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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, we took an early look at the possible summer 2024 listing of <a href="https://www.smartkarma.com/entities/tokyo-metro" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro.</a>
</li>
<li>For placements, there was another large selldown in <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>, while <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> could see one as well soon from <a href="https://www.smartkarma.com/entities/british-american-tobacco-plc" target="_blank" data-smartkarma-citation="entities:21828:1" rel="noopener">British American Tobacco (BATS LN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, we took an early look at the possible summer 2024 listing of Tokyo Metro.

For placements, there was another large selldown in Renesas Electronics (6723 JP), while ITC Ltd (ITC IN) could see one as well soon from British American Tobacco (BATS LN). 


ECM Weekly (4th Mar 2024) - Tokyo Metro, Mixue, Xtalpi, Bharat InvIT, Renesas, ITC/BAT, Precinct

<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

China

MIXUE Group is a leading company specializing in the development, production, and franchise operation of freshly-made ice cream and tea beverages, including fruit drinks and coffee, under its Mixue and Lucky Cup brands. The company also supplies ingredients, packaging materials, and equipment to its extensive franchisee network. MIXUE Group was founded in 1997 and is headquartered in Zhengzhou, China.

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MIXUE (2097 HK)

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

ECM Weekly (4th Mar 2024) - Tokyo Metro, Mixue, Xtalpi, Bharat InvIT, Renesas, ITC/BAT, Precinct

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

Sumeet Singh

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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