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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In this note, we will talk about the lockup dynamics and possible placement.


MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 25th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China Energy Engineering, Pop Mart Intl, SMIC, ABC, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 25th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China Energy Engineering, Pop Mart Intl, SMIC, ABC, Tencent.


HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

Anjoy Foods Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group" target="_blank" data-smartkarma-citation="entities:44280:1" rel="noopener">Anjoy Foods Group (2648 HK)</a>, a quick-frozen food company in China,  raised around US$350m 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 past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Anjoy Foods Group (2648 HK), a quick-frozen food company in China,  raised around US$350m 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 past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Anjoy Foods Group A/H Trading - Cheap Price but Sluggish Demand

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>With the outbreak of the Middle East war, Anjoy would face rising costs due to hyperinflation. Together with the sluggish consumption, 2025 performance growth of Anjoy would be under pressure.</li>
<li>The price war caused by overcapacity and increasing competition in the industry has forced companies to increase their promotional efforts, resulting in downward pressure on profit margin.</li>
<li>We shared our forecast for next three years. Valuation of Anjoy could be lower than <a href="https://www.smartkarma.com/entities/yihai-international-holding" target="_blank" data-smartkarma-citation="entities:22803:1" rel="noopener">Yihai (1579 HK)</a> and <a href="https://www.smartkarma.com/entities/zhengzhou-qianweiyangchu-food" target="_blank" data-smartkarma-citation="entities:34155:1" rel="noopener">Qianweiyangchu Food (001215 CH),</a> but could be higher than the industry average. </li>
</ul>


With the outbreak of the Middle East war, Anjoy would face rising costs due to hyperinflation. Together with the sluggish consumption, 2025 performance growth of Anjoy would be under pressure.
The price war caused by overcapacity and increasing competition in the industry has forced companies to increase their promotional efforts, resulting in downward pressure on profit margin.
We shared our forecast for next three years. Valuation of Anjoy could be lower than Yihai (1579 HK) and Qianweiyangchu Food (001215 CH), but could be higher than the industry average. 


Pre-IPO Anjoy Foods Group (PHIP Updates) - Thoughts on Performance Forecast and IPO Valuation

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group" target="_blank" data-smartkarma-citation="entities:44280:1" rel="noopener">Anjoy Foods Group (2648 HK)</a>'s H-share IPO at a maximum price of HK$66.00 appears reasonably attractive, as this equals a 33-34% discount to peer average FY25F PER. </li>
<li>It is well-positioned to capture quick-frozen food demand growth, will gain from geographical and market share expansion, and has solid product, marketing and production capability.</li>
<li>We value the stock at HK$72.66, 12.7x FY25F PER, or a 25% discount to the sector PER. It will also be on a 13.9% discount to its A-share.</li>
</ul>



Anjoy Foods Group (2648 HK)'s H-share IPO at a maximum price of HK$66.00 appears reasonably attractive, as this equals a 33-34% discount to peer average FY25F PER. 
It is well-positioned to capture quick-frozen food demand growth, will gain from geographical and market share expansion, and has solid product, marketing and production capability.
We value the stock at HK$72.66, 12.7x FY25F PER, or a 25% discount to the sector PER. It will also be on a 13.9% discount to its A-share.


Anjoy Foods Group (2648 HK) IPO: Reasonably Attractive

China

Yihai International Holding Ltd. is primarily engaged in the research, development, manufacturing, distribution, and sales of compound condiments. The company's key products include hot pot soup flavorings, hot pot dipping sauces, chicken essence, Chinese-style compound condiments, and convenient ready-to-eat food products like self-serving small hot pots and instant rice. These products are sold under brands such as Haidilao and Magic Cook. The company is headquartered in Shanghai, China, and was founded in 2005.

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Yihai International (1579 HK)

MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China...

Ke Yan, CFA, FRM

Anjoy Foods Group A/H Trading - Cheap Price but Sluggish Demand

Anjoy Foods Group (2648 HK), a quick-frozen food company in China, raised around US$350m in its H-share listing. In this note, we talk about the...

Sumeet Singh

Pre-IPO Anjoy Foods Group (PHIP Updates) - Thoughts on Performance Forecast and IPO Valuation

Maximum IPO price is HK$66/share.Based on our 2025 forecast, P/E is 14.4x, in line with our analysis (P/E of 10-15x).So, Anjoy’s IPO is fairly...

Xinyao (Criss) Wang

Anjoy Foods Group (2648 HK) IPO: Reasonably Attractive

Anjoy Foods Group's H-share IPO at HK$66.00 offers a 33-34% FY25 PER discount to peers. With strong growth potential, solid capabilities and sound...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China...

Ke Yan, CFA, FRM

Anjoy Foods Group A/H Trading - Cheap Price but Sluggish Demand

Anjoy Foods Group (2648 HK), a quick-frozen food company in China, raised around US$350m in its H-share listing. In this note, we talk about the...

Sumeet Singh

Pre-IPO Anjoy Foods Group (PHIP Updates) - Thoughts on Performance Forecast and IPO Valuation

Maximum IPO price is HK$66/share.Based on our 2025 forecast, P/E is 14.4x, in line with our analysis (P/E of 10-15x).So, Anjoy’s IPO is fairly...

Xinyao (Criss) Wang

Anjoy Foods Group (2648 HK) IPO: Reasonably Attractive

​Anjoy Foods Group's H-share IPO at HK$66.00 offers a 33-34% FY25 PER discount to peers. With strong growth potential, solid capabilities and sound...

Osbert Tang, CFA

Anjoy Foods Group's H-share IPO at HK$66.00 offers a 33-34% FY25 PER discount to peers. With strong growth potential, solid capabilities and sound...