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/jingdong-jd-industrials-inc" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (7618 HK)</a> is now looking to raise up to US$421m, in its Hong Kong IPO.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.</li>
</ul>



JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.


JD Industrials IPO - Valuation Cut Means Its Priced to Go

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the deal dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the deal dynamics and possible placement.


Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Mao Geping Cosmetics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd-41b64ec7-42e1-4d89-9424-b63b5ba53ea4" target="_blank" data-smartkarma-citation="entities:1521:1" rel="noopener">Mao Geping Cosmetics (1318 HK)</a> raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.</li>
<li>Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.
Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.
In this note, we will talk about the lockup dynamics and possible placement.


Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>TME reported 1Q25 results: total revenue was up by 9% YoY to RMB7.36bn, and non-IFRS net income increased by 25% YoY to RMB2.12bn, both largely in line with Bloomberg consensus estimate.</li><li>Online music business maintained solid momentum, underpinned by the balanced growth of music subscribers and ARPPU.</li><li>For 2Q25E, we estimate total revenue/non-IFRS net income to increase by 12/23% YoY, and we raise our FY25-27E earnings forecast by 0- 6%, given the strong online music business and margin expansion trend. W</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

TME reported 1Q25 results: total revenue was up by 9% YoY to RMB7.36bn, and non-IFRS net income increased by 25% YoY to RMB2.12bn, both largely in line with Bloomberg consensus estimate.Online music business maintained solid momentum, underpinned by the balanced growth of music subscribers and ARPPU.For 2Q25E, we estimate total revenue/non-IFRS net income to increase by 12/23% YoY, and we raise our FY25-27E earnings forecast by 0- 6%, given the strong online music business and margin expansion trend. WContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME (TME US) - Inline 1Q25 Results; Online Music Business Maintains Solid Momentum

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>The 1Q25 result is quite healthy, but the shrinking minor business, social entertainment, covers the fact.</li>
<li>The main businesses grew by two digits and the operating margin continued to grow by 28% YoY in 1Q25.</li>
<li>We believe the stock has an upside of 83% and a price target of US$26 for the yearend 2025.</li>
</ul>


The 1Q25 result is quite healthy, but the shrinking minor business, social entertainment, covers the fact.
The main businesses grew by two digits and the operating margin continued to grow by 28% YoY in 1Q25.
We believe the stock has an upside of 83% and a price target of US$26 for the yearend 2025.


Tencent Music (TME): 1Q25, Unnoticed Growth Continued, 80% Upside

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

JD Industrials IPO - Valuation Cut Means Its Priced to Go

JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.

Sumeet Singh

Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.

Sumeet Singh

TME (TME US) - Inline 1Q25 Results; Online Music Business Maintains Solid Momentum

TME reported 1Q25 results: total revenue was up by 9% YoY to RMB7.36bn, and non-IFRS net income increased by 25% YoY to RMB2.12bn, both largely in...

CMB International

Tencent Music (TME): 1Q25, Unnoticed Growth Continued, 80% Upside

The 1Q25 result is quite healthy, but the shrinking social entertainment covers the fact. The main businesses grew by two digits and the operating...

Ming Lu

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