APAC IPOs & Placements

Zhen Zhou, Toh

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

Budweiser Brewing  APAC  / Equity Capital Markets

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.

It's an unfortunate week for Asia's ECM market as Budweiser Brewing Company APAC (1876 HK) was not able to price its IPO on Friday and, as of this morning, AB InBev announced that the IPO has been called off. Perhaps the massive deal size without cornerstone investors and the tight valuation discount were too much for investors to digest. In any case, it will likely affect the sentiment of any upcoming mega IPOs in Hong Kong.
Beyond that, next week will be filled with trading debuts. In Hong Kong, there are Zhongliang Holdings (2772 HK), Edvantage Group (382 HK), and Jinshang Bank Co Ltd (2558 HK) listing on Tuesday and Thursday. Zhongliang priced close to the bottom of its price range while Edvantage and Jinshang priced at and slightly above their mid-point respectively.
In Singapore, Prime Us Reit (PRIME SP) is listing on Friday while Douyu International Holdings (DOYU US) is listing on Wednesday. We heard that Douyu's books have already been covered.


Douyu (斗鱼直播) IPO: Valuation Reasonable Even at High End 

Douyu (斗鱼直播) IPO: Detailed E-Sports Broadcasting Comparison with Huya 

Beyond that, this week's IPO performance in Hong Kong had been lacklustre. CIMC Vehicle Group Co Ltd (1839 HK) closed below its IPO price on the first day while IVD Medical (1931 HK) struggled and closed right at its IPO price.

Accuracy Rate:
Our overall accuracy rate is 72.5% for IPOs and 64% for Placements 
(Performance measurement criteria is explained at the end of the note)


New IPO filings this week  

SinoMab Bioscience (Hong Kong, ~US$200m)

Below is a snippet of our IPO tool showing upcoming events for the next week. The 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: Aequitas Research, Smartkarma
News on Upcoming IPOs  

Chinese streaming site DouYu seeks up to $944m in US IPO
Anheuser-Busch InBev Calls Off IPO of Asia Unit
KinderWorld delays IPO until 'more favourable time'
Sanitary Pad Producer Aims for One of Indonesia's Largest IPOs
KKR invites bank to pitch for Pepper Group IPO

Analysis on Upcoming IPOs  


TOT Biopharm (东曜药业) IPO: An Unimpressive Pipeline 

Emami Cement Pre-IPO - Still in Ramp Up Phase but Emami Shares Pledge Might Lead to an Early IPO 

Douyu (斗鱼直播) IPO: Detailed E-Sports Broadcasting Comparison with Huya 

Douyu (斗鱼直播) IPO: Valuation Reasonable Even at High End 

Topsports Pre-IPO - Quick Take - Nike &amp; Adidas Data Throws up Some Interesting Nuggets 

Topsports International Pre-IPO - History Has a Lot to Tell About Growth and Margins 




Name
Insight


Hong Kong


Alibaba

Alibaba IPO/Secondary Listing - The Real IPO Only Begins on the 11th Day Post Listing ​



Ascentage
Ascentage Pharma (亚盛医药) IPO: Too Early for an IPO


Ascentage

Ascentage Pharma (亚盛医药) IPO: Updates and Thoughts on HQP1351 (3rd Gen Bcr-Abl TKI) ​



Ant Financial
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


ByteDance

ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)



ByteDance

ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)



Clarity

Clarity Medical (清晰医疗) IPO: Proxy to HK SMILE Surgery Demand



China Feihe

China Feihe (中国飞鹤) IPO: New Numbers, New Red Flag, and Demographic Risk 



Helenbergh

Helenbergh (海伦堡) Early Thoughts - The Usual Red Flag - Related Party Transactions



Hut Chi-Med

Hutchison-China Med (和黄医药) H-Share Listing: MNC Partnerships Endorsed Its R&amp;D Capabilities



JS Global

JS Global Lifestyle (JS 环球生活) Early Thoughts - Declaring US$470m Dividend Before IPO 



MicuRx
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment


Renrui

Renrui Human Resources (人瑞人才) Pre-IPO Review - Riding on China's Unicorns 



SH Henlius

Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio 



SH Henlius

Shanghai Henlius (复宏汉霖) IPO: Valuation of Four Biosimilars



Topsports

Topsports International Holdings Pre-IPO - Performing Well but All Proceeds Will Likely Go to Belle 


Topsports

Topsports Pre-IPO - Quick Take - Nike &amp; Adidas Data Throws up Some Interesting Nuggets 


TOT Bio

TOT Biopharm (东曜药业) IPO: An Unimpressive Pipeline 


Tubatu
Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch


Tubatu
Tubatu Group Pre-IPO - Online -&gt; Online + Offline -&gt; Online -&gt; ?


India


ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


Aakash Edu
Aakash Education Pre-IPO - Fast Growth in an Attractive Sector


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotels

Bharat Hotels Pre-IPO - Catching up with Peers 



CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Emami Shares Pledge Might Lead to an Early IPO 


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Mazagon
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta



Lodha

Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers


Sterling

Sterling and Wilson Solar Pre-IPO - Potentially India's Largest IPO This Year - Ain't No Sunshine 


Malaysia


QSR
QSR Brands Pre-IPO - As Healthy as Fast Food


The U.S


AMTDI

AMTD International (尚乘国际) Pre-IPO - Avoid at All Costs 


Douyu
Douyu (斗鱼直播) IPO: Leader At a Cost


Douyu
Douyu (斗鱼直播) IPO: Comparison with Huya (Part 2)


Douyu

Douyu (斗鱼直播) IPO: Latest Numbers Bode Well for Listing (Part 3) 


Douyu

Douyu (斗鱼直播) IPO: Detailed E-Sports Broadcasting Comparison with Huya 


Meten
Meten International Edu (美联国际教育) Early Thoughts - Unclear Strategies


Wanda Sports
Wanda Sports (万达体育) Early Thoughts - Convoluted by Contracts and Cyclicality


Wanda Sports

Wanda Sports (万达体育) Pre-IPO - Closer Look at the Business Segments ​




ECM Weekly (13 Jul 2019) - Budweiser APAC IPO Cancelled, Douyu Listing Next Week

<a href="https://www.smartkarma.com/entities/ivd-medical-holding-ltd" target="_blank" data-smartkarma-citation="entities:28143:1" rel="noopener">IVD Medical (1931 HK)</a> (IVDM) is looking to raise up to US$157m in its upcoming IPO.
IVDM is the result of the Original Group (Shanghai IVD distribution) acquiring Vastec (China Tier 1 IVD distributor) in January 2019. Overall, before the acquisition, both companies have been growing their revenue decently from FY16 - 18. ASP of Vastec's IVD reagents, which is the revenue driver, has also been increasing steadily.
However, the company did not provide sensible reason on why there was a need to engage an agent for the procurement of the IVD products from Sysmex and there were little disclosure surrounding these transactions. Furthermore, much of the IPO proceeds will not be used for expansion.

IVD Medical (1931 HK) (IVDM) is looking to raise up to US$157m in its upcoming IPO.
IVDM is the result of the Original Group (Shanghai IVD distribution) acquiring Vastec (China Tier 1 IVD distributor) in January 2019. Overall, before the acquisition, both companies have been growing their revenue decently from FY16 - 18. ASP of Vastec's IVD reagents, which is the revenue driver, has also been increasing steadily.
However, the company did not provide sensible reason on why there was a need to engage an agent for the procurement of the IVD products from Sysmex and there were little disclosure surrounding these transactions. Furthermore, much of the IPO proceeds will not be used for expansion.

IVD Medical (華檢醫療) IPO Review - More than 70% of IPO Proceeds Used for Dividend and Acquisition

China

IVD Medical Holding Limited operates as a holding company. The Company, through its subsidiaries, focuses on distribution of IVD products includes analysers, reagents, and other consumables. IVD Medical Holding serves customers in Hong Kong.

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IVD Medical (1931 HK)

ECM Weekly (13 Jul 2019) - Budweiser APAC IPO Cancelled, Douyu Listing Next Week

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for...

Zhen Zhou, Toh

IVD Medical (華檢醫療) IPO Review - More than 70% of IPO Proceeds Used for Dividend and Acquisition

IVD Medical (1931 HK) (IVDM) is looking to raise up to US$157m in its upcoming IPO. IVDM is the result of the Original Group (Shanghai IVD...

Zhen Zhou, Toh

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