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/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>’s IFA opines that Mr Thomas Lau’s HK$0.98 privatisation offer is fair and reasonable. The vote is on 20 February. </li>
<li>The IFA analysis is flawed. The revised and final offer is light compared to precedent transactions, peer multiples and historical trading ranges.</li>
<li>The high AGM minority participation rates remain a vote risk, mainly as retail seems firmly against the offer. The 14.0% gross spread is high but justified. </li>
</ul>



Lifestyle China (2136 HK)’s IFA opines that Mr Thomas Lau’s HK$0.98 privatisation offer is fair and reasonable. The vote is on 20 February. 
The IFA analysis is flawed. The revised and final offer is light compared to precedent transactions, peer multiples and historical trading ranges.
The high AGM minority participation rates remain a vote risk, mainly as retail seems firmly against the offer. The 14.0% gross spread is high but justified. 


Lifestyle China (2136 HK): Expectations of a Deal Break with a Vote on 20 February

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul><li>Facing rising trade barriers and regulatory scrutiny in the United States and Europe, Chinese cross-border e-commerce platforms are scrambling to diversify their markets and reduce reliance on any single region.</li><li>On Feb. 1, U.S. President Donald Trump signed an executive order imposing a 10% tariff on all Chinese imports and ending duty-free treatment for small parcels from China.</li><li>The U.S. Customs and Border Protection agency enforced the order on Feb. 3, requiring all Chinese goods, including those from Hong Kong, to be formally declared and taxed.</li></ul>

Facing rising trade barriers and regulatory scrutiny in the United States and Europe, Chinese cross-border e-commerce platforms are scrambling to diversify their markets and reduce reliance on any single region.On Feb. 1, U.S. President Donald Trump signed an executive order imposing a 10% tariff on all Chinese imports and ending duty-free treatment for small parcels from China.The U.S. Customs and Border Protection agency enforced the order on Feb. 3, requiring all Chinese goods, including those from Hong Kong, to be formally declared and taxed.

Trump’s Tariffs Prompt Chinese E-Commerce Giants to Expand Beyond U.S.  

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/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (MIX HK)</a> is now looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we refresh our valuation.</li>
</ul>



Mixue Group (MIX HK) is now looking to raise around US$500m in its upcoming Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we refresh our valuation.


MIXUE Pre-IPO - Updated Thoughts on Valuation

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Geekplus Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-geekplus-technology-co-ltd-geek" target="_blank" data-smartkarma-citation="entities:35636:1" rel="noopener">Geek+ (1678559D CH)</a> is looking to raise up to US$200m in its upcoming Hong Kong IPO.</li>
<li>It is a leader in the global autonomous mobile robots (AMR) market, offering a series of AMR solutions to empower warehouse fulfillment and industrial material transport.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Geek+ (1678559D CH) is looking to raise up to US$200m in its upcoming Hong Kong IPO.
It is a leader in the global autonomous mobile robots (AMR) market, offering a series of AMR solutions to empower warehouse fulfillment and industrial material transport.
In this note, we look at the firm's past performance.


Beijing Geekplus Pre-IPO: Losses Narrowing but Revenue Concentration Is High

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goodman-group" target="_blank" data-smartkarma-citation="entities:959:1" rel="noopener">Goodman Group (GMG AU)</a> is looking to raise around US$2.5bn to partly fund its data centre expansion plans.</li>
<li>Goodman’s shares have performed exceptionally well over the past year, driven by its pivot towards data centers.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Goodman Group (GMG AU) is looking to raise around US$2.5bn to partly fund its data centre expansion plans.
Goodman’s shares have performed exceptionally well over the past year, driven by its pivot towards data centers.
In this note, we will talk about the placement and run the deal through our ECM framework.


Goodman Group Placement - Large Deal, Doesn’t Seem Well Flagged, Not Particularly Exciting

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

Lifestyle China (2136 HK): Expectations of a Deal Break with a Vote on 20 February

As expected, the scheme vote failed. The minority participation rate was high at 43.28%. The results showed that 17.25% of disinterested...

Arun George

Trump’s Tariffs Prompt Chinese E-Commerce Giants to Expand Beyond U.S.

Facing rising trade barriers and regulatory scrutiny in the United States and Europe, Chinese cross-border e-commerce platforms are scrambling to...

Caixin Global

MIXUE Pre-IPO - Updated Thoughts on Valuation

Mixue Group (MIX HK) is now looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Beijing Geekplus Pre-IPO: Losses Narrowing but Revenue Concentration Is High

Beijing Geekplus Technology (BGT) is looking to raise up to US$200m in its upcoming Hong Kong IPO. It is a leader in the global autonomous mobile...

Nicholas Tan

Goodman Group Placement - Large Deal, Doesn’t Seem Well Flagged, Not Particularly Exciting

Goodman Group (GMG AU) is looking to raise around US$2.5bn to partly fund its data centre expansion plans. In this note, we talk about the deal...

Sumeet Singh

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