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.

Equity Capital Markets

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<p><a href="https://www.smartkarma.com/entities/lufax-holdings" target="_blank" data-smartkarma-citation="entities:29690:1" rel="noopener">Lufax Holdings (LU US)</a> (Lufax) raised around US$2.4bn via its US listing. The company is backed by <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a> (Ping An).</p>
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<p>Lufax is a technology-empowered personal financial services platform in China. The company aims to address the demand for personal lending among small business owners, as well as salaried workers in China. It also provides wealth management solutions to China’s middle class and affluent population.</p>
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<p>I covered the various aspects of the deal in my earlier notes:</p>
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<ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/lufax-pre-ipo-the-positives-able-to-grow-despite-the-headwinds" target="_blank" rel="noopener">Lufax Pre-IPO - The Positives - Able to Grow Despite the Headwinds</a></li>
<li><a href="https://www.smartkarma.com/insights/lufax-pre-ipo-the-negatives-remains-in-flux" target="_blank" rel="noopener">Lufax Pre-IPO - The Negatives - Remains in Flux</a></li>
<li><a href="https://www.smartkarma.com/insights/lufax-pre-ipo-peer-review-bigger-than-ant-s-credittech-in-revenue" target="_blank" rel="noopener">Lufax Pre-IPO - Peer Review - Bigger than Ant’s CreditTech, in Revenue</a></li>
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<li><a href="https://www.smartkarma.com/insights/lufax-ipo-stuck-with-the-earlier-fundraising-valuation" target="_blank" rel="noopener">Lufax IPO - Stuck with the Earlier Fundraising Valuation</a></li>
</ul>
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<p>In this insight, talk about deal dynamics and provide a table with implied valuation at different ADS levels.</p>
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Lufax Holdings (LU US) (Lufax) raised around US$2.4bn via its US listing. The company is backed by Ping An Insurance (H) (2318 HK) (Ping An).


Lufax is a technology-empowered personal financial services platform in China. The company aims to address the demand for personal lending among small business owners, as well as salaried workers in China. It also provides wealth management solutions to China’s middle class and affluent population.


I covered the various aspects of the deal in my earlier notes:



Lufax Pre-IPO - The Positives - Able to Grow Despite the Headwinds
Lufax Pre-IPO - The Negatives - Remains in Flux
Lufax Pre-IPO - Peer Review - Bigger than Ant’s CreditTech, in Revenue



Lufax IPO - Stuck with the Earlier Fundraising Valuation


In this insight, talk about deal dynamics and provide a table with implied valuation at different ADS levels.


Lufax IPO Trading - Possible FTSE Inclusion Might Help in the Short-Term

China Specialist, Auto and Industrial Specialist

Victoria Li

Thematic (Sector/Industry)

<p><strong>In the past few months, China's Startup EV brands have been ramping up quickly.  BYD showed marketshare gains in September thanks to newly launched Model Han. However, Tesla might put new pressure on their up trend very soon. </strong></p><p><strong>Local produced Model Y might be launched in November at the earliest, which might put huge pressure on NIO (NIO.US) and Li Auto's (LI.US) sales in short term. </strong></p><p><strong>Model 3 sales price has been cut again and getting close to its Chinese competitor models. BYD Han might be under pressure. However, Xpeng (XPEV.US), who's P7 is directly competing with Model 3, has shown  capability of overcoming Model's price cut pressure. </strong></p><p><strong>We believe XPEV is better positioned to overcome new threats from Tesla in near term.</strong></p><p><strong> </strong></p>

In the past few months, China's Startup EV brands have been ramping up quickly.  BYD showed marketshare gains in September thanks to newly launched Model Han. However, Tesla might put new pressure on their up trend very soon. Local produced Model Y might be launched in November at the earliest, which might put huge pressure on NIO (NIO.US) and Li Auto's (LI.US) sales in short term. Model 3 sales price has been cut again and getting close to its Chinese competitor models. BYD Han might be under pressure. However, Xpeng (XPEV.US), who's P7 is directly competing with Model 3, has shown  capability of overcoming Model's price cut pressure. We believe XPEV is better positioned to overcome new threats from Tesla in near term. 

China EV:  New Threats from Tesla Coming, Prefer XPEV

APAC IPOs & Placements

Zhen Zhou, Toh

<p><a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">MINISO Group Holdings (MNSO US)</a> raised about US$608m at US$20 per ADS, above the top-end of the initial price range.</p>
<p>MINISO is a value retailer with a focus on offering products that are aesthetically pleasing, good-quality, and affordable. It operates its flagship brand “MINISO” and has a global presence with about 2,500 stores in China and over 1,680 stores across 80 other countries. </p>
<p>We have earlier covered various aspects of the IPO in:</p>
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<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/miniso-pre-ipo-store-walkthrough-co-branding-allows-for-stronger-pricing" target="_blank" data-smartkarma-citation="insights:43821" rel="noopener">MINISO (名创优品) Pre-IPO - Store Walkthrough - Co-Branding Allows for Stronger Pricing</a> </li>
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<a href="https://www.smartkarma.com/insights/miniso-pre-ipo-asset-light-and-fairly-resilient-despite-covid" target="_blank" data-smartkarma-citation="insights:43623" rel="noopener">MINISO (名创优品) Pre-IPO - Asset-Light and Fairly Resilient Despite COVID</a> </li>
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<a href="https://www.smartkarma.com/insights/miniso-ipo-reasonable-towards-the-low-end" target="_blank" data-smartkarma-citation="insights:43988" rel="noopener">MINISO (名创优品) IPO - Reasonable Towards the Low-End</a> </li>
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<p>In this note, we will look at the deal dynamics and provide a table with implied valuation at different share price levels.</p>
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MINISO Group Holdings (MNSO US) raised about US$608m at US$20 per ADS, above the top-end of the initial price range.
MINISO is a value retailer with a focus on offering products that are aesthetically pleasing, good-quality, and affordable. It operates its flagship brand “MINISO” and has a global presence with about 2,500 stores in China and over 1,680 stores across 80 other countries. 
We have earlier covered various aspects of the IPO in:



MINISO (名创优品) Pre-IPO - Store Walkthrough - Co-Branding Allows for Stronger Pricing 

MINISO (名创优品) Pre-IPO - Asset-Light and Fairly Resilient Despite COVID 

MINISO (名创优品) IPO - Reasonable Towards the Low-End 

In this note, we will look at the deal dynamics and provide a table with implied valuation at different share price levels.


MINISO (名创优品) IPO Trading - Not Much Value Left After Pricing Above Range

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

<div>With only 40+ days left before the Presidential Election in the U.S, China is wisely taking a laissez faire approach to the bilateral issues and conflicts, waiting Trump out until after November. However, Beijing understands the White House’s targeting at China enjoys bipartisan support at this moment, one of the few exceptions of today’s politics in the U.S.</div>

With only 40+ days left before the Presidential Election in the U.S, China is wisely taking a laissez faire approach to the bilateral issues and conflicts, waiting Trump out until after November. However, Beijing understands the White House’s targeting at China enjoys bipartisan support at this moment, one of the few exceptions of today’s politics in the U.S.

Chief Economist

Diana Choyleva

Enodo Economics

Enodo Economics is an independent macroeconomic forecasting company that untangles complexity, challenges the consensus, and makes sense of the future. Our focus is on China – one of the most misunderstood economies in the world, but one of the most important to figure out.  Enodo’s chief economist, Diana Choyleva, has been analysing China for almost 20 years, while Enodo’s team boasts a combined 140 years’ experience covering China’s economy, politics and markets. 

Macroeconomics

<h2>China News That Matters</h2>
<ul>
<li>Evergrande, the world’s most indebted property firm </li>
<li>Stay home, stay safe, spend more</li>
<li>Sell those exports like imports </li>
<li>Chinese firms choose own capital markets</li>
<li>Roaring (quietly) once more, electric vehicles excite China </li>
</ul>
<div class="content-remarks">
<p>In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.</p>
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China News That Matters

Evergrande, the world’s most indebted property firm 
Stay home, stay safe, spend more
Sell those exports like imports 
Chinese firms choose own capital markets
Roaring (quietly) once more, electric vehicles excite China 


In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.


Evergrande/ Golden Week/ Economy/ US-China/ Autos

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

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XPeng (XPEV US)

Lufax IPO Trading - Possible FTSE Inclusion Might Help in the Short-Term

Lufax Holdings (LU US) raised around US$2.4bn via its US listing. The company is backed by Ping An (2318 HK). It might go into the FTSE on fast...

Sumeet Singh

China EV: New Threats from Tesla Coming, Prefer XPEV

China's Startup EV brands have been ramping up quickly. BYD showed marketshare gains in September thanks to newly launched Model Han. However,...

Victoria Li

MINISO (名创优品) IPO Trading - Not Much Value Left After Pricing Above Range

MINISO is a value retailer with a focus on offering products that are aesthetically pleasing, good-quality, and affordable. There isn't much value...

Zhen Zhou, Toh

China Macro and Geopolitical Briefing

With only 40+ days left before the Presidential Election in the U.S, China is wisely taking a laissez faire approach to the bilateral issues and...

JL Warren Capital

Evergrande/ Golden Week/ Economy/ US-China/ Autos

China News That Matters

Diana Choyleva

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)