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

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
Events next week:
In Hong Kong this week, Helen's International Holding (9869 HK) launched its IPO bookbuild 


Helens Intl (海伦司国际) Pre-IPO - Peer Comparison 

Helens Intl (海伦司国际) IPO - Cheap Drinks, Expensive Valuation 

We initiated coverage on other upcoming IPOs like ANE Logistics (1292621D CH) and Shanghai NewMed Medical (NMM HK) while Ming Lu took a trip down to the local supermarket and convenience store in China to get a sense of how Weilong Delicious Global (WDG HK)'s products compare to competitors. 


ANE Logistics Pre-IPO - Margins Expanding but Appears to Be Falling Behind 

NewMed (纽脉医疗) Pre-IPO: Uphill Battle for TAVR but Leads the TMVR 

Weilong Delicious Global: A Store Visit for “Spicy Stick” 

In Japan, we shared our thoughts on peer comparison and valuation of Simplex Holdings (4373 JP). We also initiated on upcoming South Korean IPOs like Kakao Pay (377300 KS) and K Car (KCAR KS) which are looking to raise up to US$1.3bn and US$629m, respectively.


Simplex Holdings Pre-IPO - Peer Comp, Valuation - Lagging in Size but Leading in Growth and Margins 

Kakao Pay IPO - Guided by Ant Financial to Be a Mini Ant 

K Car Pre-IPO - Dominant Leadership in the Online Space 

There were a handful of placements too. Most notably, West Japan Railway Co (9021 JP) was launched its unexpected US$2.7bn follow-on offering to fund strategic investments and repay debt.

West Japan Railway Placement - A Large, Unexpected Dilution 
The deal will price on 13th September. In Japan, Korea Post sold its entire (US$947m) stake in KakaoBank (323410 KS) in a block trade. The deal only represented 1.5 days ADV and was reported to be multiple times covered. Share price is still holding above deal price on Friday.

Kakao Bank Placement - Its Expensive but the Discount Is Enticing 
Finally, in Hong Kong, Dongyue Group (189 HK) raised about US$440m in its placement. The deal closed 15% above its deal price with books also multiple times covered.

Dongyue Group (东岳集团) Placement - Opportunistic Raise at All Time High but Easily Digestible 
Accuracy Rate:Our overall accuracy rate is 74% for IPOs and 67.8% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  

AirPower Technologies (Hong Kong, US$1bn)
Jinmao Property Development (Hong Kong, US$300m)
Laowang Holding (Hong Kong, US$200m)
Biocytogen Pharmaceuticals (Hong Kong, US$150m)
MapmyIndia (India, US$137m)
News on Upcoming IPOs  
Hong Kong/China
China plans to ban overseas IPOs for tech firms with data security risks
China to set up new board for SMEs
Tam Jai International plans US$100m HK IPO listing hearing
GogoX files for HK IPO
SenseTime files for US$2bn HK IPO
AirPower Technologies files for HK IPO
Evercare Medical seeks US$300m HK IPO
Powerlong REIT to raise US$200m–$300m
Books covered for Helens International's HK IPO
Temasek-backed Lu Daopei Medical plans US$500m HK IPO
LB Group plans HK IPO of up to US$1bn
Yingde Gases Files for Hong Kong Initial Public Offering
China Courier Stocks Jump Amid Expectations of Price Increase
Chinese Milk Tea Chain GoodMe Is Said to Explore Hong Kong IPO
Jinmao Property Development plans US$300m HK IPO
Hanyu Medical wins HK listing approval
Laowang plans US$200m HK IPO
Sunac Is Said to Mull Spinning Off Ski Resorts for Hong Kong IPO
Ant Group reportedly teams with Beijing-backed investors to rescue IPO
Novotech plans to pre-market HK IPO next week
China Digest: ShadowBot nets $50m; GoodMe mulls Hong Kong IPO
Indonesia’s J&amp;T Express Eyes Shifting IPO From U.S. to Hong Kong
Deutsche Bank regains Hong Kong IPO sponsor licence
HKEX to woo SE Asia’s IPO hopefuls once COVID-19 recedes, says top executive
Broncus wins listing approval for US$300m HK IPO
Guangzhou Auto plans listing of electric car unit
Pharmaceutical company PegBio files for Rmb2.54bn Star IPO
Jing-Jin Electric Technologies wins final approval for Rmb2bn Star IPO
Shenzhen bourse resumes review of BYD Semiconductor's Rmb2.69bn ChiNext IPO
US/China ADRs
India's Freshworks plans up to US$1bn Nasdaq IPO
Singapore's FinAccel to go public in a US$2.5b SPAC deal
Carsome guns for US IPO after raising US$170m funding at US$1.3b valuation
Chinese EV startup Iconiq may go public in US$4 billion US SPAC deal - Bloomberg
India
Sebi mulls IPO reforms on book building, price band aspects
India's Ola hires banks for US$1bn domestic IPO
MapmyIndia files for Rs10bn IPO
GoAir Gets Initial Share Sale Nod From India’s Market Regulator
Wellness Forever plans to file for Rs12bn IPO this month
Penna Cement Plans to Launch INR15.5b IPO Later This Month
SoftBank-Backed Snapdeal Said to Weigh $400 Million Mumbai IPO
Three hospital chains to raise up to Rs 6,300 crore via IPOs
Here's the next Tata group company headed for an IPO
Gold jeweller Joyalukkas said to plan $400 million IPO next year
Vijaya Diagnostic IPO books covered
FabIndia hires banks for Rs50bn IPO
India rewards merit for LIC IPO
Japan/Korea
LG Energy Solution evaluates IPO timing
K Car pre-markets KRX IPO
Kakao Pay trims deal size by 6% to W1.53trn
LG Energy to Decide by Oct. Whether to Pursue IPO This Year
Blackstone-Backed Handbag Maker Simone Seeks Up to 401b Won IPO
Goldman-invested K beauty unicorn GP Club seeks IPO next year
Kioxia Eyes Tokyo Lisitng in November, Nikkan Kogyo Reports
Others
Global fund manager GQG Partners targets ASX for $1b plus IPO
FinClear approaches $500m valuation as it taps investors, again
Singapore Exchange targets SPAC hopefuls with relaxed rules
IPO candidate Dayamitra holds non-deal roadshows
IGB Commercial REIT launches M$243m institutional tranche
Analysis on Upcoming IPOs

Name
Insight

Hong Kong

APM Monaco
APM Monaco Pre-IPO - China’s Resilience Shines 


Anjuke
Anjuke Pre-IPO - Mixed (Positive and Negative) Developments 


Ambio
AmbioPharm (昂博制药) Pre-IPO: Peptide CDMO Leader Turning Licensor 


Biel Crystal
Biel Crystal (伯恩光学) Pre-IPO - Cash Flow Generative Business but Underlying Trend Is Worrying 


Broncus
Broncus (堃博医疗) Pre-IPO: Big Potential to Be Tested 


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) Pre-IPO: Why Facebook Should Worry About TikTok 


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


ByteDance
ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 


ByteDance
ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 


ByteDance
ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Mixed PHIP Update, Updated Thoughts on Valuation 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Initial Thoughts on Valuation 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Tencent Music Peer Comp, Regulatory Impact 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Was in the Slow Stream, Playing Catch-Up 


Edda 
EDDA Healthcare Pre-IPO - RoboDoc - Has Been Around for a While but Is Just Getting the Robo Going 


Dingdang
Dingdang Health Tech (叮当健康) Pre-IPO - Impressive Growth but Not Without Concerns 


Intco Med
Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1 


Imeik
Imeik Tech (爱美客) A/H Pre-IPO - Dermal Filler Leader Capitalizing on Its Valuation 


Jenscare
Jenscare (宁波健世科技) Pre-IPO: Differentiated Heart Valve Portfolio 


MicroPort Medbot
MicroPort MedBot Pre-IPO - RoboDoc - Pre-Revenue, Has a Large Competitor but a Large Market as Well 


NewMed
NewMed (纽脉医疗) Pre-IPO: Uphill Battle for TAVR but Leads the TMVR 


Neusoft Xikang
Neusoft Xikang (东软熙康) Pre-IPO: A Long Way to Profit 


Neusoft Med
Neusoft Medical Systems (东软医疗系统) Pre-IPO: Unattractive Fundamentals 


Novotech
Novotech Pre-IPO: Biotech Focused CRO at Hefty Pre-IPO Valuation 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


WeDoctor

We Doctor (微医) Pre-IPO - Peer Comparison - Picking Its Battles Wisely 


WeDoctor

We Doctor (微医) Pre-IPO - Forecasts, Early Thoughts on Valuation, and Acquisition Gripes 


Weilong

Weilong Delicious Global Pre-IPO - The Positives - Fast Growth, Strong Backers 


Weilong

Weilong Delicious Global Pre-IPO - The Negatives - Spicy Valuation 


WM Tech

WM Tech Pre-IPO - Peer Comparison and Pre-IPO Valuation - Some Signs of Advantage 


WM Tech

WM Tech Pre-IPO - Digitalization Efforts Coming Through but Not Well Substantiated 

India

Aadhar Housing

Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures 


Aditya AMC

Aditya Birla Sun Life AMC Pre-IPO - Strong Profit Growth but It's Losing Market Share 


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


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


Bajaj En
Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO 


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


LIC

Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


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

Philippines

MREIT

MREIT Pre-IPO - Mediocre Performance, Convoluted Lease, Low Asset Yield 



ECM Weekly (5th September 2021) - JR West, Kakaobank, Helen's, ANE, Weilong Snacks, NewMed

ANE, an express freight network operator in China for less-than-truckload (LTL) market, aims to raise around US$500m in its Hong Kong IPO. The company is backed by a host of financial investors including Centurium, Carlyle, CDH, CPE, NWS, Ping An, Goldman Sachs and Yili.As per iResearch, ANE’s network was the largest in China in terms of total freight volume over 2017-20 with a market share of 17.2% in 2020.By Dec 2020, it had collaborated with approximately 26,400 freight partners and agents to serve 3.6m shippers across approximately 96% of the counties and townships in China. Both the freight partners and freight agents operate under its brand and are required to adhere to its service guidelines and policies.ANE’s overall volume and top line growth has been decent. However, not all of its offerings have been growing, while some of its revenue growth was driven by accounting changes. Moreover, despite claiming to be the largest player in its segment, it appears to be losing market share and like the rest of the industry, it appears to have little pricing power.

ANE, an express freight network operator in China for less-than-truckload (LTL) market, aims to raise around US$500m in its Hong Kong IPO. The company is backed by a host of financial investors including Centurium, Carlyle, CDH, CPE, NWS, Ping An, Goldman Sachs and Yili.As per iResearch, ANE’s network was the largest in China in terms of total freight volume over 2017-20 with a market share of 17.2% in 2020.By Dec 2020, it had collaborated with approximately 26,400 freight partners and agents to serve 3.6m shippers across approximately 96% of the counties and townships in China. Both the freight partners and freight agents operate under its brand and are required to adhere to its service guidelines and policies.ANE’s overall volume and top line growth has been decent. However, not all of its offerings have been growing, while some of its revenue growth was driven by accounting changes. Moreover, despite claiming to be the largest player in its segment, it appears to be losing market share and like the rest of the industry, it appears to have little pricing power.

ANE Logistics Pre-IPO - Margins Expanding but Appears to Be Falling Behind

China

Shanghai ANE Logistics Ltd. offers logistics services. The Company provides freight forwarding, supply chain management, domestic express delivery, warehousing, and other services. Shanghai ANE Logistics provides its services throughout China.

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