IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Sunshine Insurance Group  Lt / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunshine-insurance-group-company-limited" target="_blank" data-smartkarma-citation="entities:36464:1" rel="noopener">Sunshine Insurance (6963 HK)</a> priced its IPO at HK$5.83 per share to raise net proceeds of HK$6.4 billion (US$824 million). The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/sunshine-insurance-group-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:85205" rel="noopener">Sunshine Insurance Group IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/sunshine-insurance-group-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:85253" rel="noopener">Sunshine Insurance Group IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/sunshine-insurance-group-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:85356" rel="noopener">Sunshine Insurance Group IPO: Valuation Insights</a>. </li>
<li>Peers have modestly re-rated and the IPO price continues to imply a premium to the median peer CY2022 P/EV and P/B multiples. Therefore, the IPO price remains unattractive.</li>
</ul>



Sunshine Insurance (6963 HK) priced its IPO at HK$5.83 per share to raise net proceeds of HK$6.4 billion (US$824 million). The shares will start trading tomorrow.
We previously discussed the IPO in Sunshine Insurance Group IPO: The Bull Case, Sunshine Insurance Group IPO: The Bear Case and Sunshine Insurance Group IPO: Valuation Insights. 
Peers have modestly re-rated and the IPO price continues to imply a premium to the median peer CY2022 P/EV and P/B multiples. Therefore, the IPO price remains unattractive.


Sunshine Insurance Group IPO: Trading Debut

Lygend Resources & Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lygend-resources-technology" target="_blank" data-smartkarma-citation="entities:36493:1" rel="noopener">Lygend Resources &amp; Technology (2245 HK)</a> priced its IPO at HK$15.80 per share to raise net proceeds of HK$3.5 billion (US$450 million). The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/lygend-resources-technology-ipo-riding-the-wave" target="_blank" data-smartkarma-citation="insights:84558" rel="noopener">Lygend Resources &amp; Technology IPO: Riding the Wave</a> and <a href="https://www.smartkarma.com/insights/lygend-resources-technology-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:84749" rel="noopener">Lygend Resources &amp; Technology IPO: Valuation Insights</a>.</li>
<li>Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.</li>
</ul>



Lygend Resources &amp; Technology (2245 HK) priced its IPO at HK$15.80 per share to raise net proceeds of HK$3.5 billion (US$450 million). The shares will start trading tomorrow.
We previously discussed the IPO in Lygend Resources &amp; Technology IPO: Riding the Wave and Lygend Resources &amp; Technology IPO: Valuation Insights.
Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.


Lygend Resources & Technology IPO: Trading Debut

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. However, such disclosures are by no means an absolute. </li>
<li>These insights may flag those companies where shares have been pledged. Stocks mentioned include <a href="https://www.smartkarma.com/entities/jl-mag-rare-earth-co-ltd-71612cf2-8326-48fd-8a92-d5dc0e9fa720" target="_blank" data-smartkarma-citation="entities:36201:1" rel="noopener">JL Mag Rare Earth (6680 HK)</a>, <a href="https://www.smartkarma.com/entities/joinn-laboratories-china-c-h" target="_blank" data-smartkarma-citation="entities:31498:1" rel="noopener">Joinn Laboratories (6127 HK)</a>, and <a href="https://www.smartkarma.com/entities/hopefluent-group-hldgs-ltd" target="_blank" data-smartkarma-citation="entities:19599:1" rel="noopener">Hopefluent Group (733 HK)</a>.
</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. However, such disclosures are by no means an absolute. 
These insights may flag those companies where shares have been pledged. Stocks mentioned include JL Mag Rare Earth (6680 HK), Joinn Laboratories (6127 HK), and Hopefluent Group (733 HK).



Hong Kong CEO & Director Dealings (25 Nov): JL Mag Rare Earth, Joinn Laboratories, Hopefluent

Ganglong China Property Group / Event-Driven

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. However, such disclosures are by no means an absolute. </li>
<li>These insights may flag those companies where shares have been pledged. Stocks mentioned include <a href="https://www.smartkarma.com/entities/cross-harbour-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10258:1" rel="noopener">Cross Harbour (32 HK)</a>, <a href="https://www.smartkarma.com/entities/grand-ming-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16462:1" rel="noopener">Grand Ming (1271 HK)</a>, and <a href="https://www.smartkarma.com/entities/ganglong-china-property-group" target="_blank" data-smartkarma-citation="entities:29149:1" rel="noopener">Ganglong China Property (6968 HK)</a> 
</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. However, such disclosures are by no means an absolute. 
These insights may flag those companies where shares have been pledged. Stocks mentioned include Cross Harbour (32 HK), Grand Ming (1271 HK), and Ganglong China Property (6968 HK) 



Hong Kong CEO & Director Dealings (18 Nov): Cross Harbour, Grand Ming, Ganglong, Pharmaron, JL Mag

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 128.4% as of Nov 11th.</li>
<li>The average A-H premium changed by -4.7ppt weeok on week, led by financials, materials, information technology and offset by real estate, communication services.</li>
<li>We highlight weekly changes in A-H premium for BYD, Dongfang Electric, Pharmaron Beijing, CSC Financial.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 128.4% as of Nov 11th.
The average A-H premium changed by -4.7ppt weeok on week, led by financials, materials, information technology and offset by real estate, communication services.
We highlight weekly changes in A-H premium for BYD, Dongfang Electric, Pharmaron Beijing, CSC Financial.


A-H Premium Weekly (Nov 11th): BYD, Dongfang Electric, Pharmaron Beijing, CSC Financial

China

JL MAG Rare-Earth Co., Ltd. manufactures rare earth materials. The Company produces NdFeB magnet materials and other rare earth products. JL MAG Rare-Earth supplies its products to wind power, new energy vehicles, inverter air conditioners, energy saving elevators, and other fields.

Price Gauge
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JL Mag Rare-Earth (6680 HK)

Sunshine Insurance Group IPO: Trading Debut

Peers have modestly re-rated and the IPO price continues to imply a premium to the median peer CY2022 P/EV and P/B multiples. Therefore, the IPO...

Arun George

Lygend Resources & Technology IPO: Trading Debut

Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains...

Arun George

Hong Kong CEO & Director Dealings (25 Nov): JL Mag Rare Earth, Joinn Laboratories, Hopefluent

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett

Hong Kong CEO & Director Dealings (18 Nov): Cross Harbour, Grand Ming, Ganglong, Pharmaron, JL Mag

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett

A-H Premium Weekly (Nov 11th): BYD, Dongfang Electric, Pharmaron Beijing, CSC Financial

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BYD, Dongfang Electric, Pharmaron Beijing, CSC Financial.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)