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

Muyuan Foodstuff Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foodstuff-co-ltd-a" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foodstuff Co Ltd A (002714 CH)</a>, a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing.</li>
<li>MF is a leading pork company with over 30 years of expertise in the hog farming industry.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Muyuan Foods A/H Listing - Long Term Growth with Short-Term Volatility

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The policy turning point of high-value consumables/medical device industry is not far away. When a mature pricing mechanism is formed, it’s the time when industry expectations reverse and stabilize.</li>
<li>There’s rumor that AstraZeneca is in discussions for a US$15 billion partnership focused on ivonescimab. Although we understand that investors have been anticipating a big deal, we remain cautious.</li>
<li>After the outstanding IPO debut, IFBH’s share price continued to fall. The capital frenzy has led to the valuation to deviate seriously from the fundamentals. The outlook is not optimistic.</li>
</ul>


The policy turning point of high-value consumables/medical device industry is not far away. When a mature pricing mechanism is formed, it’s the time when industry expectations reverse and stabilize.
There’s rumor that AstraZeneca is in discussions for a US$15 billion partnership focused on ivonescimab. Although we understand that investors have been anticipating a big deal, we remain cautious.
After the outstanding IPO debut, IFBH’s share price continued to fall. The capital frenzy has led to the valuation to deviate seriously from the fundamentals. The outlook is not optimistic.


China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

Anjoy Foods Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group" target="_blank" data-smartkarma-citation="entities:44280:1" rel="noopener">Anjoy Foods Group (2648 HK)</a>, a quick-frozen food company in China,  raised around US$350m in its H-share listing.</li>
<li>AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Anjoy Foods Group (2648 HK), a quick-frozen food company in China,  raised around US$350m in its H-share listing.
AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Anjoy Foods Group A/H Trading - Cheap Price but Sluggish Demand

<ul>
<li>IFBH's IPO debut is outstanding. Capital/investors are actually voting for "light-asset + high-efficiency" business model, as they see the possibility of achieving great results with small investment in <em>if</em> coconut water. </li>
<li>When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of "riding the wave" into high moat amid supply chain crisis/price wars/single product line.</li>
<li>The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  </li>
</ul>


IFBH's IPO debut is outstanding. Capital/investors are actually voting for "light-asset + high-efficiency" business model, as they see the possibility of achieving great results with small investment in if coconut water. 
When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of "riding the wave" into high moat amid supply chain crisis/price wars/single product line.
The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  


IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-limited" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (6603 HK)</a> raised about US$148m in its HK IPO.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



IFBH (6603 HK) raised about US$148m in its HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

China

Nongfu Spring Co. Ltd. supplies soft drinks. The Company develops, produces, and sells bottled mineral water, fruit juice, sports drinks, and tea drinks. Nongfu Spring also offers barreled mineral water door-to-door services.

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Nongfu Spring (9633 HK)

Muyuan Foods A/H Listing - Long Term Growth with Short-Term Volatility

Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing. In this note, we...

Sumeet Singh

China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

High-value medical device industry is on the brink of a policy turning point. There's many uncertainties about AstraZeneca-Summit $15bn deal. IFBH...

Xinyao (Criss) Wang

Anjoy Foods Group A/H Trading - Cheap Price but Sluggish Demand

Anjoy Foods Group (2648 HK), a quick-frozen food company in China, raised around US$350m in its H-share listing. In this note, we talk about the...

Sumeet Singh

IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...

Xinyao (Criss) Wang

IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

IFBH Ltd raised about US$148m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Muyuan Foods A/H Listing - Long Term Growth with Short-Term Volatility

Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing. In this note, we...

Sumeet Singh

China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

High-value medical device industry is on the brink of a policy turning point. There's many uncertainties about AstraZeneca-Summit $15bn deal. IFBH...

Xinyao (Criss) Wang

Anjoy Foods Group A/H Trading - Cheap Price but Sluggish Demand

Anjoy Foods Group (2648 HK), a quick-frozen food company in China, raised around US$350m in its H-share listing. In this note, we talk about the...

Sumeet Singh

IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

​Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...

Xinyao (Criss) Wang

IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

IFBH Ltd raised about US$148m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...