APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

Ningbo Joyson Electronic / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ningbo-joyson-electronic-corp" target="_blank" data-smartkarma-citation="entities:4774:1" rel="noopener">Ningbo Joyson Electronic (600699 CH)</a> is looking to raise up to US$471m in its upcoming Hong Kong IPO.</li>
<li>NBJ, is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Ningbo Joyson Electronic (600699 CH) is looking to raise up to US$471m in its upcoming Hong Kong IPO.
NBJ, is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Ningbo Joyson IPO Trading: Tight Premium and Mediocre Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ningbo-joyson-electronic-corp" target="_blank" data-smartkarma-citation="entities:4774:1" rel="noopener">Ningbo Joyson Electronic (600699 CH)</a> is looking to raise up to US$471m in its upcoming Hong Kong IPO.</li>
<li>It is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Ningbo Joyson Electronic (600699 CH) is looking to raise up to US$471m in its upcoming Hong Kong IPO.
It is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Ningbo Joyson A/H Listing: Not the Cheapest; Decent A/H Premium but Robotics Angle

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ningbo-joyson-electronic-corp" target="_blank" data-smartkarma-citation="entities:4774:1" rel="noopener">Ningbo Joyson Electronic (600699 CH)</a>, a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.</li>
<li>It is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Ningbo Joyson Electronic (600699 CH), a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.
It is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Ningbo Joyson A/H Listing: Spotty Track Record but a Potential “robotics Play”

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

Shenton Research

Shenton 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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.</li>
<li>We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.
The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.
We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.


A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>For the 16 H-share IPOs of A-shares this year, the average YTD narrowing in the H-A discount is 9.1pp, with growth prospects remaining the key driver. </li>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a>, <a href="https://www.smartkarma.com/entities/fortior-technology-shenzhen-co-ltd-e8c112a6-e6de-44cc-812a-084509c2cf7c" target="_blank" data-smartkarma-citation="entities:45496:1" rel="noopener">Fortior Technology (1304 HK)</a>, <a href="https://www.smartkarma.com/entities/sicc-co-ltd-e5b2bacc-ed46-4d8e-bfb1-ff952e730eae" target="_blank" data-smartkarma-citation="entities:45752:1" rel="noopener">SICC (2631 HK)</a>, <a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd-8806deaf-04c9-4411-b1ee-92e813b9c5e0" target="_blank" data-smartkarma-citation="entities:45955:1" rel="noopener">Sany Heavy (6031 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">CIG Shanghai (6166 HK)</a> are high-growth names with discount reduction.</li>
<li>Opportunities exist in <a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> and <a href="https://www.smartkarma.com/entities/car-inc" target="_blank" data-smartkarma-citation="entities:942:1" rel="noopener">Ningbo Joyson Electronic (699 HK)</a> as they are expected to post 30%+ EPS CAGR, yet the discount has widened. </li>
</ul>


For the 16 H-share IPOs of A-shares this year, the average YTD narrowing in the H-A discount is 9.1pp, with growth prospects remaining the key driver. 

Lens Technology (6613 HK), Fortior Technology (1304 HK), SICC (2631 HK), Sany Heavy (6031 HK), and CIG Shanghai (6166 HK) are high-growth names with discount reduction.
Opportunities exist in Seres Group (9927 HK) and Ningbo Joyson Electronic (699 HK) as they are expected to post 30%+ EPS CAGR, yet the discount has widened. 


HK Strategy: An Update on Playing the Future H IPOs of the As

China

Ningbo Joyson Electronic Corp manufactures automotive accessories. The Company produces drive control systems, climate control systems, sensor systems, air intake systems, electronic control systems, automated production lines, vehicle air management systems, windscreen washer systems, rearview mirror systems, and other related products. Ningbo Joyson offers its products to around the world.

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Ningbo Joyson Electronic (600699 CH)

Ningbo Joyson IPO Trading: Tight Premium and Mediocre Insti Demand

Ningbo Joyson (NJ) is looking to raise up to US$471m in its upcoming Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

Ningbo Joyson A/H Listing: Not the Cheapest; Decent A/H Premium but Robotics Angle

Ningbo Joyson is looking to raise up to US$471m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Ningbo Joyson A/H Listing: Spotty Track Record but a Potential “robotics Play”

Ningbo Joyson, a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.

Nicholas Tan

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

HK Strategy: An Update on Playing the Future H IPOs of the As

16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ningbo Joyson IPO Trading: Tight Premium and Mediocre Insti Demand

Ningbo Joyson (NJ) is looking to raise up to US$471m in its upcoming Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

Ningbo Joyson A/H Listing: Not the Cheapest; Decent A/H Premium but Robotics Angle

Ningbo Joyson is looking to raise up to US$471m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Ningbo Joyson A/H Listing: Spotty Track Record but a Potential “robotics Play”

Ningbo Joyson, a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.

Nicholas Tan

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

HK Strategy: An Update on Playing the Future H IPOs of the As

​16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...

Osbert Tang, CFA

16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...