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>We have looked at the company’s past performance in our earlier note. In this note, we talk about the PHIP updates and provide our thoughts on the A/H premium.</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.
We have looked at the company’s past performance in our earlier note. In this note, we talk about the PHIP updates and provide our thoughts on the A/H premium.


Anjoy Foods Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Foshan Haitian Flavouring & Food Company / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian</a>, already listed in Shanghai, is offering 263.2 million shares in Hong Kong to raise up to HKD9.56 billion (USD1.22 billion); Final offer price will be set by today.</li>
<li>HK offer price is pitched at an appealing 19%–22% discount to its A-share close, however valuations are pricing in growth expectations that may not align with the underlying business dynamics.</li>
<li>Foshan Haitian operates in the condiments and sauces segment—a mature, saturated and competitive market with limited room for meaningful margin or volume expansion.</li>
</ul>



Foshan Haitian, already listed in Shanghai, is offering 263.2 million shares in Hong Kong to raise up to HKD9.56 billion (USD1.22 billion); Final offer price will be set by today.
HK offer price is pitched at an appealing 19%–22% discount to its A-share close, however valuations are pricing in growth expectations that may not align with the underlying business dynamics.
Foshan Haitian operates in the condiments and sauces segment—a mature, saturated and competitive market with limited room for meaningful margin or volume expansion.


Foshan Haitian HK Offer: Pantry Staples at Pricey Valuations. Key Facts, Financials & More

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The spread to <a href="https://www.smartkarma.com/entities/toridoll-holdings-corporation" target="_blank" data-smartkarma-citation="entities:8193:1" rel="noopener">TORIDOLL Holdings Corporation (3397 JP)</a>’s HK$1.58 offer for <a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai International (2217 HK)</a> has risen to 9.7% ahead of the scheme document's release. </li>
<li>Several readers have asked whether the Tam Jai offer will mirror the Goldlion and Soundwill deal break. The schemes share similarities but are also different in several ways.</li>
<li>The scheme's vote risk has undoubtedly increased partly due to the recent 2025 results and deal breaks. This situation warrants a safety-first approach.  </li>
</ul>


The spread to TORIDOLL Holdings Corporation (3397 JP)’s HK$1.58 offer for Tam Jai International (2217 HK) has risen to 9.7% ahead of the scheme document's release. 
Several readers have asked whether the Tam Jai offer will mirror the Goldlion and Soundwill deal break. The schemes share similarities but are also different in several ways.
The scheme's vote risk has undoubtedly increased partly due to the recent 2025 results and deal breaks. This situation warrants a safety-first approach.  


Tam Jai (2217 HK): Anxiety Creeps in Ahead of the Scheme Document

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chagee-holdings-limited" target="_blank" data-smartkarma-citation="entities:45011:1" rel="noopener">Chagee Holdings (CHA US)</a>, a leading premium tea drinks brand, is seeking to raise US$382-411 million through a Nasdaq IPO.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/chagee-holdings-cha-us-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:181653" rel="noopener">Chagee Holdings (CHA US) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/chagee-holdings-cha-us-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:182085" rel="noopener">Chagee Holdings (CHA US) IPO: The Bear Case</a>.</li>
<li>There are four cornerstone investors. Our valuation analysis suggests Chagee is attractively valued at the IPO price range. Therefore, we would participate in the IPO.</li>
</ul>



Chagee Holdings (CHA US), a leading premium tea drinks brand, is seeking to raise US$382-411 million through a Nasdaq IPO.
We previously discussed the IPO in Chagee Holdings (CHA US) IPO: The Bull Case and Chagee Holdings (CHA US) IPO: The Bear Case.
There are four cornerstone investors. Our valuation analysis suggests Chagee is attractively valued at the IPO price range. Therefore, we would participate in the IPO.


Chagee Holdings (CHA US) IPO: Valuation Insights

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chagee-holdings-limited" target="_blank" data-smartkarma-citation="entities:45011:1" rel="noopener">Chagee Holdings (CHA US)</a>  is looking to raise up to US$411m in its upcoming US IPO.</li>
<li>It is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.</li>
<li>We have looked at the company’s past performance and provided our initial thoughts on valuations. In this note, we talk about the IPO pricing.</li>
</ul>



Chagee Holdings (CHA US)  is looking to raise up to US$411m in its upcoming US IPO.
It is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
We have looked at the company’s past performance and provided our initial thoughts on valuations. In this note, we talk about the IPO pricing.


Chagee IPO: Trading at a Discount to Peers but with Geopolitical Overhang

China

Yihai International Holding Ltd. engages in the condiment industry. The Company produces hot pot seasonings and other sauce products. Yihai markets worldwide.

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Yihai Int’L Holding (1579 HK)

Anjoy Foods Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$300m in its H-share listing. In this note, we talk...

Sumeet Singh

Foshan Haitian HK Offer: Pantry Staples at Pricey Valuations. Key Facts, Financials & More

Foshan Haitian's HK offer valuations seem rich even with the headline discount. Without a clear path to margin or volume growth, expectations...

Devi Subhakesan

Tam Jai (2217 HK): Anxiety Creeps in Ahead of the Scheme Document

Arbs cannot afford another HK deal break on their books. Recent events have undoubtedly increased the scheme's vote risk, warranting a safety-first...

Arun George

Chagee Holdings (CHA US) IPO: Valuation Insights

Our valuation analysis suggests Chagee is attractively valued at the IPO price range. Therefore, we would participate in the IPO.

Arun George

Chagee IPO: Trading at a Discount to Peers but with Geopolitical Overhang

Chagee is looking to raise up to US$411m in its upcoming US IPO. In this note, we talk about the IPO pricing and how it's valued relative to peers.

Nicholas Tan

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