/korea-exchange-ipo-question-is-when-not-if" target="_blank">Korea Exchange IPO - Question Is When, Not If</a></td></tr><tr><td>Outin Futures</td><td><a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:11212">Outin Futures Corp IPO Preview (Part 1)</a>,  <a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-valuations-part-2" target="_blank" data-smartkarma-citation="insights:11736">Valuations (Part 2)</a></td></tr><tr><td>Woowa Bro</td><td><a href="https://www.smartkarma.com/insights/woowa-brothers-corp-ipo-preview-part-1-the-most-popular-food-delivery-service-in-korea" target="_blank" data-smartkarma-citation="insights:11104">Woowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in Korea</a></td></tr><tr><td>V-One Tech</td><td><a href="https://www.smartkarma.com/insights/v-one-tech-ipo-summary-another-oled-stock-ipo" target="_blank" data-smartkarma-citation="insights:11689">V-One Tech IPO Summary - Another OLED Stock IPO</a>,  <a href="https://www.smartkarma.com/insights/v-one-tech-ipo-part-2-ipo-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:11806">IPO Bookbuilding Results</a></td></tr><tr><td>Zinus</td><td><a href="https://www.smartkarma.com/insights/zinus-ipo-preview-part-1-an-amazing-comeback-story-1-mattress-brand-on-amazon" target="_blank" data-smartkarma-citation="insights:13698">Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)</a></td></tr><tr><td colspan="2"><strong>India</strong></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/national-stock-exchange-pre-ipo-review-bigger-better-stronger-but-a-little-too-fast-for-some" target="_blank">National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/nse-ipo-preview-not-only-fast-its-risky-and-expensive" target="_blank">NSE IPO Preview- Not Only Fast..its Risky and Expensive</a></td></tr></tbody></table></div>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.This week we kick off 2018 by first summarizing our performance for 2017 in 2017 Smartkarma ECM Results Round-Up and an insightful break down of Hong Kong IPOs in 2017 HK IPOs Analytics: Good Deals Don’t Need Cornerstones. For readers, who have been following our ECM research, do find some time to read through these insights!Just as we thought that it would be a quiet week, we received three placements in Hong Kong within the span of about three hours, namely, China Zhengtong Auto Services (1728 HK), Beijing Capital Intl Airport (694 HK), and China Maple Leaf Educational Systems Ltd (1317 HK). There was also a placement by Universal Medical Financial (2666 HK) on Sunday last week.We are bullish on all four placements and they have done well on their first day of trading, holding at least 2 - 3% above deal price. In particular, Universal Medical continues to hover 2% above deal price even after the settlement date. The increase in placement is perhaps an indication that valuations, in general, are getting expensive and companies are taking this opportunity to issue equity to capture the higher market valuation. It will also likely be supported by the tailwind of improved market sentiment. Hang Seng Index alone gained 4.5% in just two weeks (since the start of 2018).We are also hearing that China Xinhua Education (CXE HK), Huami Tech, and Golden Infra Trust are doing their PDIE and we are expecting them to come onto the market soon.Accuracy Rate:Our overall accuracy rate is 72.4% for IPOs and 63.8% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  Bandhan Bank (India, US$500m)Huali University Group (Hong Kong, US$100m)Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: SmartkarmaNews on Upcoming IPOs  Report Says Xiaomi To List in HK This Year End; Valuation at US$200BTencent-backed Douyu plans IPO this yearAirAsia explores India unit IPO, seeks partner for services businessSmartkarma Community's Analyses on Upcoming IPOs  Cafe24 IPO Preview (Part 2): Korea’s Shopify, But at What Price?Cafe24 IPO - Valuation DiscussionsCafe24: Valuation AnalysisC&amp;G Hi Tech IPO Summary - Unfancy but Attractive Valuation WiseIPO Radar: B-WORK, A True Office REIT....Yeah, That’ll Work :)IPO Radar: DOD Biotech...Some Vitamin M (Money) For 2018Bank of Gansu IPO Preview: Superior Profitability, Inferior Asset QualityList of pre-IPO Coverage on SmartkarmaNameInsightHong KongCenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to GraspChina FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?Bank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangSouth KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? Cafe24Cafe 24 IPO Preview (Part 1): Korea’s Shopify - Leading Contender For “Tesla” Requirements Based IPOData SolutionDatasolution IPO Summary - Questions Remain on Growth, but Market Seems ExcitedGentle MonsterGentle Monster IPO - A Monster GrowthKorea ExchangeKorea Exchange IPO - Question Is When, Not IfOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)Woowa BroWoowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in KoreaV-One TechV-One Tech IPO Summary - Another OLED Stock IPO,  IPO Bookbuilding ResultsZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)IndiaNSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for SomeNSENSE IPO Preview- Not Only Fast..its Risky and Expensive

Smartkarma: ECM Coverage Weekly Update (13 January 2018)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<p>Since we published our first annual HK IPO analysis (<a href="https://www.smartkarma.com/insights/5-key-charts-to-wrap-up-2015-hk-ipo-broker-sector-and-retail-analytics" target="_blank" data-smartkarma-citation="insights:2730">5 Key Charts to Wrap-Up 2015 HK IPO - Broker, Sector, and Retail Analytics</a>) in Feb 2015, it has been a handy analytical reference for us. We published our statistical insights for 2016 listings (<a href="https://www.smartkarma.com/insights/broker-sector-and-retail-analytics-of-2016-hk-ipo" target="_blank" data-smartkarma-citation="insights:7916">Broker, Sector and Retail Analytics of 2016 HK IPOs</a>) as well.</p><p>We continue our effort to provide insightful data analytics for our readers. You are strongly encouraged to add this insight to your locker if you intend to refer to it frequently in 2018.</p><p>In…</p>

Since we published our first annual HK IPO analysis (5 Key Charts to Wrap-Up 2015 HK IPO - Broker, Sector, and Retail Analytics) in Feb 2015, it has been a handy analytical reference for us. We published our statistical insights for 2016 listings (Broker, Sector and Retail Analytics of 2016 HK IPOs) as well.We continue our effort to provide insightful data analytics for our readers. You are strongly encouraged to add this insight to your locker if you intend to refer to it frequently in 2018.In…

2017 HK IPOs Analytics: Good Deals Don't Need Cornerstones

Singapore

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