APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Lu Daopei Medical Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lu-daopei-medical-group" target="_blank" data-smartkarma-citation="entities:36716:1" rel="noopener">Lu Daopei Medical Group (1816743D CH)</a> Lu DaoPei Medical Group is looking to raise around US$400m in its upcoming Hong Kong IPO. The bookrunners are CITIC Securities, CMB International, and Macquarie.</li>
<li>Lu DaoPei Medical Group (LDPM) is a hospital operator focusing on hematology healthcare services.</li>
<li>As per F&amp;S, the firm was the largest hematology healthcare services provider in China in terms of 2021 revenue.</li>
</ul>



Lu Daopei Medical Group (1816743D CH) Lu DaoPei Medical Group is looking to raise around US$400m in its upcoming Hong Kong IPO. The bookrunners are CITIC Securities, CMB International, and Macquarie.
Lu DaoPei Medical Group (LDPM) is a hospital operator focusing on hematology healthcare services.
As per F&amp;S, the firm was the largest hematology healthcare services provider in China in terms of 2021 revenue.


Lu DaoPei Medical Group Pre-IPO Tearsheet

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cdp-holdings-c8e22dc9-b236-4022-88d6-b993574f0c53" target="_blank" data-smartkarma-citation="entities:36715:1" rel="noopener">CDP Holdings (1782198D CH)</a> is looking to raise up to US$400m in its upcoming Hong Kong IPO. </li>
<li>CDP Holding (CDP) is a human capital management (HCM) service provider.</li>
<li>As per CIC, CDP was the No. 1 HCM SaaS+ platform in China in terms of revenue generated from HCM SaaS+ services in 2021.</li>
</ul>



CDP Holdings (1782198D CH) is looking to raise up to US$400m in its upcoming Hong Kong IPO. 
CDP Holding (CDP) is a human capital management (HCM) service provider.
As per CIC, CDP was the No. 1 HCM SaaS+ platform in China in terms of revenue generated from HCM SaaS+ services in 2021.


CDP Holding Pre-IPO - Sales Have Grown but Continues to Rake in Losses

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs</li>
<li>On the IPO front,  only the smaller issuers were active with most following through on year end listing plans.</li>
<li>On placements front, HK market got going in a jiffy, riding on the coattails of China reopening.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs
On the IPO front,  only the smaller issuers were active with most following through on year end listing plans.
On placements front, HK market got going in a jiffy, riding on the coattails of China reopening.


ECM Weekly (8th Jan 2022) - Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert

Ethan Aw

Jinxin Fertility Group  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jinxin-fertility-group-ltd" target="_blank" data-smartkarma-citation="entities:28003:1" rel="noopener">Jinxin Fertility Co Ltd (1951 HK)</a> is looking to raise US$122m via a top-up placement. </li>
<li>Proceeds from the offering will be used to repay its outstanding convertible bond and general corporate purposes. </li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>



Jinxin Fertility Co Ltd (1951 HK) is looking to raise US$122m via a top-up placement. 
Proceeds from the offering will be used to repay its outstanding convertible bond and general corporate purposes. 
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Jinxin Fertility Group Placement - Weak Track Record And Recent Deals Have Performed Poorly

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Jinxin Fertility Group  / Equity Bottom-Up

<ul>
<li>We have seen some positive policies released in China to support assisted reproduction. However, domestic policy support is more of a short-term catalyst and would not fundamentally change Jinxin’s prospects.</li>
<li>The number of assisted reproductive centers in China is close to supply-demand equilibrium. It’s hard to support Jinxin’s valuation expansion by relying on China market. The breakthrough point is internationalization.</li>
<li>Jinxin’s 2023 performance wouldn’t rebound largely. Investors could do short-term trade based on positive news/policy related to ARS in China.There’s no signal to support the complete reversal of share price.</li>
</ul>


We have seen some positive policies released in China to support assisted reproduction. However, domestic policy support is more of a short-term catalyst and would not fundamentally change Jinxin’s prospects.
The number of assisted reproductive centers in China is close to supply-demand equilibrium. It’s hard to support Jinxin’s valuation expansion by relying on China market. The breakthrough point is internationalization.
Jinxin’s 2023 performance wouldn’t rebound largely. Investors could do short-term trade based on positive news/policy related to ARS in China.There’s no signal to support the complete reversal of share price.


Jinxin Fertility Co Ltd (1951.HK) - Hard to Achieve Performance Reversal in 2023

China

Jinxin Fertility Group Limited provides assisted reproductive services. The Company offers vitro fertilization services, embryo transfer services, management services, and other services. Jinxin Fertility Group also provides ancillary medical services.

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Jinxin Fertility Group (1951 HK)

Lu DaoPei Medical Group Pre-IPO Tearsheet

Lu Daopei Medical Group (1816743D CH) Lu DaoPei Medical Group is looking to raise around US$400m in its upcoming Hong Kong IPO. The bookrunners are...

Clarence Chu

CDP Holding Pre-IPO - Sales Have Grown but Continues to Rake in Losses

CDP Holdings (1782198D CH) is looking to raise up to US$400m in its upcoming Hong Kong IPO. CDP Holding (CDP) is a human capital management (HCM)...

Clarence Chu

ECM Weekly (8th Jan 2022) - Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Jinxin Fertility Group Placement - Weak Track Record And Recent Deals Have Performed Poorly

Jinxin Fertility Co Ltd (1951 HK) is looking to raise US$122m via a top-up placement. Proceeds from the offering will be used to repay its...

Ethan Aw

Jinxin Fertility Co Ltd (1951.HK) - Hard to Achieve Performance Reversal in 2023

The growth ceiling in China is obvious, which cannot support Jinxin’s valuation expansion.The breakthrough point is internationalization,...

Xinyao (Criss) Wang

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