HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Auntea Jenny (Shanghai) Industrial / Equity Capital Markets

<ul>
<li>Auntea Jenny is positioned in the same league as Guming. Both have similar business model/strategy. However, in terms of the number of stores/revenue scale/profitability, Auntea Jenny lags behind its peers.</li>
<li>China’s freshly-made beverage industry has developed to the stage of capitalization. Auntea Jenny has to obtain more funds to strengthen barriers, improve supply chain, accelerate expansion.The real competition just begins.</li>
<li>Pre-IPO valuation of Auntea Jenny was already RMB5.1 billion, but the market seems not optimistic about the franchising model. Valuation of Auntea Jenny should be lower than that of Guming/MIXUE.  </li>
</ul>


Auntea Jenny is positioned in the same league as Guming. Both have similar business model/strategy. However, in terms of the number of stores/revenue scale/profitability, Auntea Jenny lags behind its peers.
China’s freshly-made beverage industry has developed to the stage of capitalization. Auntea Jenny has to obtain more funds to strengthen barriers, improve supply chain, accelerate expansion.The real competition just begins.
Pre-IPO valuation of Auntea Jenny was already RMB5.1 billion, but the market seems not optimistic about the franchising model. Valuation of Auntea Jenny should be lower than that of Guming/MIXUE.  


Pre-IPO Auntea Jenny (Shanghai) Industrial - An IPO Is a Must, but Success Is Not Guaranteed

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/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group</a>  is looking to raise about US$1bn in its Hong Kong IPO, while <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha</a> (ChaPanda) and <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings</a> (Good me) are said to be looking to raise US$300m each.</li>
<li>All three are primarily focussed on providing freshly-made drinks, including freshly-made fruit drinks, and tea, with some selling ice cream, coffee, baked goods and ready to drink beverages as well.</li>
<li>In this note, we will undertake a peer comparison, including the Hong Kong listed peer, <a href="https://www.smartkarma.com/entities/nayuki-holdings" target="_blank" data-smartkarma-citation="entities:32149:1" rel="noopener">Nayuki Holdings (2150 HK)</a>.</li>
</ul>



Mixue Group  is looking to raise about US$1bn in its Hong Kong IPO, while Sichuan Baicha (ChaPanda) and Guming Holdings (Good me) are said to be looking to raise US$300m each.
All three are primarily focussed on providing freshly-made drinks, including freshly-made fruit drinks, and tea, with some selling ice cream, coffee, baked goods and ready to drink beverages as well.
In this note, we will undertake a peer comparison, including the Hong Kong listed peer, Nayuki Holdings (2150 HK).


MIXUE/ChaPanda/Good Me Pre-IPO - Peer Comparison

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/auntea-jenny-shanghai-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40891:1" rel="noopener">Auntea Jenny (Shanghai) Industrial (AJI HK)</a> is looking to raise US$300m in its upcoming Hong Kong IPO. The bookrunners on the deal are CITIC Securities, Haitong, and DFZQ.</li>
<li>Auntea Jenny (Shanghai) Industrial (Auntea) is a freshly-made beverage producer.</li>
<li>As per CIC, the firm operates the fourth largest network of freshly-made tea shops in China as of Sept 23, with an extensive reach into the lower-tier markets</li>
</ul>



Auntea Jenny (Shanghai) Industrial (AJI HK) is looking to raise US$300m in its upcoming Hong Kong IPO. The bookrunners on the deal are CITIC Securities, Haitong, and DFZQ.
Auntea Jenny (Shanghai) Industrial (Auntea) is a freshly-made beverage producer.
As per CIC, the firm operates the fourth largest network of freshly-made tea shops in China as of Sept 23, with an extensive reach into the lower-tier markets


Auntea Jenny (Shanghai) Industrial Pre-IPO Tearsheet

BrainBees Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">FirstCry</a> is looking to raise up to US$700m in its upcoming India IPO.</li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



FirstCry is looking to raise up to US$700m in its upcoming India IPO.
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
In this note, we talk about the not-so-positive aspects of the deal.


Brainbees Solutions (FirstCry) Pre-IPO - The Negatives - Not All of It Fits Together

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Guming Holdings (Guming) is a maker of freshly-made beverages in China.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
Guming Holdings (Guming) is a maker of freshly-made beverages in China.
In this note, we will talk about the not so positive aspects of the deal.


Guming Holdings (Goodme) Pre-IPO - The Negatives - Growth Sustainability Remains a Question Mark

Hong Kong

Mixuebingcheng Co. Ltd. offers management services. The Company provides corporate management consulting, corporate marketing planning, corporate image planning, hotel management consulting, and other services. Mixuebingcheng also operates catering business management businesses.

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MIXUE Group (1860056D CH)

Pre-IPO Auntea Jenny (Shanghai) Industrial - An IPO Is a Must, but Success Is Not Guaranteed

The whole industry has developed to the stage of capitalization. Auntea Jenny has to obtain more funds to keep up with the pace. But since it has...

Xinyao (Criss) Wang

MIXUE/ChaPanda/Good Me Pre-IPO - Peer Comparison

Mixue is looking to raise about US$1bn in its Hong Kong IPO, while ChaPanda and Good me)are said to be looking to raise US$300m each. In this note,...

Sumeet Singh

Auntea Jenny (Shanghai) Industrial Pre-IPO Tearsheet

Auntea Jenny (Shanghai) Industrial (AJI HK) is looking to raise US$300m in its upcoming Hong Kong IPO. The bookrunners on the deal are CITIC...

Clarence Chu

Brainbees Solutions (FirstCry) Pre-IPO - The Negatives - Not All of It Fits Together

FirstCry is looking to raise up to US$700m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Guming Holdings (Goodme) Pre-IPO - The Negatives - Growth Sustainability Remains a Question Mark

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive...

Clarence Chu

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