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/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group</a>  is looking to raise about US$1bn in its Hong Kong IPO, while <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha</a> (ChaPanda) and <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings</a> (Good me) are said to be looking to raise US$300m each.</li>
<li>All three are primarily focussed on providing freshly-made drinks, including freshly-made fruit drinks, and tea, with some selling ice cream, coffee, baked goods and ready to drink beverages as well.</li>
<li>In this note, we will undertake a peer comparison, including the Hong Kong listed peer, <a href="https://www.smartkarma.com/entities/nayuki-holdings" target="_blank" data-smartkarma-citation="entities:32149:1" rel="noopener">Nayuki Holdings (2150 HK)</a>.</li>
</ul>



Mixue Group  is looking to raise about US$1bn in its Hong Kong IPO, while Sichuan Baicha (ChaPanda) and Guming Holdings (Good me) are said to be looking to raise US$300m each.
All three are primarily focussed on providing freshly-made drinks, including freshly-made fruit drinks, and tea, with some selling ice cream, coffee, baked goods and ready to drink beverages as well.
In this note, we will undertake a peer comparison, including the Hong Kong listed peer, Nayuki Holdings (2150 HK).


MIXUE/ChaPanda/Good Me Pre-IPO - Peer Comparison

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>A mixed CNY, robust topline was likely aided by seasonality while the fall in spending power and price war continued.</li><li>We do agree both passenger flows and overall sales were strong during the CNY holiday, given that the spending power was somewhat diluted by the resumption of outbound tourism.</li><li>But on the other hand, the 2024 CNY holiday was a longer-than-usual one and contained one more Saturday and also the Valentine’s Day, hence the recovery rate after adjustment may just be stable (instead of improvements vs 4Q23).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A mixed CNY, robust topline was likely aided by seasonality while the fall in spending power and price war continued.We do agree both passenger flows and overall sales were strong during the CNY holiday, given that the spending power was somewhat diluted by the resumption of outbound tourism.But on the other hand, the 2024 CNY holiday was a longer-than-usual one and contained one more Saturday and also the Valentine’s Day, hence the recovery rate after adjustment may just be stable (instead of improvements vs 4Q23).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Consumer Sector – CNY Was Mixed and We Stay Conservative

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Guming Holdings (Guming) is a maker of freshly-made beverages in China.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
Guming Holdings (Guming) is a maker of freshly-made beverages in China.
In this note, we will talk about the not so positive aspects of the deal.


Guming Holdings (Goodme) Pre-IPO - The Negatives - Growth Sustainability Remains a Question Mark

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Guming Holdings (Guming) is a maker of freshly-made beverages in China.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
Guming Holdings (Guming) is a maker of freshly-made beverages in China.
In this note, we will talk about the positive aspects of the deal.


Guming Holdings (Goodme) Pre-IPO - The Positives - Benefited from Scaling Its Store Network

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 19th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight the weekly Hong Kong connect flows for CCB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight the weekly Hong Kong connect flows for CCB.


China

Haidilao International Holding Ltd. operates Chinese cuisine restaurant brand focusing on hot pot cuisine. The Company provides hot pots, soup bases, dipping sauces, drinks, prepared food, and other products. Haidilao International Holding opens restaurants in Taiwan, Hong Kong, Singapore, South Korea, Japan, and the United States.

Price Gauge
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Haidilao International Holding (6862 HK)

MIXUE/ChaPanda/Good Me Pre-IPO - Peer Comparison

Mixue is looking to raise about US$1bn in its Hong Kong IPO, while ChaPanda and Good me)are said to be looking to raise US$300m each. In this note,...

Sumeet Singh

China Consumer Sector – CNY Was Mixed and We Stay Conservative

We do agree both passenger flows and overall sales were strong during the CNY holiday, given that the spending power was somewhat diluted by the...

CMB International

Guming Holdings (Goodme) Pre-IPO - The Negatives - Growth Sustainability Remains a Question Mark

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive...

Clarence Chu

Guming Holdings (Goodme) Pre-IPO - The Positives - Benefited from Scaling Its Store Network

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects...

Clarence Chu

Hong Kong Connect Flows (Jan 19th): CCB

We analyzed southbound Hong Kong connect flows in the past week and highlight southbound Hong Kong connect flows for CCB.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)