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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> has launched its H Share listing at HK$32.30-36.30 per share. Pricing will be on 25 November, and the listing on 27 November.</li>
<li>We previously discussed the listing in <a href="https://www.smartkarma.com/insights/sf-holding-h-share-listing-updates-point-to-improving-fundamentals" target="_blank" data-smartkarma-citation="insights:166296" rel="noopener">SF Holding H Share Listing: Updates Point to Improving Fundamentals</a> and <a href="https://www.smartkarma.com/insights/sf-holding-h-share-listing-ah-discount-views" target="_blank" data-smartkarma-citation="insights:166687" rel="noopener">SF Holding H Share Listing: AH Discount Views</a>.</li>
<li>Our valuation analysis suggests that the H Share listing range is attractive. We would participate in the listing.</li>
</ul>



S.F. Holding (002352 CH) has launched its H Share listing at HK$32.30-36.30 per share. Pricing will be on 25 November, and the listing on 27 November.
We previously discussed the listing in SF Holding H Share Listing: Updates Point to Improving Fundamentals and SF Holding H Share Listing: AH Discount Views.
Our valuation analysis suggests that the H Share listing range is attractive. We would participate in the listing.


SF Holding H Share Listing (6936 HK): Valuation Insights

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a>, China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the IPO pricing.</li>
</ul>



S.F. Holding (002352 CH), China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have covered the company and deal background in our previous notes. In this note, we talk about the IPO pricing.


SF Holdings A/H Listing - Lower End Looks Digestable

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>SF Holding's HKEX listing launched on Tuesday, November 19th; deal to be priced by 26th</li>
<li>SF hopes to raise about US$800 mn, less than originally anticipated in financial media</li>
<li>About one quarter of the offering will be taken up by ten cornerstone investors</li>
</ul>


SF Holding's HKEX listing launched on Tuesday, November 19th; deal to be priced by 26th
SF hopes to raise about US$800 mn, less than originally anticipated in financial media
About one quarter of the offering will be taken up by ten cornerstone investors


SF Holding Pre-IPO: Deal Goes Live in HK, Company Hopes to Raise ~US$800 Mn, Less Than Anticipated

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> H-shares are being offered at a price range of HK$32.3-36.3/share, a discount of 20.2%-29% to the A-shares. The max raise (including oversubscription) is US$912m.</li>
<li>Unlike <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a>, the <a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> H-shares will not get Fast Entry to any indices. Southbound Stock Connect inclusion will take place on 23 December.</li>
<li>With no index inclusion in the short-term, the H-shares discount to the A-shares should remain wide. The H-shares could become short sell eligible in February.</li>
</ul>


The S.F. Holding (002352 CH) H-shares are being offered at a price range of HK$32.3-36.3/share, a discount of 20.2%-29% to the A-shares. The max raise (including oversubscription) is US$912m.
Unlike Midea Group (300 HK), the S.F. Holding (002352 CH) H-shares will not get Fast Entry to any indices. Southbound Stock Connect inclusion will take place on 23 December.
With no index inclusion in the short-term, the H-shares discount to the A-shares should remain wide. The H-shares could become short sell eligible in February.


SF Holding (6936 HK): No Index Inclusion till Mid-2025; AH Premium Could Stay Wide

Kansai Electric Power / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPOs front, the usual year end deal flow appears to be picking up with US elections now out of the way.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/kansai-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:18907:1" rel="noopener">Kansai Electric Power (9503 JP)</a> launched a large primary offering, while <a href="https://www.smartkarma.com/entities/varun-beverages-ltd" target="_blank" data-smartkarma-citation="entities:23653:1" rel="noopener">Varun Beverages (VBL IN)</a> did the same in India.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPOs front, the usual year end deal flow appears to be picking up with US elections now out of the way.
On the placements front, Kansai Electric Power (9503 JP) launched a large primary offering, while Varun Beverages (VBL IN) did the same in India.


ECM Weekly (18th Nov 2024) - SF Holdings, MNC, Swiggy, Sagility, Niva, GMM, Zinka, Kansai, Go Digit

China

S.F. Holding Co., Ltd operates as a holding company. The Company, through its subsidiaries, provides logistics, order tracking, supply chain management, and warehousing services. S.F. Holding operates worldwide.

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S.F. Holding (002352 CH)

SF Holdings A/H Listing - Lower End Looks Digestable

S.F. Holding (002352 CH), China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong. In...

Sumeet Singh

SF Holding Pre-IPO: Deal Goes Live in HK, Company Hopes to Raise ~US$800 Mn, Less Than Anticipated

SF Holding's long-anticipated secondary offering in Hong Kong has gone live. This quick update provides basic information about the offering....

Tracking Traffic

SF Holding (6936 HK): No Index Inclusion till Mid-2025; AH Premium Could Stay Wide

The SF Holding H-share raise is lower than expectations. No Fast Entry could lead to a lackluster listing. Southbound Connect inclusion on 23 Dec....

Brian Freitas

ECM Weekly (18th Nov 2024) - SF Holdings, MNC, Swiggy, Sagility, Niva, GMM, Zinka, Kansai, Go Digit

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

SF Holding H Share Listing (6936 HK): Valuation Insights

SF aims to raise gross proceeds of US$705-792m. Our valuation analysis suggests that the H Share listing range is attractive. We would participate...

Arun George

SF Holdings A/H Listing - Lower End Looks Digestable

S.F. Holding (002352 CH), China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong. In...

Sumeet Singh

SF Holding Pre-IPO: Deal Goes Live in HK, Company Hopes to Raise ~US$800 Mn, Less Than Anticipated

SF Holding's long-anticipated secondary offering in Hong Kong has gone live. This quick update provides basic information about the offering....

Tracking Traffic

SF Holding (6936 HK): No Index Inclusion till Mid-2025; AH Premium Could Stay Wide

The SF Holding H-share raise is lower than expectations. No Fast Entry could lead to a lackluster listing. Southbound Connect inclusion on 23 Dec....

Brian Freitas

ECM Weekly (18th Nov 2024) - SF Holdings, MNC, Swiggy, Sagility, Niva, GMM, Zinka, Kansai, Go Digit

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh