Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Eastroc Beverage Group   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Eastroc Beverage A/H Listing - PHIP Updates and Thoughts on A/H Premium

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Eastroc Beverage A/H Listing - Energized - Fast Growth, Better Margins

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Event-Driven

<ul>
<li>The expiry of cornerstone investors’ lock-up today modestly increases <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a>’s free float, which still remains below 10%.</li>
<li>Mixue’s 1H2025 results show limited overseas scale-up, with growth driven entirely by the domestic market, raising concerns over long-term growth prospects from new markets.</li>
<li>At 22x forward earnings, Mixue trades at a premium to HK-listed F&amp;B peers, reflecting market optimism for above-consensus growth.</li>
</ul>


The expiry of cornerstone investors’ lock-up today modestly increases Mixue Group (2097 HK)’s free float, which still remains below 10%.
Mixue’s 1H2025 results show limited overseas scale-up, with growth driven entirely by the domestic market, raising concerns over long-term growth prospects from new markets.
At 22x forward earnings, Mixue trades at a premium to HK-listed F&amp;B peers, reflecting market optimism for above-consensus growth.


Mixue (2097 HK): Lock-Up Expiry. After Doubling Post-IPO, Is the Fizz Running Out?

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>Luckin reported C2Q25 revenue 9%/11% higher than our est./cons., and non-GAAP OP 37%/17% higher than our est./cons., driven by the extra demand from food delivery platforms' promotional campaigns. </li>
<li>As we now expect the food delivery war to persist, we raise Luckin's C2H25 revenue/OP estimate by 6%/18% and raise the TP to US$45.</li>
<li>Luckin, however, managed margin and expenses well to deliver the profit beat;</li>
</ul>


Luckin reported C2Q25 revenue 9%/11% higher than our est./cons., and non-GAAP OP 37%/17% higher than our est./cons., driven by the extra demand from food delivery platforms' promotional campaigns. 
As we now expect the food delivery war to persist, we raise Luckin's C2H25 revenue/OP estimate by 6%/18% and raise the TP to US$45.
Luckin, however, managed margin and expenses well to deliver the profit beat;


[Luckin Coffee (LKNCY US, BUY, TP US$45) TP Change]:Solid Execution Showcases Consolidator Potential

China

Luckin Coffee Inc. provides non-alcoholic beverages. The Company offers various types of coffee. Luckin Coffee serves customers in China.

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Luckin Coffee (LKNCY US)

Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing. In this...

Sumeet Singh

Eastroc Beverage A/H Listing - PHIP Updates and Thoughts on A/H Premium

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Eastroc Beverage A/H Listing - Energized - Fast Growth, Better Margins

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, has now filed its PHIP and is aims to raise around US$1bn in...

Sumeet Singh

Mixue (2097 HK): Lock-Up Expiry. After Doubling Post-IPO, Is the Fizz Running Out?

Stock upside seem constrained until Mixue delivers tangible overseas growth or margin expansion to justify premium valuations

Devi Subhakesan