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

<p>2020 marked our second full year of operations as an Independent Research Company, and our fifth year covering Equity Capital Markets (ECM). While the year started off on a precarious note for ECM, it ended with very strong momentum. Even as IPOs have hogged the limelight in 2020, we actually ended up covering more than twice the number of placements as IPOs. </p><p>We ended 2020 with an accuracy rate of 72.7% across 88 IPOs that we covered and 70.1% across 174 placements. While our placements hit rate improved, our IPO hit rate took a dip from 2019.</p><p>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex-Korea), including China ADRs.</p>

2020 marked our second full year of operations as an Independent Research Company, and our fifth year covering Equity Capital Markets (ECM). While the year started off on a precarious note for ECM, it ended with very strong momentum. Even as IPOs have hogged the limelight in 2020, we actually ended up covering more than twice the number of placements as IPOs. We ended 2020 with an accuracy rate of 72.7% across 88 IPOs that we covered and 70.1% across 174 placements. While our placements hit rate improved, our IPO hit rate took a dip from 2019.For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex-Korea), including China ADRs.

Aequitas 2020 IPOs and Placements Performance - IPOs in the Limelight but Placements Stole the Show

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

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<div><em><strong>Non- SGX Report: These equity research reports are not written by the SGX</strong>.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></div>
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<h2>Nanofilm Technologies Int'l Ltd</h2>
<h3>Key takeaways from virtual NDR</h3>
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<li>We hosted Nanofilm Technologies Int’l (NTI) for a virtual NDR on Wednesday, 16 Dec 2020. The online meeting was well-attended with 34 participants.</li>
<li>The audience was interested in NTI’s competitive advantages, progress of its capacity expansion and potential new revenue possibilities.</li>
<li>We reiterate our Add rating with a target price of S$5.52.</li>
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<p><strong>Competitively positioned</strong></p>
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<p>● &nbsp;Management highlighted its key competitive advantages of a) patented and better performance coating materials, b) patented coating technology, and c) in-house expertise in assembling its own proprietary coating equipment.</p>
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<p>● &nbsp;NTI also highlighted that its coating services are cost competitive due to the above- mentioned competitive strengths. We note that competitors’ coating cost could be higher as they need to buy coating equipment from external suppliers.</p>
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Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.

Nanofilm Technologies Int'l Ltd
Key takeaways from virtual NDR





We hosted Nanofilm Technologies Int’l (NTI) for a virtual NDR on Wednesday, 16 Dec 2020. The online meeting was well-attended with 34 participants.
The audience was interested in NTI’s competitive advantages, progress of its capacity expansion and potential new revenue possibilities.
We reiterate our Add rating with a target price of S$5.52.





Competitively positioned


● &nbsp;Management highlighted its key competitive advantages of a) patented and better performance coating materials, b) patented coating technology, and c) in-house expertise in assembling its own proprietary coating equipment.


● &nbsp;NTI also highlighted that its coating services are cost competitive due to the above- mentioned competitive strengths. We note that competitors’ coating cost could be higher as they need to buy coating equipment from external suppliers.






























(Non-SGX Report) Nanofilm Technologies Int'l Ltd: Key Takeaways from Virtual NDR

<p><em><strong>Non- SGX Report: These equity research reports are not written by the SGX.</strong>&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></p>
<h2>Nanofilm Technologies Int'l Ltd</h2>
<h3>Nano-sized powerhouse</h3>
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<li>NTI is the only company in the world that provides proprietary and environmentally-friendly FCVA coating technology at scale.</li>
<li>Our plant tour reaffirms our strong conviction of c.34% revenue/35% EPS CAGR over FY19-22F.</li>
<li>Initiate coverage on NTI with an Add rating and P/E based TP of S$5.52.</li>
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<p><strong>Sole provider of FCVA technology with superior advantages</strong><br>According to Nanofilm Technologies International Limited (NTI), it is the only company globally to offer Filtered Cathodic Vacuum Arc (FCVA) coating technology on a commercial scale as at 23 Oct 2020. Against conventional coating technologies, NTI’s offerings provide greater functional and cosmetic advantages and is also environmentally-friendly. NTI’s patented technology (key patents’ expiry range from 2025-2039) lends confidence to our 30% average net profit margin driving net profit growth of 21.8-60.7% over FY20-22F.</p>
<p><strong>Plant tour reaffirms our conviction</strong><br>We toured NTI’s plant in Singapore where we witnessed the FCVA coating process and saw sample products of customer Z (c.51% of FY19 sales). Our inference based on conversations with factory supervisors and management is that a capacity ramp up is underway, backed by strong demand from its wearables/tablets segment. We also noted that its coating process is environmentally-friendly as it does not utilise harmful chemicals and does not involve waste water discharge.</p>
<p><strong>Wearables (amongst others) drives multi-year earnings runway</strong><br>We expect NTI to benefit from the strong growth in smartwatches over our forecast period. Global smartwatch revenue grew 20% yoy in 1H20. We think strong demand for smartwatches will sustain the high growth momentum of its wearables business. We expect a replacement cycle to drive Microsoft Surface tablet sales (benefitting sole coater of the Surface tablet logos, NTI). NTI is also the sole coater for 90% of its major customers as at 23 Oct 2020, including being the sole supplier of Fresnel lenses (used in smart phones) for certain models for customer Z. Other long-term growth drivers include demand for coating in automotive piston rings and consumer electronics.</p>
<p><strong>Initiate with an Add rating and TP of S$5.52</strong><br>We initiate coverage on NTI with an Add rating, and S$5.52 target price based on 35.3x FY22F EPS, supported by a) c.35.3% EPS growth over FY19-22F and b) sustainable net profit margin given its sole supplier status/proprietary technology moat. Post FY23F, we think wearables could sustain 30% net profit growth for NTI. Our FY22F net profit forecast is 12% above Bloomberg consensus. Re-rating catalysts are a) new customer wins/market share gains. Downside risks are customer concentration/ stronger competition.</p>
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Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.
Nanofilm Technologies Int'l Ltd
Nano-sized powerhouse

NTI is the only company in the world that provides proprietary and environmentally-friendly FCVA coating technology at scale.
Our plant tour reaffirms our strong conviction of c.34% revenue/35% EPS CAGR over FY19-22F.
Initiate coverage on NTI with an Add rating and P/E based TP of S$5.52.





Sole provider of FCVA technology with superior advantages According to Nanofilm Technologies International Limited (NTI), it is the only company globally to offer Filtered Cathodic Vacuum Arc (FCVA) coating technology on a commercial scale as at 23 Oct 2020. Against conventional coating technologies, NTI’s offerings provide greater functional and cosmetic advantages and is also environmentally-friendly. NTI’s patented technology (key patents’ expiry range from 2025-2039) lends confidence to our 30% average net profit margin driving net profit growth of 21.8-60.7% over FY20-22F.
Plant tour reaffirms our conviction We toured NTI’s plant in Singapore where we witnessed the FCVA coating process and saw sample products of customer Z (c.51% of FY19 sales). Our inference based on conversations with factory supervisors and management is that a capacity ramp up is underway, backed by strong demand from its wearables/tablets segment. We also noted that its coating process is environmentally-friendly as it does not utilise harmful chemicals and does not involve waste water discharge.
Wearables (amongst others) drives multi-year earnings runway We expect NTI to benefit from the strong growth in smartwatches over our forecast period. Global smartwatch revenue grew 20% yoy in 1H20. We think strong demand for smartwatches will sustain the high growth momentum of its wearables business. We expect a replacement cycle to drive Microsoft Surface tablet sales (benefitting sole coater of the Surface tablet logos, NTI). NTI is also the sole coater for 90% of its major customers as at 23 Oct 2020, including being the sole supplier of Fresnel lenses (used in smart phones) for certain models for customer Z. Other long-term growth drivers include demand for coating in automotive piston rings and consumer electronics.
Initiate with an Add rating and TP of S$5.52 We initiate coverage on NTI with an Add rating, and S$5.52 target price based on 35.3x FY22F EPS, supported by a) c.35.3% EPS growth over FY19-22F and b) sustainable net profit margin given its sole supplier status/proprietary technology moat. Post FY23F, we think wearables could sustain 30% net profit growth for NTI. Our FY22F net profit forecast is 12% above Bloomberg consensus. Re-rating catalysts are a) new customer wins/market share gains. Downside risks are customer concentration/ stronger competition.





(Non-SGX Report) Nanofilm Technologies Int'l Ltd: Nano-Sized Powerhouse

APAC IPOs & Placements

Zhen Zhou, Toh


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




Ant Group (6688 HK) debuts this coming Thursday. It had a massive US$35bn (A+H) deal size and proportionately humongous demand of US$3 trillion (mostly from the STAR board tranche) from retail investors. Hong Kong books were also said to have been covered an hour after launch with multiple investors placing more than US$1bn of order. This week, we look at valuation at IPO price, index inclusion impacts, STAR board trading stats, and A/H spread.


Ant Group IPO - Index Inclusion Quick Note: Now HSCEI Wants to Gate Crash the Party 

Ant Group IPO:  STAR Market Trading Stats, A/H Spread 

Ant Group IPO: Final Say. Strategics, Index Impact 

Ant Group Pre-IPO: Updated Valuation. It’s Going Higher. 

For other upcoming IPOs, Remegen Ltd (1788976D CH) launched its IPO bookbuild this week and it is expected to list the week after, on November 9. The IPO boasts a long list of reputable, long-only cornerstone investors. Books closed early and were reported to be multiple times covered. As for secondary listings, New Oriental Education (EDU US) filed its PHIP and launched its US$1.44bn bookbuild. It will start trading on the 9th of November whereas GDS Holdings (ADR) (GDS US) which launched last week, will trade tomorrow.


RemeGen (荣昌生物) IPO: Pricing the R&amp;D Leadership 

New Oriental Hong Kong Secondary - Might Be Relatively Small 

GDS Holdings HK Secondary Trading- Strong Coverage but No Discount and Volatile Markets Won't Help 

This week's Property Management Services listings had been disappointing. They will likely set a weak tone for other upcoming IPOs, Jinke Smart Services (JKS HK) and Sunac Services Holdings (1820476D HK), which have both filed their PHIP with HKEX. Hopefully, we get to see the deals launch at more palatable valuation.


Sunac Services (融创服务) Pre-IPO -   Peer Comparison and PHIP Updates 

Jinke Smart Services (金科智慧服务) Pre-IPO - Peer Comparison and Early Thoughts on Valuation 

We also heard that Kuaishou will file its draft prospectus on HKEX in this week and Antengene (ANGENE HK) is looking to premarket its IPO next week. 


Antengene (德琪医药) Pre-IPO: Proven R&amp;D Track Record by Founder Matters 

For pipeline IPOs, there had been news reporting that PCCW Ltd (8 HK)'s Viu International OTT is working towards a US listing that could raise about US$200m. In Malaysia, Smart Glove hired banks to work towards a potential US$200 IPO whereas, in India, Gland Pharma plans to launch its US$900m in November. 
For other listings this week, Singapore finally got a win (considering a sea of red in global markets on Friday) with Nanofilm Technologies International (NANO SP) closing 12% above IPO price on its trading debut. Lufax Holdings (LU US), on the hand, closed 4% below IPO price.


Nanofilm Technologies IPO Trading - May Just Be the One that Stands Out 

Lufax IPO Trading - Possible FTSE Inclusion Might Help in the Short-Term 





Accuracy Rate:



Our overall accuracy rate is 73.4% for IPOs and 66.4% for Placements 


(Performance measurement criteria is explained at the end of the note)






No new IPO filings this week  




Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.






News on Upcoming IPOs  





Hong Kong's windfall from poster boy Ant's impending IPO
Jack Ma’s Ant Plans Early Book Close for Hong Kong IPO
Sunac China’s property management arm seeks at least US$1 billion in Hong Kong IPO
Kuaishou Technology to file for Hong Kong IPO within two weeks




Analysis on Upcoming IPOs






Name
Insight


Hong Kong


Antengene

Antengene (德琪医药) Pre-IPO: Proven R&amp;D Track Record by Founder Matters 


Blue Moon

Blue Moon Group Pre-IPO - The Positives - Dominant Market Share, Strong Online Sales 



Blue Moon

Blue Moon Group Pre-IPO - The Negatives - Flagging Offline Sales, Not Really a Primary Raising 



Blue Moon

Blue Moon: No. 1 But No Exclusive Advantage, Observation on the Ground 



Blue Moon

Blue Moon Group Pre-IPO - Online Reviews and Peer Comparison 



ByteDance

ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)



ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 



ByteDance

ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)



ByteDance

ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 



ByteDance

ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 



ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 



ByteDance

ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 



ByteDance

ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 



Dida

Dida Pre-IPO - Making Hay While Big Brother Retreats 



E-Star Comm

E-Star Commercial Management Pre-IPO - Better Disclosure in New Prospectus 



E-Star Comm

E-Star Commercial Management Pre-IPO - Still Largely Reliant on Galaxy, Poor Disclosure Doesn’t Help 



Jiayuan Svcs

Jiayuan Services (佳源服务) Pre-IPO - Another Small Property Management Company 



Jinke Svcs

Jinke Smart Services (金科智慧服务) Pre-IPO - GFA Growth at the Expense of Fees 



Jinke Svcs

Jinke Smart Services (金科智慧服务) Pre-IPO - Peer Comparison and Early Thoughts on Valuation 



Kilcoy

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 



Kilcoy

Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 



Megvii

Megvii (旷视) Pre-IPO - Remarkable Growth (Part 1) 


Megvii

Megvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential 


Megvii

Megvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent 


Megvii

Megvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis 


Megvii

Megvii (旷视) Pre-IPO -  Initial Thoughts on Valuation 


Ocumension

Ocumension (欧康维视) Pre-IPO: All Ready for a Great Listing Except a Block Buster 


Pop Mart

Pop Mart Pre-IPO - The Negatives - Is It a Brand Owner or Just a Retailer? 


Pop Mart

Pop Mart Pre-IPO - The Positives - Expanding Portfolio+Wider Distribution= Explosive Earnings Growth 


Pop Mart

Pop Mart Pre-IPO - Peer Set and Valuation 


Pop Mart

Pop Mart Pre-IPO Quick Note - On the Ground - Pop-Up Stores Are Effective 


Sunac Svcs

Sunac Services (融创服务) Pre-IPO - Promising Growth &amp; Diversifying Away from Sunac Via Acquisitions 


Sunac Svcs

Sunac Services (融创服务) Pre-IPO -   Peer Comparison and PHIP Updates 


RemeGen

RemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48 


Simcere

Simcere (先声制药) Pre-IPO: Long History but Products Concentrated 


Toplist

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


India


ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotel

Bharat Hotels Pre-IPO - Catching up with Peers 



Burger King

Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster 



Burger King

Burger King India Pre-IPO - Peer Comparison Yields Interesting Nuggets on Profitability and Capex 



Bajaj En

Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 



CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


Equitas SFB

Equitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing 


Equitas SFB

Equitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing 


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO 


IRFC

Indian Railway Finance Pre-IPO - Low Risk, Low Margin Business 


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta



LIC


Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 



Lodha

Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 


Malaysia


QSR
QSR Brands Pre-IPO - As Healthy as Fast Food


Thailand


PTTOR

PTT Oil and Retail IPO - F&amp;B Business Is the Profit Driver 


The U.S


CDP

CDP Holdings Pre-IPO Review - Highly Reliant on Best Inc. 


CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent





ECM Weekly (1 November 2020) - Ant Group, Sunac Services, New Oriental HK, Bio-Thera

<p><a href="https://www.smartkarma.com/entities/nanofilm-technologies-international" target="_blank" data-smartkarma-citation="entities:29700:1" rel="noopener">Nanofilm Technologies International (NANO SP)</a> (NTI) raised US$346m in its IPO at a fixed price of SG$2.59 per share. </p>
<p>NTI is a leading nanotechnology solutions provider in Asia. The company operates three main business units (BU), namely, Advanced Materials, Nanofabrication, and Industrial Equipment.</p>
<p>Our previous coverage of the IPO:</p>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/nanofilm-technologies-ipo-impressive-growth-and-margins" target="_blank" data-smartkarma-citation="insights:44341" rel="noopener">Nanofilm Technologies IPO - Impressive Growth and Margins</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/nanofilm-technologies-ipo-expensive-but-still-justifiable-valuation" target="_blank" data-smartkarma-citation="insights:44348" rel="noopener">Nanofilm Technologies IPO - Expensive but Still Justifiable Valuation</a> </li>
</ul>

Nanofilm Technologies International (NANO SP) (NTI) raised US$346m in its IPO at a fixed price of SG$2.59 per share. 
NTI is a leading nanotechnology solutions provider in Asia. The company operates three main business units (BU), namely, Advanced Materials, Nanofabrication, and Industrial Equipment.
Our previous coverage of the IPO:


Nanofilm Technologies IPO - Impressive Growth and Margins 

Nanofilm Technologies IPO - Expensive but Still Justifiable Valuation 


Nanofilm Technologies IPO Trading - May Just Be the One that Stands Out

Singapore

Nanofilm Technologies International Pte Ltd manufactures industrial machinery. The Company specializes in batch and load-lock systems, as well as materials with special surface properties and nano-engineering capabilities. Nanofilm Technologies International serves customers worldwide.

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Nanofilm (NANO SP)

Aequitas 2020 IPOs and Placements Performance - IPOs in the Limelight but Placements Stole the Show

2020 marked our second year of operations as an Independent Research Company, and our fifth year covering ECM. In 2020 we had an accuracy rate of...

Sumeet Singh

(Non-SGX Report) Nanofilm Technologies Int'l Ltd: Key Takeaways from Virtual NDR

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

(Non-SGX Report) Nanofilm Technologies Int'l Ltd: Nano-Sized Powerhouse

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

ECM Weekly (1 November 2020) - Ant Group, Sunac Services, New Oriental HK, Bio-Thera

This week, much of the focus is on Ant whereas HK had a disappoint start with the poor debut of KWG Living and Shimao Services. On the other hand,...

Zhen Zhou, Toh

Nanofilm Technologies IPO Trading - May Just Be the One that Stands Out

NTI is a leading nanotechnology solutions provider in Asia. Bookbuild demand was said to be strong. Even though valuation is expensive, the strong...

Zhen Zhou, Toh

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