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

Shimao Services Holdings Limited / Equity Capital Markets


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




It was a pretty busy week in Hong Kong ECM. Simcere Pharmaceutical Group (2096 HK), KWG Living Group (3913 HK), and Radiance Holdings (RH HK) launched their IPO bookbuilds this week. 


Simcere (先声制药) IPO: Fairly Valued for a Generic Player 

KWG Living (合景悠活) IPO - Not Cheap but Strong Lineup of Investors Helps 

We continue our coverage on upcoming HK Biotech listings, specifically, Jacobio Pharmaceuticals (1588148D CH). We are also hearing that GDS Holdings (ADR) (GDS US) will start its secondary listing bookbuild next week while JW Therapeutics (JWT HK) which just got HKEX approval this week will be premarketing its IPO. Shimao Services Holdings (SSH HK) will likely launch its bookbuild soon too, considering that its PHIP was filed around the same time as KWG Living.


GDS Holdings Hong Kong Secondary - Hot Sector, Needs the Money 

Jacobio (加科思药业) Pre-IPO: Right Team but Long Time to Market 

Shimao Services (世茂服务) Pre-IPO - PHIP Updates - Impressive 6M 2020 Results 

JW Therapeutics (药明巨诺) Pre-IPO: CAR-T Leader in China 

In the U.S, MINISO Group Holdings (MNSO US)'s trading debut volatile. It opened about 22% above IPO price and traded down to close just 4% above IPO price but continue to trade 11% higher on the second day. Sumeet Singh also covered Lufax Holdings (LU US) earlier this week which filed its prospectus last Friday, likely to raise up to US$3bn in its IPO. 


Lufax Pre-IPO - The Negatives - Remains in Flux 

Lufax Pre-IPO - The Positives - Able to Grow Despite the Headwinds 

MINISO (名创优品) IPO Trading - Not Much Value Left After Pricing Above Range 

Back in ASEAN region, Singapore ECM space finally got a sizable IPO. Nanofilm Technologies (and selling shareholders) are looking to raise about US$345m in its IPO. It was reported that the deal has a strong lineup of cornerstone investors. Other than that, SCG Packaging (SCGP TB) and MR D.I.Y. Group (MRDIY MK) will be debuting next week in Thailand and Malaysia, respectively.
Placements:


China Evergrande Placement - Looks Tempting but It's a Drop in the Ocean of Debt, During a Typhoon 

Nippon Building Fund Placement - Needs to Correct Some More Given the Weak Sentiment 






Accuracy Rate:



Our overall accuracy rate is 73.4% for IPOs and 66.5% for Placements 


(Performance measurement criteria is explained at the end of the note)






New IPO filings this week  





Nanofilm (US$345m, Singapore)



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.






News on Upcoming IPOs  





Hong Kong bets on Ant's giant IPO to keep up listings bonanza
HK brokers tout lower costs for retail investors seeking to buy into Ant Group’s IPO
Singapore's Nanofilm to raise up to S$510m, largest local IPO in year
CVC-Backed Thai Lender Ngern Tid Lor Weighs $1 Billion IPO
MR DIY IPO shares oversubscribed




Analysis on Upcoming IPOs







Name
Insight


Hong Kong


Ant Group

Ant Group (蚂蚁集团) IPO First-Take: No. 1 Fintech from All Angles 


Ant Group

Ant Group (蚂蚁集团) IPO: Numbers Suggest It's More Tech than Financials 


Ant Group

Ant Group (蚂蚁集团) Pre-IPO: Things to Clarify/Questions to Ask - Falling Fees, Margins, Cash Flow 


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


Ant Group

Ant Financial (蚂蚁金服) IPO Early Thought: What's New About the Listing News 


Ant Group

Ant Group - Index Inclusion Possibilities &amp; Timeline 


Blue Moon

Blue Moon Group Pre-IPO - The Positives - Dominant Market Share, Strong Online Sales 



Blue Moon

Blue Moon Group Pre-IPO - The Negatives - Flagging Offline Sales, Not Really a Primary Raising 



Blue Moon

Blue Moon: No. 1 But No Exclusive Advantage, Observation on the Ground 



Blue Moon

Blue Moon Group Pre-IPO - Online Reviews and Peer Comparison 



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) Pre-IPO: Why Facebook Should Worry About TikTok 



ByteDance

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



ByteDance

ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 



ByteDance

ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 



ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 



ByteDance

ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 



ByteDance

ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 



E-Star Comm

E-Star Commercial Management Pre-IPO - Better Disclosure in New Prospectus 



E-Star Comm

E-Star Commercial Management Pre-IPO - Still Largely Reliant on Galaxy, Poor Disclosure Doesn’t Help 



Genor

Genor (嘉和生物) Pre-IPO: Slow R&amp;D Progress in the past but that Might Change 



Jiayuan Svcs

Jiayuan Services (佳源服务) Pre-IPO - Another Small Property Management Company 



Jinke Svcs

Jinke Smart Services (金科智慧服务) Pre-IPO - GFA Growth at the Expense of Fees 



Kilcoy

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 



Kilcoy

Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 



Megvii

Megvii (旷视) Pre-IPO - Remarkable Growth (Part 1) 


Megvii

Megvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential 


Megvii

Megvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent 


Megvii

Megvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis 


Megvii

Megvii (旷视) Pre-IPO -  Initial Thoughts on Valuation 


Ocumension

Ocumension (欧康维视) Pre-IPO: All Ready for a Great Listing Except a Block Buster 


Pop Mart

Pop Mart Pre-IPO - The Negatives - Is It a Brand Owner or Just a Retailer? 


Pop Mart

Pop Mart Pre-IPO - The Positives - Expanding Portfolio+Wider Distribution= Explosive Earnings Growth 


Pop Mart

Pop Mart Pre-IPO - Peer Set and Valuation 


Pop Mart

Pop Mart Pre-IPO Quick Note - On the Ground - Pop-Up Stores Are Effective 


Radiance

Radiance Holdings (金辉控股) Pre-IPO - Property Mgt Svc Sold Out at a Ridiculously Cheap Valuation 


Shimao Svcs

Shimao Services (世茂服务) Pre-IPO - Community VAS Segment Is the Star 


Sunac Svcs

Sunac Services (融创服务) Pre-IPO - Promising Growth &amp; Diversifying Away from Sunac Via Acquisitions 


RemeGen

RemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48 


Simcere

Simcere (先声制药) Pre-IPO: Long History but Products Concentrated 


Toplist

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


India


ASK

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


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


Bharat Hotel

Bharat Hotels Pre-IPO - Catching up with Peers 



Burger King

Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster 



Burger King

Burger King India Pre-IPO - Peer Comparison Yields Interesting Nuggets on Profitability and Capex 



Bajaj En

Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 



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


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


Equitas SFB

Equitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing 


Equitas SFB

Equitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing 


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 Shares Pledge Might Lead to an Early IPO 


IRFC

Indian Railway Finance Pre-IPO - Low Risk, Low Margin Business 


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


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



LIC


Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 



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


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


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


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 


Malaysia


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


Thailand


PTTOR

PTT Oil and Retail IPO - F&amp;B Business Is the Profit Driver 


The U.S


CDP

CDP Holdings Pre-IPO Review - Highly Reliant on Best Inc. 


CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent






ECM Weekly (18 October 2020) - Lufax, Simcere, KWG Living, GDS, Jacobio

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

JW Therapeutics is a leading China-based cell therapy company with the most advanced progress for the CAR-T commercialization. The company aims to raise up to USD 300m.Backed by a strong shareholder Juno, the company has a strong foundation in the technology underlying the CAR-T therapy, which is demonstrated by its superior safety data for its Relma-cel. In addition to the CD19 target, the company has also obtained the technology for BCMA target. In addition, the company has T-cell receptor-based pipeline products for solid tumor (liver cancer) with anti-T cell exhaustion enhancement based on the technologies from Eureka and Lyell. We think both the management team and investor backing is strong.

JW Therapeutics is a leading China-based cell therapy company with the most advanced progress for the CAR-T commercialization. The company aims to raise up to USD 300m.Backed by a strong shareholder Juno, the company has a strong foundation in the technology underlying the CAR-T therapy, which is demonstrated by its superior safety data for its Relma-cel. In addition to the CD19 target, the company has also obtained the technology for BCMA target. In addition, the company has T-cell receptor-based pipeline products for solid tumor (liver cancer) with anti-T cell exhaustion enhancement based on the technologies from Eureka and Lyell. We think both the management team and investor backing is strong.

JW Therapeutics (药明巨诺) Pre-IPO: CAR-T Leader in China

China

JW (Cayman) Therapeutics Co. Ltd operates as a clinical stage therapy platform company. The Company offers developing, manufacturing and commercializing breakthrough cell-based immunotherapies forhematological cancers and solid tumors. JW (Cayman) Therapeutics provides services in China.

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JW Therapeutics (2126 HK)

ECM Weekly (18 October 2020) - Lufax, Simcere, KWG Living, GDS, Jacobio

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

Zhen Zhou, Toh

JW Therapeutics (药明巨诺) Pre-IPO: CAR-T Leader in China

JW Therapeutics is a leading China-based cell therapy company with the most advanced progress for the CAR-T commercialization. The company aims to...

Ke Yan, CFA, FRM

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