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

Belle Fashion Group / Equity Capital Markets

<ul>
<li>Belle Fashion (BF) aims to raise up to US$1bn in its Hong Kong listing. The company recently refiled its application proof after a gap of two years.</li>
<li>As per F&amp;S, it was the largest player in China’s fashion footwear market with a 12.3% market share, based on 2022 retail sales.</li>
<li>We have looked at the company’s past performance based on its earlier filings in 2022. In this note, we talk about the updates from its recent filings.</li>
</ul>


Belle Fashion (BF) aims to raise up to US$1bn in its Hong Kong listing. The company recently refiled its application proof after a gap of two years.
As per F&amp;S, it was the largest player in China’s fashion footwear market with a 12.3% market share, based on 2022 retail sales.
We have looked at the company’s past performance based on its earlier filings in 2022. In this note, we talk about the updates from its recent filings.


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 around US$300m in its upcoming Hong Kong IPO.</li>
<li>Auntea Jenny (Shanghai) Industrial (Auntea) is a freshly-made beverage producer.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Auntea Jenny (Shanghai) Industrial (AJI HK) is looking to raise around US$300m in its upcoming Hong Kong IPO.
Auntea Jenny (Shanghai) Industrial (Auntea) is a freshly-made beverage producer.
In this note, we will talk about the not so positive aspects of the deal.


Auntea Jenny (Shanghai) Industrial Pre-IPO - The Negatives - Improving Margins Playing Catch Up

<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 around US$300m in its upcoming Hong Kong IPO.</li>
<li>Auntea Jenny (Shanghai) Industrial (Auntea) is a freshly-made beverage producer.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Auntea Jenny (Shanghai) Industrial (AJI HK) is looking to raise around US$300m in its upcoming Hong Kong IPO.
Auntea Jenny (Shanghai) Industrial (Auntea) is a freshly-made beverage producer.
In this note, we will talk about the positive aspects of the deal.


Auntea Jenny (Shanghai) Industrial Pre-IPO - The Positives - Has Benefited from a Growing Network

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<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

<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

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)

Belle Fashion Pre-IPO - Refiling Updates

Belle Fashion (BF) aims to raise up to US$1bn in its Hong Kong listing. The company recently refiled its application proof after a gap of two years.

Sumeet Singh

Auntea Jenny (Shanghai) Industrial Pre-IPO - The Negatives - Improving Margins Playing Catch Up

Auntea Jenny (Shanghai) Industrial (AJI HK) is looking to raise around US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the...

Clarence Chu

Auntea Jenny (Shanghai) Industrial Pre-IPO - The Positives - Has Benefited from a Growing Network

Auntea Jenny (Shanghai) Industrial (AJI HK) is looking to raise around US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the...

Clarence Chu

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

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