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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

China Merchants Expressway Net / Event-Driven

<ul>
<li>The review period for the June rebalance is complete and we expect 11 changes to the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX)</a>. </li>
<li>We estimate one-way turnover of 1.4% at the rebalance leading to a one-way trade of CNY 8.82bn (US$1.22bn). There are a lot of stocks with multiple days ADV to trade.</li>
<li>The potential deletes have bounced off their lows as the market has recovered. But the potential passive selling could see them underperform over the next month.</li>
</ul>


The review period for the June rebalance is complete and we expect 11 changes to the Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX). 
We estimate one-way turnover of 1.4% at the rebalance leading to a one-way trade of CNY 8.82bn (US$1.22bn). There are a lot of stocks with multiple days ADV to trade.
The potential deletes have bounced off their lows as the market has recovered. But the potential passive selling could see them underperform over the next month.


CSI300 Index Rebalance Preview: Bounce in the Potential Deletes Could Be Short Lived

<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

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Mao Geping Cosmetics / Equity Capital Markets

<ul>
<li>MAO GEPING relies heavily on flagship brand MAOGEPING, with over-reliance risks on single brand.The strategy of focusing more on offline sales channels makes it appear less up-to-date with the times.</li>
<li>Different from most brands, the influence of MAO GEPING largely comes from its founder, Mr. Maogeping, who if reduces his holdings, could have a negative impact on the Company's business/prospects.</li>
<li>Solely relying on marketing and promotion to drive performance growth is not a long-term solution.Lack of core technology and product innovation would limit MAO GEPING’s future development in fierce competition.</li>
</ul>


MAO GEPING relies heavily on flagship brand MAOGEPING, with over-reliance risks on single brand.The strategy of focusing more on offline sales channels makes it appear less up-to-date with the times.
Different from most brands, the influence of MAO GEPING largely comes from its founder, Mr. Maogeping, who if reduces his holdings, could have a negative impact on the Company's business/prospects.
Solely relying on marketing and promotion to drive performance growth is not a long-term solution.Lack of core technology and product innovation would limit MAO GEPING’s future development in fierce competition.


Pre-IPO Mao Geping Cosmetics - Potential Risks Behind High Gross Margins

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<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.


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)

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

CSI300 Index Rebalance Preview: Bounce in the Potential Deletes Could Be Short Lived

There could be 11 changes for the CSI300 in June with multiple days of ADV to trade on most names. The potential deletes have bounced recently but...

Brian Freitas

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

Pre-IPO Mao Geping Cosmetics - Potential Risks Behind High Gross Margins

Despite high gross margin, MAO GEPING's heavy reliance on its flagship brand and founder could pose risks. Lack of innovation and over-reliance on...

Xinyao (Criss) Wang

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

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

CSI300 Index Rebalance Preview: Bounce in the Potential Deletes Could Be Short Lived

There could be 11 changes for the CSI300 in June with multiple days of ADV to trade on most names. The potential deletes have bounced recently but...

Brian Freitas

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

Pre-IPO Mao Geping Cosmetics - Potential Risks Behind High Gross Margins

Despite high gross margin, ​MAO GEPING's heavy reliance on its flagship brand and founder could pose risks. Lack of innovation and over-reliance on...

Xinyao (Criss) Wang

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

Despite high gross margin, MAO GEPING's heavy reliance on its flagship brand and founder could pose risks. Lack of innovation and over-reliance on...