APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tian-tu-capital" target="_blank" data-smartkarma-citation="entities:36146:1" rel="noopener">Tian Tu Capital (1390587D CH)</a> is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Tiantu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.</li>
<li>The fund manages capital from investors including institutional investors, multinational corporations, financial institutions, and high net-worth individuals. It also directly invests through its own capital as well.</li>
</ul>



Tian Tu Capital (1390587D CH) is looking to raise US$300m in its upcoming Hong Kong IPO.
Tiantu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.
The fund manages capital from investors including institutional investors, multinational corporations, financial institutions, and high net-worth individuals. It also directly invests through its own capital as well.


Tian Tu Capital Pre-IPO - The Negatives - Hampered by Weakened Market Sentiment. Guiding Weak FY22

Tian Tu Capital Pre-IPO - The Positives - Growing Its AUM and Committed Capital

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>What is new? Nayuki is paying RMB 525mn for 43.64% stake of “LELECHA”, at about 1.4x FY21 P/S.</li><li>Nayuki announced that it will acquire 43.64% stake of “LELECHA” brand at a total consideration of RMB 525mn, and the simple implied valuation of RMB 1,203mn is at 1.4x FY21 (53% discounts to peers’ average) or 1.6x FY20 P/S.</li><li>The total consideration consists of: 1) shares transfer of RMB 325mn (RMB 260mn for loans repayment and RMB 65mn for seller); and 2) capital increases of RMB 200mn. Nayuki will also utilize a short-term loan of no more than RMB 80mn.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

What is new? Nayuki is paying RMB 525mn for 43.64% stake of “LELECHA”, at about 1.4x FY21 P/S.Nayuki announced that it will acquire 43.64% stake of “LELECHA” brand at a total consideration of RMB 525mn, and the simple implied valuation of RMB 1,203mn is at 1.4x FY21 (53% discounts to peers’ average) or 1.6x FY20 P/S.The total consideration consists of: 1) shares transfer of RMB 325mn (RMB 260mn for loans repayment and RMB 65mn for seller); and 2) capital increases of RMB 200mn. Nayuki will also utilize a short-term loan of no more than RMB 80mn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nayuki Holdings Limited (2150 HK) – Acquiring LELECHA at a Bargain Price

<div><div><div><div><div><ul><li>Upgrade to BUY and raised TP to HK$ 7.38, based on our DCF model which implies a ~43x FY23E P/E and ~1.5x FY23E P/S.</li><li>The listed co level net profit achieved in Jun 2022, in our view, is a positive surprise.</li><li>With better SSSG and more automation kicking-in in 2H22E, we do think the turnaround is here. </li></ul></div></div></div><div><div><div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Upgrade to BUY and raised TP to HK$ 7.38, based on our DCF model which implies a ~43x FY23E P/E and ~1.5x FY23E P/S.The listed co level net profit achieved in Jun 2022, in our view, is a positive surprise.With better SSSG and more automation kicking-in in 2H22E, we do think the turnaround is here. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nayuki Holdings Limited (2150 HK) – Breakeven Achieved with More Flexible Costing

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Hong Kong health expert downplays city’s Covid fatality rate</li><li>Shanghai offers support for importing Covid drugs and vaccines as it battles outbreak</li><li>Distressed Chinese developer Sunac sweetens proposed bond extension plan</li></ul>

Hong Kong health expert downplays city’s Covid fatality rateShanghai offers support for importing Covid drugs and vaccines as it battles outbreakDistressed Chinese developer Sunac sweetens proposed bond extension plan

CX Daily: China’s Battle to Stabilize Its Economy

Hong Kong

Nayuki Holdings Limited operates as a holding compnay. The Company, through its subsidiaries, produces and retails tea and bakery products. Nayuki serves customers in China.

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Nayuki Holdings (2150 HK)

Tian Tu Capital Pre-IPO - The Negatives - Hampered by Weakened Market Sentiment. Guiding Weak FY22

Tian Tu Capital (1390587D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. Tiantu Capital (TTC) is a private equity/venture capital...

Clarence Chu

Tian Tu Capital Pre-IPO - The Positives - Growing Its AUM and Committed Capital

Tian Tu Capital (1390587D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. Tiantu Capital (TTC) is a private equity/venture capital...

Clarence Chu

Nayuki Holdings Limited (2150 HK) – Acquiring LELECHA at a Bargain Price

Nayuki announced that it will acquire 43.64% stake of “LELECHA” brand at a total consideration of RMB 525mn, and the simple implied valuation of...

CMB International

Nayuki Holdings Limited (2150 HK) – Breakeven Achieved with More Flexible Costing

Upgrade to BUY and raised TP to HK$ 7.38, based on our DCF model which implies a ~43x FY23E P/E and ~1.5x FY23E P/S. The listed co level net profit...

CMB International

CX Daily: China’s Battle to Stabilize Its Economy

Hong Kong health expert downplays city’s Covid fatality rate; Shanghai offers support for importing Covid drugs and vaccines as it battles outbreak

Caixin Global

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