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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrials" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (2231713D CH)</a> is looking to raise about US$1bn in its upcoming HK IPO. The deal will be run by Bank of America, Goldman Sachs and Haitong International.</li>
<li>JD Industrials (JDI) is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC. </li>
<li>JDI’s platform offers 48 product categories and approximately 42.5m SKUs as of FY22 (31st Dec 2022). </li>
</ul>



JD Industrials (2231713D CH) is looking to raise about US$1bn in its upcoming HK IPO. The deal will be run by Bank of America, Goldman Sachs and Haitong International.
JD Industrials (JDI) is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC. 
JDI’s platform offers 48 product categories and approximately 42.5m SKUs as of FY22 (31st Dec 2022). 


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>One may presume that <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> moved their <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> shares received from their non-CCASS holdings of <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>. It does not tell us much else. </li>
<li>Allocation in the <a href="https://www.smartkarma.com/entities/s-m-entertainment-co" target="_blank" data-smartkarma-citation="entities:3500:1" rel="noopener">S.M.Entertainment Co (041510 KS)</a> partial Offer was 44.14%. With shares trading ~₩95k, that was a pretty good outcome. </li>
<li>
<a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> has asked the Japanese government to investigate YFO's alleged breaches of FEFTA. Expect YFO to say they did no wrong. Expect Toyo to complain about it. </li>
</ul>


One may presume that Prosus (PRX NA) moved their Meituan (3690 HK) shares received from their non-CCASS holdings of Tencent (700 HK). It does not tell us much else. 
Allocation in the S.M.Entertainment Co (041510 KS) partial Offer was 44.14%. With shares trading ~₩95k, that was a pretty good outcome. 

Toyo Construction (1890 JP) has asked the Japanese government to investigate YFO's alleged breaches of FEFTA. Expect YFO to say they did no wrong. Expect Toyo to complain about it. 


Last Week in Event SPACE: Meituan, S.M.Entertainment, Toyo, Mincor, JD.com, AAG

Travis Lundy

<ul>
<li>Two days ago, media reported <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> / <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> would split and possibly list several businesses. Last night Cainiao was reported as starting listing preparations.</li>
<li>Last night, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> made two announcements it was proposing to spin off and list its <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0330/2023033002822.pdf" target="_blank" rel="noopener">JD Property</a> and <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0330/2023033002966.pdf" target="_blank" rel="noopener">JD Industrial</a> arms. This is NOT a spinoff war.</li>
<li>JD raised Series A and B for both companies. These were always going to be spins, like Health, Digits, and Logistics. JD Properties will be biggish.</li>
</ul>


Two days ago, media reported Alibaba Group (9988 HK) / Alibaba (ADR) (BABA US) would split and possibly list several businesses. Last night Cainiao was reported as starting listing preparations.
Last night, JD.com Inc. (9618 HK) made two announcements it was proposing to spin off and list its JD Property and JD Industrial arms. This is NOT a spinoff war.
JD raised Series A and B for both companies. These were always going to be spins, like Health, Digits, and Logistics. JD Properties will be biggish.


JD.com (9618 HK) Announces TWO Spin-Offs (That Were Always Going To Be Spinoffs)

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>With the recent rally in the equity markets in Hong Kong and China, we think the asset play investment thesis for <a href="https://www.smartkarma.com/entities/china-dongxiang-group-co" target="_blank" data-smartkarma-citation="entities:1068:1" rel="noopener">China Dongxiang Group Co (3818 HK)</a> has revived.  </li>
<li>We estimate its investment portfolio value may have increased by HK$2bn since end-Sep, yet market capitalisation only rose HK$500m, suggesting still significant 77% discount. </li>
<li>Encouraging recent developments at <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> and Ant Financial, which both are its holdings, are positive. The reduction is losses for sportswear business is an added driver. </li>
</ul>


With the recent rally in the equity markets in Hong Kong and China, we think the asset play investment thesis for China Dongxiang Group Co (3818 HK) has revived.  
We estimate its investment portfolio value may have increased by HK$2bn since end-Sep, yet market capitalisation only rose HK$500m, suggesting still significant 77% discount. 
Encouraging recent developments at Alibaba Group (9988 HK) and Ant Financial, which both are its holdings, are positive. The reduction is losses for sportswear business is an added driver. 


China Dongxiang (3818 HK): Extremely Deep Discount to Cash and Investments

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Private Capital Markets

<ul>
<li>In this original, we have provided an overview and an analysis of the top 10 private consumer finance companies in APAC with a total equity value of more than US$1bn.  </li>
<li>We have provided an in-depth analysis of these 10 companies (based on the available info) including their business models, lending products, monetisation, key drivers, funding and valuation.</li>
<li>In addition, we have also discussed their potential IPO plans and timelines as well as investment opportunities.</li>
</ul>


In this original, we have provided an overview and an analysis of the top 10 private consumer finance companies in APAC with a total equity value of more than US$1bn.  
We have provided an in-depth analysis of these 10 companies (based on the available info) including their business models, lending products, monetisation, key drivers, funding and valuation.
In addition, we have also discussed their potential IPO plans and timelines as well as investment opportunities.


APAC Notable Consumer Finance Private Companies

China

Fintech-focused division of Chinese online marketplace JD.com.

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JD Digits (JDD CH)

JD Industrials Pre-IPO Tearsheet

JD Industrials (2231713D CH) is looking to raise about US$1bn in its upcoming HK IPO. The deal will be run by Bank of America, Goldman Sachs and...

Ethan Aw

Last Week in Event SPACE: Meituan, S.M.Entertainment, Toyo, Mincor, JD.com, AAG

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

JD.com (9618 HK) Announces TWO Spin-Offs (That Were Always Going To Be Spinoffs)

JD.com has announced the proposed spinoff+listing of two subs in HK. No spinoff of shares to JD.com shareholders. Properties could be big....

Travis Lundy

China Dongxiang (3818 HK): Extremely Deep Discount to Cash and Investments

Market rallies may have raised CNDX's cash and investment portfolio value by HK$2bn since end-Sep, but its market cap has only increased HK$500m,...

Osbert Tang, CFA

APAC Notable Consumer Finance Private Companies

In this original, we provide an overview and analysis of the top 10 private consumer finance companies in APAC with a total equity value of more...

Shifara Samsudeen, FCMA, CGMA

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52-week Range

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