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.
We still have a few more trading debuts next week Zylox-Tonbridge Medical Technology (2190 HK) will trade on Monday, Chaoju Eye Care Holdings (2219 HK) and Xpeng (XPEV US) HK on Wednesday, and Keymed Biosciences Inc (2162 HK) on Thursday.
But, new Hong Kong IPO filings was all the rage this week because 30th June was the last day for applicants with audited financials as of December 31, 2020 to file.  There were 29 filings this week with 15 done on 30th June alone.
Notable filings include AIM Vaccine (US$1bn), the largest privately owned vaccine company in China, APM Monaco (US$500m), a popular fashion jewelry company backed by TPG, Adicon (US$400m), a Carlyle-backed laboratory services provider in China, and Arrail Group (~US$200m), Temasek-backed dental service provider in China. 
For live/ongoing IPOs, in Hong Kong, biotech/healthcare deals are running hot. Medlive Technology (2192 HK) is looking to raise up to US$543m with Tencent, Fidelity, GIC, OrbiMed among its cornerstone investor line-up. Particularly, Tencent's participation could be game-changing.  The company will price this coming Wednesday and debut on 15th July.

Medlive (医脉通) IPO: Candidate for Multi-Bagger 
Brii Biosciences (2137 HK) opened books to raise up to US$320m. We think valuation is reasonable and the cornerstone line-up is strong. The company will price this coming Tuesday and debut on 13th July.

Brii Biosciences (腾盛博药) IPO: Not a Demanding Valuation for Its Differentiation 
Kindstar Globalgene Technology (9960 HK) is looking to raise US$285m. The company also boasts a few reputable institutional investors as cornerstone but we think the company is fairly valued and competition is tough. The company will price this coming Thursday and debut on 16th July.

Kindstar Globalgene (康圣环球) IPO: Fairly Valued for a Questionable Moat 
In Malaysia, CTOS Digital (1054055D MK) launched its bookbuild to raise up to US$291mb, bumped up from the initial US$150m deal size owing to strong demand. The company boasts a long line of reputable investors as cornerstone. We heard books were covered at launch and closed on Friday, well ahead of its 6th July target. The company will debut on 19th July.

CTOS Digital IPO - Market Leader, Strong PE Record and Cornerstone 
Lastly, in the U.S, LinkDoc (LDOC US) launched its US$211m bookbuild which was still well above our initial valuation exercise. IPO valuation puts it 92% higher than its Series D valuation which was completed in February 2021. The company will debut on 9th July.


LinkDoc (零氪科技) Pre-IPO - Thoughts on Valuation 

LinkDoc (零氪科技) IPO - Revised Thoughts on Valuation 

For new initiations and ongoing coverage,in Hong Kong, we initiated on Transcenta Holding (THL HK), a clinical-stage biopharmaceutical company backed by Temasek and Hillhouse among pre-IPO investors. The company was said to be pre-marketing its US$200m IPO.

Transcenta (创胜) Pre-IPO: Buy the Experienced Team 
Acotec Scientific Holdings (ASH HK) is also pre-marketing its US$300m. The company is a leading  peripheral-vascular interventional device company in China with an early mover advantage.

Acotec (先瑞达) Pre-IPO: Early Mover Advantage in Peripheral DCB 
We also initiated on MicroPort Medbot, a surgical robot company. The company is looking to raise about US$1bn but it is in pre-revenue stage and there is strong competition coupled with low penetration of robot-assisted surgeries in China
MicroPort MedBot Pre-IPO - RoboDoc - Pre-Revenue, Has a Large Competitor but a Large Market as Well 
We continued our coverage on EBeauty Holdings (1894926D HK) which had filed its PHIP documents late June and was said to be looking to raise about US$500m. Peer comparison showed worrying underlying trends despite its high profit margins.


EBeauty Holdings (悠可集团) Pre-IPO - PHIP Updates and Peer Comparison 

EBeauty Holdings (悠可集团) Pre-IPO - Largest E-Commerce Enablement but Competition Is Intensifying 

In India, we initiated on Devyani International (6590204Z IN), Yum Brand’s largest franchisor in India, which is looking to raise about US$200m. There are lots to like about the company. However, unlike Burger King India, it isn't the sole franchisor for Yum in India.

Devyani Pre-IPO - Might Not Do Another Burger King India but Should Be Good 
In the U.S, we looked at the newly filed Manycore Tech (KOOL US), which was world’s largest platform for 3D interior design, decoration and construction, as per iResearch. The company is looking to raise at least US$100m and is backed by IDG, GGV and Hillhouse.

Manycore Tech Pre-IPO - High but Declining Market Share 
Halting/deferring IPOs seem to be more common than before in the U.S. Atour Lifestyle Holdings (ATAT US)'s IPO was halted but not pulled, according to Chinese news sources. But we haven't heard guidance on when it will debut.
Overall, China ADR ECM situation is in an awkward place. Full Truck Alliance (YMM US), despite its strong debut, collapsed through IPO price a week later and it is back to IPO price on Friday. DiDi Chuxing (DIDI US) opened strong, pared its gains by the end of its debut but is still holding up. But on Friday there were news reports that Didi is under investigation and has stopped new account registration. Then, there was Missfresh (MF US)'s rush to IPO which led to disastrous first week performance but Dingdong Maicai (DDL US) managed to do well due to its downsized IPO but liquidity was abysmal.
For placements this week, in Korea, STIC sold its remaining stake in HYBE (352820 KS) which has managed to hold up well for the week. In Japan, GLP J-REIT (3281 JP) is looking to raise US$230m to acquire four assets. 


GLP J-REIT Placement - Almost All the past Deals Have Done Well but Shares Are at an All Time High 

Hybe Block/Placement - Big Block for Big Hit 

Accuracy Rate:Our overall accuracy rate is 74.1% for IPOs and 67.6% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  

Asymchem Laboratories (Tianjin) Co., Ltd. (Hong Kong, US$1.4bn)
AIM Vaccine Co., Ltd. (Hong Kong, US$1bn)
Lingyi iTech (Guangdong) Company (Hong Kong, US$900m)
APM Monaco Limited (Hong Kong, US$500m)
Horizon Construction Development Limited (Hong Kong, US$500m)
ADICON Holdings Limited (Hong Kong, US$400m)
CANbridge Pharmaceuticals Inc. (Hong Kong, US$250m)
Hangzhou SF Intra-City Industrial Co., Ltd. (Hong Kong, US$200m)
3D Medicines Inc (Hong Kong, US$200m)
Arrail Group Limited (Hong Kong, US$200m)
Telford International Holdings Limited (Hong Kong, &gt;US$100m)
Shanghai Ark Biopharmaceutical Co., Ltd. (Hong Kong, &gt;US$100m)
News on Upcoming IPOs  
Hong Kong/China
Zylox-Tonbridge prices HK IPO at top of range
China Tourism files for mega HK listing
Chaoju Eye Care prices HK IPO at top to raise HK$1.8bn
China DHgate Group seeks US$200m HK IPO
Kindstar Globalgene opens books for HK$2.2bn HK IPO
Keymed prices HK IPO at top of range
Dexin Services opens books for HK$860m HK IPO
China's Brii Bio launches HK$2.5bn HK IPO
Medlive Tech launches HK$4.2bn HK IPO
Sanxun open books for HK$858m HK IPO
BetterLife Holding opens books for HK$720m HK IPO
Ronshine launches HK$704m IPO
Jeweler APM Monaco Files for Hong Kong IPO
SF Holding Says Unit Files Hong Kong Listing Application
Carlyle-Backed Adicon to List on Hong Kong Exchange
Horizon Construction plans US$500m HK IPO
AIM Vaccine plans up to US$1bn HK IPO
Kangqiao opens books for HK IPO
XPeng completes HK listing
Temasek-backed Chinese dental services provider Arrail files for HK IPO
Deutsche's IPO sponsorship licence to lapse
Geely Automobile drops Rmb20bn Star IPO
Beijing E-Town Semiconductor Technology files for Rmb3bn Star IPO
Jee Technology's Rmb2bn Star IPO clears hearing
BeiGene cleared for Rmb20bn Star IPO; to be the first A+H+US shares Chinese biopharmaceutical company
Hubei Huaqiang High-Tech clears hearing for Rmb1.72bn Star IPO
BYD Semiconductor files for Rmb2.69bn ChiNext IPO
Jee Tech's Star IPO clears hearing
Huaqiang High-Tech clears hearing
Eight companies file for combined Rmb35.2bn Shanghai Star IPOs
US/China ADRs
Dingdong raises US$87m from trimmed IPO after Missfresh plunge
LinkDoc plans to raise US$211m from Nasdaq IPO
Didi completes tricky US ride
TPG-Backed PropertyGuru Eyes $2 Billion Thiel SPAC Deal
Singapore’s Carousell Is Said to Explore U.S. Listing Via SPAC
Gobi Acquisition launches US$250m Nasdaq IPO
India
Sebi puts Aditya Birla MF, GoAir IPOs on hold
NSDL e-Governance hires banks for US$300m IPO
India's GR Infra sets price range for Rs9.6bn IPO
PolicyBazaar plans to file for up to Rs40bn IPO in July
Zomato Likely to Have Increased IPO Size to About $1.25B
Zomato gets Sebi nod for ₹8,250-cr share sale
Clean Science launches upsized Rs15.5bn IPO
Popular Vehicles plans IPO filing in July
Sebi launches consultation on superior right shares
Indian IPOs unmoved by Sebi
MOVES - Kotak gets new ECM origination head
Others
Indonesian e-commerce firm Bukalapak seeking up to US$800m in IPO: sources
Philippine Share Sales May Reach Record This Year, Bourse Says
CTOS M$1.2bn IPO books covered just after launch
CTOS to close books early for M$1.2bn IPO
Krafton downsizes IPO to W4.31trn
Kakao Bank pre-markets KRX IPO of up to W2.55trn
Kakao Pay plans W1.63trn KRX IPO
Netmarble’s Mobile Game Developer Unit Netmarble Neo Sets IPO
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 


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 


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 


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.

ForU

ForU Worldwide Pre-IPO - Mostly Negatives 


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 (4th July 2021) - Xpeng, Medbot, Medlive, Brii Bio, CTOS, LinkDoc, Devyani, Manycore

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Devyani International  / Equity Capital Markets

<p>Devyani International Limited (DIL), Yum Brand’s largest franchisor in India, aims to raise around US$200m via its Indian IPO. The IPO will be a mix of primary and secondary shares. </p><p>DIL operates a chain of quick service restaurants (QSRs) in India. Its core business is to operate KFC, Pizza Hut and Costa Coffee in India. It operated 655 stores across 155 cities in India, as of Mar 2021. These include 264 KFC stores, 297 Pizza Hut stores and 44 Costa Coffee stores. It also operates stores in Nepal and Nigeria for KFC and Pizza Hut. In addition, it also runs its own brands Vaango, Food Street, Masala Twist, Ile Bar, Amreli, and Ckrussh Juice Bar in India. Yum owns over 4% stake in the company.</p>

Devyani International Limited (DIL), Yum Brand’s largest franchisor in India, aims to raise around US$200m via its Indian IPO. The IPO will be a mix of primary and secondary shares. DIL operates a chain of quick service restaurants (QSRs) in India. Its core business is to operate KFC, Pizza Hut and Costa Coffee in India. It operated 655 stores across 155 cities in India, as of Mar 2021. These include 264 KFC stores, 297 Pizza Hut stores and 44 Costa Coffee stores. It also operates stores in Nepal and Nigeria for KFC and Pizza Hut. In addition, it also runs its own brands Vaango, Food Street, Masala Twist, Ile Bar, Amreli, and Ckrussh Juice Bar in India. Yum owns over 4% stake in the company.

Devyani Pre-IPO - Might Not Do Another Burger King India but Should Be Good

India

Devyani International Limited distributes groceries and related products. The Company operates franchisee business and chain of quick service restaurants. Devyani International serves customers in India.

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Devyani International (DEVYANI IN)

ECM Weekly (4th July 2021) - Xpeng, Medbot, Medlive, Brii Bio, CTOS, LinkDoc, Devyani, Manycore

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

Devyani Pre-IPO - Might Not Do Another Burger King India but Should Be Good

Devyani International Limited (DIL), Yum Brand’s largest franchisor in India, aims to raise around US$200m via its Indian IPO. The IPO will be a...

Sumeet Singh

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