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

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO</li>
<li>SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO
SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Foshan Haitian Flavouring & Food / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a>'s global offering opens today and the raise could reach up to US$1.5bn if the offer-size adjustment option and the overallotment option are exercised.</li>
<li>There is a large allocation to cornerstone investors. The discount of around 22% to the A-shares is attractive given the recent trend for <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea (300 HK)</a> and <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>. </li>
<li>The H-shares could be added to a global index and the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">FXI ETF</a> in December. Inclusion in the HSCI should be in September and Southbound Stock Connect in July. </li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH)'s global offering opens today and the raise could reach up to US$1.5bn if the offer-size adjustment option and the overallotment option are exercised.
There is a large allocation to cornerstone investors. The discount of around 22% to the A-shares is attractive given the recent trend for Midea (300 HK) and CATL (3750 HK). 
The H-shares could be added to a global index and the FXI ETF in December. Inclusion in the HSCI should be in September and Southbound Stock Connect in July. 


Foshan Haitian Flavouring & Food (3288 HK): Offering Details & Index Inclusion

Foshan Haitian Flavouring & Food / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> (FHCC), China’s leading condiments company, raised around US$1.5bn (including over-allocation) in its H-share listing.</li>
<li>FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH) (FHCC), China’s leading condiments company, raised around US$1.5bn (including over-allocation) in its H-share listing.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Foshan Haitian Flavouring A/H Trading - Very Strong Demand, Weak Price Momentum

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> (FHCC), China’s leading condiments company, aims to raise around US$1.2bn in its H-share listing.</li>
<li>FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.2bn in its H-share listing.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Foshan Haitian Flavouring A/H Listing - Strong Cornerstone, Weak Momentum

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> (FHCC), China’s leading condiments company, now aims to raise around US$1bn in its H-share listing.</li>
<li>FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.</li>
<li>We have looked at the past performance in our earlier note. In this note we talk about the PHIP updates and likely A/H premium.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH) (FHCC), China’s leading condiments company, now aims to raise around US$1bn in its H-share listing.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
We have looked at the past performance in our earlier note. In this note we talk about the PHIP updates and likely A/H premium.


Foshan Haitian Flavouring A/H Listing - PHIP Updates and Thoughts on A/H Premium

China

Foshan Haitian Flavouring & Food Company Ltd. manufactures food seasonings. The Company develops, produces, and distributes condiments including soy sauce, oyster sauce, vinegar, flavoring sauce, chicken stock, monosodium glutamate, and oil.

Foshan Haitian Flavouring & Food (603288 CH)

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Foshan Haitian Flavouring & Food (603288 CH)

Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H...

Sumeet Singh

Foshan Haitian Flavouring & Food (3288 HK): Offering Details & Index Inclusion

Foshan Haitian lists today after raising close to US$1.5bn (including the overallotment option). The raise at HK$36.3/share is a 17.35% discount to...

Brian Freitas

Foshan Haitian Flavouring A/H Trading - Very Strong Demand, Weak Price Momentum

Foshan Haitian Flavouring & Food (603288 CH) raised around US$1.5bn (including over-allocation) in its H-share listing. In this note, we talk about...

Sumeet Singh

Foshan Haitian Flavouring A/H Listing - Strong Cornerstone, Weak Momentum

Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.2bn in its H-share listing. In...

Sumeet Singh

Foshan Haitian Flavouring A/H Listing - PHIP Updates and Thoughts on A/H Premium

Foshan Haitian Flavouring & Food (603288 CH), China’s leading condiments company, now aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)