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/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (1850960D CH)</a> is looking to raise US$187m in its Hong Kong IPO.</li>
<li>Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Bloks Group IPO Trading - Strongest HK IPO Demand in Recent Years

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (1850960D CH)</a> is looking to raise US$187m in its Hong Kong IPO.</li>
<li>Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.</li>
<li>In our previous notes, we looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.</li>
</ul>



Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
In our previous notes, we looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.


Bloks Group IPO - Outgrowing Its Peers, Decent Valuation

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-dongxiang-group-co" target="_blank" data-smartkarma-citation="entities:1068:1" rel="noopener">China Dongxiang (3818 HK)</a> turned around in 1H FY25 as it reported a net profit of Rmb137m, vs. losses of Rmb410m a year ago. Interim DPS increased 92.7% YoY.</li>
<li>Investment gain is the key driver, reaching Rmb171m in the period, compared with losses of Rmb497m previously. Most investment categories contributed positively. </li>
<li>CDNX trades on a 76.9% discount to its SOTP value and a P/B of just 0.22x. Net cash amounted to Rmb3.2bn, or 58.3% more than its market capitalisation. </li>
</ul>



China Dongxiang (3818 HK) turned around in 1H FY25 as it reported a net profit of Rmb137m, vs. losses of Rmb410m a year ago. Interim DPS increased 92.7% YoY.
Investment gain is the key driver, reaching Rmb171m in the period, compared with losses of Rmb497m previously. Most investment categories contributed positively. 
CDNX trades on a 76.9% discount to its SOTP value and a P/B of just 0.22x. Net cash amounted to Rmb3.2bn, or 58.3% more than its market capitalisation. 


China Dongxiang (3818 HK): Investment Gain Remains the Driver

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings </a>(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Eternal Beauty Holdings (EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
In this note, we talk about the not-so-positive aspects of the deal.


Eternal Beauty Pre-IPO - The Negatives - Core Offering Hasn’t Been Growing

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>HSCI index has seen an outperformance of the consumer discretionary sector since the stimulus announcement while materials and energy sectors have lagged.</li>
<li>
<a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart International Group L (9992 HK)</a> announced a blow out 3Q24 revenue number with international revenue up by over 400%. DB raised the its target price to $88.
</li>
<li>
<a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a> was maintained a BUY by Huatai, raising its target price to $28.81.   JP Morgan maintained  OVERWEIGHT on <a href="https://www.smartkarma.com/entities/new-oriental-education-techn" target="_blank" data-smartkarma-citation="entities:32210:1" rel="noopener">New Oriental Education &amp; Technology (9901 HK).</a>
</li>
</ul>


HSCI index has seen an outperformance of the consumer discretionary sector since the stimulus announcement while materials and energy sectors have lagged.

Pop Mart International Group L (9992 HK) announced a blow out 3Q24 revenue number with international revenue up by over 400%. DB raised the its target price to $88.


Citic Securities (H) (6030 HK) was maintained a BUY by Huatai, raising its target price to $28.81.   JP Morgan maintained  OVERWEIGHT on New Oriental Education &amp; Technology (9901 HK).



BUY/SELL/HOLD: Hong Kong Stock Updates (October 30)

Hong Kong

Topsports International Holdings Limited is a leading sportswear retailer primarily engaged in the trading of sports shoes and apparel, and the distribution of international brands such as Nike, Adidas, and Puma. The company also leases commercial spaces for concessionaire sales and operates in the esports sector. It was founded in 1999 and is headquartered in Kwai Chung, Hong Kong.

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Topsports International (6110 HK)

Bloks Group IPO Trading - Strongest HK IPO Demand in Recent Years

Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

Bloks Group IPO - Outgrowing Its Peers, Decent Valuation

Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO. In this note, we undertake a peer comparison and discuss our thoughts...

Clarence Chu

China Dongxiang (3818 HK): Investment Gain Remains the Driver

China Dongxiang turned around in 1H FY25 with a net profit of Rmb137m, driven by investment gains. CDNX trades at a significant discount to its...

Osbert Tang, CFA

Eternal Beauty Pre-IPO - The Negatives - Core Offering Hasn’t Been Growing

Eternal Beauty Holdings (EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

BUY/SELL/HOLD: Hong Kong Stock Updates (October 30)

The consumer discretionary sector shows increased momentum in Hong Kong. Pop Mart beat on 3Q revenue with 440% growth in revenue outside China....

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bloks Group IPO Trading - Strongest HK IPO Demand in Recent Years

Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

Bloks Group IPO - Outgrowing Its Peers, Decent Valuation

Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO. In this note, we undertake a peer comparison and discuss our thoughts...

Clarence Chu

China Dongxiang (3818 HK): Investment Gain Remains the Driver

​China Dongxiang turned around in 1H FY25 with a net profit of Rmb137m, driven by investment gains. CDNX trades at a significant discount to its...

Osbert Tang, CFA

Eternal Beauty Pre-IPO - The Negatives - Core Offering Hasn’t Been Growing

Eternal Beauty Holdings (EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

BUY/SELL/HOLD: Hong Kong Stock Updates (October 30)

The consumer discretionary sector shows increased momentum in Hong Kong. Pop Mart beat on 3Q revenue with 440% growth in revenue outside China....

David Mudd

China Dongxiang turned around in 1H FY25 with a net profit of Rmb137m, driven by investment gains. CDNX trades at a significant discount to its...