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

Sunshine Insurance Group  Lt / Equity Capital Markets

<ul>
<li>Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise around US$950m in its HK IPO.</li>
<li>SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.</li>
</ul>


Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise around US$950m in its HK IPO.
SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.
We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.


Sunshine Insurance Group IPO - Needs to Correct by Only 50%

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/sunshine-insurance-group" target="_blank" data-smartkarma-citation="entities:36464:1" rel="noopener">Sunshine Insurance (SUN HK)</a>, a Chinese life and P&amp;C insurance company, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/sunshine-insurance-group-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:85205" rel="noopener">Sunshine Insurance Group IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.  </li>
<li>The key elements of the bear case rest on Sunshine Life’s VNB margin decline and agent channel pressure; Sunshine P&amp;C’s regulatory pressure on premiums and the group's declining investment yield.</li>
</ul>



Sunshine Insurance (SUN HK), a Chinese life and P&amp;C insurance company, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.
In Sunshine Insurance Group IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.  
The key elements of the bear case rest on Sunshine Life’s VNB margin decline and agent channel pressure; Sunshine P&amp;C’s regulatory pressure on premiums and the group's declining investment yield.


Sunshine Insurance Group IPO: The Bear Case

<ul>
<li>Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise up to US$1bn in its HK IPO.</li>
<li>SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will undertake a peer comparison.</li>
</ul>


Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise up to US$1bn in its HK IPO.
SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.
We have looked at the company’s past performance in our previous notes. In this note, we will undertake a peer comparison.


Sunshine Insurance Group Pre-IPO - Peer Comparison - Fastest in One Segment, Slowest in the Other

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunshine-insurance-group" target="_blank" data-smartkarma-citation="entities:36464:1" rel="noopener">Sunshine Insurance (SUN HK)</a>, a Chinese life and P&amp;C insurance company, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.</li>
<li>In 2020, Sunshine P&amp;C ranked seventh and Sunshine Life ranked 12th as measured by original premiums income market share, according to the CBIRC and the Insurance Association of China.</li>
<li>The key elements of the bull case rest on Sunshine Life’s robust premium growth and high persistency ratio; Sunshine P&amp;C’s underwriting profits in 9M22 and its high group solvency ratio.</li>
</ul>



Sunshine Insurance (SUN HK), a Chinese life and P&amp;C insurance company, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.
In 2020, Sunshine P&amp;C ranked seventh and Sunshine Life ranked 12th as measured by original premiums income market share, according to the CBIRC and the Insurance Association of China.
The key elements of the bull case rest on Sunshine Life’s robust premium growth and high persistency ratio; Sunshine P&amp;C’s underwriting profits in 9M22 and its high group solvency ratio.


Sunshine Insurance Group IPO: The Bull Case

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<ul>
<li>China’s banking and insurance regulator <a href="https://www.caixinglobal.com/2022-11-24/china-designates-first-seven-investments-for-personal-pension-system-101969974.html" target="_blank" rel="noopener">announced</a> this week the first batch of insurance products available for consumers to purchase under the country’s newly launched personal pension system.</li>
<li>The first seven insurance products are to be provided by four life insurers and two pension insurance companies.</li>
<li>Separately, the CBIRC issued final regulations to insurance companies that wish to sell retirement savings products.</li>
</ul>


China’s banking and insurance regulator announced this week the first batch of insurance products available for consumers to purchase under the country’s newly launched personal pension system.
The first seven insurance products are to be provided by four life insurers and two pension insurance companies.
Separately, the CBIRC issued final regulations to insurance companies that wish to sell retirement savings products.


China Personal Pension System: About Time

China

China Life Insurance Company Ltd. offers a wide range of life, accident, and health insurance products and services.

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China Life Insurance Company (2628 HK)

Sunshine Insurance Group IPO - Needs to Correct by Only 50%

Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise around US$950m in its HK IPO. In this note, we talk about...

Sumeet Singh

Sunshine Insurance Group IPO: The Bear Case

The key elements of the bear case rest on Sunshine Life’s VNB margin decline and agent channel pressure; Sunshine P&C’s regulatory pressure on...

Arun George

Sunshine Insurance Group Pre-IPO - Peer Comparison - Fastest in One Segment, Slowest in the Other

Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise up to US$1bn in its HK IPO. In this note, we undertake a...

Sumeet Singh

Sunshine Insurance Group IPO: The Bull Case

The key elements of the bull case rest on Sunshine Life’s robust premium growth and high persistency ratio; Sunshine P&C’s underwriting profits in...

Arun George

China Personal Pension System: About Time

China’s banking and insurance regulator announced this week the first batch of insurance products available for consumers to purchase under the...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)