APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Event-Driven

Shenzhen Senior Technology-A / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-senior-technology-a" target="_blank" data-smartkarma-citation="entities:29612:1" rel="noopener">Shenzhen Senior Technology-A (300568 CH)</a> is looking to raise around US$275m in its upcoming Switzerland GDR listing. The bookrunner on the deal is Huatai International.</li>
<li>As per media reports, the firm was earlier looking to raise between US$300-400m via a Swiss GDR issuance, having secured approval earlier to sell up to 128m A-shares.</li>
<li>However, given its lackluster share price performance over the past year, the eventual deal size would be capped at around US$275m.</li>
</ul>



Shenzhen Senior Technology-A (300568 CH) is looking to raise around US$275m in its upcoming Switzerland GDR listing. The bookrunner on the deal is Huatai International.
As per media reports, the firm was earlier looking to raise between US$300-400m via a Swiss GDR issuance, having secured approval earlier to sell up to 128m A-shares.
However, given its lackluster share price performance over the past year, the eventual deal size would be capped at around US$275m.


Shenzhen Senior Tech GDR Listing - Early Look - Correction Leaves Its Valuation Palatable

Wuxi Lead Intelligent Equipmen / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipmen (300450 CH)</a> is looking to raise around US$300m in its upcoming Switzerland GDR listing.</li>
<li>As per media reports, Wuxi Lead was said to be looking to raise US$495m via a Swiss GDR issuance, having secured approval to sell up to 78.3m shares.</li>
<li>Given the decline in its share price over the year, the eventual deal size could come to around US$300m as of its current last close.</li>
</ul>



Wuxi Lead Intelligent Equipmen (300450 CH) is looking to raise around US$300m in its upcoming Switzerland GDR listing.
As per media reports, Wuxi Lead was said to be looking to raise US$495m via a Swiss GDR issuance, having secured approval to sell up to 78.3m shares.
Given the decline in its share price over the year, the eventual deal size could come to around US$300m as of its current last close.


Wuxi Lead GDR Listing - Early Look - Another One in the Pipeline, Will Be Net Cash Post-Deal

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

EcoPro Materials / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a> is a leading player in the electrode material industry. It is seeking to raise up to US$470 million in a KRX IPO.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/ecopro-materials-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:114725" rel="noopener">EcoPro Materials IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/ecopro-materials-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:114976" rel="noopener">EcoPro Materials IPO: The Bear Case</a>.</li>
<li>In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we would pass on the IPO.</li>
</ul>



EcoPro Materials (ECO123 KS) is a leading player in the electrode material industry. It is seeking to raise up to US$470 million in a KRX IPO.
We previously discussed the IPO in EcoPro Materials IPO: The Bull Case and EcoPro Materials IPO: The Bear Case.
In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we would pass on the IPO.


Ethan Aw

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a> is looking to raise up to US$500m in its Korean IPO.</li>
<li>Ecopro Materials (EPM) manufactures and sells high-nickel precursors, one of the key materials for high-nickel cathode materials for secondary (rechargeable) batteries.</li>
<li>In our previous note, we covered the company’s performance and undertook a peer comparison. In this note, we will share our thoughts on valuation.</li>
</ul>



EcoPro Materials (ECO123 KS) is looking to raise up to US$500m in its Korean IPO.
Ecopro Materials (EPM) manufactures and sells high-nickel precursors, one of the key materials for high-nickel cathode materials for secondary (rechargeable) batteries.
In our previous note, we covered the company’s performance and undertook a peer comparison. In this note, we will share our thoughts on valuation.


Ecopro Materials IPO - Thoughts on Valuation - Needs a Margin of Safety

Zhejiang Supcon Technology  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-supcon-technology-co" target="_blank" data-smartkarma-citation="entities:33457:1" rel="noopener">Zhejiang Supcon Technology (688777 CH)</a> is looking to raise around US$347m in its Swiss GDR listing. Huatai and CLSA are bookrunners on the deal.</li>
<li>The firm is offering 12.5m GDRs (1 GDR to 2 ordinary A-shares) for sale, at a 8.1-10.8% discount to last close on the A-share leg.</li>
<li>The deal is a relatively small one for the firm to digest, representing just 5.9 days of three month ADV on its A-share leg.</li>
</ul>



Zhejiang Supcon Technology (688777 CH) is looking to raise around US$347m in its Swiss GDR listing. Huatai and CLSA are bookrunners on the deal.
The firm is offering 12.5m GDRs (1 GDR to 2 ordinary A-shares) for sale, at a 8.1-10.8% discount to last close on the A-share leg.
The deal is a relatively small one for the firm to digest, representing just 5.9 days of three month ADV on its A-share leg.


Zhejiang Supcon Technology GDR Listing - Momentum Has Been Strong and Not a Large Deal to Process

China

GEM Co., Ltd. collects and recycles cobalt and nickel scraps into ultra-fine coba lt and nickel powder and other products.

Gem Co Ltd A (002340 CH)

Shenzhen Senior Tech GDR Listing - Early Look - Correction Leaves Its Valuation Palatable

Shenzhen Senior Tech just launched its US$66m GDR offering. In the base deal, 6.34m GDRs are on offer, at US$9.46–$10.44 each, representing a...

Clarence Chu

Wuxi Lead GDR Listing - Early Look - Another One in the Pipeline, Will Be Net Cash Post-Deal

Wuxi Lead Intelligent Equipmen (300450 CH) is looking to raise around US$300m in its upcoming Switzerland GDR listing, having secured approval to...

Clarence Chu

EcoPro Materials IPO: Valuation Insights

In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we...

Arun George

Ecopro Materials IPO - Thoughts on Valuation - Needs a Margin of Safety

EcoPro Materials (ECO123 KS) is looking to raise up to US$500m in its Korean IPO. In this note, we will share our thoughts on valuation.

Ethan Aw

Zhejiang Supcon Technology GDR Listing - Momentum Has Been Strong and Not a Large Deal to Process

Zhejiang Supcon Technology (688777 CH) is looking to raise around US$347m in its Swiss GDR listing. Huatai and CLSA are bookrunners on the deal.

Clarence Chu