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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foods Co (2714 HK)</a>, a leader in the hog farming industry, raised around US$1.6bn in its H-share listing.</li>
<li>MF is a leading pork company with over 30 years of expertise in the hog farming industry.</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>



Muyuan Foods Co (2714 HK), a leader in the hog farming industry, raised around US$1.6bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
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.


Aequitas: Muyuan Foods A/H Trading - Weak Retail and Mediocre Insti Demand

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/muyuan-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foods Co (2714 HK)</a> priced its H Share at HK$39 to raise HK$10,684 million (US$1.4 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/muyuan-foods-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:218326" rel="noopener">Muyuan Foods H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/muyuan-foods-h-share-listing-2714-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:219264" rel="noopener">Muyuan Foods H Share Listing (2714 HK): Valuation Insights</a>. </li>
<li>Muyuan's international and retail oversubscription rates were below the median of recent large AH listings. The AH discount remains attractive.</li>
</ul>



Muyuan Foods Co (2714 HK) priced its H Share at HK$39 to raise HK$10,684 million (US$1.4 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Muyuan Foods H Share Listing: The Investment Case and Muyuan Foods H Share Listing (2714 HK): Valuation Insights. 
Muyuan's international and retail oversubscription rates were below the median of recent large AH listings. The AH discount remains attractive.


Muyuan Foods H Share Listing (2714 HK): Trading Debut

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

Index Rebalance

Zijin Gold International / Index Rebalance

<ul>
<li>There could be 3 constituent changes for the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> ETF in March. With two weeks left in the review period, that number could change.</li>
<li>There will be multiple inflows for <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> over the next few months, and this inclusion will take place simultaneously with inclusion in a global index.</li>
<li>The forecast adds are up over the last year and trading at/near their highs. The forecast deletions are trading higher from a year ago but down from the highs.</li>
</ul>


There could be 3 constituent changes for the iShares China Large-Cap (FXI) (FXI US) ETF in March. With two weeks left in the review period, that number could change.
There will be multiple inflows for Zijin Gold (2259 HK) over the next few months, and this inclusion will take place simultaneously with inclusion in a global index.
The forecast adds are up over the last year and trading at/near their highs. The forecast deletions are trading higher from a year ago but down from the highs.


FXI Rebalance Preview: Three Changes Likely in March

Eastroc Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd-f3283290-a611-4cb4-8857-93101786e283" target="_blank" data-smartkarma-citation="entities:45048:1" rel="noopener">Eastroc Beverage Group (9980 HK)</a> priced its H Share at HK$248 to raise HK$10,141 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/eastroc-beverage-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:218181" rel="noopener">Eastroc Beverage H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/eastroc-beverage-h-share-listing-9980-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:218705" rel="noopener">Eastroc Beverage H Share Listing (9980 HK): Valuation Insights</a>. </li>
<li>Eastroc's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.</li>
</ul>



Eastroc Beverage Group (9980 HK) priced its H Share at HK$248 to raise HK$10,141 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Eastroc Beverage H Share Listing: The Investment Case and Eastroc Beverage H Share Listing (9980 HK): Valuation Insights. 
Eastroc's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.


Eastroc Beverage H Share Listing (9980 HK): Trading Debut

HK/China Equity Long-Short

Osbert Tang, CFA

Montage Technology / Equity Capital Markets

<ul>
<li>As a global leader in fabless IC design, focusing on interconnect solutions for cloud computing and AI infrastructure, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-c827a672-7027-4114-b744-0fc66a5d1d98" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>'s 3-year EPS CAGR will reach 43.2%.</li>
<li>We assess a fair price at HK$147.4, or 45.8x FY26 PER, a 20% premium over <a href="https://www.smartkarma.com/entities/rambus-inc" target="_blank" data-smartkarma-citation="entities:7214:1" rel="noopener">Rambus (RMBS US)</a>, the third-largest player globally. <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-c827a672-7027-4114-b744-0fc66a5d1d98" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener"></a>
</li>
<li>This represents a 37.9% upside, also putting it in line with the average of 28% discount of the H-share IPOs to A-shares since 2025.</li>
</ul>


As a global leader in fabless IC design, focusing on interconnect solutions for cloud computing and AI infrastructure, Montage Technology (6809 HK)'s 3-year EPS CAGR will reach 43.2%.
We assess a fair price at HK$147.4, or 45.8x FY26 PER, a 20% premium over Rambus (RMBS US), the third-largest player globally. 

This represents a 37.9% upside, also putting it in line with the average of 28% discount of the H-share IPOs to A-shares since 2025.


Montage Technology (6809 HK) IPO: Decent Upside Potential

China

Foshan Haitian Flavouring and Food Company Ltd. is a leading Chinese public company primarily engaged in the production and sale of condiments, food, and agricultural products. It is recognized as the world's largest manufacturer of soy sauce, with key products including soy sauce, oyster sauce, flavoring sauce, vinegar, and various compound seasonings. The company was founded in 1955 and is headquartered in Foshan, China.

Foshan Haitian Flavouring and Food (3288 HK)

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Foshan Haitian Flavouring and Food (3288 HK)

Aequitas: Muyuan Foods A/H Trading - Weak Retail and Mediocre Insti Demand

Muyuan Foods Co (2714 HK), a leader in the hog farming industry, raised around US$1.6bn in its H-share listing. In this note, we talk about the...

Sumeet Singh

FXI Rebalance Preview: Three Changes Likely in March

We currently forecast 3 changes for the ETF in March. Given market volatility, that number could increase in the next 2 weeks. Zijin Gold is also...

Brian Freitas

Montage Technology (6809 HK) IPO: Decent Upside Potential

Montage Technology's 3-year EPS CAGR is projected to be 43.2%, with a fair price estimated at HK$147.4, a 20% premium over Rambus. This offers a...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Muyuan Foods A/H Trading - Weak Retail and Mediocre Insti Demand

Muyuan Foods Co (2714 HK), a leader in the hog farming industry, raised around US$1.6bn in its H-share listing. In this note, we talk about the...

Sumeet Singh

Muyuan Foods H Share Listing (2714 HK): Trading Debut

Muyuan's international and retail oversubscription rates were below the median of recent large AH listings. The AH discount remains attractive.

Arun George

FXI Rebalance Preview: Three Changes Likely in March

We currently forecast 3 changes for the ETF in March. Given market volatility, that number could increase in the next 2 weeks. Zijin Gold is also...

Brian Freitas

Eastroc Beverage H Share Listing (9980 HK): Trading Debut

Eastroc's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.

Arun George

Montage Technology (6809 HK) IPO: Decent Upside Potential

​Montage Technology's 3-year EPS CAGR is projected to be 43.2%, with a fair price estimated at HK$147.4, a 20% premium over Rambus. This offers a...

Osbert Tang, CFA

Montage Technology's 3-year EPS CAGR is projected to be 43.2%, with a fair price estimated at HK$147.4, a 20% premium over Rambus. This offers a...