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.

Equity Capital Markets

Foshan Haitian Flavouring & Food / Equity Capital Markets

Foshan Haitian Flavouring & Food (603288 CH)

<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>, a leading Chinese pharmaceutical company, has filed its PHIP for an H Share listing to raise US$1 billion.     </li>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Company (FHF HK)</a> has been China’s leading condiments company in terms of sales volume for 28 consecutive years.</li>
<li>The investment case rests on its market positioning, return to growth, industry-leading profitability, cash generation and strong balance sheet. However, the valuation of the A Shares is full.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH), a leading Chinese pharmaceutical company, has filed its PHIP for an H Share listing to raise US$1 billion.     

Foshan Haitian Flavouring &amp; Food Company (FHF HK) has been China’s leading condiments company in terms of sales volume for 28 consecutive years.
The investment case rests on its market positioning, return to growth, industry-leading profitability, cash generation and strong balance sheet. However, the valuation of the A Shares is full.


Foshan Haitian Flavouring H Share Listing: The Investment Case

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.

<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$1.5bn 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>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.5bn 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.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Foshan Haitian Flavouring A/H Listing - Strong Brand but Sales Have Been Slowing Down

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>Despite returning to positive growth, Haitian still failed to achieve its 2024 revenue target, mainly due to underperformance of Soy sauce products, consumption downgrades, slow online layout/distributors recovery.</li>
<li>Haitian would face dual challenges of "cost increase + structural transformation" in the next three years due to inflation and the negative impact of  "new standard". We shared our performance forecast.</li>
<li>High valuation is unsustainable if based on current growth rate.Reasonable valuation is about 20-30x P/E. However, due to the strong sentiment for AH listing, share price may still perform well. </li>
</ul>


Despite returning to positive growth, Haitian still failed to achieve its 2024 revenue target, mainly due to underperformance of Soy sauce products, consumption downgrades, slow online layout/distributors recovery.
Haitian would face dual challenges of "cost increase + structural transformation" in the next three years due to inflation and the negative impact of  "new standard". We shared our performance forecast.
High valuation is unsustainable if based on current growth rate.Reasonable valuation is about 20-30x P/E. However, due to the strong sentiment for AH listing, share price may still perform well. 


Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) - Some Points Worth the Attention

Jiangsu Hengrui Pharmaceuticals / Equity Capital Markets

Jiangsu Hengrui Pharmaceuticals (1276 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> (JHP, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">600276 CH</a> ), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing.</li>
<li>JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.</li>
<li>We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about trading dynamics.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK) (JHP, 600276 CH ), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing.
JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about trading dynamics.


Jiangsu Hengrui Pharma A/H Trading - Strong Demand for Quality Asset, but Is Pricey

Contemporary Amperex Technology (CATL) / Equity Capital Markets

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (3750 HK)</a> is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing.

Contemporary Amperex Technology (3750 HK) is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


CATL A/H Trading - Strong Demand, Upsized, Included in Short-Sell List

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)

Foshan Haitian Flavouring A/H Listing - Strong Brand but Sales Have Been Slowing Down

Foshan Haitian flavouring is now said to be looking to raise around US$1bn in its H-share listing. We had looked at it past performance earlier and...

Sumeet Singh

Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) - Some Points Worth the Attention

Haitian faces dual challenges of "cost increase + structural transformation".Despite strong sentiment on AH listing, after all the prosperity,...

Xinyao (Criss) Wang

Jiangsu Hengrui Pharma A/H Trading - Strong Demand for Quality Asset, but Is Pricey

Jiangsu Hengrui Pharmaceuticals (1276 HK) (JHP, 600276 CH ), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing....

Sumeet Singh

CATL A/H Trading - Strong Demand, Upsized, Included in Short-Sell List

Contemporary Amperex Technology (300750 CH), one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing....

Sumeet Singh

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Foshan Haitian Flavouring H Share Listing: The Investment Case

Haitian has filed its PHIP for an H Share listing to raise US$1 billion. In this note, we discuss the investment case and valuation.

Arun George

Foshan Haitian Flavouring A/H Listing - Strong Brand but Sales Have Been Slowing Down

Foshan Haitian flavouring is now said to be looking to raise around US$1bn in its H-share listing. We had looked at it past performance earlier and...

Sumeet Singh

Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) - Some Points Worth the Attention

​Haitian faces dual challenges of "cost increase + structural transformation".Despite strong sentiment on AH listing, after all the prosperity,...

Xinyao (Criss) Wang

Jiangsu Hengrui Pharma A/H Trading - Strong Demand for Quality Asset, but Is Pricey

Jiangsu Hengrui Pharmaceuticals (1276 HK) (JHP, 600276 CH ), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing....

Sumeet Singh

CATL A/H Trading - Strong Demand, Upsized, Included in Short-Sell List

Contemporary Amperex Technology (300750 CH), one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing....

Sumeet Singh

Haitian faces dual challenges of "cost increase + structural transformation".Despite strong sentiment on AH listing, after all the prosperity,...