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

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<li>
<a href="https://www.smartkarma.com/entities/gushengtang-cayman-ltd" target="_blank" data-smartkarma-citation="entities:33503:1" rel="noopener">Gushengtang (GUS HK)</a> raised around US$104m after pricing its IPO at HKD29.0/share, at the top end of the IPO price range.</li>
<li>Gushengtang is a traditional chinese medicine (TCM) healthcare service provider in China. It provides TCM healthcare services and products via its offline medical institutions and online healthcare platforms.</li>
<li>In this note, we will look at deal dynamics, and discuss its current valuation against peers.</li>
</ul>



Gushengtang (GUS HK) raised around US$104m after pricing its IPO at HKD29.0/share, at the top end of the IPO price range.
Gushengtang is a traditional chinese medicine (TCM) healthcare service provider in China. It provides TCM healthcare services and products via its offline medical institutions and online healthcare platforms.
In this note, we will look at deal dynamics, and discuss its current valuation against peers.


Gushengtang IPO Trading - Priced at Top End with Lukewarm Subscription Rates

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

Orient Overseas International / Index Rebalance

<ul>
<li>The review period for the March review of the HSCI ends on 31 December. There are expected to be a lot more inclusions than deletions at the review.</li>
<li>There are quite a few stocks that should be included following their listing over the last couple of months while others are now potential inclusions after passing the velocity test.</li>
<li>Quite a few of the potential deletions from the HSCI and Stock Connect have large holdings via Southbound Stock Connect and these stock could see some selling.</li>
</ul>


The review period for the March review of the HSCI ends on 31 December. There are expected to be a lot more inclusions than deletions at the review.
There are quite a few stocks that should be included following their listing over the last couple of months while others are now potential inclusions after passing the velocity test.
Quite a few of the potential deletions from the HSCI and Stock Connect have large holdings via Southbound Stock Connect and these stock could see some selling.


HSCI Index Rebalance and Stock Connect: More Inclusions than Exclusions in March

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hangzhou-sf-intra-city-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:34916:1" rel="noopener">SF Intra-City (1874747D CH)</a> is the largest independent third-party on-demand delivery service provider in China. It is pre-marketing an HKEx IPO to raise up to $500 million, according to reports. </li>
<li>In <a href="https://www.smartkarma.com/insights/sf-intra-city-industrial-ipo-initiation-missed-delivery" target="_blank" data-smartkarma-citation="insights:60224" rel="noopener">SF Intra-City Industrial IPO Initiation: Missed Delivery</a>, we stated that it offers an unappetizing mix of high growth at the cost of gross losses and cash burn. </li>
<li>The PHIP which discloses 5M21 results continues to highlight the growth at all costs strategy. We continue to think that SF Intra-city’s fundamentals are less than inspiring. </li>
</ul>



SF Intra-City (1874747D CH) is the largest independent third-party on-demand delivery service provider in China. It is pre-marketing an HKEx IPO to raise up to $500 million, according to reports. 
In SF Intra-City Industrial IPO Initiation: Missed Delivery, we stated that it offers an unappetizing mix of high growth at the cost of gross losses and cash burn. 
The PHIP which discloses 5M21 results continues to highlight the growth at all costs strategy. We continue to think that SF Intra-city’s fundamentals are less than inspiring. 


SF Intra-City Industrial IPO: Delivering Losses

China

ANE (Cayman) Inc. operates as an integrated logistics company. The Company provides sorting, line-haul transportation, pickup and dispatch services, and other services. ANE (Cayman) offers services in China.

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ANE Cayman Inc (9956 HK)

Gushengtang IPO Trading - Priced at Top End with Lukewarm Subscription Rates

Gushengtang (GUS HK) raised around US$104m after pricing its IPO at HKD29.0/share, at the top end of the IPO price range.

Clarence Chu

HSCI Index Rebalance and Stock Connect: More Inclusions than Exclusions in March

We expect there will be a lot more inclusions than exclusions at the March rebalance of the HSCI. The changes to the index will result in changes...

Brian Freitas

SF Intra-City Industrial IPO: Delivering Losses

SF Intra-city is pre-marketing an HKEx IPO to raise up to $500 m. The PHIP continues to show that it offers an unappetizing mix of high growth at...

Arun George

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