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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foods Co (2714 HK)</a> (MF), a leader in the hog farming industry, raised around US$1.6bn in its H-share listing. Its cornerstone investors will soon be released from their lockup.</li>
<li>MF is a leading pork company with over 30 years of expertise in the hog farming industry.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Muyuan Foods Co (2714 HK) (MF), a leader in the hog farming industry, raised around US$1.6bn in its H-share listing. Its cornerstone investors will soon be released from their lockup.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Muyuan Food A/H Lockup Expiry - US$580m Cornerstone Unlock

Equity Capital Markets

Eastroc Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:45048:1" rel="noopener">Eastroc Beverage (9980 HK)</a> (EB), a China-based functional beverage company, raised around US$1.3bn in its H-share listing. Its cornerstone investors will soon be released from their lockup.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Eastroc Beverage (9980 HK) (EB), a China-based functional beverage company, raised around US$1.3bn in its H-share listing. Its cornerstone investors will soon be released from their lockup.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Eastroc Beverage A/H Lockup Expiry - US$280m Release with the Stock Underwater

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Qdama International Holding / Equity Capital Markets

<ul>
<li>Qdama’s stepped discount strategy voluntarily gives up the premium space for the products. This low-profit model is difficult to be transformed into a sales advantage through scale expansion.</li>
<li>What the capital market is more concerned about is not the expansion speed, but the sustainability of the model, which will directly affect the valuation logic of Qdama after IPO.</li>
<li>Valuation of Qdama should be lower than MIXUE. Given its leading position but with growth facing limitations due to "flaws" in business model, P/E multiple may not be too high. </li>
</ul>


Qdama’s stepped discount strategy voluntarily gives up the premium space for the products. This low-profit model is difficult to be transformed into a sales advantage through scale expansion.
What the capital market is more concerned about is not the expansion speed, but the sustainability of the model, which will directly affect the valuation logic of Qdama after IPO.
Valuation of Qdama should be lower than MIXUE. Given its leading position but with growth facing limitations due to "flaws" in business model, P/E multiple may not be too high. 


Pre-IPO Qdama International Holding - The Business Model Is Not Sustainable

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.</li>
<li>We note that selling pressure from cornerstone selling overhang is deal-size dependent.</li>
<li>Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.</li>
</ul>


We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.
We note that selling pressure from cornerstone selling overhang is deal-size dependent.
Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.


HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

Yuen Kee Food Group / Equity Capital Markets

<ul>
<li>YUEN KEE FOOD's revenue mainly comes from selling standardized ingredients/materials. This makes its profits closely tied to the depth of franchisees' purchases, similar to a B2B food supply chain enterprise.</li>
<li>YUEN KEE FOOD's growth narrative heavily relies on the single path of "opening more franchise stores".The key to rapid expansion is a highly standardized/ replicable "supply chain + franchise" system. </li>
<li>Considering risks of franchise model/low margin, a discount would be considered (e.g. 18-20x P/E).If the market recognizes its supply chain efficiency/growth story, a premium may be given (e.g. 22-25x P/E)</li>
</ul>


YUEN KEE FOOD's revenue mainly comes from selling standardized ingredients/materials. This makes its profits closely tied to the depth of franchisees' purchases, similar to a B2B food supply chain enterprise.
YUEN KEE FOOD's growth narrative heavily relies on the single path of "opening more franchise stores".The key to rapid expansion is a highly standardized/ replicable "supply chain + franchise" system. 
Considering risks of franchise model/low margin, a discount would be considered (e.g. 18-20x P/E).If the market recognizes its supply chain efficiency/growth story, a premium may be given (e.g. 22-25x P/E)


Pre-IPO Yuen Kee Food Group - The Business Model, the Concerns and the Outlook

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)

Aequitas: Muyuan Food A/H Lockup Expiry - US$580m Cornerstone Unlock

Muyuan Foods Co (2714 HK) (MF), a leader in the hog farming industry, raised around US$1.6bn in its H-share listing. Its cornerstone investors will...

Sumeet Singh

Aequitas: Eastroc Beverage A/H Lockup Expiry - US$280m Release with the Stock Underwater

Eastroc Beverage (9980 HK) (EB), a China-based functional beverage company, raised around US$1.3bn in its H-share listing. Its cornerstone...

Sumeet Singh

Pre-IPO Qdama International Holding - The Business Model Is Not Sustainable

Qdama has faced a growth bottleneck. Its discount strategy/low-profit model won't be transformed into a sales advantage through scale expansion....

Xinyao (Criss) Wang

HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

Pre-IPO Yuen Kee Food Group - The Business Model, the Concerns and the Outlook

YUEN KEE FOOD's revenue relies on selling standardized ingredients to franchisees,with growth tied to opening more stores.Due to risks of...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Muyuan Food A/H Lockup Expiry - US$580m Cornerstone Unlock

Muyuan Foods Co (2714 HK) (MF), a leader in the hog farming industry, raised around US$1.6bn in its H-share listing. Its cornerstone investors will...

Sumeet Singh

Aequitas: Eastroc Beverage A/H Lockup Expiry - US$280m Release with the Stock Underwater

Eastroc Beverage (9980 HK) (EB), a China-based functional beverage company, raised around US$1.3bn in its H-share listing. Its cornerstone...

Sumeet Singh

Pre-IPO Qdama International Holding - The Business Model Is Not Sustainable

​Qdama has faced a growth bottleneck. Its discount strategy/low-profit model won't be transformed into a sales advantage through scale expansion....

Xinyao (Criss) Wang

HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

Pre-IPO Yuen Kee Food Group - The Business Model, the Concerns and the Outlook

​YUEN KEE FOOD's revenue relies on selling standardized ingredients to franchisees,with growth tied to opening more stores.Due to risks of...

Xinyao (Criss) Wang

Qdama has faced a growth bottleneck. Its discount strategy/low-profit model won't be transformed into a sales advantage through scale expansion....

YUEN KEE FOOD's revenue relies on selling standardized ingredients to franchisees,with growth tied to opening more stores.Due to risks of...