APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Archean Chemical Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/archean-chemical-industries" target="_blank" data-smartkarma-citation="entities:36520:1" rel="noopener">Archean Chemical Industries (0810406D IN)</a> has raised about US$178m in its India IPO. </li>
<li>Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. </li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.</li>
</ul>



Archean Chemical Industries (0810406D IN) has raised about US$178m in its India IPO. 
Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. 
We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.


Archean Chemical Industries IPO Trading - One of the Highest Subscriptions for the Year

Growatt Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> is looking to raise about US$500m in its upcoming Hong Kong IPO. </li>
<li>Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. </li>
<li>In our previous notes, we looked at the company’s past performance and peer comparison. In this note, we will look at assumptions and share our thoughts on valuation.</li>
</ul>



Growatt Technology (1833969D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. 
Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. 
In our previous notes, we looked at the company’s past performance and peer comparison. In this note, we will look at assumptions and share our thoughts on valuation.


Growatt Technology Pre-IPO - Thoughts on Valuation

Clarence Chu

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yunkang-group" target="_blank" data-smartkarma-citation="entities:35631:1" rel="noopener">Yunkang Group (2325 HK)</a> was listed on 18th May 2022, with its six month lockup expiring on 17th November 2022.</li>
<li>Yunkang Group is a medical operation service provider in China and as per F&amp;S, had a market share of 3.7% in China’s medical operation service market as per 2020 revenue. </li>
<li>Coming up for six-month lockup expiry are the controlling shareholders and cornerstones. With protracted lockdowns underway in China, this stock has continued to benefit, currently trading 86.3% above IPO price. </li>
</ul>



Yunkang Group (2325 HK) was listed on 18th May 2022, with its six month lockup expiring on 17th November 2022.
Yunkang Group is a medical operation service provider in China and as per F&amp;S, had a market share of 3.7% in China’s medical operation service market as per 2020 revenue. 
Coming up for six-month lockup expiry are the controlling shareholders and cornerstones. With protracted lockdowns underway in China, this stock has continued to benefit, currently trading 86.3% above IPO price. 


Yungkang Group Lock-Up - Shares Benefited from a Protracted Lockdown.  Shareholders Could Monetise

Lygend Resources & Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lygend-resources-technology" target="_blank" data-smartkarma-citation="entities:36493:1" rel="noopener">Lygend Resources &amp; Technology (LR HK)</a> is looking to raise about US$600m in its upcoming Hong Kong IPO.</li>
<li>Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.</li>
<li>In this note, we look at peers and undertake a peer comparison.</li>
</ul>



Lygend Resources &amp; Technology (LR HK) is looking to raise about US$600m in its upcoming Hong Kong IPO.
Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.
In this note, we look at peers and undertake a peer comparison.


Lygend Resources & Technology Pre-IPO Peer Comp - Peers Have Underperformed over the past Year

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Core business of diagnostic testing services for medical institution alliances maintained rapid growth.</li><li>The unaudited revenue from diagnostic testing services for medical institution alliances increased 143.6% YoY to RMB1,043.4mn primarily driven by the increased number of on-site diagnostic centers and the rise of average revenue of unit on-site diagnostic centers thanks to the expanded service capacities and coverage.</li><li>In 9M22, Yunkang has established 110 new on-site diagnostic centers and now operated 385 centers in total.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Core business of diagnostic testing services for medical institution alliances maintained rapid growth.The unaudited revenue from diagnostic testing services for medical institution alliances increased 143.6% YoY to RMB1,043.4mn primarily driven by the increased number of on-site diagnostic centers and the rise of average revenue of unit on-site diagnostic centers thanks to the expanded service capacities and coverage.In 9M22, Yunkang has established 110 new on-site diagnostic centers and now operated 385 centers in total.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yunkang Group (2325 HK) – Continued Solid Revenue Growth in 9M22

China

Yunkang Group Limited operates as a medical operation service provider. The Company provides diagnostic outsourcing services, diagnostic testing, and other services. Yunkang Group provides its services throughout China.

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Yunkang Group (2325 HK)

Archean Chemical Industries IPO Trading - One of the Highest Subscriptions for the Year

Archean Chemical Industries (0810406D IN) has raised about US$178m in its India IPO. In this note, we talk about the demand for the deal and the...

Ethan Aw

Growatt Technology Pre-IPO - Thoughts on Valuation

Growatt Technology (1833969D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. In this note, we will look at assumptions and...

Ethan Aw

Yungkang Group Lock-Up - Shares Benefited from a Protracted Lockdown. Shareholders Could Monetise

Yunkang Group (2325 HK) was listed on 18th May 2022, with its six month lockup expiring on 17th November 2022. Yunkang Group is a medical operation...

Clarence Chu

Lygend Resources & Technology Pre-IPO Peer Comp - Peers Have Underperformed over the past Year

Lygend Resources & Technology (LR HK) is looking to raise about US$600m in its upcoming Hong Kong IPO. In this note, we look at peers and undertake...

Clarence Chu

Yunkang Group (2325 HK) – Continued Solid Revenue Growth in 9M22

Yunkang reported unaudited 9M22 revenue of RMB2,328mn, up 90.9% YoY, accounting for 85.6% of our previous full-year estimates since the revenue in...

CMB International

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