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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene (2367 HK)</a> aims to raise up to US$205m via a top-up placement.</li>
<li>We have followed the company since listing and its recent performance has been great. Although it doesn’t seem to need the cash.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>



Giant Biogene (2367 HK) aims to raise up to US$205m via a top-up placement.
We have followed the company since listing and its recent performance has been great. Although it doesn’t seem to need the cash.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Giant Biogene Placement - Has Been Doing Well but Doesn’t Need the Cash

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

Proya Cosmetics   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/proya-cosmetics-co-ltd" target="_blank" data-smartkarma-citation="entities:26602:1" rel="noopener">Proya Cosmetics (603605 CH)</a> aims to raise around US$200m in its H-share listing.</li>
<li>Proya Cosmetics is a Chinese multi-brand beauty and cosmetics group focused on R&amp;D, manufacturing, and selling advanced skincare, makeup, and personal care products.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Proya Cosmetics (603605 CH) aims to raise around US$200m in its H-share listing.
Proya Cosmetics is a Chinese multi-brand beauty and cosmetics group focused on R&amp;D, manufacturing, and selling advanced skincare, makeup, and personal care products.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Proya Cosmetics A/H Listing - Slowdown In Topline, Margins Remained Stable

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.

Thematic (Sector/Industry)

<ul><li>Feb cosmetics sales data shows that domestic brands were focusing on Douyin, with a particularly strong growth in skincare segment.</li><li>In the first two months, Giant Biogene (GB) and Mao GePing (MGP) had notable growth, while Marubi and Shanghai Jahwa (Jahwa) improved significantly, with growth surpassing that of each quarter in 2024 (Figure 1).</li><li>During the Women’s Day promotion week, MGP shined, topping the Douyin makeup chart. Proya and Kans retained the top spots on Tmall and Douyin cosmetics rankings (skincare + makeup). </li></ul>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.

Feb cosmetics sales data shows that domestic brands were focusing on Douyin, with a particularly strong growth in skincare segment.In the first two months, Giant Biogene (GB) and Mao GePing (MGP) had notable growth, while Marubi and Shanghai Jahwa (Jahwa) improved significantly, with growth surpassing that of each quarter in 2024 (Figure 1).During the Women’s Day promotion week, MGP shined, topping the Douyin makeup chart. Proya and Kans retained the top spots on Tmall and Douyin cosmetics rankings (skincare + makeup). 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.

Consumer Staples - Mao Geping & Giant Bio Surged, Marubi & Jahwa Had a Strong Start

<ul><li>Our channel checks and various news sources we monitored suggests cosmetic GMV for 6.18 campaign this year stood at a small decline and reached approximately RMB40bn.</li><li>We argue the broad momentum tracked well to expectation, given only a flattish pre-sale (between 25 May and 31 May). By channel, we observed that livestreaming channels continued to draw traffic flow from marketplace platforms, and this looks to be consistent to the trends observed by our internet team.</li><li>For instance, cosmetic GMV on Douyin increased 70% YoY to RMB15bn.</li></ul>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.

Our channel checks and various news sources we monitored suggests cosmetic GMV for 6.18 campaign this year stood at a small decline and reached approximately RMB40bn.We argue the broad momentum tracked well to expectation, given only a flattish pre-sale (between 25 May and 31 May). By channel, we observed that livestreaming channels continued to draw traffic flow from marketplace platforms, and this looks to be consistent to the trends observed by our internet team.For instance, cosmetic GMV on Douyin increased 70% YoY to RMB15bn.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.

China Cosmetics – Key takeaway from 6.18 cosmetic sales

<ul><li>We untangle the “household excess saving” enigma.</li><li>Instead of a silver bullet, we consider it a status-quo in which consumers are confident enough to spend (or invest) beyond their pre-pandemic budgets by tapping into their savings accumulated during the pandemic, after they first normalize their spending to prepandemic level.</li><li>In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery. </li></ul>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.

We untangle the “household excess saving” enigma.Instead of a silver bullet, we consider it a status-quo in which consumers are confident enough to spend (or invest) beyond their pre-pandemic budgets by tapping into their savings accumulated during the pandemic, after they first normalize their spending to prepandemic level.In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery. 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.

China Consumer – From Reopening to Recovery

China

Proya Cosmetics Co., Ltd. operates as a cosmetics products manufacturing company. The Company researches and markets skin care products, make up, body wash, and other related products. Proya Cosmetics markets its products throughout China.

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Proya Cosmetics (603605 CH)

Giant Biogene Placement - Has Been Doing Well but Doesn’t Need the Cash

Giant Biogene (2367 HK) aims to raise up to US$205m via a top-up placement. In this note, we talk about the deal dynamics and run the deal through...

Sumeet Singh

Aequitas: Proya Cosmetics A/H Listing - Slowdown In Topline, Margins Remained Stable

Proya Cosmetics plans to raise $200m in H-share listing, a Chinese beauty group specializing in skincare and makeup products.

Hong Jie Seow

Consumer Staples - Mao Geping & Giant Bio Surged, Marubi & Jahwa Had a Strong Start

Feb cosmetics sales data shows that domestic brands were focusing on Douyin, with a particularly strong growth in skincare segment.

CMB International

China Cosmetics – Key takeaway from 6.18 cosmetic sales

Our channel checks and various news sources we monitored suggests cosmetic GMV for 6.18 campaign this year stood at a small decline and reached...

CMB International

China Consumer – From Reopening to Recovery

In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery.

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Giant Biogene Placement - Has Been Doing Well but Doesn’t Need the Cash

Giant Biogene (2367 HK) aims to raise up to US$205m via a top-up placement. In this note, we talk about the deal dynamics and run the deal through...

Sumeet Singh

Aequitas: Proya Cosmetics A/H Listing - Slowdown In Topline, Margins Remained Stable

​Proya Cosmetics plans to raise $200m in H-share listing, a Chinese beauty group specializing in skincare and makeup products.

Hong Jie Seow

Consumer Staples - Mao Geping & Giant Bio Surged, Marubi & Jahwa Had a Strong Start

Feb cosmetics sales data shows that domestic brands were focusing on Douyin, with a particularly strong growth in skincare segment.

CMB International

China Cosmetics – Key takeaway from 6.18 cosmetic sales

Our channel checks and various news sources we monitored suggests cosmetic GMV for 6.18 campaign this year stood at a small decline and reached...

CMB International

China Consumer – From Reopening to Recovery

In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery.

CMB International

Proya Cosmetics plans to raise $200m in H-share listing, a Chinese beauty group specializing in skincare and makeup products.