APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight"><p>This week's listing performances of <a href="https://www.smartkarma.com/entities/27143" target="_blank" data-smartkarma-citation="entities:27143:1">VCredit Holdings Ltd (2003 HK)</a> and <a href="https://www.smartkarma.com/entities/27149" target="_blank" data-smartkarma-citation="entities:27149:1">Mercari Inc (4385 JP)</a> were within our expectations. Mercari's grey market performance had already indicated a strong debut. The stock traded up 90% above IPO price at one point on the first day of the debut but valuation at that price level is a stretch. The share price corrected over the course of the week and still closed 51% above IPO price. </p><p>As for VCredit, the poor debut was not unexpected as we have heard that that sentiment of the IPO was not good during the bookbuild and as <a href="https://www.smartkarma.com/profiles/4" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> there is no reason why anyone would want to invest at a price 57-81% higher than where TPG invested in Sep 2017, that was before the regulatory crackdown began. Nevertheless, perhaps riding on broad market rebound, VCredit managed to close a good 10% above its IPO price at the end of the week. It stayed below IPO price for most of Thursday (first-day trading) before getting saved by stabilization towards closing.</p><p>There has also been a couple of interesting filings this week. For one, there has been news reporting that Meituan plans to file an initial public offering application to HKEX on Friday. Then, there was Tongcheng-Elong, an online travel agency backed by Tencent and Ctrip, which also filed its draft prospectus with HKEX. The deal size of the IPO is expected to be about US$1.5bn. </p><p>It will be another busy week for the team and we are currently working on <a href="https://www.smartkarma.com/entities/24409" target="_blank" data-smartkarma-citation="entities:24409:1">Xiaomi Corp (1810 HK)</a> and China Isotope whereas we will try to get some early thoughts out on Viva Energy which has already released the details of its IPO. Institutional bookbuild will start on the 10th of July and close swiftly the next day. We are also hearing that <a href="https://www.smartkarma.com/entities/26748" target="_blank" data-smartkarma-citation="entities:26748:1">CreditAccess Grameen Ltd (1574131D IN)</a> and <a href="https://www.smartkarma.com/entities/26779" target="_blank" data-smartkarma-citation="entities:26779:1">Impro Precision Industries L (0764686D HK)</a> could be coming onto the market anytime soon.</p></div><h2>Accuracy Rate:</h2><p>Our overall accuracy rate is<strong> 71.7% for IPOs </strong>and<strong> 63.4% for Placements.</strong></p><p><em>(Performance measurement criteria is explained at the end of the note)</em></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/055/780/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%282%29.png?1529729282" class="editor-image img-responsive" data-smartkarma-image-id="55780"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/055/781/original/2018-Total-Deals-2018-Accuracy-Rate-_chartbuilder%20%281%29.png?1529729303" class="editor-image img-responsive" data-smartkarma-image-id="55781"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li><strong>Tongcheng-Elong (Hong Kong, US$1.5bn)</strong></li><li><strong>Natural Food International Holdings (Hong Kong, ~US$100m)</strong></li><li><strong>Xinyi Energy Holdings (Hong Kong, ~US$100m)</strong></li></ul><p>Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool <a href="https://www.smartkarma.com/tools/ipos" target="_blank">here </a>or through the tools menu.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/055/778/original/upcoming.PNG?1529728808" class="editor-image img-responsive" data-smartkarma-image-id="55778"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.afr.com/street-talk/viva-energy-closes-ipo-cornerstone-book-at-13-billion-20180617-h11h9d" target="_blank">Viva Energy closes IPO cornerstone book at $1.3 billion</a></li><li><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/varroc-engineering-288-million-ipo-to-open-on-june-26/articleshow/64644528.cms" target="_blank">Varroc Engineering $288 million IPO to open on June 26</a></li><li><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/creditaccess-grameen-gets-sebi-nod-for-ipo/articleshow/64637386.cms" target="_blank">CreditAccess Grameen gets Sebi nod for IPO</a></li><li><a href="https://www.bloomberg.com/news/articles/2018-06-22/chinese-internet-giant-meituan-is-said-to-file-for-hong-kong-ipo" target="_blank">Chinese Internet Giant Meituan Files for Hong Kong IPO</a></li><li><a href="https://www.globalcapital.com/article/b18rcqnhbw16rc/canaan-plans-mid-summer-open-for-%242bn-ipo" target="_blank">Canaan plans mid-summer open for $2bn IPO</a></li><li><a href="https://www.chinamoneynetwork.com/2018/06/22/online-travel-agency-tongcheng-elong-plans-for-hong-kong-ipo" target="_blank">Online Travel Agency Tongcheng-eLong Plans For Hong Kong IPO</a></li><li><a href="http://www.ifrasia.com/51-credit-card-pre-markets-hong-kong-ipo/21345276.article" target="_blank">51 Credit Card pre-markets Hong Kong IPO</a></li></ul><h2><strong>Smartkarma Community's Analyses on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.smartkarma.com/insights/qeeka-home-ipo-preview-a-pricey-way-to-bring-home-the-bacon" target="_blank" data-smartkarma-citation="insights:21477">Qeeka Home IPO Preview: A Pricey Way to Bring Home the Bacon</a></li><li><a href="https://www.smartkarma.com/insights/xiaomi-ipo-valuation-a-rough-guide-to-cutting-the-valuation" target="_blank" data-smartkarma-citation="insights:21506">Xiaomi IPO Valuation: A Rough Guide to Cutting the Valuation</a></li><li><a href="https://www.smartkarma.com/insights/lotte-data-communications-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:21452">Lotte Data Communications IPO Preview (Part 1)</a></li><li><a href="https://www.smartkarma.com/insights/liepin-ipo-preview-you-re-hired-but-it-ll-cost-you" target="_blank" data-smartkarma-citation="insights:21353">Liepin IPO Preview: You're Hired but It’ll Cost You</a></li></ul><h2>List of pre-IPO Coverage on Smartkarma</h2><table class="table table-striped"><tbody><tr><td>Name</td><td>Insight</td></tr><tr><td colspan="2">Hong Kong</td></tr><tr><td>51 Credit Card</td><td><a href="https://www.smartkarma.com/insights/51-credit-card-pre-ipo-review-need-clarity-on-growth-and-profitability-post-regulatory-changes" target="_blank" data-smartkarma-citation="insights:20622">51 Credit Card Pre-IPO Review - Need Clarity on Growth and Profitability Post Regulatory Changes</a></td></tr><tr><td>Ant Financial</td><td><a href="https://www.smartkarma.com/insights/ant-financial-ipo-early-thought-understand-the-fintech-empire-growth-and-risk-factors" target="_blank" data-smartkarma-citation="insights:20105">Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors</a></td></tr><tr><td>Canaan Inc.</td><td><a href="https://www.smartkarma.com/insights/canaan-inc-ipo-preview-part-1-the-biggest-blockchain-related-ipo-globally-in-2018" target="_blank" data-smartkarma-citation="insights:20661">Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018</a></td></tr><tr><td>Cenmintang</td><td><a href="https://www.smartkarma.com/insights/cenmintang-ipo-preview-a-beverage-and-snack-play-whose-growth-is-hard-to-grasp" target="_blank" data-smartkarma-citation="insights:9282">Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp</a></td></tr><tr><td>China Feihe</td><td><a href="https://www.smartkarma.com/insights/china-feihe-ipo-preview-goat-bless-infant-formula-milk" target="_blank" data-smartkarma-citation="insights:12751">China Feihe IPO Preview: Goat Bless Infant Formula Milk?</a></td></tr><tr><td>Chunlai Edu</td><td><p><a href="https://www.smartkarma.com/insights/china-chunlai-education-ipo-preview-are-vocational-programmes-the-future-growth-engine" target="_blank" data-smartkarma-citation="insights:19577">China Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?</a></p></td></tr><tr><td>Bank of Jiujiang</td><td><a href="https://www.smartkarma.com/insights/scraping-the-bottom-of-the-barrel-bank-of-jiujiang" target="_blank">Scraping the Bottom of the Barrel: Bank of JiuJiang</a></td></tr><tr><td>Ganfeng Lithium</td><td><a href="https://www.smartkarma.com/insights/ganfeng-lithium-ipo-present-perfect-future-tense" target="_blank" data-smartkarma-citation="insights:18250">Ganfeng Lithium IPO: Present Perfect, Future Tense</a></td></tr><tr><td>Shandong Gold</td><td><a href="https://www.smartkarma.com/insights/shandong-gold-mining-ipo-preview-largest-pure-play-gold-miner-to-be-listed-in-hong-kong" target="_blank" data-smartkarma-citation="insights:17456">Shandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong Kong</a></td></tr><tr><td>Shandong Gold</td><td><a href="https://www.smartkarma.com/insights/shandong-gold-ipo-buyers-beware" target="_blank" data-smartkarma-citation="insights:17689">Shandong Gold IPO: Buyers Beware</a></td></tr><tr><td>Qilu Express</td><td><a href="https://www.smartkarma.com/insights/qilu-expressway-ipo-preview-concentration-risk-and-recent-news-may-mean-discount-to-peers" target="_blank" data-smartkarma-citation="insights:18624">Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers</a></td></tr><tr><td colspan="2">South Korea</td></tr><tr><td>Bodyfriend</td><td><a href="https://www.smartkarma.com/insights/bodyfriend-ipo-preview-part-i-goodbye-osim-hello-bodyfriend" target="_blank">Bodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) </a></td></tr><tr><td>CJ OliveNetworks</td><td><a href="https://www.smartkarma.com/insights/cj-olivenetworks-on-a-fast-track-to-an-ipo-in-2017" target="_blank">CJ OliveNetworks - On A Fast Track to an IPO in 2017? </a></td></tr><tr><td>Data Solution</td><td><a href="https://www.smartkarma.com/insights/datasolution-ipo-summary-questions-remain-on-growth-but-market-seems-excited" target="_blank" data-smartkarma-citation="insights:12519">Datasolution IPO Summary - Questions Remain on Growth, but Market Seems Excited</a></td></tr><tr><td>Gentle Monster</td><td><a href="https://www.smartkarma.com/insights/gentle-monster-ipo-a-monster-growth" target="_blank" data-smartkarma-citation="insights:8630">Gentle Monster IPO - A Monster Growth</a></td></tr><tr><td>Genoray</td><td><a href="https://www.smartkarma.com/insights/genoray-ipo-preview-part-2-valuation-analysis" target="_blank" data-smartkarma-citation="insights:20100">Genoray IPO Preview (Part 2) - Valuation Analysis</a></td></tr><tr><td>Korea Exchange</td><td><a href="https://www.smartkarma.com/insights/korea-exchange-ipo-question-is-when-not-if" target="_blank">Korea Exchange IPO - Question Is When, Not If</a></td></tr><tr><td>Outin Futures</td><td><a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:11212">Outin Futures Corp IPO Preview (Part 1)</a>,  <a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-valuations-part-2" target="_blank" data-smartkarma-citation="insights:11736">Valuations (Part 2)</a></td></tr><tr><td>Sejong</td><td><a href="https://www.smartkarma.com/insights/sejong-medical-ipo-preview-part-2-valuation-analysis" target="_blank" data-smartkarma-citation="insights:20147">Sejong Medical IPO Preview (Part 2) - Valuation Analysis</a></td></tr><tr><td>Woowa Bro</td><td><a href="https://www.smartkarma.com/insights/woowa-brothers-corp-ipo-preview-part-1-the-most-popular-food-delivery-service-in-korea" target="_blank" data-smartkarma-citation="insights:11104">Woowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in Korea</a></td></tr><tr><td>V-One Tech</td><td><a href="https://www.smartkarma.com/insights/v-one-tech-ipo-summary-another-oled-stock-ipo" target="_blank" data-smartkarma-citation="insights:11689">V-One Tech IPO Summary - Another OLED Stock IPO</a>,  <a href="https://www.smartkarma.com/insights/v-one-tech-ipo-part-2-ipo-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:11806">IPO Bookbuilding Results</a></td></tr><tr><td>Zinus</td><td><a href="https://www.smartkarma.com/insights/zinus-ipo-preview-part-1-an-amazing-comeback-story-1-mattress-brand-on-amazon" target="_blank" data-smartkarma-citation="insights:13698">Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)</a></td></tr><tr><td colspan="2">India</td></tr><tr><td>CMS Info</td><td><a href="https://www.smartkarma.com/insights/cms-info-systems-pre-ipo-review-when-a-pe-sells-to-another-pe-only-one-gets-the-timing-right" target="_blank" data-smartkarma-citation="insights:15987">CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right</a></td></tr><tr><td>CreditAccess Gram</td><td><a href="https://www.smartkarma.com/insights/creditaccess-grameen-pre-ipo-review-lowest-opex-ratio-amongst-mfi-peers" target="_blank" data-smartkarma-citation="insights:17719">CreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI Peers</a></td></tr><tr><td>CreditAccess Gram</td><td><a href="https://www.smartkarma.com/insights/creditaccess-grameen-ipo-preview-good-but-not-the-best" target="_blank" data-smartkarma-citation="insights:17878">CreditAccess Grameen IPO Preview: Good but Not the Best</a></td></tr><tr><td>HDFC AM</td><td><a href="https://www.smartkarma.com/insights/hdfc-asset-management-pre-ipo-trying-hard-to-be-different" target="_blank" data-smartkarma-citation="insights:19184">HDFC Asset Management Pre-IPO - Trying Hard to Be Different</a></td></tr><tr><td>NSE</td><td>NSE IPO Preview- Not Only Fast..its Risky and Expensive</td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/national-stock-exchange-pre-ipo-review-bigger-better-stronger-but-a-little-too-fast-for-some" target="_blank">National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some</a></td></tr><tr><td>TCNS Clothing</td><td><a href="https://www.smartkarma.com/insights/tcns-clothing-pre-ipo-fast-growth-growing-segment-and-a-good-track-record" target="_blank" data-smartkarma-citation="insights:20323">TCNS Clothing Pre-IPO - Fast Growth, Growing Segment and a Good Track Record</a></td></tr></tbody></table>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.This week's listing performances of VCredit Holdings Ltd (2003 HK) and Mercari Inc (4385 JP) were within our expectations. Mercari's grey market performance had already indicated a strong debut. The stock traded up 90% above IPO price at one point on the first day of the debut but valuation at that price level is a stretch. The share price corrected over the course of the week and still closed 51% above IPO price. As for VCredit, the poor debut was not unexpected as we have heard that that sentiment of the IPO was not good during the bookbuild and as Sumeet Singh there is no reason why anyone would want to invest at a price 57-81% higher than where TPG invested in Sep 2017, that was before the regulatory crackdown began. Nevertheless, perhaps riding on broad market rebound, VCredit managed to close a good 10% above its IPO price at the end of the week. It stayed below IPO price for most of Thursday (first-day trading) before getting saved by stabilization towards closing.There has also been a couple of interesting filings this week. For one, there has been news reporting that Meituan plans to file an initial public offering application to HKEX on Friday. Then, there was Tongcheng-Elong, an online travel agency backed by Tencent and Ctrip, which also filed its draft prospectus with HKEX. The deal size of the IPO is expected to be about US$1.5bn. It will be another busy week for the team and we are currently working on Xiaomi Corp (1810 HK) and China Isotope whereas we will try to get some early thoughts out on Viva Energy which has already released the details of its IPO. Institutional bookbuild will start on the 10th of July and close swiftly the next day. We are also hearing that CreditAccess Grameen Ltd (1574131D IN) and Impro Precision Industries L (0764686D HK) could be coming onto the market anytime soon.Accuracy Rate:Our overall accuracy rate is 71.7% for IPOs and 63.4% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  Tongcheng-Elong (Hong Kong, US$1.5bn)Natural Food International Holdings (Hong Kong, ~US$100m)Xinyi Energy Holdings (Hong Kong, ~US$100m)Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: SmartkarmaNews on Upcoming IPOs  Viva Energy closes IPO cornerstone book at $1.3 billionVarroc Engineering $288 million IPO to open on June 26CreditAccess Grameen gets Sebi nod for IPOChinese Internet Giant Meituan Files for Hong Kong IPOCanaan plans mid-summer open for $2bn IPOOnline Travel Agency Tongcheng-eLong Plans For Hong Kong IPO51 Credit Card pre-markets Hong Kong IPOSmartkarma Community's Analyses on Upcoming IPOs  Qeeka Home IPO Preview: A Pricey Way to Bring Home the BaconXiaomi IPO Valuation: A Rough Guide to Cutting the ValuationLotte Data Communications IPO Preview (Part 1)Liepin IPO Preview: You're Hired but It’ll Cost YouList of pre-IPO Coverage on SmartkarmaNameInsightHong Kong51 Credit Card51 Credit Card Pre-IPO Review - Need Clarity on Growth and Profitability Post Regulatory ChangesAnt FinancialAnt Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk FactorsCanaan Inc.Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018CenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to GraspChina FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?Chunlai EduChina Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?Bank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangGanfeng LithiumGanfeng Lithium IPO: Present Perfect, Future TenseShandong GoldShandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong KongShandong GoldShandong Gold IPO: Buyers BewareQilu ExpressQilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to PeersSouth KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? Data SolutionDatasolution IPO Summary - Questions Remain on Growth, but Market Seems ExcitedGentle MonsterGentle Monster IPO - A Monster GrowthGenorayGenoray IPO Preview (Part 2) - Valuation AnalysisKorea ExchangeKorea Exchange IPO - Question Is When, Not IfOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)SejongSejong Medical IPO Preview (Part 2) - Valuation AnalysisWoowa BroWoowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in KoreaV-One TechV-One Tech IPO Summary - Another OLED Stock IPO,  IPO Bookbuilding ResultsZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)IndiaCMS InfoCMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing RightCreditAccess GramCreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI PeersCreditAccess GramCreditAccess Grameen IPO Preview: Good but Not the BestHDFC AMHDFC Asset Management Pre-IPO - Trying Hard to Be DifferentNSENSE IPO Preview- Not Only Fast..its Risky and ExpensiveNSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for SomeTCNS ClothingTCNS Clothing Pre-IPO - Fast Growth, Growing Segment and a Good Track Record

Smartkarma: ECM Coverage Weekly Update (23 June 2018)

China

Impro Precision Industries, Ltd. manufacturers and markets precision component parts. The Company offers investment casting, precision machining, and sand casting services. Impro Precision Industries serves and markets machinery products to the horsepower engine, automotive, hydraulic equipment, marine, aerospace, and healthcare markets.

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Impro Precision Industries (1286 HK)

Smartkarma: ECM Coverage Weekly Update (23 June 2018)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. This week's listing...

Zhen Zhou, Toh

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