APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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/cdp-holdings-c8e22dc9-b236-4022-88d6-b993574f0c53" target="_blank" data-smartkarma-citation="entities:36715:1" rel="noopener">CDP Holdings (1782198D CH)</a> is looking to raise up to US$400m in its upcoming Hong Kong IPO. </li>
<li>CDP Holding (CDP) is a human capital management (HCM) service provider.</li>
<li>As per CIC, CDP was the No. 1 HCM SaaS+ platform in China in terms of revenue generated from HCM SaaS+ services in 2021.</li>
</ul>



CDP Holdings (1782198D CH) is looking to raise up to US$400m in its upcoming Hong Kong IPO. 
CDP Holding (CDP) is a human capital management (HCM) service provider.
As per CIC, CDP was the No. 1 HCM SaaS+ platform in China in terms of revenue generated from HCM SaaS+ services in 2021.


CDP Holding Pre-IPO - Sales Have Grown but Continues to Rake in Losses

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs</li>
<li>On the IPO front,  only the smaller issuers were active with most following through on year end listing plans.</li>
<li>On placements front, HK market got going in a jiffy, riding on the coattails of China reopening.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs
On the IPO front,  only the smaller issuers were active with most following through on year end listing plans.
On placements front, HK market got going in a jiffy, riding on the coattails of China reopening.


ECM Weekly (8th Jan 2022) - Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weimob-inc" target="_blank" data-smartkarma-citation="entities:27394:1" rel="noopener">Weimob Inc. (2013 HK)</a> is looking to raise about US$205m in its primary placement to fund R&amp;D, upgrade marketing systems, and for general working capital purposes.</li>
<li>On an ADV basis, the deal is a relatively small one at just 3.6 days of the firm’s three month ADV.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>



Weimob Inc. (2013 HK) is looking to raise about US$205m in its primary placement to fund R&amp;D, upgrade marketing systems, and for general working capital purposes.
On an ADV basis, the deal is a relatively small one at just 3.6 days of the firm’s three month ADV.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Weimob Placement - Share Price Momentum over the past Few Months Have Been Strong

Greater China Equity Long/Short Analyst

Eric Chen

Equity Bottom-Up

<ul>
<li>Weimob has emerged from the pandemic stronger and leaner, further consolidating its leadership in China's e-commerce SaaS market. </li>
<li>Drawing insights into the supply side (merchants/brands) on  Alibaba platform, our bottom-up analysis suggests that Weimob potentially has a US$600mn revenue opportunity by 2025.</li>
<li>We value Weimob at US$3bn assigning 5xPS on its US$600mn revenue by 2025,  implying 25% CAGR over 3-year period. Patience needed to navigate high-inflation environment which pressures growth assets. </li>
</ul>


Weimob has emerged from the pandemic stronger and leaner, further consolidating its leadership in China's e-commerce SaaS market. 
Drawing insights into the supply side (merchants/brands) on  Alibaba platform, our bottom-up analysis suggests that Weimob potentially has a US$600mn revenue opportunity by 2025.
We value Weimob at US$3bn assigning 5xPS on its US$600mn revenue by 2025,  implying 25% CAGR over 3-year period. Patience needed to navigate high-inflation environment which pressures growth assets. 


Weimob (2013 HK): Strategic Patience Will Be Rewarded (Part 2)

<ul>
<li>Weimob's share price more than doubled in a month on encouraging 3Q preliminary data and improved sentiment towards China assets</li>
<li>We explore socio-economic factors resulting in the slow ramp up of China SaaS sector , size Weimob's TAM by drawing insights from Alibaba and determine its valuation in  two-piece report </li>
<li>In the first part, we argue that inadequate cost or efficiency competitiveness of SaaS solutions over existing labor-based or manual processes have been a key drag</li>
</ul>


Weimob's share price more than doubled in a month on encouraging 3Q preliminary data and improved sentiment towards China assets
We explore socio-economic factors resulting in the slow ramp up of China SaaS sector , size Weimob's TAM by drawing insights from Alibaba and determine its valuation in  two-piece report 
In the first part, we argue that inadequate cost or efficiency competitiveness of SaaS solutions over existing labor-based or manual processes have been a key drag


Weimob (2013 HK): Strategic Patience Will Be Rewarded

China

Weimob Inc. is a Chinese cloud-based business and marketing solutions provider, offering decentralized digital-transformation SaaS products and full-link growth services. The company provides various cloud service offerings, including Commerce Cloud, Marketing Cloud, and Sales Cloud, to assist businesses across industries such as e-commerce retail and commercial real estate. Weimob was founded in 2013 and is headquartered in Shanghai, China.

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Weimob (2013 HK)

CDP Holding Pre-IPO - Sales Have Grown but Continues to Rake in Losses

CDP Holdings (1782198D CH) is looking to raise up to US$400m in its upcoming Hong Kong IPO. CDP Holding (CDP) is a human capital management (HCM)...

Clarence Chu

ECM Weekly (8th Jan 2022) - Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Weimob (2013 HK): Strategic Patience Will Be Rewarded (Part 2)

Our bottom-up analysis suggests Weimob has a US$600mn revenue opportunity and could achieve US$100mn net profit by 2025 and we value the company at...

Eric Chen

Weimob (2013 HK): Strategic Patience Will Be Rewarded

We explore deep-rooted causes for the slow ramp-up of China SaaS sector, size Weimob's market opportunity by drawing insights gained from Alibaba,...

Eric Chen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CDP Holding Pre-IPO - Sales Have Grown but Continues to Rake in Losses

CDP Holdings (1782198D CH) is looking to raise up to US$400m in its upcoming Hong Kong IPO. CDP Holding (CDP) is a human capital management (HCM)...

Clarence Chu

ECM Weekly (8th Jan 2022) - Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Weimob Placement - Share Price Momentum over the past Few Months Have Been Strong

Weimob Inc. (2013 HK) is looking to raise about US$205m in its primary placement to fund R&D, upgrade marketing systems, and for general working...

Clarence Chu

Weimob (2013 HK): Strategic Patience Will Be Rewarded (Part 2)

Our bottom-up analysis suggests Weimob has a US$600mn revenue opportunity and could achieve US$100mn net profit by 2025 and we value the company at...

Eric Chen

Weimob (2013 HK): Strategic Patience Will Be Rewarded

We explore deep-rooted causes for the slow ramp-up of China SaaS sector, size Weimob's market opportunity by drawing insights gained from Alibaba,...

Eric Chen