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/sicc-co-ltd" target="_blank" data-smartkarma-citation="entities:36273:1" rel="noopener">SICC (688234 CH)</a>, a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing.</li>
<li>As per Frost &amp; Sullivan, based on 2023 sales, SICC was the second largest manufacturer globally with a market share of 14.8%.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing.
As per Frost &amp; Sullivan, based on 2023 sales, SICC was the second largest manufacturer globally with a market share of 14.8%.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


SICC A/H Listing - Past Growth Has Been Volatile

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Anjoy Foods Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group" target="_blank" data-smartkarma-citation="entities:44280:1" rel="noopener">Anjoy Foods (2648 HK)</a> has priced its HK offer at HKD 60/share—10% below the previously indicated HKD66, and a 30% discount to A share price, raising a HKD2.4 billion (USD305 million)</li>
<li>Anjoy’s muted investor response—just 5.85x coverage on the international tranche—triggered a clawback, increasing the Hong Kong public allocation from 10% to 30%.</li>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company-ltd" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian(3288 HK)</a> ’s disappointing post-listing performance has probably made investors more cautious, likely contributing to the subdued appetite for Anjoy’s HK offer despite inexpensive valuations.</li>
</ul>



Anjoy Foods (2648 HK) has priced its HK offer at HKD 60/share—10% below the previously indicated HKD66, and a 30% discount to A share price, raising a HKD2.4 billion (USD305 million)
Anjoy’s muted investor response—just 5.85x coverage on the international tranche—triggered a clawback, increasing the Hong Kong public allocation from 10% to 30%.

Foshan Haitian(3288 HK) ’s disappointing post-listing performance has probably made investors more cautious, likely contributing to the subdued appetite for Anjoy’s HK offer despite inexpensive valuations.


Anjoy Foods: Joyless HK Issue-Priced Below Target. Value Play. Valuations Update.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group" target="_blank" data-smartkarma-citation="entities:44280:1" rel="noopener">Anjoy Foods Group (2648 HK)</a>, a quick-frozen food company in China,  raised around US$350m in its H-share listing.</li>
<li>AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.</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>



Anjoy Foods Group (2648 HK), a quick-frozen food company in China,  raised around US$350m in its H-share listing.
AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.
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.


Anjoy Foods Group A/H Trading - Cheap Price but Sluggish Demand

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Foshan Haitian Flavouring and Food / Equity Capital Markets

Foshan Haitian Flavouring and Food (3288 HK)

<ul>
<li>Recent positive sentiment towards A/H listings fails to drive Haitian's post-IPO stock price performance, as the market still has doubts about whether Haitian can effectively break through the growth bottleneck.</li>
<li>The core contradiction of Haitian lies in the mismatch between high valuation and slow growth. Haitian’s fundamentals are difficult to support high valuation - 20-30x P/E is a reasonable range.</li>
<li>The intensification of geopolitical tensions has brought considerable uncertainty to the market, which has reduced investors' risk appetite and made them more willing to avoid investment targets with potential risks.</li>
</ul>


Recent positive sentiment towards A/H listings fails to drive Haitian's post-IPO stock price performance, as the market still has doubts about whether Haitian can effectively break through the growth bottleneck.
The core contradiction of Haitian lies in the mismatch between high valuation and slow growth. Haitian’s fundamentals are difficult to support high valuation - 20-30x P/E is a reasonable range.
The intensification of geopolitical tensions has brought considerable uncertainty to the market, which has reduced investors' risk appetite and made them more willing to avoid investment targets with potential risks.


Foshan Haitian Flavouring & Food Company (3288 HK) - The Dull Post-IPO Share Price and the Outlook

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/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a>, an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/lens-technology-h-share-listing-6613-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:191858" rel="noopener">Lens Technology H Share Listing (6613 HK): The Investment Case</a>. </li>
<li>The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Lens Technology (6613 HK), an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.
I discussed the H Share listing in Lens Technology H Share Listing (6613 HK): The Investment Case. 
The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.


Lens Technology H Share Listing (6613 HK): Valuation Insights

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.

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Foshan Haitian Flavouring and Food (3288 HK)

SICC A/H Listing - Past Growth Has Been Volatile

SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing. In this note, we look at the...

Sumeet Singh

Anjoy Foods: Joyless HK Issue-Priced Below Target. Value Play. Valuations Update.

Inexpensive valuations, attractive yield and downside protection may appeal to value investors. But from a long-term growth and quality...

Devi Subhakesan

Anjoy Foods Group A/H Trading - Cheap Price but Sluggish Demand

Anjoy Foods Group (2648 HK), a quick-frozen food company in China, raised around US$350m in its H-share listing. In this note, we talk about the...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SICC A/H Listing - Past Growth Has Been Volatile

SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing. In this note, we look at the...

Sumeet Singh

Anjoy Foods: Joyless HK Issue-Priced Below Target. Value Play. Valuations Update.

Inexpensive valuations, attractive yield and downside protection may appeal to value investors. But from a long-term growth and quality...

Devi Subhakesan

Anjoy Foods Group A/H Trading - Cheap Price but Sluggish Demand

Anjoy Foods Group (2648 HK), a quick-frozen food company in China, raised around US$350m in its H-share listing. In this note, we talk about the...

Sumeet Singh

Foshan Haitian Flavouring & Food Company (3288 HK) - The Dull Post-IPO Share Price and the Outlook

Recent positive sentiment towards A/H listings fails to drive Haitian's post-IPO stock price performance. The core contradiction of Haitian lies in...

Xinyao (Criss) Wang

Lens Technology H Share Listing (6613 HK): Valuation Insights

The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.

Arun George