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

Full Truck Alliance   / 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.
It has been a busy week in the ECM space.
For ongoing/live IPOs, in the U.S, Chinese freight-as-a-service provider, Full Truck Alliance, launched its bookbuild on Wednesday and closed a day earlier on the back of strong demand. It had obtained indications of interest for up to 40% of the total deal. Pricing is expected to come in on Monday, after the US market closes. 

Full Truck Alliance Pre-IPO - The Positives - Category Leader
Full Truck Alliance Pre-IPO - The Negatives - Still a Mixed Bag
Full Truck Alliance Pre-IPO - Valuation, Even the Previous Round Might Have Been a Stretch
Full Truck Alliance IPO - Decent Investor Line-Up, at Best a Punt at These Valuations

Soulgate Inc, which operates Soul app, an algorithmic-driven online social playground, launched its US$198m IPO bookbuild. Shares will trade on Thursday.

Soulgate Pre-IPO - Unsustainable Virtual Connection 
Soulgate IPO - MIHOYO Could Change the Game, Worth a Bet

In Hong Kong, Nayuki, launched its US$656m bookbuild this week. Books will close on Wednesday and shares will debut on 30th June. 

Nayuki (奈雪) Pre-IPO - Fast-Growing, Cash Flow Positive Teahouse Chain 
Nayuki (奈雪) Pre-IPO - PHIP Updates - 4Q20 Results Shows Improvement 
Nayuki (奈雪) Pre-IPO - Industry Landscape and Peer Comparison 
Nayuki (奈雪) Pre-IPO - Forecast and Thoughts on Valuation 
Nayuki (奈雪) IPO - Not Cheap but Should Still Do Well

US and London-listed bio pharma company, Hutchmed (China), launched its bookbuild for its US$590m Hong Kong secondary listing. The deal will price on Wednesday and debut on 30th June. We covered the firm’s earlier attempt to list back in 2019: 

Hutchison-China Meditech (和黄医药) H-Share Listing: MNC Partnerships Endorsed Its R&amp;D Capabilities
HCM Secondary Listing: Not a Good Performer

Chinese property management company, Yuexiu Services, also launched its US$300m bookbuild on Tuesday. Books were reportedly covered. The deal will price on Monday and debut on 28th June. 
Yuexiu Services (越秀服务) IPO - Interesting but Not Outstanding
For upcoming IPOs, in Hong Kong, medical devices company, Zylox-Tonbridge, and ophthalmic medical services group, Chaoyu Eye Care, began pre-marketing their respective US$400m and US$300m IPOs. 

Zylox-Tonbridge (归创通桥) Pre-IPO: Competition Is the Key Concern
Chaoju Eye Care (朝聚眼科) Pre-IPO: Growth Prospect Far from Being Impressive
Chaoju Eye Care (朝聚眼科) Pre-IPO: How Does It Fare Against Industry Leader

Shanghai Bio-Heart, a medical devices provider, is currently pre-marketing its US$300m IPO as well. The firm manufactures devices to treat artery diseases and hypertension. We covered the deal earlier.
Shanghai Bio-Heart (上海百心安) Pre-IPO: Needs a Long Runway
Kindstar Globalgene Technology, an independent esoteric clinical testing service provider has also begun pre-marketing its US$400m IPO. Pre-marketing will end on Wednesday and we have covered the deal earlier:

Kindstar (康圣环球) Pre-IPO: Issues with Scalability
Kindstar (康圣环球) Pre-IPO: Is It Worth the Premium?

Chinese beauty brand e-commerce service provider, eBeauty Holdings, and Chinese biotech company Brii Biosciences, are both seeking listing approval for their respective US$600 and US$400m IPOs, respectively.
Brii Biosciences (腾盛博药) Pre-IPO: A Hopeful Tackle on HBV
Other HK IPOs seeking listing approval include real estate developer, Sanxun Holdings Group, property management company, Ling Yue Services, and automobile dealership, BetterLife Services. They are each looking to raise US$100m, US$100m, US$150m, respectively. 
We also continued our coverage on Didi’s expected US$10bn IPO with a competitive outlook note. We took a look at segment margins for its main and international business. 

DiDi Chuxing Pre-IPO - One of Asia’s Largest IPOs This Year - Tearsheet
DiDi Chuxing Pre-IPO - Has a Principal Agent Problem, Rumoured Target Valuation Is a Stretch
DIDI (滴滴) Pre-IPO: Competitive in Car Hailing, Uncompetitive In “Others”, Generally Valuable

Following our ongoing coverage of fresh food retailers, Dingdong Maicai and MissFresh, where both are seeking a US$500m IPO each, Ming Lu went on the ground to compare these two peers with Meituan as well.

Dingdong Maicai Pre-IPO - Increasing Market Share, Fast Growth but No Signs of Profit
Missfresh Limited (每日优鲜) Pre-IPO - Worrying and Unsustainable Trend
Dingdong Maicai Vs Miss Fresh Pre-IPO - One Clear Winner
Dingdong (叮咚买菜): Fresh Food Competition in and Outside of Frontline Warehouse

For initiation coverage, we looked at LinkDoc Technology, a medical data company backed by Alibaba Health. The company filed earlier this week and has begun pre-marketing. 
LinkDoc (零氪科技) Pre-IPO - Intricately Embedded in the Oncology Industry 
Also in the U.S, we initiated on Chinese boutique hotel operator, Atour Lifestyle’s which was said to be looking to raise US$300m.
Atour Lifestyle Holdings Pre-IPO - Visible Growth, Resilient Operations
In Hong Kong, we initiated on music streaming service, Cloud Village (Netease Music). It is expected to raise about US$1bn. The firm boasts a strong lineup of backers which includes Baidu, Alibaba, Yunfeng Capital and Boyu Capital. 
Cloud Village (NetEase Music) Pre-IPO - Was in the Slow Stream, Playing Catch-Up
In Malaysia, Creador-backed credit reporting agency, CTOS Digital managed to secure strong participation from 20 cornerstones for its US$291m IPO. The deal size is a step up from the initial planned US$150m. The deal will come later this month. 
CTOS Digital Pre-IPO - Credit Where Credit’s Due
For debuts, IPOs in Hong Kong flopped. China Youran declined as low as 21% below its IPO price before recovering to close 11% below. CARsgen did slightly better. It opened about 10% below IPO price, clawed back most of its lost grounds intraday before closing 8% below. Things were better in the U.S, AiHuiShou closed 22.9% higher on its Friday debut. 

AiHuiShou IPO - Priced to Go but Won’t Do a Kanzhun
AiHuiShou IPO Trading - Probably Close to Fair Value but Has a Long Runway
CARsgen (科济药业) IPO Trading: Not Likely a Pop on Debut
China Youran Dairy(悠然牧业) IPO Trading - Weak Demand

Credits to Clarence Chu for helping with the note.
Accuracy Rate:Our overall accuracy rate is 73.8% for IPOs and 67.6% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  

Huitongda Network (Hong Kong, US$1bn)
Abbisko Cayman Limited (Hong Kong, US$250m)
Yonghe Medical Group (Hong Kong, &gt;US$100m)
LinkDoc Technology (US, US$500m)
PEXA Group (Australia, US$909m)
News on Upcoming IPOs  
Hong Kong/China
Hong Kong IPOs Surge Just Before Second Quarter Ends
Hong Kong Exchanges &amp; Clearing: New body to oversee listing division
Chaoju Eye Care pre-markets US$300m HK IPO
Zylox-Tonbridge Medical pre-markets US$400m HK IPO
Ling Yue Services to seek HK listing approval this week
Shanghai Bio-heart pre-markets US$300m HK IPO
eBeauty, Brii to seek approval for HK IPOs this week
Kindstar Globalgene seeks approval for HK IPO this week
Sanxun to seek approval for HK IPO this week
Yunnan Botanee Bio-Technology Group to seek H-share IPO
Kindstar Globalgene pre-markets US$400m HK IPO
Books covered for Yuexiu Services HK IPO
HutchMed (China) launches US$590m HK listing
SenseTime mulls US$2bn HK IPO at year-end
Huitongda files for HK IPO
BetterLife plans to pre-market HK IPO next week
Apple Supplier Biel Said to Weigh Up to $2 Billion Hong Kong IPO
CPE-backed Chinese hair transplant clinic chain Yonghe files for HK IPO
SAIC Motor to spin off and list cell, map, and AI driving units
BYD Semiconductor’s spin-off from BYD gets shareholder approval
Shandong Weigao Orthopedic Device prices Rmb1.5bn Star IPO
US/China ADRs
Full Truck Alliance brings anchors on US$1.6bn IPO
Full Truck Alliance to close books early for US$1.57bn NYSE IPO
Didi adds more banks to jumbo US IPO
China Starts Antitrust Probe Into Didi Chuxing
Chinese Medical Data Firm LinkDoc Files for U.S. IPO
LinkDoc Tech pre-markets US$500m Nasdaq IPO
Tycoon Richard Li’s Insurer FWD Files for $3 Billion U.S. IPO
Richard Li’s FWD files confidentially for US IPO
Hony Capital SPAC IPO cuts size to US$200m
AMTD Digital slashes size of NYSE IPO
Grab CEO Confident SPAC Deal to Close by Year-End After Delay
Consumer finance firm Credit Sesame eyes U.S. IPO
India
Religare plans ₹2,000-cr IPO for Care Health
Indian payments unicorn Paytm hires four official bankers for its proposed $3b IPO
Paytm seeks to issue fresh equity shares worth $1.6b in run-up to IPO
Shyam Metalics' Rs9.1bn IPO books covered
Vedant Fashions plans to file for up to 25bn IPO
Sona Comstar Rs55.5bn IPO books covered
India government plans to rope in anchor investors to invest up to $3.4b in LIC’s IPO
India Pesticides sets Rs8bn IPO range
Others
Wealth group Mason Stevens mulls sale, float; hires Bank of America
Philippines MREIT plans up to Ps27.3bn IPO
Filinvest REIT to pre-market Ps13.5bn IPO
Undervalued’ Philippine Builder Sees Some Love After REIT IPO
Elite Partners Said to Weigh EU200m European Logistics REIT IPO
Indonesia's Bukalapak aims to raise US$800m in IPO: sources
Bukalapak starts pre-marketing up to US$300m IPO
Gojek to reduce service fees for drivers by half; cut to 10% from Jun 21
Indonesian start-ups list at home
Indonesia issues rules for multiple voting rights shares
UBS to have new Indonesia global banking head
CTOS M$1.2bn IPO likely to exceed 20 cornerstones
Creador-backed Malaysia’s CTOS signs 20 cornerstone investors for $290m IPO
Malaysia’s Biggest IPO in 2021 Is Said to Draw Aberdeen, AIA
Malaysia’s Carsome Said to Mull U.S. Listing With SPAC as Option
Pomelo Fashion plans up to US$400m IPO
Thai SoftBank-Backed Food App May Seek IPO Sooner Than Expected
Krafton pre-markets South Korea’s largest IPO
Hyundai Oilbank targets local listing next year
Kakao Bank gets approval for up to US$3bn IPO
DearU under SM Entertainment to go public on Kosdaq
Analysis on Upcoming IPOs

Name
Insight

Hong Kong

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


Betta Pharma
Betta Pharma (贝达医药) A+H: Tier 2 Player Struggled to Break Out 


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 


Chaoju
Chaoju Eye Care (朝聚眼科) Pre-IPO: Growth Prospect Far from Being Impressive 


Dida
Dida Pre-IPO - Making Hay While Big Brother Retreats 


Dida
Dida Pre-IPO - Earnings Forecast and First Stab at Valuation 


Dida
Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability 


Edding Grp
Edding Group (亿腾医药) Pre-IPO: Notes from Latest Financials and Its Related Party 


Edding Grp
Edding Group (亿腾医药) Pre-IPO: Notes from Latest Financials and Its Related Party 


Hanyu
Shanghai Hanyu (捍宇医疗) Pre-IPO: Not a Straight-A but Listing at Right Time 


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


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 


Keymed
Keymed (康诺亚生物) Pre-IPO: Differentiated Products but Far from Commercialization 


Kindstar
Kindstar (康圣环球) Pre-IPO: Issues with Scalability 


Kindstar
Kindstar (康圣环球) Pre-IPO: Is It Worth the Premium? 


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


RemeGen

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


SH Bio-heart

Shanghai Bio-Heart (上海百心安) Pre-IPO: Needs a Long Runway 


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 


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 - Digitalization Efforts Coming Through but Not Well Substantiated 

India

Aadhar Housing

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


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 


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 


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


Samhi Hotels

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


Sona Comstar

Sona Comstar Pre-IPO - Inconsistent Growth, Patchy Disclosures 


Zomato

Zomato Pre-IPO - Filings Lack Narrative, a Little Bit of History Helps 


Zomato

Zomato Pre-IPO - Food Delivery Revenue Was Probably up 16x 

Malaysia

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

The U.S.

Dingdong MC

Dingdong Maicai Pre-IPO - Increasing Market Share, Fast Growth but No Signs of Profit 


ForU

ForU Worldwide Pre-IPO - Mostly Negatives 


Hello Inc

Hello Inc (哈罗出行) Pre-IPO - Nowhere near Being Sustainable 


MissFresh

Missfresh Limited (每日优鲜) Pre-IPO - Worrying and Unsustainable Trend 


Qiniu

Qiniu Cloud (七牛云) Pre-IPO: PaaS Doesn't Warrant a Premium 


Ximalaya

Ximalaya Pre-IPO - The Positives - A Whole Lot of Listening 


Ximalaya

Ximalaya Pre-IPO - The Negatives 


Ximalaya

Ximalaya Pre-IPO - Peer Comparison 


Ximalaya

Ximalaya Pre-IPO - Earnings Forecast and Valuation 


Ximalaya

Ximalaya (XIMA): Has Large Market Share, But Small Competitors Have Big Bosses. 



ECM Weekly (20th June 2021) - Didi, Nayuki, Soulgate, Hutchmed, Full Truck, CTOS, Cloud Village

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

CTOS Digital (CTOS) aims to raise up to US$300m via its Malaysian IPO. It is majority owned by Creador, a PE firm. CTOS is an investment holding whose subsidiaries are principally involved in the business of credit reporting, digital software related services, software development, outsourcing and training services and investment holding.CTOS was the largest credit reporting agency (CRA) in Malaysia with an estimated market share in terms of revenue of 71.2% in 2020 according to the IMR Report. Its associate, Experian, was the second largest CRA in Malaysia, with an estimated market share in terms of revenue of 17.5%.

CTOS Digital (CTOS) aims to raise up to US$300m via its Malaysian IPO. It is majority owned by Creador, a PE firm. CTOS is an investment holding whose subsidiaries are principally involved in the business of credit reporting, digital software related services, software development, outsourcing and training services and investment holding.CTOS was the largest credit reporting agency (CRA) in Malaysia with an estimated market share in terms of revenue of 71.2% in 2020 according to the IMR Report. Its associate, Experian, was the second largest CRA in Malaysia, with an estimated market share in terms of revenue of 17.5%.

CTOS Digital Pre-IPO - Credit Where Credit’s Due

Malaysia

CTOS Digital Berhad operates as a holding company. The Company, through its subsidiaries, offers credit reporting, software development, outsourcing and training, and digital software related services. CTOS Digital serves customers in Malaysia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CTOS Digital (CTOS MK)

ECM Weekly (20th June 2021) - Didi, Nayuki, Soulgate, Hutchmed, Full Truck, CTOS, Cloud Village

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Zhen Zhou, Toh

CTOS Digital Pre-IPO - Credit Where Credit’s Due

CTOS Digital (CTOS) aims to raise up to US$300m via its Malaysian IPO. It is majority owned by Creador, a PE firm. It has an over 70% market share...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)