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

Japan Post Holdings / Equity Capital Markets

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.
This is another busy week in the placement space. Sumeet Singh covered a grand total of six placements.
This week, updates on Japan Post privatization presented an opportunity to set up a trade on Japan Post Holdings (6178 JP) and Japan Post Bank (7182 JP). This came after the Japanese government said that it plans to sell another 1.06bn share of JPH as soon as Sep 2019. 
We think that we might see a selldown of JPB shares before Sep and, if that were to happen, JPH could buyback and absorb a big chunk of the government sale of JPH which could be a positive on JPH in the long term. Read more in:
Japan Post Holdings and Japan Post Bank - Early Thoughts on a Choice of Two Trades
Back in Hong Kong, there was Guotai Junan Securities (H) (2611 HK)'s US$340m placement which was partially upsized to about US$404m. The share price was struggling to hold but still managed to close above its fixed deal price on Friday. 
Our idea on Dongzheng Automotive Finance (2718 HK) last week worked out well. It has managed to claw back lost grounds (up about 20% from HK$2.57) to close just 1 cent above its IPO price after a disastrous debut. The name is still fairly liquid for now, traded about US$14m per day.
As for upcoming IPOs, we heard that Duiba Group (1649112D CH) and Viva Biotech (1577881D HK) are pre-marketing for their IPO. There will be a note on Duiba next week while Ke Yan, CFA, FRM has already penned down his early thoughts on Viva Bio in:

Viva Biotech (维亚生物) IPO: When CRO Becomes Early Stage Biotech Investor
Viva Biotech (维亚生物) IPO: Warning Signs from 2018 Numbers (Part 2)

We are also hearing that Yunji Inc. (YJ US) has started premarketing for its US IPO while So-Young (SY US) just filed for a US$150 IPO. We think the latter is interesting given that it has already turned profitable and seemed to have found a good niche within the medical aesthetic industry. Read more in:
So-Young (新氧) Pre-IPO Review - Au Naturel
And, of course, not forgetting that the much-anticipated Uber Technologies (0084207D US) has finally filed for IPO in the US! 
Accuracy Rate:Our overall accuracy rate is 72.4% for IPOs and 63.5% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings  
Hansoh Pharma (re-filed, Hong Kong)
Clarity Medical Group (&gt;US$100m, Hong Kong)
So-Young (US$150m, the U.S)
Below is a snippet of our IPO tool showing upcoming events for the next week. The 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: Aequitas Research, SmartkarmaNews on Upcoming IPOs  

Hon Hai Group Optics Unit Plans IPO in Hong Kong (BBG Link)
Indonesian Gold Miner Amman to Consider $600 Million IPO
Hebei Highway Plans to Raise $300m-$400m From H.K. IPO
China Vanke Mulls $1 Billion Property Management IPO
Malaysia's QSR puts US$500m IPO on hold
When It Comes to Returns, Hong Kong's IPO Market Is Living It Up
This week Analysis on Upcoming IPO  
So-Young (新氧) Pre-IPO Review - Au Naturel
Changliao (畅聊) AKA Paipai (派派) Pre-IPO Review - Self-Sufficient
Shenwan Hongyuan (申万宏源) A+H: No Reason for a Valuation Premium


Name
Insight

Hong Kong

AB Inbev
Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China


Ascentage
Ascentage Pharma (亚盛医药) IPO: Too Early for an IPO


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


CIMC Veh
CIMC Vehicle (中集车辆): Market Leader of Semi-Trailers but Little Growth Ahead


ByteDance
ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)


ByteDance
ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


East Edu
China East Education (中国东方教育) Pre-IPO - The Company Known for Its Culinary School


China Tobac
China Tobacco International (IPO): The Monopolist Will Not Recover


China Tobac
China Tobacco Intl (HK) IPO: Proxy For the Chinese Cigarette Consumption


ESR
ESR Cayman Pre-IPO - A Giant in the Making


ESR
ESR Cayman Pre-IPO - Earnings and Segment Analysis 


ESR
ESR Cayman Pre-IPO- First Stab at Valuation


Frontage
Frontage (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect


Frontage
Frontage (方达控股) IPO: Updates from 2018 Numbers


Hujiang Edu
Hujiang Education (沪江教育) Pre-IPO - Spending More than It Earns


Jinxin
Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector


MicuRx
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment


SH Henlius
Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio 


Tubatu
Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch


Tubatu
Tubatu Group Pre-IPO - Online -&gt; Online + Offline -&gt; Online -&gt; ?


Viva Bio
Viva Biotech (维亚生物) IPO: When CRO Becomes Early Stage Biotech Investor


Viva Bio
Viva Biotech (维亚生物) IPO: Warning Signs from 2018 Numbers (Part 2)

South Korea

KMH Shilla
KMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis


Plakor
Plakor IPO Preview (Part 1)


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

India

Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotels
Bharat Hotels Pre-IPO - Catching up with Peers 


CMS Info
CMS Info Systems Pre-IPO - 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


Mazagon
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta


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


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


IndiaMart
IndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers

Malaysia

QSR
QSR Brands Pre-IPO - As Healthy as Fast Food


LeongHup
Leong Hup Pre-IPO - Hard to Pinpoint What's Going to Be the Revenue Driver Going Forward

The U.S

Yunji
Yunji (云集) Pre-IPO Review - Poor Disclosure on Data



ECM Weekly (13 April 2019) - So-Young, Japan Post Trio, Shenwan Hongyuan, Changliao, Uber

<a href="https://www.smartkarma.com/entities/28021" target="_blank" data-smartkarma-citation="entities:28021:1">Changliao Inc (CL HK)</a> is looking to raise about US$100m in its upcoming IPO. The company just filed its draft prospectus with the HKEX last week.
Changliao is a fast-growing social networking entertainment platform. The business model of engaging and monetizing users through interactive games is interesting.
However, the need for an IPO is questionable since the company has a healthy net cash balance sheet and it had paid out dividends in the past two years. It can easily finance its growth through debt or operating cash flow. 
Tencent is an investor in the firm, however, it had only invested RMB9m in the company in FY2016. There are no other notable investors despite several rounds of financing.
In this insight, we will look at the company's business model, analyze its financial performance and operating metrics.

Changliao Inc (CL HK) is looking to raise about US$100m in its upcoming IPO. The company just filed its draft prospectus with the HKEX last week.
Changliao is a fast-growing social networking entertainment platform. The business model of engaging and monetizing users through interactive games is interesting.
However, the need for an IPO is questionable since the company has a healthy net cash balance sheet and it had paid out dividends in the past two years. It can easily finance its growth through debt or operating cash flow. 
Tencent is an investor in the firm, however, it had only invested RMB9m in the company in FY2016. There are no other notable investors despite several rounds of financing.
In this insight, we will look at the company's business model, analyze its financial performance and operating metrics.

Changliao (畅聊) AKA Paipai (派派) Pre-IPO Review - Self-Sufficient

China

Changliao Inc, located in Beijing, China, is a mobile based entertainment platform. The Company provides a social networking platform that fulfills people's needs to be emotionally connected with one another. The Company was founded in 2012.

Changliao Inc (CL HK)

ECM Weekly (13 April 2019) - So-Young, Japan Post Trio, Shenwan Hongyuan, Changliao, Uber

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for...

Zhen Zhou, Toh

Changliao (畅聊) AKA Paipai (派派) Pre-IPO Review - Self-Sufficient

Changliao Inc (CL HK) is looking to raise about US$100m in its upcoming IPO. The company just filed its draft prospectus with the HKEX last...

Zhen Zhou, Toh