APAC IPOs & Placements

Zhen Zhou, Toh

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

JD Health International  / Equity Capital Markets


Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.



Hong Kong ECM space is still getting a few small IPOs as we get closer to end of year. This week, Sino-Ocean Service (6677 HK), Vesync (2148 HK) and Jacobio Pharmaceuticals (1167 HK) launched their bookbuilds on Monday. Books of the former two IPOs were said to be covered and, specifically, Vesync closed its books slightly ahead of its stipulated schedule. Netjoy (2131 HK) is expected to list in the coming week too, along with Sino-Ocean and Vesync. We also heard that Stawbear Entertainment will launch its bookbuild next week. 


Sino-Ocean Services (远洋服务) IPO - Fairly Valued, at Best 

Vesync IPO - The Tale of Valuation Dichotomy 

Netjoy (云想科技) IPO: Alarming 1H2020, Avoid 

Netjoy (云想科技) Pre-IPO: Growth Stalled for the Short Video Marketer 

Jacobio (加科思药业)  IPO: Faith on Founder 

IPO debuts this week have done well in general too. It is probably fair to say that JD Health (6618 HK), China Resources Mixc Lifestyle Services (1209 HK), and POP MART (9992 HK) exceeded expectations. US listings like Airbnb Inc (ABNB US) and DoorDash Inc (DASH US) have trade strong as well. Though there were a few that traded poorly, these were in-line with our expectations, namely, Harbour Biomed (2142 HK) and Dalrymple Bay Infrastructure (DBI AT). 


JD Health (京东健康) IPO Trading - Looking to Be a Solid Debut 

JD Health (京东健康) Quick Note - Index Inclusions, Weights, and Valuation Update 

Pop Mart IPO Trading - Set for a Pop but We Won't Be Chasing 

CR Mixc Lifestyle Services (华润万象生活) IPO Trading - Better Demand than Recent Peers' IPOs 

Airbnb IPO - Peer Comparison and Valuation - Smaller but Nimbler, Possible COVID Winner 

Dalrymple Bay Infrastructure IPO Trading - Yield Limits Downside, for Now 

HBM (和铂医药) IPO Trading: The Retail Retreat and the Vaccine News 

In Thailand, Kerry Express Thailand launched its bookbuild and it is expected to start trading on Christmas eve. The deal saw the participation of various reputable international long-only investors which should bode well for sentiment. Aside from that growth has been stupendous and the company offers indirect exposure to e-commerce.

Kerry Express Thailand IPO - Time for Delivery

Lastly, Burger King India (BKI IN) is listing on Monday. Bookbuild demand was strong and it is set to debut well.


Burger King India IPO Trading - Can Probably Double from IPO Price 

Besides the IPO rush, companies were rushing to raise money too, a continuation from last week. With NIO Inc (NIO US)'s follow-on offering, all major EV players in China listed in the US have completed their respective fund raising. Sea Ltd (SE US) also took advantage of its recent digital banking license win to lock in some cash.
Last but not least, in Hong Kong, Country Garden Services Holdings (6098 HK) primary placement saw participation from existing heavyweight investors whereas Tsingtao Brewery Co Ltd H (168 HK)'s odd Friday selldown by Fosun is probably not going to be the last one it is doing.  


Xpeng Motors (小鹏汽车) Placement - Level the Playing Field 

NIO (蔚来) Placement - As Expected. Now, You Choose. 

SEA Ltd Placement - New Business Needs New Money 

Country Garden Services Placement - Opportunistic but Will Probably Use It for Acquisition 

Cansino Biologics Placement - Past Deal Didn't Do Well, Losing the Vaccine Race 

Tsingtao Brewery Placement - Friday Evening Is Always a Good Time for a Beer, Maybe Not This One 

IGO Placement - Going for EV Gold, Delayed Earnings Gratification for Shareholders 




Accuracy Rate:



Our overall accuracy rate is 73.5% for IPOs and 66.5% for Placements 


(Performance measurement criteria is explained at the end of the note)





New IPO filings this week  




Bairong Inc. (Hong Kong, &gt;US$100m)



Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.







News on Upcoming IPOs  





China E-Cigarette Firm Relx Technology Picks Citi For U.S. IPO
Blue Moon raises $1.27 billion in Hong Kong's rush of mega IPOs
Strong investor demand keeps Hong Kong IPO market on boil
CAM, Indus, Ashurst chomp on whopping $110m Burger King India IPO
Walmart readies for $10 bn Flipkart IPO




Analysis on Upcoming IPOs







Name
Insight


Hong Kong


ByteDance

ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)



ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 



ByteDance

ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)



ByteDance

ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 



ByteDance

ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 



ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 



ByteDance

ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 



ByteDance

ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 



Dida

Dida Pre-IPO - Making Hay While Big Brother Retreats 



E-Star Comm

E-Star Commercial Management Pre-IPO - Better Disclosure in New Prospectus 



E-Star Comm

E-Star Commercial Management Pre-IPO - Still Largely Reliant on Galaxy, Poor Disclosure Doesn’t Help 



Kilcoy

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 



Kilcoy

Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 



Kuaishou

Kuaishou Technology Pre-IPO - The Positives - Hot Segment, Fast Growth 



Kuaishou

Kuaishou Technology Pre-IPO - The Negatives - Ample Doubts Remain 



Megvii

Megvii (旷视) Pre-IPO - Remarkable Growth (Part 1) 


Megvii

Megvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential 


Megvii

Megvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent 


Megvii

Megvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis 


Megvii

Megvii (旷视) Pre-IPO -  Initial Thoughts on Valuation 


Ocumension

Ocumension (欧康维视) Pre-IPO: All Ready for a Great Listing Except a Block Buster 


RemeGen

RemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48 


Toplist

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


India


ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotel

Bharat Hotels Pre-IPO - Catching up with Peers 



Brookfields REIT

Brookfields India Real Estate Trust Pre-IPO - The Positives- Provides Different Geographic Exposure 



Brookfields REIT

Brookfields India Real Estate Trust Pre-IPO- The Negatives- Asset Details Leave Questions Unanswered 



Bajaj En

Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 



CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO 


IRFC

Indian Railway Finance Pre-IPO - Low Risk, Low Margin Business 


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta



LIC


Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 



Lodha

Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 


Malaysia


QSR
QSR Brands Pre-IPO - As Healthy as Fast Food


Thailand


PTTOR

PTT Oil and Retail IPO - F&amp;B Business Is the Profit Driver 


The U.S


CDP

CDP Holdings Pre-IPO Review - Highly Reliant on Best Inc. 


CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent






ECM Weekly (13 December 2020) - Vesync, Sino-Ocean, Jacobio, Netjoy, Sea, Xpeng, NIO, and More!

<a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a> is looking to raise up to US$200mn in its Hong Kong IPO.The company sells small home appliances mainly through Amazon’s e-commerce marketplace and its products range from home environment appliances to health monitoring devices. The company derived most of its revenue from North AmericaOverall, growth of Vesync has been strong as the company has adapted well by selling products that have been in demand during the California fires in 2018 - 2019 and COVID-19. Its vendor central program allowed the company to scale up quickly and sell in bulk to Amazon without having to incur fulfilment costs unlike products sold via seller central program.In this note, we will look at the company’s business, revenue drivers, deal dynamics, assumptions, and share our thoughts on valuation.

Vesync (2148 HK) is looking to raise up to US$200mn in its Hong Kong IPO.The company sells small home appliances mainly through Amazon’s e-commerce marketplace and its products range from home environment appliances to health monitoring devices. The company derived most of its revenue from North AmericaOverall, growth of Vesync has been strong as the company has adapted well by selling products that have been in demand during the California fires in 2018 - 2019 and COVID-19. Its vendor central program allowed the company to scale up quickly and sell in bulk to Amazon without having to incur fulfilment costs unlike products sold via seller central program.In this note, we will look at the company’s business, revenue drivers, deal dynamics, assumptions, and share our thoughts on valuation.

Vesync IPO - The Tale of Valuation Dichotomy

China

Vesync Co Ltd develops smart home platform that connect air quality, health monitoring, kitchen, lighting, and outlet systems.The Company helps users to manage home, save energy, and bring remote items within handheld reach.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ECM Weekly (13 December 2020) - Vesync, Sino-Ocean, Jacobio, Netjoy, Sea, Xpeng, NIO, and More!

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Zhen Zhou, Toh

Vesync IPO - The Tale of Valuation Dichotomy

Vesync sells small home appliances mainly through Amazon’s e-commerce marketplace and its products range from home environment appliances to health...

Zhen Zhou, Toh