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

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<li>
<a href="https://www.smartkarma.com/entities/gushengtang-cayman-ltd" target="_blank" data-smartkarma-citation="entities:33503:1" rel="noopener">Gushengtang (GUS HK)</a> is looking to raise US$150m in its Hong Kong IPO.</li>
<li>Gushengtang is a traditional chinese medicine (TCM) healthcare service provider in China. It provides TCM healthcare services and products via its offline medical institutions and online healthcare platforms.</li>
<li>As of the LPD, the firm provided services to customers across 31 provinces via its medical service network, and had 19,203 physicians practicing as of Jun 2021.</li>
</ul>



Gushengtang (GUS HK) is looking to raise US$150m in its Hong Kong IPO.
Gushengtang is a traditional chinese medicine (TCM) healthcare service provider in China. It provides TCM healthcare services and products via its offline medical institutions and online healthcare platforms.
As of the LPD, the firm provided services to customers across 31 provinces via its medical service network, and had 19,203 physicians practicing as of Jun 2021.


Gushengtang Pre-IPO - The Negatives - Small Player in a Fragmented Market

Gushengtang Pre-IPO - The Positives - Resilient Financials and Could Ride on Industry Tailwind

<a href="https://www.smartkarma.com/entities/kk-technology" target="_blank" data-smartkarma-citation="entities:34979:1" rel="noopener">KK Technology (KK HK)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and Credit Suisse. KK Technology is a specialty retailer operating under its core brands KKV, The COLORIST, X11 and KK Guan. As per Frost &amp; Sullivan, the firm is one of the top three specialty retailers by GMV in 2020 and the fastest-growing specialty retailer among the top 10 players in China. As of the Latest Practicable Date (LPD, 31 Oct 2021), the firm has 680 stores under its network, covering 169 cities in 31 provinces in China, and one city in Indonesia.

KK Technology (KK HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and Credit Suisse. KK Technology is a specialty retailer operating under its core brands KKV, The COLORIST, X11 and KK Guan. As per Frost &amp; Sullivan, the firm is one of the top three specialty retailers by GMV in 2020 and the fastest-growing specialty retailer among the top 10 players in China. As of the Latest Practicable Date (LPD, 31 Oct 2021), the firm has 680 stores under its network, covering 169 cities in 31 provinces in China, and one city in Indonesia.

<a href="https://www.smartkarma.com/entities/uju-holding" target="_blank" data-smartkarma-citation="entities:34824:1" rel="noopener">Uju Holding (1948 HK)</a> raised around US$103m after pricing its IPO at HKD6.70/share, at the bottom end of the IPO price range.Uju Holding is a one-stop cross media online marketing solutions provider that works with media partners to market its advertiser customer’s products and/or services. In this note, we will look at deal dynamics, and discuss its current valuation against peers. Our previous coverage on the IPO:<ul>
<li><a href="https://www.smartkarma.com/insights/uju-holding-ipo-margin-compression-looks-to-persist" target="_blank" data-smartkarma-citation="insights:59644" rel="noopener">Uju Holding IPO - Margin Compression Looks to Persist</a></li>
<li><a href="https://www.smartkarma.com/insights/uju-holding-ipo-asking-valuation-is-a-stretch" target="_blank" data-smartkarma-citation="insights:59668" rel="noopener">Uju Holding IPO - Asking Valuation Is a Stretch</a></li>
</ul>

Uju Holding (1948 HK) raised around US$103m after pricing its IPO at HKD6.70/share, at the bottom end of the IPO price range.Uju Holding is a one-stop cross media online marketing solutions provider that works with media partners to market its advertiser customer’s products and/or services. In this note, we will look at deal dynamics, and discuss its current valuation against peers. Our previous coverage on the IPO:
Uju Holding IPO - Margin Compression Looks to Persist
Uju Holding IPO - Asking Valuation Is a Stretch


Uju Holding IPO Trading - Downside Seems Imminent

Quwan Holding Limited / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/quwan-holding-limited" target="_blank" data-smartkarma-citation="entities:34883:1" rel="noopener">Quwan Holding Limited (1478079D CH)</a> is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by Goldman Sachs, CICC, and Jefferies. Quwan Network is a gaming-centric mobile social platform provider that operates primarily via its mobile app, TT Chat. According to Frost &amp; Sullivan (F&amp;S), the firm was the largest voice-based mobile social platform and the largest gamer-centric mobile social platform in China in terms of average MAUs in the first half of 2021. In 1H21, the firm had 16.2m average MAUs, and users spent approximately 158 minutes a day in voice chat rooms where on average, 850,000 of them are initiated per day.

Quwan Holding Limited (1478079D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by Goldman Sachs, CICC, and Jefferies. Quwan Network is a gaming-centric mobile social platform provider that operates primarily via its mobile app, TT Chat. According to Frost &amp; Sullivan (F&amp;S), the firm was the largest voice-based mobile social platform and the largest gamer-centric mobile social platform in China in terms of average MAUs in the first half of 2021. In 1H21, the firm had 16.2m average MAUs, and users spent approximately 158 minutes a day in voice chat rooms where on average, 850,000 of them are initiated per day.

Hong Kong

Tam Jai International is a fast-casual restaurant chain based in Hong Kong, specializing in Yunnan-style rice noodles (mixian) through its "TamJai Yunnan Mixian" and "TamJai SamGor Mixian" brands. The company offers customizable noodle dishes with various soup bases and toppings, and also operates Japanese dining brands Marugame Seimen and Yakiniku Yamagyu under franchise in Hong Kong. It was founded in 1996 and is headquartered in Cheung Sha Wan, Hong Kong.

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Tam Jai International (2217 HK)

Gushengtang Pre-IPO - The Negatives - Small Player in a Fragmented Market

Gushengtang (GUS HK) is looking to raise US$150m in its Hong Kong IPO. The firm provides TCM healthcare services and products via its offline...

Clarence Chu

Gushengtang Pre-IPO - The Positives - Resilient Financials and Could Ride on Industry Tailwind

Gushengtang (GUS HK) is looking to raise US$150m in its Hong Kong IPO. The firm is a traditional chinese medicine (TCM) healthcare service provider...

Clarence Chu

KK Technology Pre-IPO Tearsheet

KK Technology (KK HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and Credit Suisse.

Clarence Chu

Uju Holding IPO Trading - Downside Seems Imminent

Uju Holding (1948 HK) raised around US$106m after pricing its IPO at HKD6.90/share, at the bottom end of the IPO price range.

Clarence Chu

Quwan Holding Limited Pre-IPO Tearsheet

Quwan Holding Limited (1478079D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by Goldman Sachs, CICC,...

Clarence Chu

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