APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

Zhou Liu Fu Jewellery Co., Ltd. / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhou-liu-fu-jewellery-co-ltd" target="_blank" data-smartkarma-citation="entities:43706:1" rel="noopener">Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH)</a> is looking to raise up to $143m in its upcoming Hong Kong IPO.</li>
<li>It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH) is looking to raise up to $143m in its upcoming Hong Kong IPO.
It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Zhou Liu Fu Pre-IPO: Not Blindingly Cheap but Peer Momentum Is Strong

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>While <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> has a stellar share price performance YTD, it still lags the HSI since 2023. The solid 2H FY25 result should support further upside. </li>
<li>SSS growth has recovered sharply in Apr-May 2025 (the first two months of 1Q FY26), and CTF should reap further benefits from cost management and product transformation.</li>
<li>FY26F ROE may reach 27.2%. While its current yield is only 4.6%, it is possible to declare special dividend this year, easily pushing it to over 10%.</li>
</ul>


While Chow Tai Fook Jewellery (1929 HK) has a stellar share price performance YTD, it still lags the HSI since 2023. The solid 2H FY25 result should support further upside. 
SSS growth has recovered sharply in Apr-May 2025 (the first two months of 1Q FY26), and CTF should reap further benefits from cost management and product transformation.
FY26F ROE may reach 27.2%. While its current yield is only 4.6%, it is possible to declare special dividend this year, easily pushing it to over 10%.


Chow Tai Fook (1929 HK): A Decent Rebound

<ul>
<li>
<a href="https://www.smartkarma.com/entities/primo-global" target="_blank" data-smartkarma-citation="entities:45246:1" rel="noopener">Primo Global (367A JP) </a>is looking to raise up to $96m in its upcoming Japan IPO</li>
<li>It specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Primo Global (367A JP) is looking to raise up to $96m in its upcoming Japan IPO
It specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Primo Global Pre-IPO: Fairly Valued, Controlling Shareholders Rushing for Exit

Foshan Haitian Flavouring & Food Company / Equity Capital Markets

<ul>
<li>Hong Kong's IPO market has gathered momentum lately, especially with the overwhelming response to <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>. Consumer IPOs are the next ones to gather interest. </li>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Co (FHF HK)</a> is the most imminent one, potentially seeking up to US$1bn. Without significant peers in Hong Kong, it should attract good attention.</li>
<li>The other interesting ones include <a href="https://www.smartkarma.com/entities/zhou-liu-fu-jewellery-co-ltd" target="_blank" data-smartkarma-citation="entities:43706:1" rel="noopener">Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH)</a>, <a href="https://www.smartkarma.com/entities/three-squirrels" target="_blank" data-smartkarma-citation="entities:45113:1" rel="noopener">Three Squirrels (TRS HK)</a>, and <a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd-f3283290-a611-4cb4-8857-93101786e283" target="_blank" data-smartkarma-citation="entities:45048:1" rel="noopener">Eastroc Beverage Group (EBG HK)</a>. </li>
</ul>


Hong Kong's IPO market has gathered momentum lately, especially with the overwhelming response to CATL (3750 HK). Consumer IPOs are the next ones to gather interest. 

Foshan Haitian Flavouring &amp; Food Co (FHF HK) is the most imminent one, potentially seeking up to US$1bn. Without significant peers in Hong Kong, it should attract good attention.
The other interesting ones include Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH), Three Squirrels (TRS HK), and Eastroc Beverage Group (EBG HK). 


HK Strategy: Some Consumer IPO Pipelines and Their Proxies

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

<ul>
<li>Chinese Real Estate prices have been the major driver of the Chinese stock market slump, but the fall seemed to stop. </li>
<li>Recently sworn-in President Trump is no longer considered an enemy of China, and his tariff punishment will no longer be across the board but more selective. </li>
<li>A few stocks in Hong Kong listing that trade at lower PE multiples to the dividend yield, indicating the undemanding valuation to obtain yield. </li>
</ul>


Chinese Real Estate prices have been the major driver of the Chinese stock market slump, but the fall seemed to stop. 
Recently sworn-in President Trump is no longer considered an enemy of China, and his tariff punishment will no longer be across the board but more selective. 
A few stocks in Hong Kong listing that trade at lower PE multiples to the dividend yield, indicating the undemanding valuation to obtain yield. 


Hong Kong

Luk Fook Holdings (International) Limited retails jewellery. The Company engages in the sourcing, designing, wholesaling and retailing of a variety of platinum and gold jewellery, gold ornaments, gem-set jewellery, natural jadeites, gemstones, and other related products. Luk Fook offers its products in Hong Kong, Mainland China, Macau, Singapore, the United States and Canada.

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Luk Fook Holdings Intl (590 HK)

Zhou Liu Fu Pre-IPO: Not Blindingly Cheap but Peer Momentum Is Strong

Zhou Liu Fu is looking to raise up to $143m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Chow Tai Fook (1929 HK): A Decent Rebound

Despite lagging the HSI since end-2023, CTF's solid 2H FY25 results, product transformation, and cost control achievement will boost the share...

Osbert Tang, CFA

Primo Global Pre-IPO: Fairly Valued, Controlling Shareholders Rushing for Exit

Primo Global is looking to raise up to $96m in its upcoming Japan IPO. In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Nicholas Tan

HK Strategy: Some Consumer IPO Pipelines and Their Proxies

HK's IPO market gains momentum with CATL leading the way. Consumer IPOs like Foshan Haitian are next in line, attracting attention. Others include...

Osbert Tang, CFA

China: Revival 2.0?

Chinese real estate prices impact stock market, Trump's tariff approach to China changes, undervalued stocks in Hong Kong offer high yield potential.

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zhou Liu Fu Pre-IPO: Not Blindingly Cheap but Peer Momentum Is Strong

Zhou Liu Fu is looking to raise up to $143m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Chow Tai Fook (1929 HK): A Decent Rebound

Despite lagging the HSI since end-2023, ​CTF's solid 2H FY25 results, product transformation, and cost control achievement will boost the share...

Osbert Tang, CFA

Primo Global Pre-IPO: Fairly Valued, Controlling Shareholders Rushing for Exit

Primo Global is looking to raise up to $96m in its upcoming Japan IPO. In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Nicholas Tan

HK Strategy: Some Consumer IPO Pipelines and Their Proxies

HK's IPO market gains momentum with CATL leading the way. Consumer IPOs like Foshan Haitian are next in line, attracting attention. Others include...

Osbert Tang, CFA

China: Revival 2.0?

​Chinese real estate prices impact stock market, Trump's tariff approach to China changes, undervalued stocks in Hong Kong offer high yield potential.

Henry Soediarko

Despite lagging the HSI since end-2023, CTF's solid 2H FY25 results, product transformation, and cost control achievement will boost the share...

Chinese real estate prices impact stock market, Trump's tariff approach to China changes, undervalued stocks in Hong Kong offer high yield potential.