HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>IFBH's IPO debut is outstanding. Capital/investors are actually voting for "light-asset + high-efficiency" business model, as they see the possibility of achieving great results with small investment in <em>if</em> coconut water. </li>
<li>When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of "riding the wave" into high moat amid supply chain crisis/price wars/single product line.</li>
<li>The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  </li>
</ul>


IFBH's IPO debut is outstanding. Capital/investors are actually voting for "light-asset + high-efficiency" business model, as they see the possibility of achieving great results with small investment in if coconut water. 
When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of "riding the wave" into high moat amid supply chain crisis/price wars/single product line.
The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  


IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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/ifbh-limited" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (6603 HK)</a> raised about US$148m in its HK IPO.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



IFBH (6603 HK) raised about US$148m in its HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Eternal Beauty Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a> raised around US$125m in its Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>We have looked at the company’s past performance in our previous note. In this note we talk about the trading dynamics.</li>
</ul>



Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about the trading dynamics.


Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

Anjoy Foods Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:30110:1" rel="noopener">Anjoy Foods Group (603345 CH)</a>, a quick-frozen food company in China, aims to raise around US$336m in its H-share listing.</li>
<li>AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$336m in its H-share listing.
AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Anjoy Foods Group A/H Listing - Isn’t Great but Can’t Ask for It to Cheaper

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-pte-ltd" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (IFBH HK)</a>  is looking to raise about US$148m in its HK IPO.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.</li>
</ul>



IFBH (IFBH HK)  is looking to raise about US$148m in its HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.


IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

China

MIXUE Group operates freshly-made drinks stores. The Company provides freshly-made fruit drinks, tea drinks, ice cream, and coffee. MIXUE Group conducts businesses across worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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Mixue Group (2097 HK)

IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...

Xinyao (Criss) Wang

IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

IFBH Ltd raised about US$148m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO after pricing its IPO near the low-end. In this note, we talk about the trading...

Sumeet Singh

Anjoy Foods Group A/H Listing - Isn’t Great but Can’t Ask for It to Cheaper

Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$336m in its H-share listing. In this note, we talk...

Sumeet Singh

IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

IFBH Ltd is looking to raise about US$148m in its HK IPO. In our previous note, we looked at the firm’s past performance. In this note, we talk...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

​Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...

Xinyao (Criss) Wang

IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

IFBH Ltd raised about US$148m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO after pricing its IPO near the low-end. In this note, we talk about the trading...

Sumeet Singh

Anjoy Foods Group A/H Listing - Isn’t Great but Can’t Ask for It to Cheaper

Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$336m in its H-share listing. In this note, we talk...

Sumeet Singh

IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

IFBH Ltd is looking to raise about US$148m in its HK IPO. In our previous note, we looked at the firm’s past performance. In this note, we talk...

Akshat Shah

Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...