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 Bottom-Up

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Yum China Holdings, Inc. reported solid financial results for the second quarter of 2026, continuing a consistent trajectory of growth across key operational metrics.</li><li>The company achieved a 13% year-over-year increase in revenue, with operating profit rising 14%, and diluted earnings per share expanding 21%, partially aided by favorable foreign exchange effects.</li><li>Excluding these currency benefits, system sales grew by 6%, an acceleration from the 4% growth seen in the previous quarter.</li></ul>

Yum China Holdings, Inc. reported solid financial results for the second quarter of 2026, continuing a consistent trajectory of growth across key operational metrics.The company achieved a 13% year-over-year increase in revenue, with operating profit rising 14%, and diluted earnings per share expanding 21%, partially aided by favorable foreign exchange effects.Excluding these currency benefits, system sales grew by 6%, an acceleration from the 4% growth seen in the previous quarter.

Yum China’s Pizza Hut Deal — 800+ New Stores A Year Could Change The Math!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Dominant Market Leader with Iconic Brands: Yum China is the largest restaurant company in China, operating thousands of locations for highly recognized brands such as KFC and Pizza Hut. Its extensive scale, localized menus, and powerful brand equity create a significant competitive advantage.</li>
 <li>
Robust Growth Driven by Store Expansion and Digitalization: The company has a proven track record of successfully opening new stores, particularly in lower-tier cities, which represent a significant runway for growth. This physical expansion is complemented by a sophisticated digital ecosystem, including loyalty programs and delivery services, that enhances customer engagement and operational efficiency.</li>
 <li>
Attractive Financial Profile with Strong Shareholder Returns: Yum China exhibits consistent revenue growth, stable margins, and strong cash flow generation. The company has demonstrated a firm commitment to returning capital to shareholders, evidenced by a rapidly growing dividend.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Dominant Market Leader with Iconic Brands: Yum China is the largest restaurant company in China, operating thousands of locations for highly recognized brands such as KFC and Pizza Hut. Its extensive scale, localized menus, and powerful brand equity create a significant competitive advantage.
  
Robust Growth Driven by Store Expansion and Digitalization: The company has a proven track record of successfully opening new stores, particularly in lower-tier cities, which represent a significant runway for growth. This physical expansion is complemented by a sophisticated digital ecosystem, including loyalty programs and delivery services, that enhances customer engagement and operational efficiency.
  
Attractive Financial Profile with Strong Shareholder Returns: Yum China exhibits consistent revenue growth, stable margins, and strong cash flow generation. The company has demonstrated a firm commitment to returning capital to shareholders, evidenced by a rapidly growing dividend.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Yum China Holdings  (YUMC US) - Aug 2026

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez</a> plans to raise around US$160m in its Australian IPO.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Guzman Y Gomez plans to raise around US$160m in its Australian IPO.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we talk about the not-so-positive aspects of the deal.


Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene (2367 HK)</a> aims to raise up to US$205m via a top-up placement.</li>
<li>We have followed the company since listing and its recent performance has been great. Although it doesn’t seem to need the cash.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>



Giant Biogene (2367 HK) aims to raise up to US$205m via a top-up placement.
We have followed the company since listing and its recent performance has been great. Although it doesn’t seem to need the cash.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Giant Biogene Placement - Has Been Doing Well but Doesn’t Need the Cash

China

Yum China Holdings, Inc. operates chain restaurants. The Company offers pizza, entrees, pasta, rice dishes, appetizers, soups, vegetables, beverages, and desserts. Yum China Holding conducts its business worldwide.

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Yum China Holdings (YUMC US)

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Yum China’s Pizza Hut Deal — 800+ New Stores A Year Could Change The Math!

Yum China Holdings, Inc. reported solid financial results for the second quarter of 2026, continuing a consistent trajectory of growth across key...

Baptista Research

Primer: Yum China Holdings (YUMC US) - Aug 2026

Dominant Market Leader with Iconic Brands: Yum China is the largest restaurant company in China, operating thousands of locations for highly...

αSK Primers

Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

Guzman Y Gomez plans to raise around US$160m in its Australian IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Giant Biogene Placement - Has Been Doing Well but Doesn’t Need the Cash

Giant Biogene (2367 HK) aims to raise up to US$205m via a top-up placement. In this note, we talk about the deal dynamics and run the deal through...

Sumeet Singh

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