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

Yunnan Botanee Bio-Technology / Equity Bottom-Up

<ul><li>Botanee made a pronounced come-back year-to-date, reviving Tmall GMV from -59.8% YoY to -6.9% YoY between Jan and Oct, and accelerating its quarterly sales growth from 7% in 1Q to 26% in 3Q.</li><li>Year-to-date shares performance has gone against this trend and, in our view, the free-fall is running ahead of consensus estimates which still looked rather reserved in pricing-in the ongoing dilemma that Botanee is facing.</li><li>These are threefold: 1) when macro headwinds such as consumption trade-down (see our thematic report) and low fertility wish linger (see our Feihe downgrade report), growth outlook among AOXMED (super high-end) and Winona Baby could normalise sooner than expected, and Botanee’s single-brand risk could be exposed further given a full-fledged closequarters competition among brands; 2) herbal-/HA-based functional skincare is incrementally crowded out by the collagen-based. </li></ul>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.

Botanee made a pronounced come-back year-to-date, reviving Tmall GMV from -59.8% YoY to -6.9% YoY between Jan and Oct, and accelerating its quarterly sales growth from 7% in 1Q to 26% in 3Q.Year-to-date shares performance has gone against this trend and, in our view, the free-fall is running ahead of consensus estimates which still looked rather reserved in pricing-in the ongoing dilemma that Botanee is facing.These are threefold: 1) when macro headwinds such as consumption trade-down (see our thematic report) and low fertility wish linger (see our Feihe downgrade report), growth outlook among AOXMED (super high-end) and Winona Baby could normalise sooner than expected, and Botanee’s single-brand risk could be exposed further given a full-fledged closequarters competition among brands; 2) herbal-/HA-based functional skincare is incrementally crowded out by the collagen-based. 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.

Botanee Biotech (300957 CH) – Headwinds Endure

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.

<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

Event-Driven

<ul>
<li>Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will expire soon.</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 lock-up dynamics and updates since our last note.</li>
</ul>


Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will expire soon.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Giant Biogene IPO Lock-Up - US$1.7bn Lockup Release Will Increase Free Float by 14x

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

Mao Geping Cosmetics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd" target="_blank" data-smartkarma-citation="entities:41297:1" rel="noopener">Mao Geping Cosmetics (1478187D CH)</a> is looking to raise around US$300m in its upcoming Hong Kong IPO. The bookrunner on the deal is CICC.</li>
<li>Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Operating via its two brands, MAOGEPING and Love Keeps, MGC offers a wide range of color cosmetics and skincare products.</li>
<li>As per F&amp;S, MGC was the only domestic market player among the top ten premium beauty groups in China, ranking eighth by 2022 retail sales.</li>
</ul>



Mao Geping Cosmetics (1478187D CH) is looking to raise around US$300m in its upcoming Hong Kong IPO. The bookrunner on the deal is CICC.
Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Operating via its two brands, MAOGEPING and Love Keeps, MGC offers a wide range of color cosmetics and skincare products.
As per F&amp;S, MGC was the only domestic market player among the top ten premium beauty groups in China, ranking eighth by 2022 retail sales.


Thematic (Sector/Industry)

<ul><li>Our channel checks and various news sources we monitored suggests cosmetic GMV for 6.18 campaign this year stood at a small decline and reached approximately RMB40bn.</li><li>We argue the broad momentum tracked well to expectation, given only a flattish pre-sale (between 25 May and 31 May). By channel, we observed that livestreaming channels continued to draw traffic flow from marketplace platforms, and this looks to be consistent to the trends observed by our internet team.</li><li>For instance, cosmetic GMV on Douyin increased 70% YoY to RMB15bn.</li></ul>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.

Our channel checks and various news sources we monitored suggests cosmetic GMV for 6.18 campaign this year stood at a small decline and reached approximately RMB40bn.We argue the broad momentum tracked well to expectation, given only a flattish pre-sale (between 25 May and 31 May). By channel, we observed that livestreaming channels continued to draw traffic flow from marketplace platforms, and this looks to be consistent to the trends observed by our internet team.For instance, cosmetic GMV on Douyin increased 70% YoY to RMB15bn.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.

China Cosmetics – Key takeaway from 6.18 cosmetic sales

China

Yunnan Botanee Bio-Technology Group Co. LTD manufactures and sells skin care and cosmetics. The Company produces masks, toners, hand creams, and other cosmetics. Yunnan Botanee Bio-Technology Group also develops new biology technologies.

Yunnan Botanee Bio-Technology (300957 CH)

Yunnan Botanee Bio-Technology (300957 CH)

Botanee Biotech (300957 CH) – Headwinds Endure

Botanee made a pronounced come-back year-to-date, reviving Tmall GMV from -59.8% YoY to -6.9% YoY between Jan and Oct, and accelerating its...

CMB International

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

Giant Biogene IPO Lock-Up - US$1.7bn Lockup Release Will Increase Free Float by 14x

Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will...

Sumeet Singh

Mao Geping Cosmetics Pre-IPO Tearsheet

Mao Geping Cosmetics (1478187D CH) is looking to raise around US$300m in its upcoming Hong Kong IPO. The bookrunner on the deal is CICC.

Clarence Chu

China Cosmetics – Key takeaway from 6.18 cosmetic sales

Our channel checks and various news sources we monitored suggests cosmetic GMV for 6.18 campaign this year stood at a small decline and reached...

CMB International