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.
It was a busy week for the ECM space where multiple IPOs were filed the past week. Topping in deal size was Didi Chuxing. The company is looking to raise up to US$10bn in the US which would be one of the largest IPOs globally this year. We published a preliminary tearsheet discussing their background, financial overview, along with a follow-up piece looking at the revenue accounting and touching on valuations: 

DiDi Chuxing Pre-IPO - One of Asia’s Largest IPOs This Year - Tearsheet
DiDi Chuxing Pre-IPO - Has a Principal Agent Problem, Rumoured Target Valuation Is a Stretch 

On-demand e-commerce and groceries firms, Dingdong Maicai and MissFresh, both filed for their US IPO, looking to raise US$500m. We initiated coverage on these two firms and compared their performance. 

Dingdong Maicai Pre-IPO - Increasing market share, fast growth but no signs of profit
Missfresh (每日优鲜) Pre-IPO - Worrying and unsustainable trend
Dingdong Maicai Vs Miss Fresh Pre-IPO - One Clear Winner

Boutique hotel operator, Atour Lifestyle Holdings, also filed for its US$300m IPO in the US. There were two new filings in India namely, integrated diagnostics chain Vijaya Diagnostic Centre, and component manufacturer, Sansera Engineering, where both are seeking US$225m and US$200m, respectively. This is the latter’s second attempt to go public.
Hong Kong's new IPO filings this week include surgical robotic solutions, Microport Medbot, Chinese medicine clinic chain, Gushengtang, and pharmacy chain, Quanyuantang Pharmacy,looking to raise US$1bn, US$400m, US$300m, respectively.
For ongoing IPOs, in the U.S, AiHuiShou launched its bookbuild on Friday. The company is looking to raise up to US$243m, which is significantly lower than the US$500 - 1bn deal size that was reported earlier. 

AiHuiShou IPO - Priced to Go but Won’t Do a Kanzhun
AiHuiShou Pre-IPO - Mostly Positive - Pre-Owned but Well Loved. 
AiHuiShou Pre-IPO - First Stab at Valuation
Aihuishou (爱回收) Pre-IPO: Pricing My Mobile Handset at Physical Stores

In Hong Kong, Clear aligner player, Angelalign, closed its books a day earlier and was priced at the top end. The deal raised US$375m and comes off the back of overwhelming demand from institutional and retail investors. Shares will debut on Wednesday. 

Angelalign (时代天使) Pre-IPO: Medical device player with consumer feature
Angelalign (时代天使) Pre-IPO: Deserves a Premium to Peers
Angelalign (时代天使) Pre-IPO: A Strong Ending of 2020
Angelalign (时代天使) IPO: A Hot Deal that Will Go Above Fair Value

PAG-backed dairy producer, China Youran Dairy, launched their bookbuild over the week and was priced at the bottom end. Shares will begin trading on Friday. 
China Youran Dairy(悠然牧业) Pre-IPO - A Leader Pulling Ahead in a Fragmented Market

China Youran Dairy(悠然牧业) Pre-IPO - PHIP Updates - Much Better Disclosure 
China Youran Dairy(悠然牧业) Pre-IPO - Peer Comparison - Youran Is the Leader 
China Youran Dairy(悠然牧业) IPO - Reasonable Valuation but There Will Be Significant Overhang

Biopharmeceutical company, CARsgen, closed its books early and was reportedly priced at the top end, where nine cornerstones took up 58% of the deal. Shares will also debut on Friday. 

CARsgen (科济药业) Pre-IPO: Scientific bet on new CAR-T targets
CARsgen (科济药业) Pre-IPO: Thoughts on Valuation
CARsgen (科济药业) IPO: Not the Best Deal but Will Be Decent

Online recruitment platform, Kanzhun, priced its IPO at the top-end and almost doubled on its Friday debut, closing 95% higher. This brought an end to the China ADR listing slump.

Kanzhun Pre-IPO -Bumble meets Linkedin 
Kanzhun IPO - Fast Growth, Strong Investor Support, Cash Flow Positive…
Kanzhun IPO Trading - Should Be Able to Turn the China ADR Sentiment Around

For upcoming IPOs, we discussed forecasts, assumptions and valuation of digital freight platform, Full Truck Alliance.

Full Truck Alliance Pre-IPO - The Positives - Category Leader
Full Truck Alliance Pre-IPO - The Negatives - Still a Mixed Bag
Full Truck Alliance Pre-IPO - Valuation, Even the Previous Round Might Have Been a Stretch

Continuing our  coverage on Nayuki, we compared the company to industry and listed peers and shared our thoughts on assumptions and valuation. 


Nayuki (奈雪) Pre-IPO - Fast-Growing, Cash Flow Positive Teahouse Chain 
Nayuki (奈雪) Pre-IPO - PHIP Updates - 4Q20 Results Shows Improvement
Nayuki (奈雪) Pre-IPO - Industry Landscape and Peer Comparison

Nayuki (奈雪) Pre-IPO - Forecast and Thoughts on Valuation 

We also initiated on Keymed Biosciences Inc. The firm focuses on therapeutic areas of autoimmune and oncology and is seeking US$300m from its planned float. 
Keymed (康诺亚生物) Pre-IPO: Differentiated Products but Far from Commercialization
Ophthalmic medical services group, Chaoju Eye Care, and biopharmaceutical company, Hutchison Med, both secured listing approval for their respective US$300m and US$500m IPOs. The duo will begin pre-marketing next week. Our coverage from earlier:

Chaoju Eye Care (朝聚眼科) Pre-IPO: Growth Prospect Far from Being Impressive
Chaoju Eye Care (朝聚眼科) Pre-IPO: How Does It Fare Against Industry Leader
Hutchison-China Meditech (和黄医药) H-Share Listing: MNC Partnerships Endorsed Its R&amp;D Capabilities

Chinese property management companies, SCE Intelligent Commercial Management and Ronshine, are also currently in the midst of pre-marketing their respective US$300m and US$100m IPOs. 
In India, automotive technology company Sona Comstar launched its US$761m IPO (downsized from US$829m), where anchor books opened on Friday and the rest of the offer will last this coming Monday to Wednesday. This will be India’s first EV-related IPO..

Sona Comstar Pre-IPO - Inconsistent growth, patchy disclosures
Sona Comstar - Has Its Positives, but We Remain Unconvinced

We also followed up on the Holding Foreign Companies Accountable act, which seeks to stop China ADRs from being traded on the US exchanges. We discussed the implications in:
China ADRs - A New Act Aims to Put an End to China ADR IPOs
For placements, in Japan, semiconductor manufacturer, Renesas Electronics, raised US$3.6bn from a global follow-on. It was priced at a 3% discount to Wednesday’s close price. Books were multiple times oversubscribed, consisting of mainly long-only funds and sovereign wealth funds. 
Renesas Placement Update - Doing Much Better than Its past Deals. Could Impact Post-Deal Performance
Ganfeng Lithium raised US$628m in Hong Kong to fund capacity expansion plans and for potential investment. Shares were sold at a 5% discount to undisturbed price and closed 10.1% above deal price. 
Ganfeng Lithium Placement - Recent Momentum Has Been Weakening, Last Deal Did Exceptionally Well
Convertible bond holders of Pharmaron, sold shares to hedge their exposure, raising just US$67m (initially US$125m). It has since traded higher to close 10.6% above deal price on Friday. 
Pharmaron Placement - Strong Track Record
Up Fintech (Tiger Brokers) raised US$159min its follow-on offering. Shares were priced at 2.35% discount to undisturbed price and have since traded higher to close 16.4% above deal price on Friday. 
Up Fintech (Tiger Brokers) Placement - Needs a Large Correction, Just like Futu
Accuracy Rate:Our overall accuracy rate is 73.9% for IPOs and 67.6% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  

Microport Medbot (Hong Kong, US$1bn)
Gushengtang (Hong Kong, US$400m)
Chengdu Quanyuantang Pharmacy (Hong Kong, US$300m)
Vijaya Diagnostic Centre (India, US$225m)
Sansera Engineering (India, US$200m)
Didi Chuxing (US, US$10bn)
Dingdong Maicai (US, US$500m)
MissFresh (US, US$500m)
Atour Lifestyle Holdings (US, US$300m)
News on Upcoming IPOs  
Hong Kong/China
Hong Kong’s Top 2021 Listing Could Be a Travel Firm
Shein prepares for $47bn IPO marking the largest public listing in history
After Years in Prison, China Grocery Tycoon Weighs Twin IPOs
SCE Management, Ronshine Service pre-market HK IPOs
Top Glove Delays Hong Kong IPO After U.S. Ban on Its Products
Medical Device Maker Zylox Said to Seek HKEX IPO Nod This Week
Angelalign prices IPO at top
Quanyuantang Pharmacy seeks US$300m Hong Kong IPO
BioShin plans US$300m HK IPO
HutchMed (China) wins nod for HK listing
China Youran Dairy Said to Price $643 Million Hong Kong IPO at Bottom
MicroPort MedBot files for Hong Kong IPO
Chinese clinic chain Gushengtang files HK IPO
Chaoju Eye Care wins approval for HK IPO
CARsgen prices HK$3.1bn HK IPO at top
China Tourism shops mega HK float
Gushengtang plans US$400m HK IPO
China Railway Construction Heavy Industry cuts Star IPO size in half
Syngenta Said to Tap Banks for Shanghai IPO at $60 Billion Value
US/China ADRs
Three Chinese companies pre-market US IPOs of US$1.3bn
Didi plans US$10bn US IPO in July
Tencent-Backed Online Grocer Missfresh Files for U.S. IPO
Online Broker Webull Is Said to Consider $400 Million U.S. IPO
Atour Lifestyle Files for U.S. IPO, Seeks to List ADS on Nasdaq
Kanzhun prices Nasdaq IPO at top to raise US$912m
AMTD Digital launches US$131m NYSE IPO
Hopes rise for China-to-US IPOs
TPG-Backed PropertyGuru Eyes $2 Billion Thiel SPAC Deal
Singapore’s Grab Delays Merger Completion, Reports Growth
India
IPO street warms up; SEBI approves Glenmark Life Sciences, Utkarsh Small Finance Bank public issues
Indian IPOs move up a gear
Shyam Metalics sets IPO price range
India’s Paytm Is Said to Move Ahead With Planned $3 Billion IPO
GoAir to launch IPO in August, expects Sebi nod in July
Sona Comstar sets Rs55.5bn IPO price range
Krishna Institute launches Rs21bn IPO
Sansera Engineering files IPO papers with Sebi
Delhivery to list in 6-8 months, expects to raise $500 million via IPO
Open to IPO for Flipkart but no specific timeline: Walmart
Vijaya Diagnostic files for Rs20bn IPO
Others
CIMIC explores IPO for Ventia
Digital Realty Is Said to Weigh $300 Million Singapore Trust IPO
PG-Backed PropertyGuru Eyes $2 Billion Thiel SPAC Deal
Singapore’s Grab Delays Merger Completion to Fourth Quarter
CTOS Digital pre-marketing M$1.2bn IPO
K Car files for IPO at possible $1.8 bln valuation
LG Energy moves ahead on S.Korea IPO that IFR says may raise $10-$12 bln
Krafton aims for US$3bn KRX IPO
Nippon Denkai sets price range for ¥15.7bn TSE IPO
Analysis on Upcoming IPOs

Name
Insight

Hong Kong

Anjuke
Anjuke Pre-IPO - Mixed (Positive and Negative) Developments 


Betta Pharma
Betta Pharma (贝达医药) A+H: Tier 2 Player Struggled to Break Out 


Broncus
Broncus (堃博医疗) Pre-IPO: Big Potential to Be Tested 


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 


Chaoju
Chaoju Eye Care (朝聚眼科) Pre-IPO: Growth Prospect Far from Being Impressive 


Dida
Dida Pre-IPO - Making Hay While Big Brother Retreats 


Dida
Dida Pre-IPO - Earnings Forecast and First Stab at Valuation 


Dida
Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability 


Edding Grp
Edding Group (亿腾医药) Pre-IPO: Notes from Latest Financials and Its Related Party 


Edding Grp
Edding Group (亿腾医药) Pre-IPO: Notes from Latest Financials and Its Related Party 


Hanyu
Shanghai Hanyu (捍宇医疗) Pre-IPO: Not a Straight-A but Listing at Right Time 


Intco Med
Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1 


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 


Keymed
Keymed (康诺亚生物) Pre-IPO: Differentiated Products but Far from Commercialization 


Kindstar
Kindstar (康圣环球) Pre-IPO: Issues with Scalability 


Kindstar
Kindstar (康圣环球) Pre-IPO: Is It Worth the Premium? 


Novotech
Novotech Pre-IPO: Biotech Focused CRO at Hefty Pre-IPO Valuation 


RemeGen

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


SH Bio-heart

Shanghai Bio-Heart (上海百心安) Pre-IPO: Needs a Long Runway 


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 


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 


WeDoctor

We Doctor (微医) Pre-IPO - Peer Comparison - Picking Its Battles Wisely 


WeDoctor

We Doctor (微医) Pre-IPO - Forecasts, Early Thoughts on Valuation, and Acquisition Gripes 


Weilong

Weilong Delicious Global Pre-IPO - The Positives - Fast Growth, Strong Backers 


Weilong

Weilong Delicious Global Pre-IPO - The Negatives - Spicy Valuation 


WM Tech

WM Tech Pre-IPO - Digitalization Efforts Coming Through but Not Well Substantiated 

India

Aadhar Housing

Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures 


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 


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 


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 


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


LIC

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


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 


Sona Comstar

Sona Comstar Pre-IPO - Inconsistent Growth, Patchy Disclosures 


Zomato

Zomato Pre-IPO - Filings Lack Narrative, a Little Bit of History Helps 


Zomato

Zomato Pre-IPO - Food Delivery Revenue Was Probably up 16x 

Malaysia

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

The U.S.

Dingdong MC

Dingdong Maicai Pre-IPO - Increasing Market Share, Fast Growth but No Signs of Profit 


ForU

ForU Worldwide Pre-IPO - Mostly Negatives 


Full Truck All

Full Truck Alliance Pre-IPO - The Positives - Category Leader 


Full Truck All

Full Truck Alliance Pre-IPO - The Negatives - Still a Mixed Bag 


Hello Inc

Hello Inc (哈罗出行) Pre-IPO - Nowhere near Being Sustainable 


MissFresh

Missfresh Limited (每日优鲜) Pre-IPO - Worrying and Unsustainable Trend 


Soulgate

Soulgate Pre-IPO - Unsustainable Virtual Connection 


Qiniu

Qiniu Cloud (七牛云) Pre-IPO: PaaS Doesn't Warrant a Premium 


Ximalaya

Ximalaya Pre-IPO - The Positives - A Whole Lot of Listening 


Ximalaya

Ximalaya Pre-IPO - The Negatives 


Ximalaya

Ximalaya Pre-IPO - Peer Comparison 


Ximalaya

Ximalaya Pre-IPO - Earnings Forecast and Valuation 


Ximalaya

Ximalaya (XIMA): Has Large Market Share, But Small Competitors Have Big Bosses. 



ECM Weekly (13th June 2021) - Didi, AiHuiShou, Dingdong Maicai, MissFresh, Full Truck, Nayuki

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<a href="https://www.smartkarma.com/entities/dingdong-maicia" target="_blank" data-smartkarma-citation="entities:33461:1" rel="noopener">Dingdong Maicia (DDL US)</a>(DM) and <a href="https://www.smartkarma.com/entities/missfresh-limited" target="_blank" data-smartkarma-citation="entities:33468:1" rel="noopener">Missfresh (MF US)</a> (MFL) are two groceries on-demand e-commerce companies in China, both aim to raise up to US$500m each via a US listing. In our earlier notes, we have looked at the background and performance of both of the companies:<ul>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/dingdong-maicai-pre-ipo-increasing-market-share-fast-growth-but-no-signs-of-profit" target="_blank" rel="noopener">Dingdong Maicai Pre-IPO - Increasing market share, fast growth but no signs of profit</a></li>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/missfresh-limited-pre-ipo-worrying-and-unsustainable-trend" target="_blank" rel="noopener">Missfresh (每日优鲜) Pre-IPO - Worrying and unsustainable trend</a></li>
</ul>Since both of the companies are operating in similar markets, in this note we will compare the performance of the two companies.

Dingdong Maicia (DDL US)(DM) and Missfresh (MF US) (MFL) are two groceries on-demand e-commerce companies in China, both aim to raise up to US$500m each via a US listing. In our earlier notes, we have looked at the background and performance of both of the companies:
Dingdong Maicai Pre-IPO - Increasing market share, fast growth but no signs of profit
Missfresh (每日优鲜) Pre-IPO - Worrying and unsustainable trend
Since both of the companies are operating in similar markets, in this note we will compare the performance of the two companies.

Dingdong Maicai Vs Miss Fresh Pre-IPO - One Clear Winner

<a href="https://www.smartkarma.com/entities/missfresh-limited" target="_blank" data-smartkarma-citation="entities:33468:1" rel="noopener">Missfresh (MF US)</a> (MFL) is looking to raise US$500m in its upcoming U.S. IPO.Missfresh Limited (MFL) is a leading online and offline neighbourhood retail platform with three main businesses, on-demand distributed mini warehouse (DMW) business, intelligent fresh market, and retail cloud services. As per iResearch, MFL was the company that pioneered the DMW model in 2015 before any player in the industry. As of March 31, 2021, the company had a network of 631 DMWs in 16 cities in China.In this note, we discuss the company’s business model, operational and financial data, and share our initial thoughts on the IPO.

Missfresh (MF US) (MFL) is looking to raise US$500m in its upcoming U.S. IPO.Missfresh Limited (MFL) is a leading online and offline neighbourhood retail platform with three main businesses, on-demand distributed mini warehouse (DMW) business, intelligent fresh market, and retail cloud services. As per iResearch, MFL was the company that pioneered the DMW model in 2015 before any player in the industry. As of March 31, 2021, the company had a network of 631 DMWs in 16 cities in China.In this note, we discuss the company’s business model, operational and financial data, and share our initial thoughts on the IPO.

Missfresh Limited (每日优鲜) Pre-IPO - Worrying and Unsustainable Trend

China

Missfresh Limited is an e-commerce company. The Company offers an online platform that sells daily grocery products.

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Missfresh (MF US)

ECM Weekly (13th June 2021) - Didi, AiHuiShou, Dingdong Maicai, MissFresh, Full Truck, Nayuki

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

Zhen Zhou, Toh

Dingdong Maicai Vs Miss Fresh Pre-IPO - One Clear Winner

Dingdong Maicia (DDL US)(DM) and Missfresh (MF US) (MFL), are two groceries on-demand e-commerce companies in China, both aim to raise up to...

Sumeet Singh

Missfresh Limited (每日优鲜) Pre-IPO - Worrying and Unsustainable Trend

Missfresh (MF US) (MFL) is looking to raise US$500m in its upcoming U.S. IPO. Missfresh Limited (MFL) is a leading online and offline neighbourhood...

Zhen Zhou, Toh

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