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

Eternal Beauty Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a> raised around US$125m in its Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>We have looked at the company’s past performance in our previous note. In this note we talk about the trading dynamics.</li>
</ul>



Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about the trading dynamics.


Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings Limited</a> is looking to raise around US$144m in its Hong Kong IPO. </li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>We have looked at the company’s past performance in our previous note. In this note we talk about valuations.</li>
</ul>



Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO. 
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about valuations.


Eternal Beauty IPO - Not Expensive but Its Not Enticing Either

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a> (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. </li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>We have looked at the company’s past performance in our previous note. In this note we talk about the PHIP updates.</li>
</ul>



Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. 
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about the PHIP updates.


Eternal Beauty Pre-IPO - PHIP Updates - Perfumes Growing, Challenges Remain

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a>(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
In this note, we talk about the positive aspects of the deal.


Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Newtrend Technology / Equity Capital Markets

<ul>
<li>Summit's chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.</li>
<li>The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.</li>
<li>The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the "price war" and oversupply issue. Reasonable valuation should be lower than <a href="https://www.smartkarma.com/entities/anhui-jinhe-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:4296:1" rel="noopener">Anhui Jinhe Industrial (002597 CH)</a>.</li>
</ul>


Summit's chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.
The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.
The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the "price war" and oversupply issue. Reasonable valuation should be lower than Anhui Jinhe Industrial (002597 CH).


China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

China

Giant Biogene Holding Co., Ltd researches, develops, manufactures, and distributes, and markets skin treatment products. The Company produces recombinant collagen and rare ginsenosides skin treatment products, functional foods, and other products. Giant Biogene Holding conducts businesses in China.

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Giant Biogene (2367 HK)

Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO after pricing its IPO near the low-end. In this note, we talk about the trading...

Sumeet Singh

Eternal Beauty IPO - Not Expensive but Its Not Enticing Either

Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO. We have looked at the past performance in our earlier...

Sumeet Singh

Eternal Beauty Pre-IPO - PHIP Updates - Perfumes Growing, Challenges Remain

Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. In this note, we look at the updates from its PHIP.

Sumeet Singh

Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Eternal Beauty is now looking to raise around US$150m in its Hong Kong IPO. We have looked at the past performance earlier.

Sumeet Singh

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO after pricing its IPO near the low-end. In this note, we talk about the trading...

Sumeet Singh

Eternal Beauty IPO - Not Expensive but Its Not Enticing Either

Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO. We have looked at the past performance in our earlier...

Sumeet Singh

Eternal Beauty Pre-IPO - PHIP Updates - Perfumes Growing, Challenges Remain

Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. In this note, we look at the updates from its PHIP.

Sumeet Singh

Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Eternal Beauty is now looking to raise around US$150m in its Hong Kong IPO. We have looked at the past performance earlier.

Sumeet Singh

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

​Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...

Xinyao (Criss) Wang

Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...