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

FineToday Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings (420A JP)</a> (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In our previous note, we had looked at its past performance. In this note, we will talk about valuations.</li>
</ul>



FineToday Holdings (420A JP) (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In our previous note, we had looked at its past performance. In this note, we will talk about valuations.


FineToday Pre-IPO - Updated Peer Comparison and Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings (420A JP)</a> (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In our previous note, we had looked at its past performance. In this note, we will talk about the updates from its most recent filings.</li>
</ul>



FineToday Holdings (420A JP) (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In our previous note, we had looked at its past performance. In this note, we will talk about the updates from its most recent filings.


<ul>
<li>CVC Capital is aiming to raise over US$500m, via selling some of its stake in <a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a>in Japan.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>


CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP)in Japan.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.


FineToday Pre-IPO - Peer Comparison and Thoughts on Valuation

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Feb cosmetics sales data shows that domestic brands were focusing on Douyin, with a particularly strong growth in skincare segment.</li><li>In the first two months, Giant Biogene (GB) and Mao GePing (MGP) had notable growth, while Marubi and Shanghai Jahwa (Jahwa) improved significantly, with growth surpassing that of each quarter in 2024 (Figure 1).</li><li>During the Women’s Day promotion week, MGP shined, topping the Douyin makeup chart. Proya and Kans retained the top spots on Tmall and Douyin cosmetics rankings (skincare + makeup). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Feb cosmetics sales data shows that domestic brands were focusing on Douyin, with a particularly strong growth in skincare segment.In the first two months, Giant Biogene (GB) and Mao GePing (MGP) had notable growth, while Marubi and Shanghai Jahwa (Jahwa) improved significantly, with growth surpassing that of each quarter in 2024 (Figure 1).During the Women’s Day promotion week, MGP shined, topping the Douyin makeup chart. Proya and Kans retained the top spots on Tmall and Douyin cosmetics rankings (skincare + makeup). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Staples - Mao Geping & Giant Bio Surged, Marubi & Jahwa Had a Strong Start

Mao Geping Cosmetics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd" target="_blank" data-smartkarma-citation="entities:41297:1" rel="noopener">Mao Geping Cosmetics</a> raised around US$345m in its Hong Kong IPO.</li>
<li>Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Operating via its two brands, MAOGEPING and Love Keeps, MGC offers a wide range of color cosmetics and skincare products.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Mao Geping Cosmetics raised around US$345m in its Hong Kong IPO.
Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Operating via its two brands, MAOGEPING and Love Keeps, MGC offers a wide range of color cosmetics and skincare products.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the trading dynamics.


Mao Geping Cosmetics IPO Trading - Highest Demand for This Year

United States

The Estee Lauder Companies Inc. manufactures and markets a wide range of skin care, makeup, fragrance, and hair care products.  The Company's products are sold in countries and territories around the world.

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Estee Lauder Companies Cl A (EL US)

FineToday Pre-IPO - Updated Peer Comparison and Thoughts on Valuation

FineToday Holdings (420A JP) (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares. In this note, we talk...

Sumeet Singh

FineToday Pre-IPO - Refiling Updates

FineToday Holdings (420A JP) (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares. In this note, we talk...

Sumeet Singh

FineToday Pre-IPO - Peer Comparison and Thoughts on Valuation

FineToday Holdings Co Ltd (289A JP) Japan is said to be looking to reboot its listings plans after having shelved its 2024 listing attempt.

Sumeet Singh

Consumer Staples - Mao Geping & Giant Bio Surged, Marubi & Jahwa Had a Strong Start

Feb cosmetics sales data shows that domestic brands were focusing on Douyin, with a particularly strong growth in skincare segment.

CMB International

Mao Geping Cosmetics IPO Trading - Highest Demand for This Year

Mao Geping Cosmetics raised around US$345m in its Hong Kong IPO, after pricing at the top-end and upsizing the deal. In this note, we talk about...

Sumeet Singh

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