APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

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

Banu International Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/banu-international-holding" target="_blank" data-smartkarma-citation="entities:45309:1" rel="noopener">Banu International Holding (BANU HK)</a> is looking to raise US$200m in its upcoming Hong Kong IPO.</li>
<li>Banu International is a premium hotpot restaurant operator in China built around a product-centric philosophy, emphasizing high-quality ingredients, freshness, and a differentiated dining experience rather than price competition.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Banu International Holding (BANU HK) is looking to raise US$200m in its upcoming Hong Kong IPO.
Banu International is a premium hotpot restaurant operator in China built around a product-centric philosophy, emphasizing high-quality ingredients, freshness, and a differentiated dining experience rather than price competition.
In this note, we look at the company’s past performance.


Aequitas: Banu International Pre IPO - Decent Topline Growth In A Competitive Market

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Some key performance indicators indicate that the core driving force behind revenue growth has shifted from single restaurant efficiency to restaurant quantity, which isn't a good signal for chain brands</li>
<li>The label of "high price" cannot support strong profitability. High cost structure is an important factor affecting profit margin. Investment in heavy assets in supply chain has become an issue.</li>
<li>The rebound in performance in 25Q1 could be just temporary. In terms of valuation, we think the valuation of BANU could be lower than <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao </a>but higher than <a href="https://www.smartkarma.com/entities/xiabuxiabu-catering-mgt-chn-hldgs-co-ltd" target="_blank" data-smartkarma-citation="entities:76:1" rel="noopener">Xiabuxiabu Catering</a>.</li>
</ul>


Some key performance indicators indicate that the core driving force behind revenue growth has shifted from single restaurant efficiency to restaurant quantity, which isn't a good signal for chain brands
The label of "high price" cannot support strong profitability. High cost structure is an important factor affecting profit margin. Investment in heavy assets in supply chain has become an issue.
The rebound in performance in 25Q1 could be just temporary. In terms of valuation, we think the valuation of BANU could be lower than Haidilao but higher than Xiabuxiabu Catering.


Pre-IPO Banu International Holding - The Pain Points and the Outlook

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of deals are set to list in the coming week.</li>
<li>On the placement front, Nintendo's placement appears to be shaping up fine.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of deals are set to list in the coming week.
On the placement front, Nintendo's placement appears to be shaping up fine.


Aequitas ECM Weekly (9 March 2026)- Nintendo, Mixue, PayPay, UI Boustead, Sunway, Zhaowei, Estun

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Banu International Holding (BANU HK)

Aequitas: Banu International Pre IPO - Decent Topline Growth In A Competitive Market

Banu International Holding plans to raise US$200m in Hong Kong IPO, focusing on premium hotpot dining experience in China with emphasis on quality...

Hong Jie Seow

Pre-IPO Banu International Holding - The Pain Points and the Outlook

BANU's label of "high price" cannot support strong profitability. Heavy asset model in the supply chain has become an issue. 25Q1 performance...

Xinyao (Criss) Wang

Aequitas ECM Weekly (9 March 2026)- Nintendo, Mixue, PayPay, UI Boustead, Sunway, Zhaowei, Estun

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Banu International Pre IPO - Decent Topline Growth In A Competitive Market

​Banu International Holding plans to raise US$200m in Hong Kong IPO, focusing on premium hotpot dining experience in China with emphasis on quality...

Hong Jie Seow

Pre-IPO Banu International Holding - The Pain Points and the Outlook

BANU's label of "high price" cannot support strong profitability. Heavy asset model in the supply chain has become an issue. 25Q1 performance...

Xinyao (Criss) Wang

Aequitas ECM Weekly (9 March 2026)- Nintendo, Mixue, PayPay, UI Boustead, Sunway, Zhaowei, Estun

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Banu International Holding plans to raise US$200m in Hong Kong IPO, focusing on premium hotpot dining experience in China with emphasis on quality...