APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Webtoon Entertainment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> is looking to raise up to US$500m in its US IPO.</li>
<li>Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO.
Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
In this note, we talk about the not-so-positive aspects of the deal.


Webtoon Entertainment Pre-IPO - The Negatives - Korea Revenue Declined, JP Acquisition to the Rescue

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> is looking to raise up to US$500m in its US IPO.</li>
<li>Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content. </li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO.
Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content. 
In this note, we talk about the positive aspects of the deal.


Webtoon Entertainment Pre-IPO - The Positives - Just Turned Profitable

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Today, the Financial Services Commission of Korea announced treasury stock rule improvements: (1) No new share allocation to treasury shares during equity spinoffs. (2) Strengthened disclosure requirements.</li>
<li>No mandatory cancellation may disappoint the market. Nevertheless, the decision not to issue new shares during equity spinoffs amplifies the volume targeted during subsequent tender offers, potentially intensifying price impacts.</li>
<li>Also, enhanced disclosure for treasury stocks, especially for companies with over 10% holdings, may trigger significant trading events based on pre-information about holdings and disposals.</li>
</ul>


Today, the Financial Services Commission of Korea announced treasury stock rule improvements: (1) No new share allocation to treasury shares during equity spinoffs. (2) Strengthened disclosure requirements.
No mandatory cancellation may disappoint the market. Nevertheless, the decision not to issue new shares during equity spinoffs amplifies the volume targeted during subsequent tender offers, potentially intensifying price impacts.
Also, enhanced disclosure for treasury stocks, especially for companies with over 10% holdings, may trigger significant trading events based on pre-information about holdings and disposals.


Korean FSC's Official Disclosure of New Treasury Share Regulations & Potential Trading Dynamics

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (450080 KS)</a> raised around US$320m in its Korean IPO, after pricing the deal at KRW36,200/share. Its six-month IPO lockup will expire on 17th May 2024.</li>
<li>Ecopro Materials (EPM) manufactures and sells high-nickel precursors, one of the key materials for high-nickel cathode materials for secondary (rechargeable) batteries.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



EcoPro Materials (450080 KS) raised around US$320m in its Korean IPO, after pricing the deal at KRW36,200/share. Its six-month IPO lockup will expire on 17th May 2024.
Ecopro Materials (EPM) manufactures and sells high-nickel precursors, one of the key materials for high-nickel cathode materials for secondary (rechargeable) batteries.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Ecopro Materials Lockup Expiry - US$1.5bn Lock-Up Expiry, Can Expect Selling Pressure

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Some of the Corporate Value Up program's initial guidelines proposed by the Financial Services Commission (FSC) were announced today.</li>
<li>Overall, the initial guidelines were <strong>disappointing</strong> mainly because they lacked concrete figures with regards to tax incentives for companies that make significant improvements to their corporate governance.</li>
<li>More concrete measures announced today included recommendations for overlapping parent company listing (split listing) and disclosure recommendations for the majority shareholder's profit transfer to an unlisted private company (tunneling).</li>
</ul>


Some of the Corporate Value Up program's initial guidelines proposed by the Financial Services Commission (FSC) were announced today.
Overall, the initial guidelines were disappointing mainly because they lacked concrete figures with regards to tax incentives for companies that make significant improvements to their corporate governance.
More concrete measures announced today included recommendations for overlapping parent company listing (split listing) and disclosure recommendations for the majority shareholder's profit transfer to an unlisted private company (tunneling).


Corporate Value Up Program Guidelines Proposed by the FSC - Disappointing & Needs Improvement

South Korea

Samsung C&T Corporation conducts diversified business support services and resort operation activities. The Company offers a range of services in areas including clothing retail, construction, energy, real estate, food service, and resort accommodations. Samsung C&T also operates a resort with amusement rides, a zoo, water park, golf clubs, and restaurants.

Price Gauge
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Samsung C&T (028260 KS)

Webtoon Entertainment Pre-IPO - The Negatives - Korea Revenue Declined, JP Acquisition to the Rescue

Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO. In this note, we talk about the not-so-positive aspects of the deal.

Ethan Aw

Webtoon Entertainment Pre-IPO - The Positives - Just Turned Profitable

Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO. In this note, we talk about the positive aspects of the deal.

Ethan Aw

Ecopro Materials Lockup Expiry - US$1.5bn Lock-Up Expiry, Can Expect Selling Pressure

EcoPro Materials (450080 KS) raised around US$320m in its Korean IPO, after pricing the deal at KRW36,200/share. Its six-month IPO lockup will...

Ethan Aw

Corporate Value Up Program Guidelines Proposed by the FSC - Disappointing & Needs Improvement

Some of the Corporate Value Up program's initial guidelines proposed by the Financial Services Commission (FSC) were announced today. Overall, the...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Webtoon Entertainment Pre-IPO - The Negatives - Korea Revenue Declined, JP Acquisition to the Rescue

Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO. In this note, we talk about the not-so-positive aspects of the deal.

Ethan Aw

Webtoon Entertainment Pre-IPO - The Positives - Just Turned Profitable

Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO. In this note, we talk about the positive aspects of the deal.

Ethan Aw

Korean FSC's Official Disclosure of New Treasury Share Regulations & Potential Trading Dynamics

Korea FSC announced today that it will issue a legislative change notice regarding the Capital Markets Act amendment, following the January...

Sanghyun Park

Ecopro Materials Lockup Expiry - US$1.5bn Lock-Up Expiry, Can Expect Selling Pressure

EcoPro Materials (450080 KS) raised around US$320m in its Korean IPO, after pricing the deal at KRW36,200/share. Its six-month IPO lockup will...

Ethan Aw

Corporate Value Up Program Guidelines Proposed by the FSC - Disappointing & Needs Improvement

Some of the Corporate Value Up program's initial guidelines proposed by the Financial Services Commission (FSC) were announced today. Overall, the...

Douglas Kim