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>Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO in Dec 21. The IPO was almost entirely taken up by cornerstones.</li>
<li>The company had also earlier obtained investments from Baidu and Alibaba, along with other mainly PE investors. These investors will be released from their lock-up on 1st Jun 2022.</li>
<li>In this note, we will talk about the lock-up dynamics and updates over the past few months.</li>
</ul>


Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO in Dec 21. The IPO was almost entirely taken up by cornerstones.
The company had also earlier obtained investments from Baidu and Alibaba, along with other mainly PE investors. These investors will be released from their lock-up on 1st Jun 2022.
In this note, we will talk about the lock-up dynamics and updates over the past few months.


Cloud Village IPO Lock-Up - Selling the PE Stock (US$350m) Might Solve the Liquidity Issues

<ul>
<li>Warburg Pincus, aims to raise around US$138m via selling its 3.6% in Converge ICT (CICT). The sale will be accompanied by a company buyback and a private transaction.</li>
<li>Warburg had earlier sold in the IPO and then in Nov 21, and this trade will be a cleanup.</li>
<li>In this note, we will run the deal through our ECM framework.</li>
</ul>


Warburg Pincus, aims to raise around US$138m via selling its 3.6% in Converge ICT (CICT). The sale will be accompanied by a company buyback and a private transaction.
Warburg had earlier sold in the IPO and then in Nov 21, and this trade will be a cleanup.
In this note, we will run the deal through our ECM framework.


Converge ICT Placement - Clean-Up and Buyback, Just in Time for the Index Inclusion

Event-Driven

<ul>
<li>BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. Block, worth US$1.5bn, could be sold in early June.</li>
<li>As a part of the distribution, some shares belonging to ineligible and other small shareholders will have to be sold by the sales agent, JPM. </li>
<li>In this note, we will look at the possible deal dynamics and the overall background of the deal.</li>
</ul>


BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. Block, worth US$1.5bn, could be sold in early June.
As a part of the distribution, some shares belonging to ineligible and other small shareholders will have to be sold by the sales agent, JPM. 
In this note, we will look at the possible deal dynamics and the overall background of the deal.


BHP Woodside Distribution - Could Be a Large Block (~US$1bn) In Early June

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>The steady slowdown in Chinese retail sales growth rates since July 2021 has been a good leading indicator for changes eCommerce GMV and revenue growth rates.</li>
<li>April 2022 Chinese retail sales data (consumer goods were down -11.1%y/y and apparel down -23.2%y/y) is very concerning for the sector</li>
<li>From a company-specific perspective, it still seems as though near-term sell-side expectations remain too optimistic.</li>
</ul>


The steady slowdown in Chinese retail sales growth rates since July 2021 has been a good leading indicator for changes eCommerce GMV and revenue growth rates.
April 2022 Chinese retail sales data (consumer goods were down -11.1%y/y and apparel down -23.2%y/y) is very concerning for the sector
From a company-specific perspective, it still seems as though near-term sell-side expectations remain too optimistic.


Chinese Ecommerce: Chinese Retail Sales Data Indicates Further Near-Term Weakness

<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>With LIC not delivering and Delhivery needing insurance, combined with the Korean cancellations and HK silence, it looks like its going to be a quiet few weeks for IPOs.</li>
<li>On placements, both the Korean deals were a disappointment, despite being well-flagged.</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.
With LIC not delivering and Delhivery needing insurance, combined with the Korean cancellations and HK silence, it looks like its going to be a quiet few weeks for IPOs.
On placements, both the Korean deals were a disappointment, despite being well-flagged.


ECM Weekly (22nd May 22) - JD, LIC, Delhivery, Leapmotor, Vista, Paradeep, Woori, Hyundai Heavy, NIO

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (ADR) (JD US)

Cloud Village IPO Lock-Up - Selling the PE Stock (US$350m) Might Solve the Liquidity Issues

Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO in Dec 21. Investors will be released from their...

Sumeet Singh

Converge ICT Placement - Clean-Up and Buyback, Just in Time for the Index Inclusion

Warburg Pincus, aims to raise around US$138m via selling its 3.6% in Converge ICT (CICT). The sale will be accompanied by a company buyback and a...

Sumeet Singh

BHP Woodside Distribution - Could Be a Large Block (~US$1bn) In Early June

BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. Block, worth US$1.5bn,...

Sumeet Singh

Chinese Ecommerce: Chinese Retail Sales Data Indicates Further Near-Term Weakness

In this insight, we analyse Chinese retail sales data, its efficacy as a leading indicator for eCommerce revenue growth, and how what near-term...

Wium Malan, CFA

ECM Weekly (22nd May 22) - JD, LIC, Delhivery, Leapmotor, Vista, Paradeep, Woori, Hyundai Heavy, NIO

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)