APAC IPOs & Placements

Zhen Zhou, Toh

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

Kuaishou Technology / 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.




Hong Kong IPO had a short respite this week as we gear up for Beijing Kuaishou Technology Co Ltd (1496219D CH)'s US$6bn mega IPO next week. We also heard that Basecare's IPO is likely to launch its bookbuild in the same week while MicroPort CardioFlow (1844972D HK) which started premarketing this week too, should come to market very soon too.  

Kuaishou Technology Pre-IPO - Updated Forecasts and Valuation

Kuaishou Technology Pre-IPO - PHIP Updates - User Growth Has Been Slowing Down Post COVID 

This week we also covered Cheerwin (CHEER HK) and New Horizon Health (NHH HK) which are likely to come to market soon.


Cheerwin (朝云集团) Pre-IPO - Monetizing a Mature Business 

New Horizon Health (诺辉健康) Pre-IPO:  Thoughts on Valuation 

The next busiest market is probably India where there were three IPO bookbuilds ongoing this week. Indian Railway Finance Corporation (INFZ IN) launched its IPO last week while Indigo Paints (IP IN) launched on Tuesday and Home First Finance (HFF IN) launching a day later. We covered this IPOs in:


Indigo Paints IPO - Not Leaving a Whole Lot on the Table 

Indigo Paints IPO - Growing Fast but Future Growth Won’t Come as Easy 

Indian Railway Finance IPO - Low Risk, Low Margin, Low Returns 

Home First Finance IPO - It’s Not Really Cheap, Banking on Momentum 

Despite China ADRs' delisting woes, RLX Technology Inc (RLX US)'s  +146% trading debut showed that US market is still an enviable venue to list on. Other potential US listing to come this year includes Tencent-backed online education company, Huohua Siwei, which was reported to have picked banks for its IPO and also Cloopen Group Holding Ltd (RAAS US) which just filed its prospectus with the SEC.


RLX Technology IPO Trading - We Won't Be Chasing 

Beyond IPOs, Hong Kong placement was still very active with a handful of capital raise and secondary selldowns. India listed Apollo Hospitals Enterprise (APHS IN) also raised about US$160m in its well-flagged QIP.


BYD (比亚迪汽车) Placement - A Well Anticipated Placement with Strong Momentum 

Venus Medtech (启明医疗) &amp; Peijia Medical (沛嘉医疗) Placement - Take Your Pick 

Alibaba Health Placement - Another Round of Selldown by Yunfeng 

Apollo Hospital Placement/​​QIP - Well Flagged Deal with Well Planned Use of Proceeds 





Accuracy Rate:



Our overall accuracy rate is 73.6% for IPOs and 67.1% for Placements 


(Performance measurement criteria is explained at the end of the note)






New IPO filings this week  


Cloopen (U.S. , US$500m)
BetterLife (Hong Kong, ~US$100m)
Nazara Tech (India, refiled)




Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.  







News on Upcoming IPOs  





Tencent-backed Kuaishou kicks off Hong Kong IPO targeting US$5 billion
Tencent-Backed Huohua Siwei Picks Banks for U.S. IPO
Home First Finance Company IPO fully subscribed on day 1
Indigo Paints IPO subscribed 117x
PUBG maker Krafton mulls potential IPO this year
Grab Mulling US IPO Of Up To $2 Billion




Analysis on Upcoming IPOs







Name
Insight


Hong Kong


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 



Dida

Dida Pre-IPO - Making Hay While Big Brother Retreats 



Kilcoy

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 



Kilcoy

Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 



RemeGen

RemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48 


Toplist

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


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 


India


ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


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


Bharat Hotel

Bharat Hotels Pre-IPO - Catching up with Peers 



Brookfields REIT

Brookfields India Real Estate Trust Pre-IPO - The Positives- Provides Different Geographic Exposure 



Brookfields REIT

Brookfields India Real Estate Trust Pre-IPO- The Negatives- Asset Details Leave Questions Unanswered 



Bajaj En

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



CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


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 


IRFC

Indian Railway Finance Pre-IPO - Low Risk, Low Margin Business 


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


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta



LIC


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



Lodha

Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


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


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 


Malaysia


QSR
QSR Brands Pre-IPO - As Healthy as Fast Food


The U.S


CDP

CDP Holdings Pre-IPO Review - Highly Reliant on Best Inc. 


CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent






ECM Weekly (24 January 2021) - Kuaishou, New Horizon Health, Indigo Paints, Home First Fin, IRFC

<a href="https://www.smartkarma.com/entities/cheerwin" target="_blank" data-smartkarma-citation="entities:31314:1" rel="noopener">Cheerwin (CHEER HK)</a> is looking to raise about US$300m in its upcoming Hong Kong IPO. Cheerwin is a home, personal, and pet care platform. The company sells products such as air care, insecticides, repellants, household cleaners, and etc. As per CIC, the company is ranked first among domestic companies for the past five years (from 2015 - 2019) and had a market share of 9.4% in 2019 in terms of retail sales value.In this note, we will look at the company's business, revenue drivers (or the lack thereof), market share, and relationship with Liby Group.

Cheerwin (CHEER HK) is looking to raise about US$300m in its upcoming Hong Kong IPO. Cheerwin is a home, personal, and pet care platform. The company sells products such as air care, insecticides, repellants, household cleaners, and etc. As per CIC, the company is ranked first among domestic companies for the past five years (from 2015 - 2019) and had a market share of 9.4% in 2019 in terms of retail sales value.In this note, we will look at the company's business, revenue drivers (or the lack thereof), market share, and relationship with Liby Group.

Cheerwin (朝云集团) Pre-IPO - Monetizing a Mature Business

China

Cheerwin Group Limited manufactures and distributes personal care products. The Company produces household care products, pet care products, and other products. Cheerwin Group provides its services throughout Hong Kong.

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