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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> (JPH) aims to sell around US$4bn worth of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> (JPB), trimming its stake to below 50%.</li>
<li>JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Japan Post Holdings (6178 JP) (JPH) aims to sell around US$4bn worth of Japan Post Bank (7182 JP) (JPB), trimming its stake to below 50%.
JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Japan Post Bank US$4bn Placement - Smaller Deal, Similar Structure, Might Yield Similar Results

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.

<ul>
<li>Reuters reports that <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" rel="noopener">Japan Post Holdings (6178 JP)</a> (JPH) is planning to sell shares in <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> (JPB), which could total some JPY600 billion (US$4.0 billion).</li>
<li>The potential offering would align with JPH’s stated goal of reducing its equity interest in JPB to 50% or less by FY 2025.</li>
<li>The potential offering is relatively smaller than JPB’s 2023 offering. Compared to its peers, JPB’s valuation remains undemanding. </li>
</ul>


Reuters reports that Japan Post Holdings (6178 JP) (JPH) is planning to sell shares in Japan Post Bank (7182 JP) (JPB), which could total some JPY600 billion (US$4.0 billion).
The potential offering would align with JPH’s stated goal of reducing its equity interest in JPB to 50% or less by FY 2025.
The potential offering is relatively smaller than JPB’s 2023 offering. Compared to its peers, JPB’s valuation remains undemanding. 


Japan Post Bank (7182 JP): Japan Post Holding (6178 JP)’s Rumoured Offering

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Friday after the close, <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a> announced a <a href="https://www.mufg.jp/dam/pressrelease/2025/pdf/news-20250214-003_ja.pdf" target="_blank" rel="noopener">partial offer</a> to buy up to 13.026385mm shares (minimum 11.661185mm shs) of rent guarantor <a href="https://www.smartkarma.com/entities/zenhoren-co-ltd" target="_blank" data-smartkarma-citation="entities:40227:1" rel="noopener">Zenhoren (5845 JP)</a>. </li>
<li>That is 49.6% but an MUFJ sub already owns 1.46%. The offer comes at a 32% premium to last. Two holders with 33.59% of the register have agreed to tender. </li>
<li>This will turn the company into a consolidated subsidiary of MUFG under MUFJ Nicos, the group's consumer credit subsidiary. Shareholder structure matters. Watch the back end.</li>
</ul>


Friday after the close, Mitsubishi UFJ Financial (MUFG) (8306 JP) announced a partial offer to buy up to 13.026385mm shares (minimum 11.661185mm shs) of rent guarantor Zenhoren (5845 JP). 
That is 49.6% but an MUFJ sub already owns 1.46%. The offer comes at a 32% premium to last. Two holders with 33.59% of the register have agreed to tender. 
This will turn the company into a consolidated subsidiary of MUFG under MUFJ Nicos, the group's consumer credit subsidiary. Shareholder structure matters. Watch the back end.


MUFG Partial Offer by MUFG to Buy ~50% of Small Cap Zenhoren (5845) - Watch the Back End

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a> filed for an H Share listing to raise US$5 billion, and <a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a> seeks to raise US$1 billion.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a>, <a href="https://www.smartkarma.com/entities/kaonavi-inc" target="_blank" data-smartkarma-citation="entities:29703:1" rel="noopener">Kaonavi Inc (4435 JP)</a>, <a href="https://www.smartkarma.com/entities/zenhoren-co-ltd" target="_blank" data-smartkarma-citation="entities:40227:1" rel="noopener">Zenhoren (5845 JP)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a>, <a href="https://www.smartkarma.com/entities/paragon-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">Paragon REIT (PGNREIT SP)</a>. 
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Contemporary Amperex Technology (CATL) (300750 CH) filed for an H Share listing to raise US$5 billion, and Hexaware Technologies (HEXW IN) seeks to raise US$1 billion.
Event-Driven developments: Trend Micro Inc (4704 JP), Kaonavi Inc (4435 JP), Zenhoren (5845 JP), HKBN Ltd (1310 HK), Fosun Tourism (1992 HK), Paragon REIT (PGNREIT SP). 



Weekly Deals Digest (16 Feb) - Trend Micro, Zenhoren, HKBN, Fosun Tourism, Paragon REIT, CATL

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zenhoren-co-ltd" target="_blank" data-smartkarma-citation="entities:40227:1" rel="noopener">Zenhoren (5845 JP)</a> announced a partial tender offer and capital and business agreement from <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a>. MUFG aims to make Zenhoren a consolidated subsidiary.  </li>
<li>The offer is for a minimum of 11.7m shares (44.36% ownership ratio) and a maximum of 13.0m shares (49.55% ownership ratio) at JPY1,000, a 31.9% premium to the last close.</li>
<li>Due to the irrevocable, the minimum acceptance condition requires a minority acceptance rate of 16.6%. This threshold is achievable, as the offer is reasonable.</li>
</ul>



Zenhoren (5845 JP) announced a partial tender offer and capital and business agreement from Mitsubishi UFJ Financial (MUFG) (8306 JP). MUFG aims to make Zenhoren a consolidated subsidiary.  
The offer is for a minimum of 11.7m shares (44.36% ownership ratio) and a maximum of 13.0m shares (49.55% ownership ratio) at JPY1,000, a 31.9% premium to the last close.
Due to the irrevocable, the minimum acceptance condition requires a minority acceptance rate of 16.6%. This threshold is achievable, as the offer is reasonable.


Zenhoren (5845 JP): MUFG (8306 JP)’s Partial Tender Offer

Japan

Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a financial group, the Company provides a variety of financial and investment services including commercial banking, trust banking, international finance, and assets management services.

Mitsubishi UFJ Financial (MUFG) (8306 JP)

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Mitsubishi UFJ Financial (MUFG) (8306 JP)

Japan Post Bank US$4bn Placement - Smaller Deal, Similar Structure, Might Yield Similar Results

Japan Post Holdings (6178 JP) aims to sell around US$4bn worth of Japan Post Bank (7182 JP), trimming its stake to below 50%. In this note, we talk...

Sumeet Singh

Japan Post Bank (7182 JP): Japan Post Holding (6178 JP)’s Rumoured Offering

The potential offering would align with JPH’s stated goal of reducing its equity interest in JPB to 50% or less by FY 2025. Compared to its peers,...

Arun George

MUFG Partial Offer by MUFG to Buy ~50% of Small Cap Zenhoren (5845) - Watch the Back End

Friday post-close, after rent-guarantee company Zenhoren announced Q3 earnings, they announced a tender by MUFG to buy 50.1% in a tender offer,...

Travis Lundy

Weekly Deals Digest (16 Feb) - Trend Micro, Zenhoren, HKBN, Fosun Tourism, Paragon REIT, CATL

Last week, notable developments occurred in Event-Driven (Trend Micro, Kaonavi, Zenhoren, Get Nice Fin, HKBN, Fosun Tourism, Paragon REIT) and ECM...

Arun George

Zenhoren (5845 JP): MUFG (8306 JP)’s Partial Tender Offer

Due to the irrevocable, the minimum acceptance condition requires a minority acceptance rate of 16.6%. This threshold is achievable, as the offer...

Arun George

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