HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Auntea Jenny (Shanghai) Industrial / Equity Capital Markets

<ul>
<li>Like peers, we saw the performance growth slowdown of Auntea Jenny in 2024, mainly due to industry slowdown and intensified competition. Auntea Jenny does not have advantage in lower-tier markets.</li>
<li>Auntea Jenny relies on third-party suppliers, with insufficient cold chain coverage, resulting in weak cost control.It’s difficult to maintain the current profit margin level. Franchisees may be forced to quit.</li>
<li>Valuation of Auntea Jenny should be lower than Guming and MIXUE. Considering the weak fundamentals and uncertain outlook, it is already good if valuation could be similar to <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Baicha Baidao</a>.</li>
</ul>


Like peers, we saw the performance growth slowdown of Auntea Jenny in 2024, mainly due to industry slowdown and intensified competition. Auntea Jenny does not have advantage in lower-tier markets.
Auntea Jenny relies on third-party suppliers, with insufficient cold chain coverage, resulting in weak cost control.It’s difficult to maintain the current profit margin level. Franchisees may be forced to quit.
Valuation of Auntea Jenny should be lower than Guming and MIXUE. Considering the weak fundamentals and uncertain outlook, it is already good if valuation could be similar to Baicha Baidao.


Pre-IPO Auntea Jenny (Shanghai) Industrial (PHIP Updates) - Some Points Worth the Attention

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Negligible float, highly manipulatable, 150x+ forward earnings - yes, investors can afford NOT to have <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> in their portfolio.</li>
<li>
<a href="https://www.smartkarma.com/entities/hongkong-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15465:1" rel="noopener">Hongkong Land (HKL SP)</a> stamps its "recycling capital" motto and sells nine floors of One Exchange Square to <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> for HK$6.3bn (US$810mn).</li>
<li>
<a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>asks <a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea Mitsumi (6479 JP)</a> whether they intend to change the consideration terms. Minebea says it is "proceeding with its consideration". </li>
</ul>


Negligible float, highly manipulatable, 150x+ forward earnings - yes, investors can afford NOT to have GMO Internet (4784 JP) in their portfolio.

Hongkong Land (HKL SP) stamps its "recycling capital" motto and sells nine floors of One Exchange Square to HKEX (388 HK) for HK$6.3bn (US$810mn).

Shibaura Electronics (6957 JP)asks Minebea Mitsumi (6479 JP) whether they intend to change the consideration terms. Minebea says it is "proceeding with its consideration". 


Last Week in Event SPACE: GMO Internet, Hongkong Land, Shibaura Electronics, Millennium & Copthorne

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (WAAREEEN IN)</a> raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Waaree Energies (WAAREEEN IN) raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.
Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.
In this note, we will talk about the lockup dynamics and possible placement.


Waaree Energies IPO Lockup - Lots of Individual Shareholders Own over US$2bn Worth of Stock

<ul>
<li>Chagee may think that US IPO will help it gain greater imagination space/higher valuation. Although the tariff war is “a big surprise”, conservative IPO pricing still secure a good debut.</li>
<li>If Chagee can successfully achieve internationalization and reverse the trend of declining performance, its market value could reach US$10.9 billion. However, Chinese concept stocks would still face valuation discounts.</li>
<li>If same store GMV fails to stabilize, or overseas market penetration is lower-than-expected, or conflict between China and the US escalates, share price would face correction, with valuation falling below Starbucks.</li>
</ul>


Chagee may think that US IPO will help it gain greater imagination space/higher valuation. Although the tariff war is “a big surprise”, conservative IPO pricing still secure a good debut.
If Chagee can successfully achieve internationalization and reverse the trend of declining performance, its market value could reach US$10.9 billion. However, Chinese concept stocks would still face valuation discounts.
If same store GMV fails to stabilize, or overseas market penetration is lower-than-expected, or conflict between China and the US escalates, share price would face correction, with valuation falling below Starbucks.


Chagee Holdings - Thoughts on the IPO Debut and the Valuation Outlook

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chagee-holdings-limited" target="_blank" data-smartkarma-citation="entities:45011:1" rel="noopener">Chagee Holdings (CHA US)</a>  raised around US$411m in its US IPO, after pricing the deal at the top of the range at US$28/share. </li>
<li>Chagee (CG) is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.</li>
<li>In this note, we talk about the trading dynamics and added a new peer to compare with  </li>
</ul>



Chagee Holdings (CHA US)  raised around US$411m in its US IPO, after pricing the deal at the top of the range at US$28/share. 
Chagee (CG) is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
In this note, we talk about the trading dynamics and added a new peer to compare with  


Chagee IPO Trading: Delisting Overhang but Much Cheaper than Peers

Hong Kong

Sichuan Baicha Baidao Industrial Co., Ltd. manufactures and distributes tea drink products. The Company produces seasonal tea drinks, local tea, and other products. Sichuan Baicha Baidao Industrial also offers enterprise management, supply chain management, and other services.

Sichuan Baicha Baidao Industrial (2555 HK)

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Sichuan Baicha Baidao Industrial (2555 HK)

Pre-IPO Auntea Jenny (Shanghai) Industrial (PHIP Updates) - Some Points Worth the Attention

The sharp rise of Auntea Jenny on its IPO debut reflects investors' confidence in its growth potential in China's lower-tier markets. But high...

Xinyao (Criss) Wang

Last Week in Event SPACE: GMO Internet, Hongkong Land, Shibaura Electronics, Millennium & Copthorne

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Waaree Energies IPO Lockup - Lots of Individual Shareholders Own over US$2bn Worth of Stock

Waaree Energies (WAAREEEN IN) raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Chagee Holdings - Thoughts on the IPO Debut and the Valuation Outlook

Chagee aims for US IPO to boost valuation, but tariff war is a big surprise.Market value may reach $10.8bn if internationalization succeeds, but...

Xinyao (Criss) Wang

Chagee IPO Trading: Delisting Overhang but Much Cheaper than Peers

Chagee raised around US$411m in its US IPO, after pricing the deal at the top of the range at US$28/share. In this note, we talk about the trading...

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Auntea Jenny (Shanghai) Industrial (PHIP Updates) - Some Points Worth the Attention

The sharp rise of Auntea Jenny on its IPO debut reflects investors' confidence in its growth potential in China's lower-tier markets. But high...

Xinyao (Criss) Wang

Last Week in Event SPACE: GMO Internet, Hongkong Land, Shibaura Electronics, Millennium & Copthorne

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Waaree Energies IPO Lockup - Lots of Individual Shareholders Own over US$2bn Worth of Stock

Waaree Energies (WAAREEEN IN) raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Chagee Holdings - Thoughts on the IPO Debut and the Valuation Outlook

​Chagee aims for US IPO to boost valuation, but tariff war is a big surprise.Market value may reach $10.8bn if internationalization succeeds, but...

Xinyao (Criss) Wang

Chagee IPO Trading: Delisting Overhang but Much Cheaper than Peers

Chagee raised around US$411m in its US IPO, after pricing the deal at the top of the range at US$28/share. In this note, we talk about the trading...

Nicholas Tan

Chagee aims for US IPO to boost valuation, but tariff war is a big surprise.Market value may reach $10.8bn if internationalization succeeds, but...