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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> is looking to raise A$365m (US$230m) for capital expenditure and to plug its funding gap for the Kathleen Valley Lithium (KVL) project. </li>
<li>Together, the combined A$1.14bn equity/debt raising comes after Albemarle abandoned its A$6.6bn (US$4.2bn) acquisition bid for Liontown Resources earlier in the week.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Liontown Resources (LTR AU) is looking to raise A$365m (US$230m) for capital expenditure and to plug its funding gap for the Kathleen Valley Lithium (KVL) project. 
Together, the combined A$1.14bn equity/debt raising comes after Albemarle abandoned its A$6.6bn (US$4.2bn) acquisition bid for Liontown Resources earlier in the week.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Liontown Resources Placement - While Discount Is Wide, It Is at a Premium to Its Pre-Takeover Price

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 27 Dec, to circumvent <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus (PRU AU)</a>'s 19.9% dissenting vote, <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp (ORR AU)</a> and <a href="https://www.smartkarma.com/entities/silvercorp-metals-inc" target="_blank" data-smartkarma-citation="entities:25818:1" rel="noopener">Silvercorp (SVM CN)</a> agreed to an off-market takeover, on the same terms. </li>
<li>That Offer - A$0.19 in cash and 0.0967 new Silvercorp shares - opened on the 3 January.</li>
<li>Silvercorp paid ~A$0.51/share, on-market, just prior to the Offer. OreCorp is currently trading ~A$0.51-$0.52/share. Is there any legal obligation to set a minimum floor price of A$0.51/share?</li>
</ul>


On the 27 Dec, to circumvent Perseus (PRU AU)'s 19.9% dissenting vote, Orecorp (ORR AU) and Silvercorp (SVM CN) agreed to an off-market takeover, on the same terms. 
That Offer - A$0.19 in cash and 0.0967 new Silvercorp shares - opened on the 3 January.
Silvercorp paid ~A$0.51/share, on-market, just prior to the Offer. OreCorp is currently trading ~A$0.51-$0.52/share. Is there any legal obligation to set a minimum floor price of A$0.51/share?


OreCorp (ORR AU): Musings On The Minimum Bid Price

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jan 5th (reported today) which has an aggregated short interest worth USD19.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Aristocrat Leisu, Whitehaven Coal.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jan 5th (reported today) which has an aggregated short interest worth USD19.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Aristocrat Leisu, Whitehaven Coal.


ASX Short Interest Weekly (Jan 5th): Aristocrat Leisu, Whitehaven Coal

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Dec 22nd (reported today) which has an aggregated short interest worth USD19.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in BHP, Wisetech Global, Woodside Energy, Telstra, Fortescue, Macquarie, Allkem, Santos.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 22nd (reported today) which has an aggregated short interest worth USD19.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in BHP, Wisetech Global, Woodside Energy, Telstra, Fortescue, Macquarie, Allkem, Santos.


ASX Short Interest Weekly (Dec 22nd): BHP, Wisetech Global, Woodside Energy, Telstra, Fortescue

<ul>
<li>On the 24 November, <a href="https://www.smartkarma.com/entities/silvercorp-metals-inc" target="_blank" data-smartkarma-citation="entities:25818:1" rel="noopener">Silvercorp Metals (SVM CN)</a> bumped its Scheme Offer for <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a> to A$0.19 in cash and 0.0967 new Silvercorp shares.</li>
<li>At a 40.1% premium to undisturbed and key shareholder Tim Goyder (5.14%) supportive, this looked done. Then <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus (PRU AU)</a> built a 19.9% stake and said it would vote no.</li>
<li>After postponing the Scheme meeting, Silvercorp and Orecorp have now agreed to an off-market takeover, on the same terms. The tendering threshold is 50.1%. </li>
</ul>


On the 24 November, Silvercorp Metals (SVM CN) bumped its Scheme Offer for Orecorp Ltd (ORR AU) to A$0.19 in cash and 0.0967 new Silvercorp shares.
At a 40.1% premium to undisturbed and key shareholder Tim Goyder (5.14%) supportive, this looked done. Then Perseus (PRU AU) built a 19.9% stake and said it would vote no.
After postponing the Scheme meeting, Silvercorp and Orecorp have now agreed to an off-market takeover, on the same terms. The tendering threshold is 50.1%. 


OreCorp: Silvercorp Switches To Off-Market Bid

Australia

Liontown Resources Ltd. explores for and mines base metals.

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Liontown Resources (LTR AU)

Liontown Resources Placement - While Discount Is Wide, It Is at a Premium to Its Pre-Takeover Price

After withdrawing its takeover bid, Albemarle is now looking to sell its entire stake in LTR. The stake sale will remove the overhang, and the deal...

Clarence Chu

OreCorp (ORR AU): Musings On The Minimum Bid Price

Silvercorp paid ~A$0.51/share, on-market, just prior to the Offer. OreCorp is currently trading ~A$0.51-$0.52/share. Is there any legal obligation...

David Blennerhassett

ASX Short Interest Weekly (Jan 5th): Aristocrat Leisu, Whitehaven Coal

We analyzed ASX short interest report for the past week and highlight short interest changes in Aristocrat Leisu, Whitehaven Coal.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Dec 22nd): BHP, Wisetech Global, Woodside Energy, Telstra, Fortescue

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, Wisetech Global, Woodside Energy, Telstra,...

Ke Yan, CFA, FRM

OreCorp: Silvercorp Switches To Off-Market Bid

If small arbs are your thing, look to short Silvercorp (where available) late in the US day, and buy OreCorp early in the AU day. Or you may want...

David Blennerhassett

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