APAC IPOs & Placements

Zhen Zhou, Toh

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

Tongcheng Travel Holdings  / Equity Capital Markets

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.
Just as we thought that there will be an influx of IPOs starting this week, things have gotten off a shaky start with Tongcheng-Elong Holdings Ltd (1629482D CH) , which was supposed to launch its bookbuild, putting its IPO on hold to after Ctrip.Com International (Adr) (CTRP US) 's share price declined 19%. Daniel Hellberg and Ming LU covered the company's earnings results and the main takeaway that there will still be pressure on margins from competition and it does not bode well for Tongcheng's IPO. 
There are also companies like Wanka Online (1669726D HK) which has already gotten approval that has yet to launch its IPO. Babytree Inc (BABYTRE HK), which we have been hearing that it will be seeking approval for the past two weeks, has yet to come onto the market. 
Nevertheless, we continue to hear companies preparing for IPO. Idreamsky Technology (DSKY HK) and Sinochem Energy (1644249D HK) are said to be gauging demand while Softbank Group (9984 JP) mobile unit's IPO seems to be proceeding well with the company likely to be getting its approval on Monday. 
Zhaogang.com (0941802D HK) is also aiming to launch its IPO by the end of the year. It had initially planned to launch a dual-class share structure in Hong Kong but has decided to revert to a regular IPO with same voting rights, according to Bloomberg's article. 
Accuracy Rate:Our overall accuracy rate is 71.8% for IPOs and 64.1% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  
Penna Cement (India, ~US$185m)
Polycab (India, ~US$270m)
Mogu (the US, ~US$200m)
Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: Aequitas Research, SmartkarmaNews on Upcoming IPOs  
China Steel Website Drops Dual-Class Structure for IPO
SoftBank IPO Said to Seek $18 Billion for Mobile Unit
India’s PNB Metlife gets IPO green light
Chinese fashion platform MOGU files for a $200 million US IPO
Smartkarma Community's this week Analysis on Upcoming IPO  
Vespa Inc IPO Preview (Part 2) - Valuation Analysis
Beijing Huatu IPO Preview: Exams Are Tough, Exam Prep Business Can Get Tougher
Tongcheng-Elong IPO: Strategic Shareholder Agreement Constraints Profitability
Qualtrics IPO Preview: Valuation Analysis
T-Robotics IPO Preview: Valuation Analysis
360 Finance IPO Preview: Pluses and Minuses
Vespa IPO Pricing Approach: 25% Discount to High End
List of pre-IPO Coverage on Smartkarma

Name
Insight

Hong Kong

Ant Financial
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


Asia Info
AsiaInfo Tech (亚信科技) IPO: Cost Control Is the Key (Part 1)


BabyTree
Babytree Group Pre-IPO - Young Moms Need It but Almost All Seem to Have It, Might Be at Peak MAU


BabyTree
Babytree IPO Preview: In Desperate Need of Alibaba to Unleash Its Potential


Bitmain
Bitmain IPO Preview: The Last Hurrah Before Reality Bites


Bitmain
Bitmain IPO Preview (Part 2) - King of Cryptocurrency Mining Rigs but Its Moat Is Shrinking


Bitmain
Bitmain: A Counter Thesis


Bitmain
Bitmain (比特大陆) IPO: Running Out of Steam on Mining Rigs (Part 1)


Bitmain
Bitmain (比特大陆) IPO: Value At Risk of Founder's Belief (Part 2)


Bitmain
Bitmain (比特大陆) IPO: Take-Aways from Founder's Recent Speech at Tsinghua University (Part 3)


Canaan Inc.
Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018


Canaan Inc.
Canaan Inc. IPO Preview (Part 2) - A Closer Look at ASIC Developments and Competition


Canaan Inc.
Canaan Inc. IPO Preview (Part 3): Earnings Forecast &amp; Valuation Analysis


Canaan Inc.
Canaan (嘉楠耘智) IPO Quick Take: Beware that ASIC Is a Different Ball Game


Cansino
CanSino Biologics (康希诺) IPO: Promising Pre-Clinical Results but Vaccine Scandal Weighs (Part 1)


Cenmintang
Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp


China Feihe
China Feihe IPO Preview: Goat Bless Infant Formula Milk?


Entertnmt Plus
Entertainment Plus – 60% Market Share, Margin Not a Concern


Entertnmt Plus
Maoyan IPO Preview: Running Out of Growth Drivers


Entertnmt Plus
Entertainment Plus (猫眼娱乐) IPO: The Engineered Movie Ticketing Leader Running Out of Steam (Part 1)


Entertnmt Plus
Entertainment Plus (猫眼娱乐) IPO: The Coming Regulatory Bang Isn't That Bad (Part 2)


Fosun Tourism
Fosun Tourism IPO, Part 1: Back to the Beach With Club Med! | But Is This a 'China' Play?


Fosun Tourism
Fosun Tourism IPO Analysis: Quid Pro Quo for the Better of Fosun Group?


Frontage
Frontage Holding (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect


China Kepei
China Kepei Edu (科培教育) Pre-IPO Review - A Well Run Private Higher Education Company


MicuRx
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment


Sinochem Energy
Sinochem Energy (中化能源) IPO First Impression: Trophy Asset Mixed with Volatile Trading Business


STX 
STX IPO Preview– a One-Hit Wonder


STX 
STX Entertainment (胜图娱乐) IPO: Legendary Founder but Results Matter


Stealth Bio
Stealth Biotherapeutics IPO: Cure the Symptoms but Not the Cause (Part 1)


Tongcheng
Tongcheng-ELong (同程艺龙) Pre-IPO Review - A Force to Be Reckoned With


Tongcheng
Tongcheng-Elong IPO Preview: When Unequals Try to Merge as Equals


Tongcheng
Tongcheng-Elong IPO: Strategic Shareholder Agreement Constraints Profitability


Tubatu
Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch


Tubatu
Tubatu Group Pre-IPO - Online -&gt; Online + Offline -&gt; Online -&gt; ?


Qilu Express
Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers


Wanka
Wanka Online Pre-IPO - Listing Too Early but It Needs the Cash


Wanka
Wanka Online IPO Preview: Rapid but Unsustainable Growth


WeLab
WeLab Pre-IPO - Stuck in a Regulatory Quagmire; Not the Right Time to List


Yancoal
Yancoal Australia IPO: Just Turned Profitable But Is It Sustainable Against Industry Headwinds

South Korea

Asiana
Asiana IDT IPO Preview (Part 1)


Asiana
Asiana IDT IPO Preview (Part 2) - Valuation Analysis


Daeyu
Daeyu Co. IPO Preview (Part 1)


Ebang
Ebang IPO Preview (Part 1): Lower Sales but Higher Operating Profit Versus Canaan Inc.


Foodnamoo
Foodnamoo Inc IPO Preview (Part 1) - A Leader in Home Meal Replacement Products in Korea


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis


Livent
Livent IPO Preview (Part 1): A Profitable Company that Produces Lithium


Plakor
Plakor IPO Preview (Part 1)


Robotis
Robotis IPO Preview (Part 1) - An Innovative Provider of Robotic Solutions in Korea


Vespa
Vespa Inc IPO Preview (Part 1)


T-Robotics
T-Robotics IPO Preview (Part 1) - Following the Explosive Demand of Robotis IPO?


Zinus
Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)

India

CMS Info
CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Mazagon Dock
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Lodha
Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


IndiaMart
IndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult

Japan

Softbank
Softbank Telecom Pre-IPO Review - Vision Is Needed to Arrive at US$90bn Valuation


Softbank
SoftBank KK IPO Preview: Paying Dividends at a Full Price


Softbank
Softbank Telecom Pre-IPO - All About the Yield


Softbank
Softbank KK IPO: Recent Events Shaves Billions off the Valuation

The U.S.

360 Finance
360 Finance (360金融) IPO First-Take: Too Late into Cash Loan Game


360 Finance
360 Finance IPO Preview: Pluses and Minuses


Tencent Music
Tencent Music IPO: A Deep-Dive on Why Tencent Music Is Profitable and Spotify Is Not


Tencent Music
Tencent Music (TME): Only 29% Spotify-Like, But the Other Business Produces Profits


Tencent Music
Tencent Music IPO: A Deep-Dive on Why Tencent Music Is Profitable and Spotify Is Not


Tencent Music
Tencent Music Entertainment Group - Much Ado Nah Music About Nothing!


Tencent Music
Tencent Music Entertainment Group: Part 2 -The Curious Case of Acquiring Ultimate Music Inc


Tencent Music
Tencent Music Pre-IPO - This Is How We Do It - A Quick Look at How the Apps Work


Tencent Music
Tencent Music Pre-IPO Review - The Final Countdown - Growth Doesn't Seem to Be Slowing Down


Tencent Music
Tencent Music Entertainment Group– Competitors Aplenty Imply No Differentiation Except Moniker


Tencent Music
Tencent Music:We Estimate Value at USD 3.77 Per Share; Lower Than Many Expect - $11.7 B for TME


Tencent Music
Tencent Music Pre-IPO - Valuations Estimates - Leaving on a Jet Plane - $30bn Was Quite Stretched


Tencent Music
Tencent Music Pre-IPO - Quick Peer Analysis - If I Was You, I’d Wanna Be Me Too - Bigger and Fast


Tencent Music
Tencent Music Pre-IPO - Industry - Don't Cry - In 2010 a Little Red Dot Almost Overtook the Dragon


Weidai
Weidai IPO Preview: Robust Foundations in Turbulent Times

Australia

Latitude financial
Latitude Financial Group Pre-IPO Review - Credit Prospectus Throw up Some Interesting Data Points



ECM Weekly (10 November 2018) - SoftBank, Tongcheng-Elong, Sinochem Energy, Bitmain, Frontage

<a href="https://www.smartkarma.com/entities/27532" target="_blank" data-smartkarma-citation="entities:27532:1">Zhaogang.com (0941802D HK)</a> is looking to raise US$400m in its upcoming Hong Kong IPO. Proceeds from the IPO are to be used to expand its steel e-commerce trading business, and its ancillary services, as well as for acquisitions, R&amp;D, and general corporate purposes.
Zhaogang operates China's largest steel e-commerce platform and has managed to grow its revenue by almost 3x from FY2015 to FY2017. The company has also recently turned a profit on an adjusted basis. Underlying operating metrics suggest that revenue growth and profit turnaround is supported by strong business fundamentals with repeat customers accounting for almost 80% of the total sales volume of ZG's online platform.
In this insight, we will look at the company's background and business model, analyze its operating metrics and financial performance, and identify comparable listed peer group. We will also include questions for management.

Zhaogang.com (0941802D HK) is looking to raise US$400m in its upcoming Hong Kong IPO. Proceeds from the IPO are to be used to expand its steel e-commerce trading business, and its ancillary services, as well as for acquisitions, R&amp;D, and general corporate purposes.
Zhaogang operates China's largest steel e-commerce platform and has managed to grow its revenue by almost 3x from FY2015 to FY2017. The company has also recently turned a profit on an adjusted basis. Underlying operating metrics suggest that revenue growth and profit turnaround is supported by strong business fundamentals with repeat customers accounting for almost 80% of the total sales volume of ZG's online platform.
In this insight, we will look at the company's background and business model, analyze its operating metrics and financial performance, and identify comparable listed peer group. We will also include questions for management.

Zhaogang.com (找钢) Pre-IPO Review - Impressive Growth Supported by Solid Operating Metrics

China

Zhaogang.com offers businesses-to-business e-commerce services. The Company operates and manages an online steel exchange platform for buyers and sellers. Zhaogang.com also provides steel information and quote.   

Zhaogang.com (0941802D HK)

ECM Weekly (10 November 2018) - SoftBank, Tongcheng-Elong, Sinochem Energy, Bitmain, Frontage

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for...

Zhen Zhou, Toh

Zhaogang.com (找钢) Pre-IPO Review - Impressive Growth Supported by Solid Operating Metrics

Zhaogang.com (0941802D HK) is looking to raise US$400m in its upcoming Hong Kong IPO. Proceeds from the IPO are to be used to expand its steel...

Zhen Zhou, Toh