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

Shui on Xintiandi / Equity Capital Markets

Shui on Xintiandi is looking to raise up to US$500m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and UBS.Shui on Xintiandi is a leading investor and manager of commercial properties in the PRC. As per Knight Frank, it is one of the largest private commercial property owners and operators in Shanghai by total gross floor area (GFA). As of Jun 2021, the firm had a portfolio of 13 commercial properties which occupied 2m sqm of GFA, and had a combined valuation of RMB53.1bn. Its properties are spread across Shanghai, Wuhan, Nanjing, Foshan and Chongqing, where Shanghai properties accounted for 52.7% and 71.9% of total GFA and valuation, respectively.

Shui on Xintiandi is looking to raise up to US$500m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and UBS.Shui on Xintiandi is a leading investor and manager of commercial properties in the PRC. As per Knight Frank, it is one of the largest private commercial property owners and operators in Shanghai by total gross floor area (GFA). As of Jun 2021, the firm had a portfolio of 13 commercial properties which occupied 2m sqm of GFA, and had a combined valuation of RMB53.1bn. Its properties are spread across Shanghai, Wuhan, Nanjing, Foshan and Chongqing, where Shanghai properties accounted for 52.7% and 71.9% of total GFA and valuation, respectively.

AIM Vaccine is looking to raise US$1bn in its upcoming Hong Kong IPO. The deal is run by Goldman Sachs, CICC, China Securities, and Macquarie. This is a refiling after its filing in July 2021 was rejected by HKEX.AIM Vaccine is a leading vaccine company covering the full value chain from research to manufacturing and commercialisation. As of the latest practicable date (3 Sept 2021), it had commercialised eight vaccine products against six disease areas. It also has 23 vaccine candidates against 13 disease areas. The firm has four Licensed Manufacturing Facilities in Rong’an Bio, AIM Hanxin, AIM Kanghuai and AIM Weixin, and a total designed annual production capacity of 91.3m doses.

AIM Vaccine is looking to raise US$1bn in its upcoming Hong Kong IPO. The deal is run by Goldman Sachs, CICC, China Securities, and Macquarie. This is a refiling after its filing in July 2021 was rejected by HKEX.AIM Vaccine is a leading vaccine company covering the full value chain from research to manufacturing and commercialisation. As of the latest practicable date (3 Sept 2021), it had commercialised eight vaccine products against six disease areas. It also has 23 vaccine candidates against 13 disease areas. The firm has four Licensed Manufacturing Facilities in Rong’an Bio, AIM Hanxin, AIM Kanghuai and AIM Weixin, and a total designed annual production capacity of 91.3m doses.

AIM Vaccine (艾美疫苗) Pre-IPO Tearsheet (Refiled)

Dongguan Rural Commercial Bank / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/dongguan-rural-commercial-bank" target="_blank" data-smartkarma-citation="entities:34248:1" rel="noopener">Dongguan Rural Commercial Bank (DRCOBZ HK)</a> is looking to raise up to US$1.3bn in its Hong Kong IPO. Dongguan Rural Commercial Bank (DRCB) is the fifth largest rural commercial bank in China by total assets as of Dec 2020, as per China Banking Association in 2021. As of the latest practicable date, the bank has 505 outlets, of which 501 are located in Dongguan city, covering all its administrative districts. The remaining four are located in Guangzhou, Zhuhai, Huizhou and Qingyuan, respectively. Over FY18-20, the bank’s loans had expanded at a CAGR of 26.1%. During the period, net interest income and total income grew at 16.5% and 11% CAGR, respectively.However, margin compression remains an overhang and the IPO valuation is at a premium versus peers, suggesting a huge downside risk potential.

Dongguan Rural Commercial Bank (DRCOBZ HK) is looking to raise up to US$1.3bn in its Hong Kong IPO. Dongguan Rural Commercial Bank (DRCB) is the fifth largest rural commercial bank in China by total assets as of Dec 2020, as per China Banking Association in 2021. As of the latest practicable date, the bank has 505 outlets, of which 501 are located in Dongguan city, covering all its administrative districts. The remaining four are located in Guangzhou, Zhuhai, Huizhou and Qingyuan, respectively. Over FY18-20, the bank’s loans had expanded at a CAGR of 26.1%. During the period, net interest income and total income grew at 16.5% and 11% CAGR, respectively.However, margin compression remains an overhang and the IPO valuation is at a premium versus peers, suggesting a huge downside risk potential.

Dongguan Rural Commercial Bank IPO - Mind the Valuation Gap

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

TORIDOLL Holdings Corporation / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toridoll-holdings-corporation" target="_blank" data-smartkarma-citation="entities:8193:1" rel="noopener">TORIDOLL Holdings Corporation (3397 JP)</a> is one of the largest restaurant chains in Japan with over 1,100 restaurants in the domestic market and another 600+ restaurants in overseas markets.</li>
<li>The company’s fully owned subsidiary, Hong Kong based rice noodle chain operator, <a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai International (TJI HK)</a> is seeking a listing on the Hong Kong stock exchange. Although Tam Jai’s IPO valuation is still unknown, we think the IPO could get a valuation of around HK$ 11.9bn, which is around 76% and 50% of Toridoll’s current market cap and EV respectively.</li>
<li>Based on the estimated valuation of Tam Jai, Toridoll’s domestic business and other overseas restaurant ventures are trading at cheap implied valuation multiples compared to peers, suggesting that there could be an upside upon completion of the Tam Jai International IPO.</li>
</ul>



TORIDOLL Holdings Corporation (3397 JP) is one of the largest restaurant chains in Japan with over 1,100 restaurants in the domestic market and another 600+ restaurants in overseas markets.
The company’s fully owned subsidiary, Hong Kong based rice noodle chain operator, Tam Jai International (TJI HK) is seeking a listing on the Hong Kong stock exchange. Although Tam Jai’s IPO valuation is still unknown, we think the IPO could get a valuation of around HK$ 11.9bn, which is around 76% and 50% of Toridoll’s current market cap and EV respectively.
Based on the estimated valuation of Tam Jai, Toridoll’s domestic business and other overseas restaurant ventures are trading at cheap implied valuation multiples compared to peers, suggesting that there could be an upside upon completion of the Tam Jai International IPO.


Tam Jai International IPO Could Unlock The Value of Toridoll’s Smaller Business Operations

Zhen Zhou, Toh

Helens International Holdings / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/helen-s-international-holding" target="_blank" data-smartkarma-citation="entities:34113:1" rel="noopener">Helen's International Holding (9869 HK)</a> (HIH) is looking to raise up to US$358m in its Hong Kong IPO. Helens International Holdings (HIH) is the operator of a bar chain called “Helen’s”. The company was the largest bar chain in China in 2018 -  March 2021, in terms of the number of bars, according to Frost and Sullivan (F&amp;S).In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.Our previous coverage of the IPO:<ul>
<li>
<a href="https://www.smartkarma.com/insights/helens-intl-pre-ipo-largest-bar-chain-targeted-at-youths" target="_blank" data-smartkarma-citation="insights:56817" rel="noopener">Helens Intl (海伦司国际) Pre-IPO - Largest Bar Chain Targeted at Youths</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/helens-intl-pre-ipo-peer-comparison" target="_blank" data-smartkarma-citation="insights:56939" rel="noopener">Helens Intl (海伦司国际) Pre-IPO - Peer Comparison</a> </li>
</ul>

Helen's International Holding (9869 HK) (HIH) is looking to raise up to US$358m in its Hong Kong IPO. Helens International Holdings (HIH) is the operator of a bar chain called “Helen’s”. The company was the largest bar chain in China in 2018 -  March 2021, in terms of the number of bars, according to Frost and Sullivan (F&amp;S).In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.Our previous coverage of the IPO:

Helens Intl (海伦司国际) Pre-IPO - Largest Bar Chain Targeted at Youths 

Helens Intl (海伦司国际) Pre-IPO - Peer Comparison 


Helens Intl (海伦司国际) IPO - Cheap Drinks, Expensive Valuation

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)

Shui on Xintiandi Pre-IPO Tearsheet

Shui on Xintiandi is looking to raise up to US$500m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and UBS.

Clarence Chu

AIM Vaccine (艾美疫苗) Pre-IPO Tearsheet (Refiled)

AIM Vaccine is looking to raise US$1bn in its upcoming Hong Kong IPO. The deal is run by Goldman Sachs, CICC, China Securities, and Macquarie.

Clarence Chu

Dongguan Rural Commercial Bank IPO - Mind the Valuation Gap

Dongguan Rural Commercial Bank (DRCOBZ HK) is looking to raise up to US$1.3bn in its Hong Kong IPO. It is the fifth largest rural commercial bank...

Clarence Chu

Tam Jai International IPO Could Unlock The Value of Toridoll’s Smaller Business Operations

Tam Jai international currently remains hidden among Toridoll’s businesses. However, if the upcoming IPO fetches around HK$11.9bn valuation,...

Oshadhi Kumarasiri

Helens Intl (海伦司国际) IPO - Cheap Drinks, Expensive Valuation

Helen's International Holding (9869 HK) (HIH) is looking to raise up to US$358m in its Hong Kong IPO. Helens International Holdings (HIH) is the...

Zhen Zhou, Toh

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