Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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

Anjoy Foods Group   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:30110:1" rel="noopener">Anjoy Foods Group (603345 CH)</a>, a quick-frozen food company in China, aims to raise around US$300m in its H-share listing.</li>
<li>AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report. </li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$300m in its H-share listing.
AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report. 
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Anjoy Foods Group A/H Listing - A Leader in a Fragmented Industry

Eternal Beauty Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a> (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. </li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>We have looked at the company’s past performance in our previous note. In this note we talk about the PHIP updates.</li>
</ul>



Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. 
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about the PHIP updates.


Eternal Beauty Pre-IPO - PHIP Updates - Perfumes Growing, Challenges Remain

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 5 constituent changes for the CSI Hong Kong Connect Internet Index in June. Plus there are capping changes for some stocks.</li>
<li>A lot of the adds have moved significantly in the last couple of days, so the impact over the next couple of days will be smaller.</li>
<li>There could be opportunities to trade the reversion strategy. Getting borrow may not be easy on some names.</li>
</ul>


There are 5 constituent changes for the CSI Hong Kong Connect Internet Index in June. Plus there are capping changes for some stocks.
A lot of the adds have moved significantly in the last couple of days, so the impact over the next couple of days will be smaller.
There could be opportunities to trade the reversion strategy. Getting borrow may not be easy on some names.


CSI Hong Kong Connect Internet Index Rebalance: 10 Changes & Big Impact

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Saint Bella, a premium postpartum care and recovery provider, moves toward Hong Kong IPO following strong +43% y/y revenue growth in 2024.</li>
<li>The company is uniquely positioned in premium segment under Saint Bella, Bella Isla and Baby Bella brands.</li>
<li>I believe Saint Bella has the potential to become one of the key postpartum care and recovery providers targeting HNW, high income and young middle class families in China</li>
</ul>


Saint Bella, a premium postpartum care and recovery provider, moves toward Hong Kong IPO following strong +43% y/y revenue growth in 2024.
The company is uniquely positioned in premium segment under Saint Bella, Bella Isla and Baby Bella brands.
I believe Saint Bella has the potential to become one of the key postpartum care and recovery providers targeting HNW, high income and young middle class families in China


Saint Bella IPO: Revenue Growth Re-Accelerated, 34 Postpartum Centers Were Opened In 2024

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> raised around US$800m in its Hong Kong IPO in October 2024. It’s back again to raise another US$600m via a placement.</li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. It’s back again to raise another US$600m via a placement.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Horizon Robotics Placement - Momentum Is Strong but Raising Seems Opportunistic

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

Anjoy Foods Group A/H Listing - A Leader in a Fragmented Industry

Anjoy Food is now said to be pre-markeing for a US$300m Hong Kong H-share listing. We had looked at the company's past performance in our prior note.

Sumeet Singh

Eternal Beauty Pre-IPO - PHIP Updates - Perfumes Growing, Challenges Remain

Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. In this note, we look at the updates from its PHIP.

Sumeet Singh

CSI Hong Kong Connect Internet Index Rebalance: 10 Changes & Big Impact

There are 10 constituent changes in June and the flow and impact is pretty large. The adds have outperformed the deletes bigly over the last 2 days...

Brian Freitas

Saint Bella IPO: Revenue Growth Re-Accelerated, 34 Postpartum Centers Were Opened In 2024

Premium postpartum care provider Saint Bella sees strong revenue growth, eyes Hong Kong IPO; poised to become key player in China's high-end market.

Andrei Zakharov

Horizon Robotics Placement - Momentum Is Strong but Raising Seems Opportunistic

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. It’s back again to raise another US$600m via a placement.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Anjoy Foods Group A/H Listing - A Leader in a Fragmented Industry

Anjoy Food is now said to be pre-markeing for a US$300m Hong Kong H-share listing. We had looked at the company's past performance in our prior note.

Sumeet Singh

Eternal Beauty Pre-IPO - PHIP Updates - Perfumes Growing, Challenges Remain

Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. In this note, we look at the updates from its PHIP.

Sumeet Singh

CSI Hong Kong Connect Internet Index Rebalance: 10 Changes & Big Impact

There are 10 constituent changes in June and the flow and impact is pretty large. The adds have outperformed the deletes bigly over the last 2 days...

Brian Freitas

Saint Bella IPO: Revenue Growth Re-Accelerated, 34 Postpartum Centers Were Opened In 2024

​Premium postpartum care provider Saint Bella sees strong revenue growth, eyes Hong Kong IPO; poised to become key player in China's high-end market.

Andrei Zakharov

Horizon Robotics Placement - Momentum Is Strong but Raising Seems Opportunistic

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. It’s back again to raise another US$600m via a placement.

Sumeet Singh

Premium postpartum care provider Saint Bella sees strong revenue growth, eyes Hong Kong IPO; poised to become key player in China's high-end market.