IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

China Resources Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (2460 HK)</a> trades 4.0% below its IPO of HK$14.50 per share. The first six-month lock-up period expires on 22 April.</li>
<li>At the end of the first lock-up expiry, shares representing 727.1m (30.32% of outstanding) will be eligible for sale. However, there is a low risk of substantial sales.</li>
<li>The fundamentals remain good, with margin improvement, beverage’s fast-paced growth, narrowing of the margin gap with Nongfu and undemanding valuation.</li>
</ul>



China Resources Beverage (2460 HK) trades 4.0% below its IPO of HK$14.50 per share. The first six-month lock-up period expires on 22 April.
At the end of the first lock-up expiry, shares representing 727.1m (30.32% of outstanding) will be eligible for sale. However, there is a low risk of substantial sales.
The fundamentals remain good, with margin improvement, beverage’s fast-paced growth, narrowing of the margin gap with Nongfu and undemanding valuation.


CR Beverage (2460 HK): Keep Calm Heading into the Lock-Up Expiry

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

China Longyuan Power Group / Equity Bottom-Up

<ul>
<li>The H share market continues to be the top performing market in Asia in 2024.  The HSCEI has outperformed all Asian markets on a USD basis.
</li>
<li>
<a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd" target="_blank" data-smartkarma-citation="entities:14215:1" rel="noopener">China Longyuan Power (916 HK)</a> was rated a BUY at JP Morgan with the company hosting a roadshow to discuss its future growth strategy. 
</li>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (2460 HK)</a> was initiated as a BUY at CMB International as the company rapidly expands into the ready-to-drink category with teas and sports drinks.
</li>
</ul>


The H share market continues to be the top performing market in Asia in 2024.  The HSCEI has outperformed all Asian markets on a USD basis.


China Longyuan Power (916 HK) was rated a BUY at JP Morgan with the company hosting a roadshow to discuss its future growth strategy. 


China Resources Beverage (2460 HK) was initiated as a BUY at CMB International as the company rapidly expands into the ready-to-drink category with teas and sports drinks.



BUY/SELL/HOLD: Hong Kong Stock Updates (December 13)

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a>’s shares surged 19.5% on speculation that billionaire Philip Ng will launch a takeover offer due to recent share purchases.  </li>
<li>Philip Ng’s stakebuilding suggests three potential outcomes. The likely near-term outcome is that he continues to nudge up his stake and potentially seek Board representation.</li>
<li>Without the Lo family's support, a scheme privatisation is impossible. While a voluntary conditional offer is possible, it isn't very likely, as Vitasoy’s valuation looked frothy at the last close.  </li>
</ul>



Vitasoy Intl Holdings (345 HK)’s shares surged 19.5% on speculation that billionaire Philip Ng will launch a takeover offer due to recent share purchases.  
Philip Ng’s stakebuilding suggests three potential outcomes. The likely near-term outcome is that he continues to nudge up his stake and potentially seek Board representation.
Without the Lo family's support, a scheme privatisation is impossible. While a voluntary conditional offer is possible, it isn't very likely, as Vitasoy’s valuation looked frothy at the last close.  


Vitasoy (345 HK): Take Profits as Takeover Speculation Mounts

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/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (2460 HK)</a> raised around US$750m in its Hong Kong IPO, after pricing at the top-end.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



China Resources Beverage (2460 HK) raised around US$750m in its Hong Kong IPO, after pricing at the top-end.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


China Resources Beverage IPO Trading - Still a Bit of Fizz Left

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (2460 HK)</a> priced its IPO at HK$14.50 per share to raise the gross proceeds of US$649 million. The shares will start trading on 23 October.</li>
<li>The IPO was discussed in <a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:157572" rel="noopener">CR Beverage IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:158613" rel="noopener">CR Beverage IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:161273" rel="noopener">CR Beverage IPO: The Investment Case</a>, <a href="https://www.smartkarma.com/insights/cr-beverage-2460-hk-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:162418" rel="noopener">CR Beverage (2460 HK) IPO: Valuation Insights</a>. </li>
<li>The market sentiment of the peers has remained unchanged since the IPO launch. CR Beverage is fairly valued at the IPO price.</li>
</ul>



China Resources Beverage (2460 HK) priced its IPO at HK$14.50 per share to raise the gross proceeds of US$649 million. The shares will start trading on 23 October.
The IPO was discussed in CR Beverage IPO: The Bull Case, CR Beverage IPO: The Bear Case, CR Beverage IPO: The Investment Case, CR Beverage (2460 HK) IPO: Valuation Insights. 
The market sentiment of the peers has remained unchanged since the IPO launch. CR Beverage is fairly valued at the IPO price.


China

Uni-President China Holdings Ltd. is an investment holding company primarily engaged in the manufacturing and sale of food and beverages in the People's Republic of China. Its product portfolio includes instant noodles, tea drinks, juices, milk tea, coffee, and bottled water. The company was founded in 1992 and is headquartered in Shanghai, China.

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Uni-President China (220 HK)

CR Beverage (2460 HK): Keep Calm Heading into the Lock-Up Expiry

The shares are trading 4.0% below the IPO price. The first six-month lock-up period expires on 22 April. However, there is a low risk of...

Arun George

BUY/SELL/HOLD: Hong Kong Stock Updates (December 13)

H shares have outperformed all Asian markets this year on a USD basis. Longyuan Power continues to expand its offshore capacity & overseas...

David Mudd

Vitasoy (345 HK): Take Profits as Takeover Speculation Mounts

Without the Lo family's support, a scheme privatisation is impossible. While a voluntary conditional offer is possible, it isn't very likely, as...

Arun George

China Resources Beverage IPO Trading - Still a Bit of Fizz Left

China Resources Beverage (2460 HK) raised around US$750m in its Hong Kong IPO, after pricing at the top-end. In this note, we talk about the...

Sumeet Singh

CR Beverage (2460 HK) IPO: Trading Debut

The market sentiment of the peers has remained unchanged since the IPO launch. CR Beverage is fairly valued at the IPO price.

Arun George

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