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

Chando Global Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chando-global-limited" target="_blank" data-smartkarma-citation="entities:45909:1" rel="noopener">Chando Global Limited </a>(CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.</li>
<li>Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.
Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).
In this note, we talk about the positive aspects of the deal.


Chando Global Pre-IPO - The Positives - Well Known Brand

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Guangdong Marubi Biotechnology / Equity Capital Markets

Guangdong Marubi Biotechnology (603983 CH)

<ul>
<li>Marubi's business has formed a clear "dual-brand-driven" structure. Its business model features "brand operation + omni-channel sales". However, strong growth on revenue side contrasts with the pressure on profit side.</li>
<li>Marubi's profitability/expense control are inferior to Giant Biogene. The maturity/stability of brand matrix are not as good as those of PROYA. Marubi also lacks strong IP premium like Mao Geping.</li>
<li>Compliance risks behind performance data have directly shaken the credibility of growth. Intensified industry competition and high traffic costs further squeezed the profit space. Valuation would be lower than peers</li>
</ul>


Marubi's business has formed a clear "dual-brand-driven" structure. Its business model features "brand operation + omni-channel sales". However, strong growth on revenue side contrasts with the pressure on profit side.
Marubi's profitability/expense control are inferior to Giant Biogene. The maturity/stability of brand matrix are not as good as those of PROYA. Marubi also lacks strong IP premium like Mao Geping.
Compliance risks behind performance data have directly shaken the credibility of growth. Intensified industry competition and high traffic costs further squeezed the profit space. Valuation would be lower than peers


Pre-IPO Guangdong Marubi Biotechnology (A/H Listing) - The Pain Points and the Outlook

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

DZT Research

DZT 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 analyze the 4Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 4Q2025 were US$1,590 million and holdings were US$368 billion.</li>
<li>We highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI POWER, WEICHAI POWER, WUXI APPTEC, WUXI APPTEC, BYD, CMB, Mindray, EAST MONEY INFORMATION.</li>
</ul>


We analyze the 4Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 4Q2025 were US$1,590 million and holdings were US$368 billion.
We highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI POWER, WEICHAI POWER, WUXI APPTEC, WUXI APPTEC, BYD, CMB, Mindray, EAST MONEY INFORMATION.


Northbound Flows (4Q2025): CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision

<ul>
<li>Since listing, PROYA's revenue has maintained double-digit growth rate. But in 2025, PROYA lost its momentum. While core brand PROYA was struggling, the multi-brand matrix failed to turn the tide.</li>
<li>The competition for traffic among major brands is becoming increasingly fierce, and the cost of acquiring customers is rising, which has led to the high and growing expenses of PROYA.</li>
<li>Considering PROYA’s current situation of slowing growth, a certain valuation discount may occur. The reasonable P/E ratio range could be 20-25x, lower than peers such as <a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd-41b64ec7-42e1-4d89-9424-b63b5ba53ea4" target="_blank" data-smartkarma-citation="entities:1521:1" rel="noopener">Mao Geping</a>, <a href="https://www.smartkarma.com/entities/shanghai-chicmax-cosmetic-co-ltd" target="_blank" data-smartkarma-citation="entities:35503:1" rel="noopener">Chicmax.</a>
</li>
</ul>


Since listing, PROYA's revenue has maintained double-digit growth rate. But in 2025, PROYA lost its momentum. While core brand PROYA was struggling, the multi-brand matrix failed to turn the tide.
The competition for traffic among major brands is becoming increasingly fierce, and the cost of acquiring customers is rising, which has led to the high and growing expenses of PROYA.
Considering PROYA’s current situation of slowing growth, a certain valuation discount may occur. The reasonable P/E ratio range could be 20-25x, lower than peers such as Mao Geping, Chicmax.



Pre-IPO Proya Cosmetics (A/H Listing)- The Downward Trend in Performance May Be Difficult to Reverse

Chando Global Holding / Equity Capital Markets

<ul>
<li>Revenue growth is just at the industry level and the growth rate is lower than the CAGR of market size of domestic brands. So, CHANDO is not a fast-growing company.</li>
<li>Profit margin is disappointing due to high selling and marketing costs. Net profit fluctuated. This reflects that CHANDO’s profit model is not yet stable, with relatively weak risk resistance capacity</li>
<li>Due to lower performance growth and profit margin, we think valuation of CHANDO would be lower than peers such as <a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene</a>, <a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd-41b64ec7-42e1-4d89-9424-b63b5ba53ea4" target="_blank" data-smartkarma-citation="entities:1521:1" rel="noopener">Mao Geping</a>, <a href="https://www.smartkarma.com/entities/shanghai-chicmax-cosmetic-co-ltd" target="_blank" data-smartkarma-citation="entities:35503:1" rel="noopener">Chicmax </a>in Hong Kong market. </li>
</ul>


Revenue growth is just at the industry level and the growth rate is lower than the CAGR of market size of domestic brands. So, CHANDO is not a fast-growing company.
Profit margin is disappointing due to high selling and marketing costs. Net profit fluctuated. This reflects that CHANDO’s profit model is not yet stable, with relatively weak risk resistance capacity
Due to lower performance growth and profit margin, we think valuation of CHANDO would be lower than peers such as Giant Biogene, Mao Geping, Chicmax in Hong Kong market. 


Pre-IPO Chando Global Holding - Low Growth and Profitability Are Pain Points

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)

Chando Global Pre-IPO - The Positives - Well Known Brand

Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Pre-IPO Guangdong Marubi Biotechnology (A/H Listing) - The Pain Points and the Outlook

Marubi's dual-brand-driven structure with brand operation+omni-channel sales face profit pressure due to inferior cost control.Compliance risk...

Xinyao (Criss) Wang

Northbound Flows (4Q2025): CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision

We analyzed Northbound connect data for 4Q2025 and highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI...

Ke Yan, CFA, FRM

Pre-IPO Proya Cosmetics (A/H Listing)- The Downward Trend in Performance May Be Difficult to Reverse

PROYA's growth slowed in 2025 due to revenue slowdown of core brand, intense competition, rising customer acquisition cost, thus leading to...

Xinyao (Criss) Wang

Pre-IPO Chando Global Holding - Low Growth and Profitability Are Pain Points

CHANDO's slow revenue growth and low profit margin suggest lower valuation compared to peers in the Hong Kong market. CHANDO’s profit model is not...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chando Global Pre-IPO - The Positives - Well Known Brand

Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Pre-IPO Guangdong Marubi Biotechnology (A/H Listing) - The Pain Points and the Outlook

​Marubi's dual-brand-driven structure with brand operation+omni-channel sales face profit pressure due to inferior cost control.Compliance risk...

Xinyao (Criss) Wang

Northbound Flows (4Q2025): CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision

We analyzed Northbound connect data for 4Q2025 and highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI...

Ke Yan, CFA, FRM

Pre-IPO Proya Cosmetics (A/H Listing)- The Downward Trend in Performance May Be Difficult to Reverse

​PROYA's growth slowed in 2025 due to revenue slowdown of core brand, intense competition, rising customer acquisition cost, thus leading to...

Xinyao (Criss) Wang

Pre-IPO Chando Global Holding - Low Growth and Profitability Are Pain Points

​CHANDO's slow revenue growth and low profit margin suggest lower valuation compared to peers in the Hong Kong market. CHANDO’s profit model is not...

Xinyao (Criss) Wang

Marubi's dual-brand-driven structure with brand operation+omni-channel sales face profit pressure due to inferior cost control.Compliance risk...

PROYA's growth slowed in 2025 due to revenue slowdown of core brand, intense competition, rising customer acquisition cost, thus leading to...

CHANDO's slow revenue growth and low profit margin suggest lower valuation compared to peers in the Hong Kong market. CHANDO’s profit model is not...