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/kayou" target="_blank" data-smartkarma-citation="entities:40875:1" rel="noopener">Kayou</a> is looking to raise up to US$500m in its upcoming HK IPO.</li>
<li>Kayou is a Chinese pan-entertainment product retailer of toys, with trading cards in particular as its core product.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Kayou is looking to raise up to US$500m in its upcoming HK IPO.
Kayou is a Chinese pan-entertainment product retailer of toys, with trading cards in particular as its core product.
In this note, we talk about the not-so-positive aspects of the deal.


Kayou Pre-IPO - The Negatives - Unexplained 9M23 Slump

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kayou" target="_blank" data-smartkarma-citation="entities:40875:1" rel="noopener">Kayou</a> is looking to raise up to US$500m in its upcoming HK IPO.</li>
<li>Kayou is a Chinese pan-entertainment product retailer of toys, with trading cards in particular as its core product.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Kayou is looking to raise up to US$500m in its upcoming HK IPO.
Kayou is a Chinese pan-entertainment product retailer of toys, with trading cards in particular as its core product.
In this note, we talk about the positive aspects of the deal.


Kayou Pre-IPO - The Positives - Strong FY22 Growth

Sichuan Baicha Baidao Industrial / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial</a> (SBBI) is looking to raise up to US$300m in its upcoming HK IPO.</li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.</li>
<li>We have looked at the company’s past performance in our earlier notes.  In this note, we provide our initial thoughts on valuations.</li>
</ul>



Sichuan Baicha Baidao Industrial (SBBI) is looking to raise up to US$300m in its upcoming HK IPO.
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.
We have looked at the company’s past performance in our earlier notes.  In this note, we provide our initial thoughts on valuations.


Sichuan Baicha Baidao Pre-IPO - Thoughts on Valuation

<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), <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming</a> (Good me) and <a href="https://www.smartkarma.com/entities/auntea-jenny-shanghai-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40891:1" rel="noopener">Auntea </a>are said to be looking to raise around US$300m.</li>
<li>All four 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>We undertook a peer comparison in Feb 2024. In this note, we add Auntea to the mix and include the latest financials for ChaPanda.</li>
</ul>



Mixue Group is looking to raise about US$1bn in its Hong Kong IPO, while Sichuan Baicha  (ChaPanda), Guming (Good me) and Auntea are said to be looking to raise around US$300m.
All four 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.
We undertook a peer comparison in Feb 2024. In this note, we add Auntea to the mix and include the latest financials for ChaPanda.


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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial</a> (SBBI) is looking to raise up to US$300m in its upcoming HK IPO.</li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about the updates from its recent filings.</li>
</ul>



Sichuan Baicha Baidao Industrial (SBBI) is looking to raise up to US$300m in its upcoming HK IPO.
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about the updates from its recent filings.


Sichuan Baicha Baidao Pre-IPO - PHIP Updates - Store Additions Driving Growth as SSSG Lags

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.

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Mixue Group (2097 HK)

Kayou Pre-IPO - The Negatives - Unexplained 9M23 Slump

Kayou is looking to raise up to US$500m in its upcoming HK IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Kayou Pre-IPO - The Positives - Strong FY22 Growth

Kayou is looking to raise up to US$500m in its upcoming HK IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Sichuan Baicha Baidao Pre-IPO - Thoughts on Valuation

Sichuan Baicha Baidao Industrial (SBBI) is looking to raise up to US$300m in its upcoming HK IPO. We have looked at the past performance in our...

Sumeet Singh

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

Mixue is looking to raise about US$1bn in its Hong Kong IPO, while Sichuan Baicha ChaPanda, Good me and Auntea are looking to raise around US$300m....

Sumeet Singh

Sichuan Baicha Baidao Pre-IPO - PHIP Updates - Store Additions Driving Growth as SSSG Lags

Sichuan Baicha Baidao Industrial (SBBI) is looking to raise up to US$300m in its upcoming HK IPO. In this note, we talk about the PHIP updates.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)