APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shouhui-tech-limited" target="_blank" data-smartkarma-citation="entities:40679:1" rel="noopener">Shouhui Tech (SHOU HK)</a> is looking to raise around US$200m in its upcoming Hong Kong IPO. The bookrunners on the deal are CICC, and Huatai International.</li>
<li>Shouhui Tech (Shouhui) is an online life and health insurance intermediary service provider in China.</li>
<li>According to F&amp;S, Shouhui was the third largest online insurance intermediary in China in terms of GWPs of long-term life and health insurance in 2022, with a 7.1% market share. </li>
</ul>



Shouhui Tech (SHOU HK) is looking to raise around US$200m in its upcoming Hong Kong IPO. The bookrunners on the deal are CICC, and Huatai International.
Shouhui Tech (Shouhui) is an online life and health insurance intermediary service provider in China.
According to F&amp;S, Shouhui was the third largest online insurance intermediary in China in terms of GWPs of long-term life and health insurance in 2022, with a 7.1% market share. 


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The essence of Shouhui's business model is to "sell insurance" rather than provide services with technological attributes. So, Shouhui has relatively single business composition and lacks diversified sources of revenue.</li>
<li>The trend of "disintermediation" is becoming increasingly evident, which may lead to customers deciding to purchase insurance directly from insurance companies not from Shouhui, resulting declining demand for Shouhui’s services/products.</li>
<li>The business nature of insurance is incompatible with the Internet's pursuit of rapid expansion. Cooling "Internet +insurance" investment in recent years proves the decline of market's enthusiasm for this business.</li>
</ul>


The essence of Shouhui's business model is to "sell insurance" rather than provide services with technological attributes. So, Shouhui has relatively single business composition and lacks diversified sources of revenue.
The trend of "disintermediation" is becoming increasingly evident, which may lead to customers deciding to purchase insurance directly from insurance companies not from Shouhui, resulting declining demand for Shouhui’s services/products.
The business nature of insurance is incompatible with the Internet's pursuit of rapid expansion. Cooling "Internet +insurance" investment in recent years proves the decline of market's enthusiasm for this business.


Pre-IPO Shouhui Tech - The Business Outlook and Stock Price Performance Are Not Optimistic

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Anta Sports Products / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> was priced below its range, while <a href="https://www.smartkarma.com/entities/thai-credit-bank-pcl" target="_blank" data-smartkarma-citation="entities:40192:1" rel="noopener">Thai Credit Bank PCL</a>, managed to get enough support to pull thru. </li>
<li>Given the earnings season, there weren't many placement apart from <a href="https://www.smartkarma.com/entities/indus-towers-ltd" target="_blank" data-smartkarma-citation="entities:8922:1" rel="noopener">Indus Towers (INDUSTOW IN)</a> and <a href="https://www.smartkarma.com/entities/metals-acquisition-corp-206b4b4c-e422-4777-bb84-419017ffff10" target="_blank" data-smartkarma-citation="entities:39082:1" rel="noopener">Metals Acquisition (MTAL US)</a>'s CDR offering. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Amer Sports (AS US) was priced below its range, while Thai Credit Bank PCL, managed to get enough support to pull thru. 
Given the earnings season, there weren't many placement apart from Indus Towers (INDUSTOW IN) and Metals Acquisition (MTAL US)'s CDR offering. 


ECM Weekly (4th Feb 2024) - Ola Electric, Mixue, Citicore, Amer, Thai Credit, Indus Tower, MTAL

Shouhui Tech (SHOU HK)

Shouhui Tech Pre-IPO Tearsheet

Shouhui Tech (SHOU HK) is looking to raise around US$200m in its upcoming Hong Kong IPO. The bookrunners on the deal are CICC, and Huatai...

Clarence Chu

Pre-IPO Shouhui Tech - The Business Outlook and Stock Price Performance Are Not Optimistic

As Internet giants with greater brand recognition/resources have made online insurance intermediary market a "red sea", Shouhui's outlook is full...

Xinyao (Criss) Wang

ECM Weekly (4th Feb 2024) - Ola Electric, Mixue, Citicore, Amer, Thai Credit, Indus Tower, MTAL

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh