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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cloudchain" target="_blank" data-smartkarma-citation="entities:40304:1" rel="noopener">Cloudchain (CC CH)</a> is looking to raise up to US$200m in its upcoming HK IPO. </li>
<li>Cloudchain is an independent industry digital finance platform in China, serving anchor enterprises, chain-related enterprises, and financial institutions.</li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



Cloudchain (CC CH) is looking to raise up to US$200m in its upcoming HK IPO. 
Cloudchain is an independent industry digital finance platform in China, serving anchor enterprises, chain-related enterprises, and financial institutions.
In this note, we will talk about the not-so-positive aspects of the deal.


Cloudchain Pre-IPO - The Negatives - But Still Not Convinced

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cloudchain" target="_blank" data-smartkarma-citation="entities:40304:1" rel="noopener">Cloudchain (CC CH)</a> is looking to raise up to US$200m in its upcoming HK IPO. </li>
<li>Cloudchain is an independent industry digital finance platform in China, serving anchor enterprises, chain-related enterprises, and financial institutions.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Cloudchain (CC CH) is looking to raise up to US$200m in its upcoming HK IPO. 
Cloudchain is an independent industry digital finance platform in China, serving anchor enterprises, chain-related enterprises, and financial institutions.
In this note, we will talk about the positive aspects of the deal.


Cloudchain Pre-IPO - The Positives - Turned Profitable Recently

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Douyu International Holdings / Equity Bottom-Up

<ul><li>Douyu, a Chinese gaming livestreaming platform with Tencent as a major stakeholder, is facing challenges from competition and a stagnant market growth.</li><li>The company has cut costs and is now operating at breakeven, with a significant amount of cash in US dollars available for distribution or capital allocation.</li><li>Despite the risks associated with the stock and sector, Douyu presents a potentially attractive investment opportunity as its stock is trading at only 28% of its net cash value.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Douyu, a Chinese gaming livestreaming platform with Tencent as a major stakeholder, is facing challenges from competition and a stagnant market growth.The company has cut costs and is now operating at breakeven, with a significant amount of cash in US dollars available for distribution or capital allocation.Despite the risks associated with the stock and sector, Douyu presents a potentially attractive investment opportunity as its stock is trading at only 28% of its net cash value.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Douyu Intl Hldings Ltd -Adr (DOYU) - Sunday, Jan 14, 2024

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Tencent remains on track of margins expansion, underpinned by increased revenue contribution from high-margin businesses and operating leverage.</li><li>The company is also committed to enhancing shareholder return, with daily share repurchase amount reaching HK$1bn (c.13% of average daily turnover) since 4Q23 earning release in March.</li><li>For 1Q24E, we forecast total revenue to increase by 6% YoY to RMB158.6bn, while non-IFRS net income to grow by 31% YoY to RMB43.1bn, primarily driven by the solid GPM expansion (+c.3ppt YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent remains on track of margins expansion, underpinned by increased revenue contribution from high-margin businesses and operating leverage.The company is also committed to enhancing shareholder return, with daily share repurchase amount reaching HK$1bn (c.13% of average daily turnover) since 4Q23 earning release in March.For 1Q24E, we forecast total revenue to increase by 6% YoY to RMB158.6bn, while non-IFRS net income to grow by 31% YoY to RMB43.1bn, primarily driven by the solid GPM expansion (+c.3ppt YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent (700 HK) - Expect Solid Earnings Growth and Enhancing Shareholder Return in FY24

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Sichuan Baicha Baidao Industrial / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial</a> is looking to raise up to US$330m in its HK IPO.</li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.</li>
<li>We have looked at the company’s performance in our past note. In this note, we talk about valuations</li>
</ul>



Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO.
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.
We have looked at the company’s performance in our past note. In this note, we talk about valuations


Sichuan Baicha Baidao IPO - Doesn’t Offer a Discount to Peers

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

Cloudchain Pre-IPO - The Negatives - But Still Not Convinced

Cloudchain (CC CH) is looking to raise up to US$200m in its upcoming HK IPO. In this note, we will talk about the not-so-positive aspects of the deal.

Ethan Aw

Cloudchain Pre-IPO - The Positives - Turned Profitable Recently

Cloudchain (CC CH) is looking to raise up to US$200m in its upcoming HK IPO. In this note, we talk about the positive aspects of the deal.

Ethan Aw

Douyu Intl Hldings Ltd -Adr (DOYU) - Sunday, Jan 14, 2024

Douyu, a Chinese gaming livestreaming platform with Tencent as a major stakeholder, is facing challenges from competition and a stagnant market...

Value Investors Club (VIC)

Tencent (700 HK) - Expect Solid Earnings Growth and Enhancing Shareholder Return in FY24

Tencent remains on track of margins expansion, underpinned by increased revenue contribution from high-margin businesses and operating leverage.

CMB International

Sichuan Baicha Baidao IPO - Doesn’t Offer a Discount to Peers

Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO. In this note, we talk about valuations.

Sumeet Singh

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