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>On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.</li>
<li>On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.</li>
<li>In this note, we'll talk about the latest developments and its implications.</li>
</ul>


On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.
On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.
In this note, we'll talk about the latest developments and its implications.


China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>GOGOX is China’s second largest online intra-city logistics platform with operations in Hong kong, Singapore, Korea and India.</li>
<li>The company’s application for a HK listing has been approved and according to news media outlets, will raise US$200-300m through the IPO.</li>
<li>GOGOX’s overseas business has continued growth despite the pandemic, however, China business has been deteriorating due to intense competition.</li>
</ul>


GOGOX is China’s second largest online intra-city logistics platform with operations in Hong kong, Singapore, Korea and India.
The company’s application for a HK listing has been approved and according to news media outlets, will raise US$200-300m through the IPO.
GOGOX’s overseas business has continued growth despite the pandemic, however, China business has been deteriorating due to intense competition.


GOGOX IPO: Overseas Business Maintains Growth but China Biz Under Pressure Due to Competition

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/gogox-holdings" target="_blank" data-smartkarma-citation="entities:35556:1" rel="noopener">GoGoX Holdings (GOGO HK)</a> is a major online intra-city logistics platform in Asia. It is pre-marketing an HKEx IPO to raise US$200 million, according to press reports.   </li>
<li>The fundamentals are unattractive as intensifying competition is pressuring growth, increasing losses and spurring cash burn.   </li>
<li>As the losses and cash burn is expected to persist over the next three years, we would give the IPO a pass. </li>
</ul>



GoGoX Holdings (GOGO HK) is a major online intra-city logistics platform in Asia. It is pre-marketing an HKEx IPO to raise US$200 million, according to press reports.   
The fundamentals are unattractive as intensifying competition is pressuring growth, increasing losses and spurring cash burn.   
As the losses and cash burn is expected to persist over the next three years, we would give the IPO a pass. 


GOGOX IPO Initiation: A Less than Perfect Delivery

LG Energy Solution / Equity Capital Markets

<ul>
<li>2021 marked our sixth year covering Equity Capital Markets (ECM) in Asia Pacific. </li>
<li>Most markets were in top gear on the ECM front and we ended the year covering the highest number of IPOs and the second highest number of placements since inception.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2021 marked our sixth year covering Equity Capital Markets (ECM) in Asia Pacific. 
Most markets were in top gear on the ECM front and we ended the year covering the highest number of IPOs and the second highest number of placements since inception.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2021 IPOs and Placements Performance Review - Busiest Year on Record

Full Truck Alliance   / Equity Capital Markets

<ul>
<li>Full Truck Alliance (FTA), China’s largest digital freight platform by gross transaction value, raised around US$2bn in its US listing in Jun 21. It is backed by Softbank and Sequoia.</li>
<li>We have looked at various aspects of the deal in our earlier IPO notes, links to which are included below.</li>
<li>In this note, we look at the updates since listing and the impact of the upcoming lock-up expiry.</li>
</ul>


Full Truck Alliance (FTA), China’s largest digital freight platform by gross transaction value, raised around US$2bn in its US listing in Jun 21. It is backed by Softbank and Sequoia.
We have looked at various aspects of the deal in our earlier IPO notes, links to which are included below.
In this note, we look at the updates since listing and the impact of the upcoming lock-up expiry.


Full Truck Alliance Lock-Up Expiry - In Similar Delisting Boat as Didi. 60% of Stock up for Lock-Up

China

Full Truck Alliance Co. Ltd. operates as a software company. The Company develops digital freight and logistics platform.

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Full Truck Alliance (YMM US)

China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas...

Sumeet Singh

GOGOX IPO: Overseas Business Maintains Growth but China Biz Under Pressure Due to Competition

GOGOX is China’s second largest online intra-city logistics platform. The overseas business has continued growth despite the pandemic, however,...

Shifara Samsudeen, FCMA, CGMA

GOGOX IPO Initiation: A Less than Perfect Delivery

GOGOX is pre-marketing an HKEx IPO to raise US$200 million, according to press reports. We believe that the fundamentals are unattractive and we...

Arun George

Aequitas 2021 IPOs and Placements Performance Review - Busiest Year on Record

2021 marked our sixth year of Asia ECM coverage. Most markets were in top gear on the ECM front and we ended the year covering the highest number...

Sumeet Singh

Full Truck Alliance Lock-Up Expiry - In Similar Delisting Boat as Didi. 60% of Stock up for Lock-Up

Full Truck Alliance (FTA), China’s largest digital freight platform by gross transaction value, raised around US$2bn in its US listing in Jun 21....

Sumeet Singh

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