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

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

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji Innolight (300308 CH)</a>, one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.</li>
<li>Innolight was the global leader in 2024 in optical modules, with its products being in high demand for data centers.</li>
<li>In our previous note, we have looked at the company’s past performance. In this note, we will undertake a peer comparison and talk about the likely A/H premium/discount.</li>
</ul>



Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.
Innolight was the global leader in 2024 in optical modules, with its products being in high demand for data centers.
In our previous note, we have looked at the company’s past performance. In this note, we will undertake a peer comparison and talk about the likely A/H premium/discount.


Aequitas: Innolight A/H Listing - Early Look - Peer Comparison and Thoughts on A/H Premium/Discount

Suzhou Tfc Optical Communi-A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-tfc-optical-communi-a" target="_blank" data-smartkarma-citation="entities:25044:1" rel="noopener">Suzhou Tfc Optical Communi-A (300394 CH)</a> (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing.</li>
<li>SFTC offers one-stop optical interconnect solutions spanning passive optical components, active optical components and integration services.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Suzhou Tfc Optical Communi-A (300394 CH) (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing.
SFTC offers one-stop optical interconnect solutions spanning passive optical components, active optical components and integration services.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Suzhou TFC Optical Communication A/H Listing - Rising Sales, Steady Margins

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Anhui Huaheng Biotechnology / Equity Capital Markets

<ul>
<li>The "tryptophan + valine" combination solution launched by Huaheng can replace 10%-15% of soybean meal usage, which will help open up a market space of hundreds of billions of yuan </li>
<li>The decline in ASP and cost pressure make the recovery of gross margin uncertain in short term. Our forecast is revenue to up 20% YoY in 2025 to reach RMB2.6bn.</li>
<li>Valuation of Huaheng should be higher than <a href="https://www.smartkarma.com/entities/meihua-holdings-group-co-a" target="_blank" data-smartkarma-citation="entities:13317:1" rel="noopener">Meihua</a>, but could be lower than leading synthetic biology companies such as <a href="https://www.smartkarma.com/entities/cathay-biotech-inc" target="_blank" data-smartkarma-citation="entities:32184:1" rel="noopener">Cathay </a>and Bloomage due to uncertainties on its future growth outlook.</li>
</ul>


The "tryptophan + valine" combination solution launched by Huaheng can replace 10%-15% of soybean meal usage, which will help open up a market space of hundreds of billions of yuan 
The decline in ASP and cost pressure make the recovery of gross margin uncertain in short term. Our forecast is revenue to up 20% YoY in 2025 to reach RMB2.6bn.
Valuation of Huaheng should be higher than Meihua, but could be lower than leading synthetic biology companies such as Cathay and Bloomage due to uncertainties on its future growth outlook.


Pre-IPO Anhui Huaheng Biotechnology (A/H Listing) - The Business, Outlook, and Thoughts on Valuation

<ul>
<li>MUYUAN plans to issue 274 million shares at a maximum price of HK$39/share. If based on net profit forecast of 2025, 2026, 2027, P/E would be 11x, 9.5x, 7.7x, respectively.</li>
<li>Reasonable valuation of MUYUAN-A share and MUYUAN-H share would be higher than peers such as <a href="https://www.smartkarma.com/entities/wens-foodstuff-group-co-ltd" target="_blank" data-smartkarma-citation="entities:22859:1" rel="noopener">Wens Foodstuff </a>(P/E of 12.9x by Jan.30), <a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group </a>(P/E of 9x by Jan.30).</li>
<li>If industry average valuation is used as the benchmark, based on 2026 forecast, the IPO pricing leaves decent room for stock price increases for both MUYUAN A and H share. </li>
</ul>


MUYUAN plans to issue 274 million shares at a maximum price of HK$39/share. If based on net profit forecast of 2025, 2026, 2027, P/E would be 11x, 9.5x, 7.7x, respectively.
Reasonable valuation of MUYUAN-A share and MUYUAN-H share would be higher than peers such as Wens Foodstuff (P/E of 12.9x by Jan.30), WH Group (P/E of 9x by Jan.30).
If industry average valuation is used as the benchmark, based on 2026 forecast, the IPO pricing leaves decent room for stock price increases for both MUYUAN A and H share. 


Muyuan Foods (2714.HK) - Thoughts on IPO Pricing and Valuation Outlook

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Muyuan Foods (MUYUAN HK)

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

Aequitas: Innolight A/H Listing - Early Look - Peer Comparison and Thoughts on A/H Premium/Discount

Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, is said to be looking to start premartketing its...

Sumeet Singh

Aequitas: Suzhou TFC Optical Communication A/H Listing - Rising Sales, Steady Margins

Suzhou Tfc Optical (300394 CH) (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing. In this...

Sumeet Singh

Pre-IPO Anhui Huaheng Biotechnology (A/H Listing) - The Business, Outlook, and Thoughts on Valuation

Huaheng's innovative solution opens up a market worth billions.Short-term margin is uncertain due to ASP decline. Valuation may be lower than top...

Xinyao (Criss) Wang

Muyuan Foods (2714.HK) - Thoughts on IPO Pricing and Valuation Outlook

The IPO pricing of MUYUAN is attractive, with potential decent upside(e.g. up 34% if based on industry average valuation). Based on the forecast of...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Aequitas: Innolight A/H Listing - Early Look - Peer Comparison and Thoughts on A/H Premium/Discount

Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, is said to be looking to start premartketing its...

Sumeet Singh

Aequitas: Suzhou TFC Optical Communication A/H Listing - Rising Sales, Steady Margins

Suzhou Tfc Optical (300394 CH) (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing. In this...

Sumeet Singh

Pre-IPO Anhui Huaheng Biotechnology (A/H Listing) - The Business, Outlook, and Thoughts on Valuation

​Huaheng's innovative solution opens up a market worth billions.Short-term margin is uncertain due to ASP decline. Valuation may be lower than top...

Xinyao (Criss) Wang

Muyuan Foods (2714.HK) - Thoughts on IPO Pricing and Valuation Outlook

The IPO pricing of MUYUAN is attractive, with potential decent upside(e.g. up 34% if based on industry average valuation). Based on the forecast of...

Xinyao (Criss) Wang

Huaheng's innovative solution opens up a market worth billions.Short-term margin is uncertain due to ASP decline. Valuation may be lower than top...