APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

Equity Capital Markets

AUB Group Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB Group Limited (AUB AU)</a> is looking to raise up to AUD150m (US$100m) in its primary placement. The proceeds will be used to strengthen its balance sheet.</li>
<li>The deal would be a large one to digest at 24 days of three month ADV and dilution of 6.2%.  </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



AUB Group Limited (AUB AU) is looking to raise up to AUD150m (US$100m) in its primary placement. The proceeds will be used to strengthen its balance sheet.
The deal would be a large one to digest at 24 days of three month ADV and dilution of 6.2%.  
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


AUB Group Placement - Came as a Surprise but Strong Track Record Makes up for It

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>On 28th Mar 2023, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>  announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.</li>
<li>Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.</li>
<li>In our previous note, we highlighted which division could list. In this note, we will look at the Cloud segement.</li>
</ul>


On 28th Mar 2023, Alibaba Group (9988 HK)  announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.
Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.
In our previous note, we highlighted which division could list. In this note, we will look at the Cloud segement.


Alibaba Potential IPOs - Part 3 - An Early Look at Cloud, Easy US$10bn+

Clarence Chu

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-dmall-e-commerce-co-ltd" target="_blank" data-smartkarma-citation="entities:36623:1" rel="noopener">Dmall Inc (1751691D CH)</a> is looking to raise around US$200m in its upcoming Hong Kong IPO.</li>
<li>Dmall provides cloud-based, end-to-end SaaS platform purpose-built for the Chinese retail industry.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Dmall Inc (1751691D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO.
Dmall provides cloud-based, end-to-end SaaS platform purpose-built for the Chinese retail industry.
In this note, we will talk about the positive aspects of the deal.


Dmall Pre-IPO - The Positives - Ambitions of Aiding the Retail Digitization Journey for Retailers

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>With a low base, YoY growth in online physical goods GMV in April jumped to 20.8% (March: 10.9%), but the two-year CAGR of 7.0% only demonstrated a slight improvement from 6.8% in March, indicating a mild and gradual sequential recovery trend.</li><li>Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery for online retail sales in May.</li><li>The beat on JD’s 1Q23 earnings likely indicates a better than feared evolvement of competitive landscape for e-commerce industry in the near term, although industry competition remains fierce. </li></ul><p><em>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.</em></p>

With a low base, YoY growth in online physical goods GMV in April jumped to 20.8% (March: 10.9%), but the two-year CAGR of 7.0% only demonstrated a slight improvement from 6.8% in March, indicating a mild and gradual sequential recovery trend.Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery for online retail sales in May.The beat on JD’s 1Q23 earnings likely indicates a better than feared evolvement of competitive landscape for e-commerce industry in the near term, although industry competition remains fierce. 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 Internet – April online retail sales recap

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>JD Industrials is a pure trading platform for third party wholesalers.</li>
<li>The company avoids the competition with its clients and the risk of overdue account receivable.</li>
<li>JD Industrials has brand support from JD.com and logistics support form JD Logistics.</li>
</ul>


JD Industrials is a pure trading platform for third party wholesalers.
The company avoids the competition with its clients and the risk of overdue account receivable.
JD Industrials has brand support from JD.com and logistics support form JD Logistics.


JD Industrials Pre-IPO: Pure Platform for Third Parties and Strong Support from Related Parties

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (9618 HK)

AUB Group Placement - Came as a Surprise but Strong Track Record Makes up for It

AUB Group is looking to raise up to AUD150m (US$100m) in its primary placement. In this note, we'll run the deal through our ECM framework and...

Ethan Aw

Alibaba Potential IPOs - Part 3 - An Early Look at Cloud, Easy US$10bn+

On 28th Mar 2023, Alibaba Group (9988 HK) announced that it would adopt a new organizational and governance structure, splitting into six major...

Sumeet Singh

Dmall Pre-IPO - The Positives - Ambitions of Aiding the Retail Digitization Journey for Retailers

Dmall Inc (1751691D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of...

Clarence Chu

China Internet – April online retail sales recap

Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AUB Group Placement - Came as a Surprise but Strong Track Record Makes up for It

AUB Group is looking to raise up to AUD150m (US$100m) in its primary placement. In this note, we'll run the deal through our ECM framework and...

Ethan Aw

Alibaba Potential IPOs - Part 3 - An Early Look at Cloud, Easy US$10bn+

On 28th Mar 2023, Alibaba Group (9988 HK) announced that it would adopt a new organizational and governance structure, splitting into six major...

Sumeet Singh

Dmall Pre-IPO - The Positives - Ambitions of Aiding the Retail Digitization Journey for Retailers

Dmall Inc (1751691D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of...

Clarence Chu

China Internet – April online retail sales recap

Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery...

CMB International

JD Industrials Pre-IPO: Pure Platform for Third Parties and Strong Support from Related Parties

JD Industrials has two advantages - JD.com’s brand and JD Logistics’s delivery network. JD Industrials also avoids the competition with its clients...

Ming Lu