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

LG Energy Solution / 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>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> saw strong retail demand for its mega US$10bn+ IPO.</li>
<li>Other IPO markets (ex-Korea) are starting to show signs of life. There were no major placements this week.</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.

LG Energy Solution (373220 KS) saw strong retail demand for its mega US$10bn+ IPO.
Other IPO markets (ex-Korea) are starting to show signs of life. There were no major placements this week.


ECM Weekly (23rd Jan 2022) - Hyundai Engineering, KakaoBank, Wanda, AInnovation, Cloudr, LG Energy

Wanda Commercial Management Group / Equity Capital Markets

<ul>
<li>Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.</li>
<li>WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.
WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.
In this note, we will talk about the not so positive aspects of the deal.


Wanda Commercial Management Pre-IPO - The Negatives - Parents Leverage Status Will Be an Overhang

<ul>
<li>Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.</li>
<li>WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.
WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.
In this note, we will talk about the positive aspects of the deal.


Wanda Commercial Management Group Pre-IPO - The Positives - Aiming for One of HK's Largest 2022 IPOs

Sunac China Holdings / Equity Capital Markets

<ul>
<li>Sunac is looking to raise around US$500m via a top-up placement.</li>
<li>The company last raised cash in Nov 21 when it undertook a top-up placement worth US$500m and raised another US$270m via  selldown in Sunac Services.</li>
<li>That deal didn’t end up doing well and this deal as well won’t move the needle much, in terms of bringing down debt.</li>
</ul>


Sunac is looking to raise around US$500m via a top-up placement.
The company last raised cash in Nov 21 when it undertook a top-up placement worth US$500m and raised another US$270m via  selldown in Sunac Services.
That deal didn’t end up doing well and this deal as well won’t move the needle much, in terms of bringing down debt.


Sunac China Placement - Previous Deal Didn’t Do Much, This Won’t Move the Needle Either

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Less than a week after <a href="https://www.smartkarma.com/entities/china-evergrande-group" target="_blank" data-smartkarma-citation="entities:479:1" rel="noopener">Evergrande (3333 HK)</a> and <a href="https://www.smartkarma.com/entities/kaisa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:169:1" rel="noopener">Kaisa (1638 HK)</a> were officially declared defaulters,  <a href="https://www.smartkarma.com/entities/shimao-property-holdings-limited" target="_blank" data-smartkarma-citation="entities:8375:1" rel="noopener">Shimao Property (813 HK)</a>'s bonds and shares plunged, as did <a href="https://www.smartkarma.com/entities/shimao-services-holdings-limited" target="_blank" data-smartkarma-citation="entities:29199:1" rel="noopener">Shimao Services (873 HK)</a>'s shares. </li>
<li>
<a href="https://www.smartkarma.com/entities/sunac-services-holdings" target="_blank" data-smartkarma-citation="entities:29239:1" rel="noopener">Sunac Services (1516 HK)</a> is the second-worst worst performing property services play over the past week/month.  Separately, parent <a href="https://www.smartkarma.com/entities/sunac-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:240:1" rel="noopener">Sunac (1918 HK)</a> recently sold &gt;US$1bn of <a href="https://www.smartkarma.com/entities/xinjiang-beiken-energy-eng-a" target="_blank" data-smartkarma-citation="entities:29381:1" rel="noopener">Beiken Energy (002828 CH)</a> shares. </li>
<li>
<a href="https://www.smartkarma.com/entities/first-service-holding-ltd" target="_blank" data-smartkarma-citation="entities:34884:1" rel="noopener">First Service (2107 HK)</a>'s long stop date for the share transfer agreements expire at month-end. This may not be the ideal time to second-guess whether Sunac agrees to an extension. </li>
</ul>


Less than a week after Evergrande (3333 HK) and Kaisa (1638 HK) were officially declared defaulters,  Shimao Property (813 HK)'s bonds and shares plunged, as did Shimao Services (873 HK)'s shares. 

Sunac Services (1516 HK) is the second-worst worst performing property services play over the past week/month.  Separately, parent Sunac (1918 HK) recently sold &gt;US$1bn of Beiken Energy (002828 CH) shares. 

First Service (2107 HK)'s long stop date for the share transfer agreements expire at month-end. This may not be the ideal time to second-guess whether Sunac agrees to an extension. 


First Service (2107 HK): Too Hot To Handle

China

Sunac Services Holdings Limited provides property management service. The Company offers property management services including security, cleaning, greening, gardening, and repair and maintenance services for the operation of common area facilities. Sunac Services Holdings also offers real estate brokerage, property interior decoration, and community living services.

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Sunac Services Holdings (1516 HK)

ECM Weekly (23rd Jan 2022) - Hyundai Engineering, KakaoBank, Wanda, AInnovation, Cloudr, LG Energy

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

Wanda Commercial Management Pre-IPO - The Negatives - Parents Leverage Status Will Be an Overhang

Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO. In this note, we talk about the not so...

Sumeet Singh

Wanda Commercial Management Group Pre-IPO - The Positives - Aiming for One of HK's Largest 2022 IPOs

Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO. In this note, we talk about the positive...

Sumeet Singh

Sunac China Placement - Previous Deal Didn’t Do Much, This Won’t Move the Needle Either

Sunac is looking to raise around US$500m via a top-up placement. In this note, we will run the deal through our ECM Framework.

Sumeet Singh

First Service (2107 HK): Too Hot To Handle

I expect these share transfer agreements to be extended, if need be, and the spread to tighten once completed. But that outcome is by no means...

David Blennerhassett

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