ECM Weekly (10 Aug 2019) - 9F, Huali University, AllHome, Topsports
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.
Happy belated birthday to Singapore!
Capital markets in Asia have been fairly quiet. We have two new filings in Hong Kong, Venus Medtech and Poly Property Development, to keep us busy for the time being. This week, we penned down our thoughts on Huali University Group (HUG HK) which we heard is launching its IPO this month.
We also shared our two-part report of 1H 2019 analytics on Hong Kong IPOs.
- HK IPO Analytics 1H2019: MS and CICC Stand Out
- HK IPO Analytics 1H2019: Healthcare and Consumer Discretionary Stand Out
In India, however, the two upcoming IPOs are not looking up based on their respective subscription rate. Spandana Sphoorty Financial (SSFL IN) was only 1.05x covered while Sterling & Wilson Solar (SWSL IN) did not get enough demand for its book. The latter's institutional tranche was only subscribed 1.02x, the high-net-worth investor tranche 89% and the retail portion 30%.
In the US, AMTD International (HKIB US)'s debut was strong despite of the corporate governance issues that we have pointed out earlier. We think that the float is tightly held as shown through the poor liquidity after its debut.
9F Inc (JFG US) launched its bookbuild on Friday and Ke Yan, CFA, FRM has already covered the IPO in:
Accuracy Rate:
Our overall accuracy rate is 72.4% for IPOs and 64.4% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- Venus Medtech (Hangzhou) (Hong Kong, ~US$300m)
- Poly Property Development (Hong Kong, ~US$500m)
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.
News on Upcoming IPOs
- Everstone Capital puts up to ₹700 cr Burger King India IPO on its menu
- Investors remain upbeat on Asian IPOs
Analysis on Upcoming IPOs
- 9F Inc (玖富) IPO: Qualification for Online Lending Registration A Risky Event in 2H2019
- 9F Inc (玖富) IPO: Thoughts on Valuation
- Huali University (华立大学) IPO Early Thoughts - Risks Abound
- AllHome IPO Early Thoughts on Valuation
- Topsports Pre-IPO - Way Ahead of Its Peer on Most Counts
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- ECM Weekly (10 Aug 2019) - 9F, Huali University, AllHome, Topsports10 Aug 2019
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- Topsports Pre-IPO - Way Ahead of Its Peer on Most Counts07 Aug 2019
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