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.

Equity Capital Markets

Gotion High-tech   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gotion-high-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:27133:1" rel="noopener">Gotion High-Tech Co Ltd (002074 CH)</a> (GHT) is looking to raise US$1bn from its Swiss GDR listing. Bookrunners on the deal are CICC and Haitong International.</li>
<li>The shares offered in GHT’s GDR offering ranges between 16.65m - 33.29m GDRs (83.24m - 166.47m A-shares), ranging the deal size between US$499m-US$1bn. </li>
<li>At the top end, in terms of number of GDRs offered, the deal would represent 4.7 days of ADV on the A-share market and 9.6% of current mcap.</li>
</ul>



Gotion High-Tech Co Ltd (002074 CH) (GHT) is looking to raise US$1bn from its Swiss GDR listing. Bookrunners on the deal are CICC and Haitong International.
The shares offered in GHT’s GDR offering ranges between 16.65m - 33.29m GDRs (83.24m - 166.47m A-shares), ranging the deal size between US$499m-US$1bn. 
At the top end, in terms of number of GDRs offered, the deal would represent 4.7 days of ADV on the A-share market and 9.6% of current mcap.


Gotion High Tech GDR Listing - Recent GDRs Have Seen Narrowing Discounts

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>Tianqi managed to pull off the largest HK IPO so far this year, a good listing could see a pickup in other large deals.</li>
<li>For placements, SK IE couldn't hold on to its deal price, while Ming Yang kicked off what might be a busy GDR season.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Tianqi managed to pull off the largest HK IPO so far this year, a good listing could see a pickup in other large deals.
For placements, SK IE couldn't hold on to its deal price, while Ming Yang kicked off what might be a busy GDR season.


ECM Weekly (10th Jul 2022) -Tianqi, Thai Life, TPG, SK IE, Weilong, Emperador, Soosan, SoCar, Deewin

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 analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>We estimate that inflows for June was USD 11bn, led by consumer staple and financial sectors.</li>
<li>We highlight monthly inflows into Moutai, Yili, East Money, Tongwei, and Inovance.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
We estimate that inflows for June was USD 11bn, led by consumer staple and financial sectors.
We highlight monthly inflows into Moutai, Yili, East Money, Tongwei, and Inovance.


Northbound Flows Monthly (June): $11bn Inflows

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.

Event-Driven

Guodian Technology & Environment Group / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guodian-technology-environment-group-corp" target="_blank" data-smartkarma-citation="entities:3941:1" rel="noopener">Guodian Technology &amp; Environment Group (1296 HK)</a>’s privatisation offer from China Energy is HK$1.08 per H share. The pre-condition was fulfilled on 22 April.  </li>
<li>The key conditions for the delisting will be approval by at least 75% of independent H-shareholders (&lt;10% of all independent H-shareholders rejection). There is no minimum acceptance condition.  </li>
<li>At last close and for a mid-June effective date (composite document despatched by 29 April), the gross and annualised spread to the offer is 2.9% and 19.9%, respectively.</li>
</ul>



Guodian Technology &amp; Environment Group (1296 HK)’s privatisation offer from China Energy is HK$1.08 per H share. The pre-condition was fulfilled on 22 April.  
The key conditions for the delisting will be approval by at least 75% of independent H-shareholders (&lt;10% of all independent H-shareholders rejection). There is no minimum acceptance condition.  
At last close and for a mid-June effective date (composite document despatched by 29 April), the gross and annualised spread to the offer is 2.9% and 19.9%, respectively.


Guodian Tech’s Offer Risk/Reward – Pre-Condition Satisfied

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Consumer staples and materials sectors led the outflows while energy, communication services and real estate led the inflows.</li>
<li>We highlight stocks with top weekly outflows: Moutai, East Money, Yunnan Energy, CATL, Naura Tech.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
Consumer staples and materials sectors led the outflows while energy, communication services and real estate led the inflows.
We highlight stocks with top weekly outflows: Moutai, East Money, Yunnan Energy, CATL, Naura Tech.


Northbound Flows: $10bn Outflows in 2 Weeks

China

Ming Yang Smart Energy Group., Ltd. manufactures and distributes renewable energy equipment. The Company produces fans, fan blades, fan accessories, and other products. Ming Yang Smart Energy Group also operates power generation, power distribution, and other businesses.

Ming Yang Smart Energy Group L (601615 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ming Yang Smart Energy Group L (601615 CH)

Gotion High Tech GDR Listing - Recent GDRs Have Seen Narrowing Discounts

Gotion High-Tech Co Ltd (002074 CH) (GHT) is looking to raise US$1bn from its Swiss GDR listing. Bookrunners on the deal are CICC and Haitong...

Clarence Chu

ECM Weekly (10th Jul 2022) -Tianqi, Thai Life, TPG, SK IE, Weilong, Emperador, Soosan, SoCar, Deewin

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

Sumeet Singh

Northbound Flows Monthly (June): $11bn Inflows

We estimate $11bn inflow into A-share market through northbound in June and highlight monthly inflows into Moutai, Yili, East Money, Tongwei, and...

Ke Yan, CFA, FRM

Guodian Tech’s Offer Risk/Reward – Pre-Condition Satisfied

The composite document will be despatched by 29 April. The offer is attractive. At last close and for a mid-June effective date, the annualised...

Arun George

Northbound Flows: $10bn Outflows in 2 Weeks

We highlight two weeks of big outflows from A-share by northbound investors, and stocks with top weekly outflows including Moutai, East Money,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)