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/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Guming Holdings (Guming) is a maker of freshly-made beverages in China.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
Guming Holdings (Guming) is a maker of freshly-made beverages in China.
In this note, we will talk about the not so positive aspects of the deal.


Guming Holdings (Goodme) Pre-IPO - The Negatives - Growth Sustainability Remains a Question Mark

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Guming Holdings (Guming) is a maker of freshly-made beverages in China.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
Guming Holdings (Guming) is a maker of freshly-made beverages in China.
In this note, we will talk about the positive aspects of the deal.


Guming Holdings (Goodme) Pre-IPO - The Positives - Benefited from Scaling Its Store Network

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In this note, we talk about the not-so-positive aspects of the deal.


MIXUE Group Pre-IPO - The Negatives - Declining GMV Share

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO. </li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO. 
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In this note, we talk about the positive aspects of the deal.


MIXUE Group Pre-IPO - The Positives - Leading by a Mile

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dali-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1082:1" rel="noopener">Dali Foods Group (3799 HK)</a>'s gross spread on the Founder’s (Mr Xu Shihui) HK$3.75 per share offer has sharply increased and stood at 5.3% at the last close.</li>
<li>The rising gross spread is due to the recent market selloff (the gross spread of all HKEx merger arbs we track increased this week) and vote risk. </li>
<li>The vote risk is due to no interim results, the high AGM minority participation rate and a modest offer. There is little evidence that these risks will derail the vote. </li>
</ul>



Dali Foods Group (3799 HK)'s gross spread on the Founder’s (Mr Xu Shihui) HK$3.75 per share offer has sharply increased and stood at 5.3% at the last close.
The rising gross spread is due to the recent market selloff (the gross spread of all HKEx merger arbs we track increased this week) and vote risk. 
The vote risk is due to no interim results, the high AGM minority participation rate and a modest offer. There is little evidence that these risks will derail the vote. 


Dali Foods (3799 HK): Widening Spread Ahead of the 23 August Vote

China

Want Want China Holdings Limited manufactures and trades rice crackers, snack food, beverages, and packing materials.  The Company also manufactures wheat, flour, and raw materials for the manufacture of snack foods.  Most of the company's production facilities are located in China and Taiwan.

Price Gauge
52-week Range	0.00 - 0.00
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Want Want (151 HK)

Guming Holdings (Goodme) Pre-IPO - The Negatives - Growth Sustainability Remains a Question Mark

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive...

Clarence Chu

Guming Holdings (Goodme) Pre-IPO - The Positives - Benefited from Scaling Its Store Network

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects...

Clarence Chu

MIXUE Group Pre-IPO - The Positives - Leading by a Mile

Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Dali Foods (3799 HK): Widening Spread Ahead of the 23 August Vote

The scheme passed the vote. Minority turnout was high at 76.1%. The scheme was approved by 89.88% of disinterested shareholders. NO votes from...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Guming Holdings (Goodme) Pre-IPO - The Negatives - Growth Sustainability Remains a Question Mark

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive...

Clarence Chu

Guming Holdings (Goodme) Pre-IPO - The Positives - Benefited from Scaling Its Store Network

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects...

Clarence Chu

MIXUE Group Pre-IPO - The Negatives - Declining GMV Share

Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

MIXUE Group Pre-IPO - The Positives - Leading by a Mile

Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Dali Foods (3799 HK): Widening Spread Ahead of the 23 August Vote

The scheme passed the vote. Minority turnout was high at 76.1%. The scheme was approved by 89.88% of disinterested shareholders. NO votes from...

Arun George