Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 14th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Cnbm (3323 HK), Swire Pacific (19 HK), Techtronic (669 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Cnbm (3323 HK), Swire Pacific (19 HK), Crrc Times Electric (3898 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 14th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Cnbm (3323 HK), Swire Pacific (19 HK), Techtronic (669 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Cnbm (3323 HK), Swire Pacific (19 HK), Crrc Times Electric (3898 HK).


Hong Kong Buybacks Weekly (Mar 14th): Cnbm, Swire Pacific, Techtronic

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/soundwill-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19318:1" rel="noopener">Soundwill Holdings (878 HK)</a> announced a privatisation offer from the Foo Family, the largest shareholder, at HK$8.50 (HK$7.50 cash + HK$1.00 special dividend), a 62.8% premium to the undisturbed price.</li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. No disinterested shareholder holds a blocking stake.</li>
<li>While the offer is light compared to peer multiples, it is attractive compared to historical trading ranges. A low AGM minority participation rate facilitates the vote. </li>
</ul>



Soundwill Holdings (878 HK) announced a privatisation offer from the Foo Family, the largest shareholder, at HK$8.50 (HK$7.50 cash + HK$1.00 special dividend), a 62.8% premium to the undisturbed price.
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. No disinterested shareholder holds a blocking stake.
While the offer is light compared to peer multiples, it is attractive compared to historical trading ranges. A low AGM minority participation rate facilitates the vote. 


Soundwill Holdings (878 HK): Foo Family’s Offer at HK$8.50

<ul>
<li>
<a href="https://www.smartkarma.com/entities/soundwill-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19318:1" rel="noopener">Soundwill Holdings (878 HK)</a> has entered a trading halt “<em>pending the release of an announcement relating to inside information and pursuant to the Codes on Takeovers and Mergers.</em>” </li>
<li>It is likely that the controlling shareholder (Foo Family Trust), representing 74.94% of outstanding shares, is seeking to launch a privatisation through a Bermuda scheme. </li>
<li>While no disinterested shareholder holds a blocking stake, the headcount test necessitates an attractive offer. We estimate a potential offer price range of HK$7.53-19.44.</li>
</ul>



Soundwill Holdings (878 HK) has entered a trading halt “pending the release of an announcement relating to inside information and pursuant to the Codes on Takeovers and Mergers.” 
It is likely that the controlling shareholder (Foo Family Trust), representing 74.94% of outstanding shares, is seeking to launch a privatisation through a Bermuda scheme. 
While no disinterested shareholder holds a blocking stake, the headcount test necessitates an attractive offer. We estimate a potential offer price range of HK$7.53-19.44.


Soundwill Holdings (878 HK): Privatisation from the Controlling Shareholder?

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 15th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Cosco Shipping (1919 HK), Sinopec (386 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Cosco Shipping (1919 HK), Swire Pacific (19 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 15th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Cosco Shipping (1919 HK), Sinopec (386 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Cosco Shipping (1919 HK), Swire Pacific (19 HK).


Hong Kong Buybacks Weekly (Nov 15th): AIA, Cosco Shipping, Sinopec

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 8th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Cosco Shipping (1919 HK), Sinopec (386 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), Swire Pacific (19 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 8th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Cosco Shipping (1919 HK), Sinopec (386 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), Swire Pacific (19 HK).


Hong Kong Buybacks Weekly (Nov 8th): AIA, Cosco Shipping, Sinopec

Hong Kong

Swire Properties Limited develops and manages commercial, retail, and residential properties. The Company's investment portfolio includes office and retail premises, and serviced apartments and other residential accommodation.

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Swire Properties (1972 HK)

Hong Kong Buybacks Weekly (Mar 14th): Cnbm, Swire Pacific, Techtronic

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Cnbm (3323 HK),...

Ke Yan, CFA, FRM

Soundwill Holdings (878 HK): Foo Family’s Offer at HK$8.50

While the offer is light compared to peer multiples, it is attractive compared to historical trading ranges. A low AGM minority participation rate...

Arun George

Soundwill Holdings (878 HK): Privatisation from the Controlling Shareholder?

The controlling shareholder is likely considering a Bermuda scheme. While no disinterested shareholder holds a blocking stake, the headcount test...

Arun George

Hong Kong Buybacks Weekly (Nov 15th): AIA, Cosco Shipping, Sinopec

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Nov 8th): AIA, Cosco Shipping, Sinopec

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)