APAC IPOs & Placements

Zhen Zhou, Toh

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


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




Hong Kong IPOs are still on a roll. Joy Spreader Interactive Technology (6988 HK) broke its IPO price on Wednesday despite its strong institutional and retail subscription but Ming Yuan Cloud Group (909 HK) still closed 86% higher than its IPO price on debut. 
IPO activity is busier than ever. For upcoming HK IPOs, Radiance filed its draft prospectus likely to raise US$500m after its March filing lapsed earlier. Weihai City Commercial Bank (WECCBZ CH) was approved and filed its PHIP for its US$800m IPO whereas Excellence Commercial Property (1611267D CH) and First Services was reported to have won HKEX approval but has yet to file their PHIP. There were also reports that POP MART (POP HK) is looking to raise US$600m as early as October. We have covered most of these IPOs in: 


Weihai City Commercial Bank Pre-IPO - More of an Asset Manager Rather than a Lender 

Radiance Holdings (金辉控股) Pre-IPO - Property Mgt Svc Sold Out at a Ridiculously Cheap Valuation 

Pop Mart Pre-IPO - The Positives - Expanding Portfolio+Wider Distribution= Explosive Earnings Growth 

Pop Mart Pre-IPO - The Negatives - Is It a Brand Owner or Just a Retailer? 
Pop Mart Pre-IPO - Peer Set and Valuation

Excellence Commercial Property (卓越商企服务) Pre-IPO - Diversifying Away from Excellence Group 

As for HK bookbuilds, JHBP (Genor) (6998 HK) launched its IPO bookbuild with a strong cornerstone lineup and closed a day earlier. Neusoft Education (9616 HK) launched its bookbuild last Friday and was said to have priced at the top-end. The company is listing this coming Tuesday. Lastly, Everest Medicines (EVEREST HK) launched its IPO bookbuild on Friday and Ke Yan, CFA, FRM discussed his take on valuation.


JHBP/Genor (嘉和生物) IPO: Undemanding Valuation with a Strong Investor Line-Up 

Neuedu (东软教育) IPO: Fairly Valued but Quality Domestic Investors 

Everest Medicines (云顶新耀) Pre-IPO: Thoughts on Valuation 

Also, not forgetting Ant Financial (1051260D CH), Sumeet Singh shared his thoughts on the mega IPO's valuation and how it stacks up against peers.


Ant Group Pre-IPO: First Stab at Valuation 

Ant Group Pre-IPO: Peer Comparison - CreditTech - Larger Scale, Similar Growth, Lower Credit Risk 

Ant Group Pre-IPO: Peer Comparison - Payments - Baffling Scale, Small Tweaks for Large Profits 

Next week will be packed with HK secondary listings too. There will be three more ADR secondary listing debut after Huazhu Group (HTHT US) successful listing last week; Zai Lab Ltd (ZLAB US) on Monday and ZTO Express (ZTO US) and Baozun Inc. (BZUN US) on Tuesday.


Zai Lab HK Trading - Interest and Behaviour in Line with Huazhu, Highest Concentration so Far 

ZTO Express Secondary Listing - Smaller than Expected 

Baozun HK Secondary Listing - Large Dilution Needs a Large Correction 

IPO activity in the rest of Asia looks busy too. In India, UTI Asset Management (UTIAMC IN) launched its IPO at a discount to peers but still doesn't look cheap enough. In Thailand, SCG Packaging (SCGP TB) is looking to raise up to US$1.2bn. In Japan, Kioxia (6600 JP), formerly Toshiba Memory Corporation started bookbuild to raise up toUS$2.9bn. Last, but not least, and perhaps the most thematically favorable IPO as compared to the previous two, Chindata (CD US) is looking to raise about US$500m and launched its bookbuild on Thursday.


Chindata Group IPO - Riding High on Sector Momentum 

Kioxia IPO: Push Factors for a NAND Pure-Play Premium Valuation 

SCG Packaging IPO - Unexciting 

UTI Asset Management IPO - Probably Not Cheap Enough 

For other upcoming IPOs in rest of Asia, we are likely going to see MR D.I.Y. Group (1706769D MK) launch its bookbuild soon and we took a look at valuation with updated assumptions and peer valuation. We also took a first look at MINISO Group Holdings (MNSO US) which just filed for U.S. IPO, likely to raise US$1bn.


MR. D.I.Y. Pre-IPO - Updates and Thoughts on Valuation 

MINISO (名创优品) Pre-IPO - Asset-Light and Fairly Resilient Despite COVID 

Placements this week:


Kingsoft Cloud (金山云) Placement - Selling Slightly Ahead Lock-Up 

JS Global Lifestyle (JS 环球生活) - Big Large Share Price Run-Up, Large Sell Down Overhang 






Accuracy Rate:



Our overall accuracy rate is 73.1% for IPOs and 66.1% for Placements 


(Performance measurement criteria is explained at the end of the note)






New IPO filings this week  





Edding Group (&gt;US$100m , Hong Kong)
Radiance Holdings (US$500m, Hong Kong)
MINISO (US$1bn, the U.S.)
Opthea (US$150m, the U.S.)



Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.






News on Upcoming IPOs  





Pop Mart, Radiance target Hong Kong IPOs in busy October
Richard Li’s FWD Plans Up to $3 Billion Hong Kong IPO
JD.com Healthcare Unit Plans Hong Kong IPO 




Analysis on Upcoming IPOs







Name
Insight


Hong Kong


Ant Group

Ant Group (蚂蚁集团) IPO First-Take: No. 1 Fintech from All Angles 


Ant Group

Ant Group (蚂蚁集团) IPO: Numbers Suggest It's More Tech than Financials 


Ant Group

Ant Group (蚂蚁集团) Pre-IPO: Things to Clarify/Questions to Ask - Falling Fees, Margins, Cash Flow 


Ant Group
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


Ant Group

Ant Financial (蚂蚁金服) IPO Early Thought: What's New About the Listing News 


Ant Group

Ant Group - Index Inclusion Possibilities &amp; Timeline 


Blue Moon

Blue Moon Group Pre-IPO - The Positives - Dominant Market Share, Strong Online Sales 



Blue Moon

Blue Moon Group Pre-IPO - The Negatives - Flagging Offline Sales, Not Really a Primary Raising 



Blue Moon

Blue Moon: No. 1 But No Exclusive Advantage, Observation on the Ground 



Blue Moon

Blue Moon Group Pre-IPO - Online Reviews and Peer Comparison 



ByteDance

ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)



ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 



ByteDance

ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)



ByteDance

ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 



ByteDance

ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 



ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 



ByteDance

ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 



ByteDance

ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 



E-Star Comm

E-Star Commercial Management Pre-IPO - Better Disclosure in New Prospectus 



E-Star Comm

E-Star Commercial Management Pre-IPO - Still Largely Reliant on Galaxy, Poor Disclosure Doesn’t Help 



Excellence Comm

Excellence Commercial Property (卓越商企服务) Pre-IPO - Diversifying Away from Excellence Group 



Genor

Genor (嘉和生物) Pre-IPO: Slow R&amp;D Progress in the past but that Might Change 



Jiayuan Svcs

Jiayuan Services (佳源服务) Pre-IPO - Another Small Property Management Company 



Jinke Svcs

Jinke Smart Services (金科智慧服务) Pre-IPO - GFA Growth at the Expense of Fees 



Kilcoy

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 



Kilcoy

Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 



KWG Living

KWG Living (合景悠活) Pre-IPO - Strong Growth and Margin Expansion but Overly Reliant on KWG Group 



Megvii

Megvii (旷视) Pre-IPO - Remarkable Growth (Part 1) 


Megvii

Megvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential 


Megvii

Megvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent 


Megvii

Megvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis 


Megvii

Megvii (旷视) Pre-IPO -  Initial Thoughts on Valuation 


Neusoft

Neusoft Edu (东软教育) Pre-IPO: Long Established Name on IT Education 


Ocumension

Ocumension (欧康维视) Pre-IPO: All Ready for a Great Listing Except a Block Buster 


Pop Mart

Pop Mart Pre-IPO - The Negatives - Is It a Brand Owner or Just a Retailer? 


Pop Mart

Pop Mart Pre-IPO - The Positives - Expanding Portfolio+Wider Distribution= Explosive Earnings Growth 


Pop Mart

Pop Mart Pre-IPO - Peer Set and Valuation 


Pop Mart

Pop Mart Pre-IPO Quick Note - On the Ground - Pop-Up Stores Are Effective 


Radiance

Radiance Holdings (金辉控股) Pre-IPO - Property Mgt Svc Sold Out at a Ridiculously Cheap Valuation 


Shimao Svcs

Shimao Services (世茂服务) Pre-IPO - Community VAS Segment Is the Star 


Sunac Svcs

Sunac Services (融创服务) Pre-IPO - Promising Growth &amp; Diversifying Away from Sunac Via Acquisitions 


RemeGen

RemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48 


Simcere

Simcere (先声制药) Pre-IPO: Long History but Products Concentrated 


Toplist

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


Weihai Bank

Weihai City Commercial Bank Pre-IPO - More of an Asset Manager Rather than a Lender 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


India


ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotel

Bharat Hotels Pre-IPO - Catching up with Peers 



Burger King

Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster 



Burger King

Burger King India Pre-IPO - Peer Comparison Yields Interesting Nuggets on Profitability and Capex 



Bajaj En

Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 



CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


Equitas SFB

Equitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing 


Equitas SFB

Equitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing 


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO 


IRFC

Indian Railway Finance Pre-IPO - Low Risk, Low Margin Business 


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta



LIC


Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 



Lodha

Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 


Malaysia


Mr DIY

Mr D.I.Y. Pre-IPO - Largest Home Improvement Retailer in Malaysia 


Mr DIY

Mr D.I.Y. Pre-IPO - Store Walk-Through and Thoughts on Value Proposition 


Mr DIY

Mr D.I.Y. Pre-IPO - Peer Comparison - Small Stores with Dominant Market Share  


Mr DIY

Mr D.I.Y. Pre-IPO - Assumptions and Thoughts on Valuation 


QSR
QSR Brands Pre-IPO - As Healthy as Fast Food


Thailand


PTTOR

PTT Oil and Retail IPO - F&amp;B Business Is the Profit Driver 


The U.S


CDP

CDP Holdings Pre-IPO Review - Highly Reliant on Best Inc. 


CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent






ECM Weekly (27 September 2020) - Ant Group, Chindata, SCG Packaging, JHBP/Genor, Neuedu, UTI AMC

<a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">MINISO Group Holdings (MNSO US)</a> (MINISO) is looking to raise about US$1bn in its upcoming U.S. IPO. 
MINISO is a value retailer with a focus on offering products that are aesthetically pleasing, good-quality, and affordable. It operates its flagship brand “MINISO” and has a global presence with about 2,500 stores in China and over 1,680 stores across 80 other countries.
In this note, we will take a look at the company’s business model, revenue drivers, and financials.

MINISO Group Holdings (MNSO US) (MINISO) is looking to raise about US$1bn in its upcoming U.S. IPO. 
MINISO is a value retailer with a focus on offering products that are aesthetically pleasing, good-quality, and affordable. It operates its flagship brand “MINISO” and has a global presence with about 2,500 stores in China and over 1,680 stores across 80 other countries.
In this note, we will take a look at the company’s business model, revenue drivers, and financials.

MINISO (名创优品) Pre-IPO - Asset-Light and Fairly Resilient Despite COVID

China

MINISO Group Holding is a value retailer with a focus on offering products that are aesthetically pleasing, good-quality, and affordable.

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Miniso (MNSO US)

ECM Weekly (27 September 2020) - Ant Group, Chindata, SCG Packaging, JHBP/Genor, Neuedu, UTI AMC

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

Zhen Zhou, Toh

MINISO (名创优品) Pre-IPO - Asset-Light and Fairly Resilient Despite COVID

MINISO Group Holdings (MNSO US) is looking to raise about US$1bn in its upcoming U.S. IPO. MINISO Group Holding (MINISO) is a value retailer with...

Zhen Zhou, Toh

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