APAC IPOs & Placements

Zhen Zhou, Toh

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

Hope Education Group Co Ltd / Equity Capital Markets

<p><em>Aequitas Research 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, the market was reminded that regulatory and macro risks should not be overlooked for China companies. <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent Holdings (700 HK)</a> took a hit from a halt in game approval while private education companies saw their share price decline 20+% on Monday after the release of a draft legislation that could limit their growth. </p>
<p>But, that has not dampened the IPO frenzy. We are expecting the September - November period to be another hectic period. Last week was Haidilao and Shangdong Gold Mining while, this week, we are hearing that <a href="https://www.smartkarma.com/entities/27410" target="_blank" data-smartkarma-citation="entities:27410:1">Hua Medicine Ltd (1227901D HK)</a> has already won listing approval from HKEX and <a href="https://www.smartkarma.com/entities/27252" target="_blank" data-smartkarma-citation="entities:27252:1">Kepei Education (KEPEI HK)</a> is aiming to list in September. We are also hearing that <a href="https://www.smartkarma.com/entities/27003" target="_blank" data-smartkarma-citation="entities:27003:1">China Chunlai Education (CHUNLAI HK)</a> is pre-marketing for its Hong Kong IPO.</p>
<p>In the U.S., <a href="https://www.smartkarma.com/entities/27399" target="_blank" data-smartkarma-citation="entities:27399:1">NIO Inc (NIO US)</a>, <a href="https://www.smartkarma.com/entities/27412" target="_blank" data-smartkarma-citation="entities:27412:1">111 Inc (1647603D CH)</a>, and CooTek have filed to raise US$1.8bn, US$200m and US$100m in their respective IPOs and we already have plenty of coverage of NIO on Smartkarma. Warburg Pincus-backed ANE Logistics, a trucking logistics company in China, is said to be planning a US$500m IPO in the U.S. as well. Tencent-backed Qutoutiao has also just filed for its IPO and it is expecting to raise US$300m.</p>
</div><h2>Accuracy Rate:</h2><p>Our overall accuracy rate is<strong> 71.7% for IPOs </strong>and<strong> 63.5% 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/000/060/917/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%282%29.png?1534500331" class="editor-image img-responsive" data-smartkarma-image-id="60917"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/060/918/original/2018-Total-Deals-2018-Accuracy-Rate-_chartbuilder%20%281%29.png?1534500343" class="editor-image img-responsive" data-smartkarma-image-id="60918"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul>
<li><strong><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518251751/d545022df1.htm" target="_blank">Qutoutiao</a> (the U.S., ~US$300m)</strong></li>
<li><strong><a href="https://www.nasdaq.com/markets/ipos/company/111-inc-1062012-87641?tab=financials" target="_blank">111 Inc</a> (the U.S., ~US$200m)</strong></li>
<li><strong><a href="https://www.sec.gov/Archives/edgar/data/1734262/000104746918005651/a2236299zf-1.htm" target="_blank">CooTek</a> (the U.S., ~US$100m)</strong></li>
<li><strong>Sansera Engineering (India, ~US$200m)</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/000/060/919/original/upcoming.PNG?1534500547" class="editor-image img-responsive" data-smartkarma-image-id="60919"></figure><div class="content-caption">Source: Smartkarma IPO Analyzer</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul>
<li><a href="https://www.businesstimes.com.sg/companies-markets/bitmain-said-to-be-planning-us3b-ipo" target="_blank">Bitmain said to be planning US$3b IPO</a></li>
<li><a href="https://www.dealstreetasia.com/stories/goldman-venus-medtech-104824/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=b7314b9575-EMAIL_CAMPAIGN_2018_08_16_01_02&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-b7314b9575-239139321&amp;mc_cid=b7314b9575&amp;mc_eid=28c8c22a08" target="_blank">Goldman-backed heart valve startup Venus MedTech mulls Hong Kong IPO</a></li>
<li><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/mazgon-dock-shipbuilders-gets-sebi-nod-for-ipo/articleshow/65390835.cms" target="_blank">Mazgon Dock Shipbuilders gets Sebi nod for IPO</a></li>
<li><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/mrs-bectors-food-specialities-files-for-rs-800-crore-ipo/articleshow/65404519.cms" target="_blank">Mrs Bectors Food Specialities files for Rs 800 crore IPO</a></li>
<li><a href="https://www.bloomberg.com/news/articles/2018-08-14/wework-chinese-rival-in-talks-to-raise-200-million-eyes-ipo" target="_blank">WeWork Chinese Rival in Talks to Raise $200 Million, Eyes IPO</a></li>
<li><a href="https://www.dealstreetasia.com/stories/china-ximalaya-funding-104686/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=d541084a8d-EMAIL_CAMPAIGN_2018_08_14_01_02&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-d541084a8d-239139321&amp;mc_cid=d541084a8d&amp;mc_eid=28c8c22a08" target="_blank">China: Audio streaming platform Ximalaya snags $580m ahead of IPO</a></li>
<li><a href="https://www.dealstreetasia.com/stories/kbs-realty-reit-listing-singapore-103405/" target="_blank">KBS Realty said to consider $1b REIT listing in Singapore</a></li>
<li><a href="https://www.dealstreetasia.com/stories/goldman-venus-medtech-104824/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=b7314b9575-EMAIL_CAMPAIGN_2018_08_16_01_02&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-b7314b9575-239139321&amp;mc_cid=b7314b9575&amp;mc_eid=28c8c22a08" target="_blank">Goldman-backed heart valve startup Venus MedTech mulls 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/nio-inc-nio-for-the-braveheart-and-tesla-for-the-warrior-in-you" target="_blank" data-smartkarma-citation="insights:23174">NIO Inc. – NIO for the Braveheart and Tesla for the Warrior in You</a></li>
<li><a href="https://www.smartkarma.com/insights/nio-ipo-preview-pull-the-plug" target="_blank" data-smartkarma-citation="insights:23138">NIO IPO Preview: Pull the Plug</a></li>
<li><a href="https://www.smartkarma.com/insights/meituan-dianping-market-domination-share-gains-to-what-end" target="_blank" data-smartkarma-citation="insights:23032">Meituan Dianping – Market Domination &amp; Share Gains to What End?</a></li>
<li><a href="https://www.smartkarma.com/insights/lodha-ipo-review-why-the-equity-investor-should-avoid-the-ipo" target="_blank" data-smartkarma-citation="insights:23119">Lodha IPO Review: Why the Equity Investor Should Avoid the IPO</a></li>
<li><a href="https://www.smartkarma.com/insights/hdc-i-service-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:23022">HDC I-Service IPO Preview (Part 1)</a></li>
<li><a href="https://www.smartkarma.com/insights/hdc-i-service-ipo-part-2-valuation-analysis-exposed-to-a-downturn-in-commercial-real-estate" target="_blank" data-smartkarma-citation="insights:23144">HDC I-Service IPO (Part 2): Valuation Analysis - Exposed to a Downturn in Commercial Real Estate</a></li>
<li><a href="https://www.smartkarma.com/insights/actro-ipo-preview-part-3-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:23079">Actro IPO Preview (Part 3): Bookbuilding Results</a></li>
</ul><h2><strong>List of pre-IPO Coverage on Smartkarma</strong></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>Ant Financial</td>
<td><a href="https://www.smartkarma.com/insights/ant-financial-ipo-early-thought-understand-the-fintech-empire-growth-and-risk-factors" target="_blank" data-smartkarma-citation="insights:20105">Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors</a></td>
</tr>
<tr>
<td>BabyTree</td>
<td><a href="https://www.smartkarma.com/insights/babytree-group-pre-ipo-young-moms-need-it-but-almost-all-seem-to-have-it-might-be-at-peak-mau" target="_blank" data-smartkarma-citation="insights:22602">Babytree Group Pre-IPO - Young Moms Need It but Almost All Seem to Have It, Might Be at Peak MAU</a></td>
</tr>
<tr>
<td>Canaan Inc.</td>
<td><a href="https://www.smartkarma.com/insights/canaan-inc-ipo-preview-part-1-the-biggest-blockchain-related-ipo-globally-in-2018" target="_blank" data-smartkarma-citation="insights:20661">Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018</a></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>Chunlai Edu</td>
<td><p><a href="https://www.smartkarma.com/insights/china-chunlai-education-ipo-preview-are-vocational-programmes-the-future-growth-engine" target="_blank" data-smartkarma-citation="insights:19577">China Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?</a></p></td>
</tr>
<tr>
<td>Ganfeng Lithium</td>
<td><a href="https://www.smartkarma.com/insights/ganfeng-lithium-ipo-present-perfect-future-tense" target="_blank" data-smartkarma-citation="insights:18250">Ganfeng Lithium IPO: Present Perfect, Future Tense</a></td>
</tr>
<tr>
<td>Haidilao</td>
<td><a href="https://www.smartkarma.com/insights/haidilao-ipo-first-glance-legendary-hot-pot-restaurant-that-will-be-hot-part-1" target="_blank" data-smartkarma-citation="insights:20614">Haidilao IPO First Glance: Legendary Hot Pot Restaurant that Will Be Hot (Part 1)</a></td>
</tr>
<tr>
<td>Haidilao</td>
<td><a href="https://www.smartkarma.com/insights/haidilao-ipo-superior-metrics-in-a-scalable-segment-part-2" target="_blank" data-smartkarma-citation="insights:22192">Haidilao (海底捞) IPO: Superior Metrics in a Scalable Segment (Part 2)</a></td>
</tr>
<tr>
<td>Meituan</td>
<td><a href="https://www.smartkarma.com/insights/meituan-dianping-ipo-part-1-role-in-china-s-travel-segment-comparison-to-incumbent-ctrip-com" target="_blank" data-smartkarma-citation="insights:21828">Meituan-Dianping IPO, Part 1: Role in China's Travel Segment, Comparison to Incumbent Ctrip.com</a></td>
</tr>
<tr>
<td>Meituan</td>
<td><p><a href="https://www.smartkarma.com/insights/meituan-dianping-ipo-part-2-food-delivery-segment-boasts-amazing-growth-unclear-path-to-profits" target="_blank" data-smartkarma-citation="insights:21957">Meituan-Dianping IPO, Part 2: Food Delivery Segment Boasts Amazing Growth &amp; Unclear Path to Profits</a></p></td>
</tr>
<tr>
<td>Meituan</td>
<td><a href="https://www.smartkarma.com/insights/meituan-dianping-ipo-preview-the-china-o2o-powerhouse" target="_blank" data-smartkarma-citation="insights:19074">Meituan Dianping IPO Preview: The China O2O Powerhouse</a></td>
</tr>
<tr>
<td>Meituan</td>
<td><p><a href="https://www.smartkarma.com/insights/meituan-dianping-ipo-the-next-big-thing" target="_blank" data-smartkarma-citation="insights:22085">Meituan Dianping IPO: The "Next Big Thing"?</a></p></td>
</tr>
<tr>
<td>Shandong Gold</td>
<td><a href="https://www.smartkarma.com/insights/shandong-gold-mining-ipo-preview-largest-pure-play-gold-miner-to-be-listed-in-hong-kong" target="_blank" data-smartkarma-citation="insights:17456">Shandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong Kong</a></td>
</tr>
<tr>
<td>Shandong Gold</td>
<td><a href="https://www.smartkarma.com/insights/shandong-gold-ipo-buyers-beware" target="_blank" data-smartkarma-citation="insights:17689">Shandong Gold IPO: Buyers Beware</a></td>
</tr>
<tr>
<td>Sinochem Energy</td>
<td><a href="https://www.smartkarma.com/insights/sinochem-energy-ipo-first-impression-trophy-asset-mixed-with-volatile-trading-business" target="_blank" data-smartkarma-citation="insights:23105">Sinochem Energy (中化能源) IPO First Impression: Trophy Asset Mixed with Volatile Trading Business</a></td>
</tr>
<tr>
<td>STX </td>
<td><a href="https://www.smartkarma.com/insights/stx-ipo-preview-a-one-hit-wonder" target="_blank" data-smartkarma-citation="insights:22438">STX IPO Preview– a One-Hit Wonder</a></td>
</tr>
<tr>
<td>STX </td>
<td><a href="https://www.smartkarma.com/insights/stx-entertainment-ipo-legendary-founder-but-results-matter" target="_blank" data-smartkarma-citation="insights:22689">STX Entertainment (胜图娱乐) IPO: Legendary Founder but Results Matter</a></td>
</tr>
<tr>
<td>Tongcheng</td>
<td><a href="https://www.smartkarma.com/insights/tongcheng-elong-pre-ipo-review-a-force-to-be-reckoned-with" target="_blank" data-smartkarma-citation="insights:22825">Tongcheng-ELong (同程艺龙) Pre-IPO Review - A Force to Be Reckoned With</a></td>
</tr>
<tr>
<td>Qilu Express</td>
<td><a href="https://www.smartkarma.com/insights/qilu-expressway-ipo-preview-concentration-risk-and-recent-news-may-mean-discount-to-peers" target="_blank" data-smartkarma-citation="insights:18624">Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers</a></td>
</tr>
<tr>
<td>WeLab</td>
<td><a href="https://www.smartkarma.com/insights/welab-pre-ipo-stuck-in-a-regulatory-quagmire-not-the-right-time-to-list" target="_blank" data-smartkarma-citation="insights:22957">WeLab Pre-IPO - Stuck in a Regulatory Quagmire; Not the Right Time to List</a></td>
</tr>
<tr><td colspan="2"><strong>South Korea</strong></td></tr>
<tr>
<td>Creas</td>
<td><a href="https://www.smartkarma.com/insights/creas-fashion-co-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:21784">Creas Fashion Co. IPO Preview (Part 1)</a></td>
</tr>
<tr>
<td>Daeyu</td>
<td><a href="https://www.smartkarma.com/insights/daeyu-co-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:22008">Daeyu Co. IPO Preview (Part 1)</a></td>
</tr>
<tr>
<td>Ebang</td>
<td><a href="https://www.smartkarma.com/insights/ebang-ipo-preview-part-1-lower-sales-but-higher-operating-profit-versus-canaan-inc" target="_blank" data-smartkarma-citation="insights:21823">Ebang IPO Preview (Part 1): Lower Sales but Higher Operating Profit Versus Canaan Inc.</a></td>
</tr>
<tr>
<td>Icure Pharm</td>
<td><a href="https://www.smartkarma.com/insights/icure-pharm-175250-ks-post-ipo-short-selling-opportunity-checkup" target="_blank" data-smartkarma-citation="insights:22003">Icure Pharm (175250 KS): Post IPO Short Selling Opportunity Checkup</a></td>
</tr>
<tr>
<td>Icure Pharm</td>
<td><a href="https://www.smartkarma.com/insights/icure-pharm-ipo-summary-front-runner-of-dementia-patch-development-race" target="_blank" data-smartkarma-citation="insights:20776">Icure Pharm IPO Summary - Front Runner of Dementia Patch Development Race</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>CMS Info</td>
<td><a href="https://www.smartkarma.com/insights/cms-info-systems-pre-ipo-review-when-a-pe-sells-to-another-pe-only-one-gets-the-timing-right" target="_blank" data-smartkarma-citation="insights:15987">CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right</a></td>
</tr>
<tr>
<td>Crystal Crop</td>
<td><a href="https://www.smartkarma.com/insights/crystal-crop-protection-pre-ipo-drhp-raises-more-questions-than-in-answers" target="_blank" data-smartkarma-citation="insights:22797">Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers</a></td>
</tr>
<tr>
<td>Flemingo </td>
<td><a href="https://www.smartkarma.com/insights/flemingo-travel-retail-pre-ipo-its-a-different-business-in-every-country" target="_blank" data-smartkarma-citation="insights:22056">Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country</a></td>
</tr>
<tr>
<td>NSE</td>
<td>NSE IPO Preview- Not Only Fast..its Risky and Expensive</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><p>Lodha</p></td>
<td><a href="https://www.smartkarma.com/insights/lodha-developers-pre-ipo-second-time-lucky-but-not-really-that-much-affordable" target="_blank" data-smartkarma-citation="insights:22471">Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable</a></td>
</tr>
<tr>
<td>Lodha</td>
<td><a href="https://www.smartkarma.com/insights/lodha-developers-ipo-large-presence-in-affordable-segment-saves-lodha-the-blushes-in-a-sluggish-mkt" target="_blank" data-smartkarma-citation="insights:22313">Lodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt</a></td>
</tr>
<tr><td colspan="2"><strong>The U.S.</strong></td></tr>
<tr>
<td>CNFinance</td>
<td><a href="https://www.smartkarma.com/insights/cnfinance-ipo-first-impression-beware-rising-credit-risk-and-slowing-loan-origination" target="_blank" data-smartkarma-citation="insights:22505">CNFinance (泛华金融) IPO First Impression: Beware Rising Credit Risk and Slowing Loan Origination</a></td>
</tr>
<tr>
<td>CNFinance</td>
<td><a href="https://www.smartkarma.com/insights/cnfinance-ipo-preview-a-renaissance-that-may-not-come" target="_blank" data-smartkarma-citation="insights:22530">CNFinance IPO Preview: A Renaissance that May Not Come</a></td>
</tr>
<tr>
<td>NIO</td>
<td><a href="https://www.smartkarma.com/insights/nio-pre-ipo-review-as-one-player-looks-to-delist-another-one-looks-to-list" target="_blank" data-smartkarma-citation="insights:23070">NIO (蔚来) Pre-IPO Review - As One Player Looks to Delist, Another One Looks to List</a></td>
</tr>
<tr>
<td>NIO</td>
<td><a href="https://www.smartkarma.com/insights/nio-inc-nio-for-the-braveheart-and-tesla-for-the-warrior-in-you" target="_blank" data-smartkarma-citation="insights:23174">NIO Inc. – NIO for the Braveheart and Tesla for the Warrior in You</a></td>
</tr>
<tr>
<td>NIO</td>
<td><a href="https://www.smartkarma.com/insights/nio-ipo-preview-pull-the-plug" target="_blank" data-smartkarma-citation="insights:23138">NIO IPO Preview: Pull the Plug</a></td>
</tr>
</tbody></table>

Aequitas Research puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.
This week, the market was reminded that regulatory and macro risks should not be overlooked for China companies. Tencent Holdings (700 HK) took a hit from a halt in game approval while private education companies saw their share price decline 20+% on Monday after the release of a draft legislation that could limit their growth. 
But, that has not dampened the IPO frenzy. We are expecting the September - November period to be another hectic period. Last week was Haidilao and Shangdong Gold Mining while, this week, we are hearing that Hua Medicine Ltd (1227901D HK) has already won listing approval from HKEX and Kepei Education (KEPEI HK) is aiming to list in September. We are also hearing that China Chunlai Education (CHUNLAI HK) is pre-marketing for its Hong Kong IPO.
In the U.S., NIO Inc (NIO US), 111 Inc (1647603D CH), and CooTek have filed to raise US$1.8bn, US$200m and US$100m in their respective IPOs and we already have plenty of coverage of NIO on Smartkarma. Warburg Pincus-backed ANE Logistics, a trucking logistics company in China, is said to be planning a US$500m IPO in the U.S. as well. Tencent-backed Qutoutiao has also just filed for its IPO and it is expecting to raise US$300m.
Accuracy Rate:Our overall accuracy rate is 71.7% for IPOs and 63.5% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  
Qutoutiao (the U.S., ~US$300m)
111 Inc (the U.S., ~US$200m)
CooTek (the U.S., ~US$100m)
Sansera Engineering (India, ~US$200m)
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: Smartkarma IPO AnalyzerNews on Upcoming IPOs  
Bitmain said to be planning US$3b IPO
Goldman-backed heart valve startup Venus MedTech mulls Hong Kong IPO
Mazgon Dock Shipbuilders gets Sebi nod for IPO
Mrs Bectors Food Specialities files for Rs 800 crore IPO
WeWork Chinese Rival in Talks to Raise $200 Million, Eyes IPO
China: Audio streaming platform Ximalaya snags $580m ahead of IPO
KBS Realty said to consider $1b REIT listing in Singapore
Goldman-backed heart valve startup Venus MedTech mulls Hong Kong IPO
Smartkarma Community's Analyses on Upcoming IPOs  
NIO Inc. – NIO for the Braveheart and Tesla for the Warrior in You
NIO IPO Preview: Pull the Plug
Meituan Dianping – Market Domination &amp; Share Gains to What End?
Lodha IPO Review: Why the Equity Investor Should Avoid the IPO
HDC I-Service IPO Preview (Part 1)
HDC I-Service IPO (Part 2): Valuation Analysis - Exposed to a Downturn in Commercial Real Estate
Actro IPO Preview (Part 3): Bookbuilding Results
List of pre-IPO Coverage on Smartkarma

Name
Insight

Hong Kong

Ant Financial
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


BabyTree
Babytree Group Pre-IPO - Young Moms Need It but Almost All Seem to Have It, Might Be at Peak MAU


Canaan Inc.
Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018


Cenmintang
Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp


China Feihe
China Feihe IPO Preview: Goat Bless Infant Formula Milk?


Chunlai Edu
China Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?


Ganfeng Lithium
Ganfeng Lithium IPO: Present Perfect, Future Tense


Haidilao
Haidilao IPO First Glance: Legendary Hot Pot Restaurant that Will Be Hot (Part 1)


Haidilao
Haidilao (海底捞) IPO: Superior Metrics in a Scalable Segment (Part 2)


Meituan
Meituan-Dianping IPO, Part 1: Role in China's Travel Segment, Comparison to Incumbent Ctrip.com


Meituan
Meituan-Dianping IPO, Part 2: Food Delivery Segment Boasts Amazing Growth &amp; Unclear Path to Profits


Meituan
Meituan Dianping IPO Preview: The China O2O Powerhouse


Meituan
Meituan Dianping IPO: The "Next Big Thing"?


Shandong Gold
Shandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong Kong


Shandong Gold
Shandong Gold IPO: Buyers Beware


Sinochem Energy
Sinochem Energy (中化能源) IPO First Impression: Trophy Asset Mixed with Volatile Trading Business


STX 
STX IPO Preview– a One-Hit Wonder


STX 
STX Entertainment (胜图娱乐) IPO: Legendary Founder but Results Matter


Tongcheng
Tongcheng-ELong (同程艺龙) Pre-IPO Review - A Force to Be Reckoned With


Qilu Express
Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers


WeLab
WeLab Pre-IPO - Stuck in a Regulatory Quagmire; Not the Right Time to List

South Korea

Creas
Creas Fashion Co. IPO Preview (Part 1)


Daeyu
Daeyu Co. IPO Preview (Part 1)


Ebang
Ebang IPO Preview (Part 1): Lower Sales but Higher Operating Profit Versus Canaan Inc.


Icure Pharm
Icure Pharm (175250 KS): Post IPO Short Selling Opportunity Checkup


Icure Pharm
Icure Pharm IPO Summary - Front Runner of Dementia Patch Development Race


Zinus
Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)

India

CMS Info
CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Lodha
Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt

The U.S.

CNFinance
CNFinance (泛华金融) IPO First Impression: Beware Rising Credit Risk and Slowing Loan Origination


CNFinance
CNFinance IPO Preview: A Renaissance that May Not Come


NIO
NIO (蔚来) Pre-IPO Review - As One Player Looks to Delist, Another One Looks to List


NIO
NIO Inc. – NIO for the Braveheart and Tesla for the Warrior in You


NIO
NIO IPO Preview: Pull the Plug



ECM Coverage Weekly Update (18 August 2018)

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<p><strong>Summary</strong></p>
<ul class="">
<li>Kepei’s operating margin is higher than all four Chinese colleges listed in Hong Kong.</li>
<li>We believe Kepei’s advantage comes from the founder’s 14 years’ teaching experience.</li>
<li>The Company replaced existing programs with more profitable ones, so revenues grew by 30%.</li>
<li>A new campus is under construction.</li>
</ul>
<p><strong>High Operating Margin</strong></p>
<p>Kepei Education is a private college operator which owns two colleges in Zhaoqing City, Guangdong Province, China:</p>
<p> 1. Guangdong Polytechnic College has 28,575 students…</p>

Summary

Kepei’s operating margin is higher than all four Chinese colleges listed in Hong Kong.
We believe Kepei’s advantage comes from the founder’s 14 years’ teaching experience.
The Company replaced existing programs with more profitable ones, so revenues grew by 30%.
A new campus is under construction.

High Operating Margin
Kepei Education is a private college operator which owns two colleges in Zhaoqing City, Guangdong Province, China:
 1. Guangdong Polytechnic College has 28,575 students…

Kepei Education IPO: The Teacher Achieves Higher Margin Than Pure Businessmen

China

China Kepei Education Group Limited provides educational services. The Company offers high-quality profession-oriented education services and other services. China Kepei Education Group provides services in China.

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Kepei Education (1890 HK)

ECM Coverage Weekly Update (18 August 2018)

Aequitas Research puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. This week, the market was...

Zhen Zhou, Toh

Kepei Education IPO: The Teacher Achieves Higher Margin Than Pure Businessmen

Summary Kepei’s operating margin is higher than all four Chinese colleges listed in Hong Kong. We believe Kepei’s advantage comes from the...

Ming Lu

Price Gauge

52-week Range

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