ECM Weekly (10th October 2021) - Japan Post, MicroPort Medbot, MicroTech, FWD, Medbanks, 4Paradigm

370 Views10 Oct 2021 10:23

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Events next week:

ECM activity is certainly starting to heat up in Asia Pacific. In particular, Japan has had a steady stream of large placements. This week Japan Post Holdings (6178 JP) was the center of attention as plans of the Japanese government selldown is slated to open this Monday, and price on the 25th of October. The selldown has been well-flagged and it will be a quasi clean-up. We revisited Hulic Co Ltd (3003 JP) just before its pricing and so far, Hulic’s share price has been holding up above its deal price.

Back to IPOs, in Hong Kong, MicroTech Medical Hangzhou (2235 HK) launched its bookbuild on Wednesday and it will close this coming Monday. The company's listing debut is on 19th October. We think valuation looks full despite the strong cornerstone line-up.

We initiated on IPOs in the pipeline, Medbanks Network Technology (1690522D CH), an healthcare service provider with an oncology and pharmacy tilt, and 4Paradigm (1764934D HK), a platform-centric AI enterprise solutions provider.

We also shared our thoughts on valuation of Shanghai MicroPort MedBot Group (MMG HK), which is set to capture significant market share in China's laparoscopic robotic surgical market.

In the U.S, FWD Group Holdings (FWD US) has been doing its rounds, meeting investors. We took a closer look at how the company compares to regional insurance competitors and share our thoughts on its valuation.

Last, but not least, tearsheets for newly filed IPOs this week:

Accuracy Rate:

Our overall accuracy rate is 73.8% for IPOs and 67.8% for Placements

(Performance measurement criteria is explained at the end of the note)

New IPO filings this week

  • Green Tea Group (Hong Kong, US$200m, refiled)
  • Farm Fresh (Indonesia, US$125m)

News on Upcoming IPOs

Hong Kong/China

US/China ADR





Analysis on Upcoming IPOs

Hong Kong

4Paradigm (第四范式智能) Pre-IPO - Stupendous Growth but Needs Better Disclosure of Certain Data

APM Monaco

APM Monaco Pre-IPO - China’s Resilience Shines


Beijing Airdoc (北京鹰瞳科技) Pre-IPO - A Niche Field with Merits but Can It Sell?


Anjuke Pre-IPO - Mixed (Positive and Negative) Developments


AmbioPharm (昂博制药) Pre-IPO: Peptide CDMO Leader Turning Licensor

Biel Crystal

Biel Crystal (伯恩光学) Pre-IPO - Cash Flow Generative Business but Underlying Trend Is Worrying

Biel Crystal

Biel Crystal (伯恩光学) Pre-IPO - Industry Landscape & Peer Comparison - Auto Is the Wildcard


ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)


ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok


ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H?


ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants


ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok


ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India


ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges

Cloud Village

Cloud Village (NetEase Music) Pre-IPO - Mixed PHIP Update, Updated Thoughts on Valuation

Cloud Village

Cloud Village (NetEase Music) Pre-IPO - Initial Thoughts on Valuation

Cloud Village

Cloud Village (NetEase Music) Pre-IPO - Tencent Music Peer Comp, Regulatory Impact

Cloud Village

Cloud Village (NetEase Music) Pre-IPO - Was in the Slow Stream, Playing Catch-Up


EDDA Healthcare Pre-IPO - RoboDoc - Has Been Around for a While but Is Just Getting the Robo Going


Dingdang Health Tech (叮当健康) Pre-IPO - Impressive Growth but Not Without Concerns

Intco Med

Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1


Imeik Tech (爱美客) A/H Pre-IPO - Dermal Filler Leader Capitalizing on Its Valuation


Jenscare (宁波健世科技) Pre-IPO: Differentiated Heart Valve Portfolio


Medbanks (思派健康) Pre-IPO - Caught a Lucky Break

MicroPort Medbot

MicroPort MedBot Pre-IPO - RoboDoc - Pre-Revenue, Has a Large Competitor but a Large Market as Well


NewMed (纽脉医疗) Pre-IPO: Uphill Battle for TAVR but Leads the TMVR

Neusoft Xikang

Neusoft Xikang (东软熙康) Pre-IPO: A Long Way to Profit

Neusoft Med

Neusoft Medical Systems (东软医疗系统) Pre-IPO: Unattractive Fundamentals

WeDoctorWeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More
WeDoctorWeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor
WeDoctorWe Doctor (微医) Pre-IPO - Peer Comparison - Picking Its Battles Wisely
WeDoctorWe Doctor (微医) Pre-IPO - Forecasts, Early Thoughts on Valuation, and Acquisition Gripes
WeilongWeilong Delicious Global Pre-IPO - The Positives - Fast Growth, Strong Backers
WeilongWeilong Delicious Global Pre-IPO - The Negatives - Spicy Valuation
WM TechWM Tech Pre-IPO - Peer Comparison and Pre-IPO Valuation - Some Signs of Advantage
WM TechWM Tech Pre-IPO - Digitalization Efforts Coming Through but Not Well Substantiated
Aadhar HousingAadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures
Aditya AMCAditya Birla Sun Life AMC Pre-IPO - Strong Profit Growth but It's Losing Market Share
Anmol IndAnmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders
Bharat Hotel

Bharat Hotels Pre-IPO - Catching up with Peers

Bajaj En

Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It

Crystal CropCrystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers
ESAF SFBESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party
Flemingo Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country
Emami CemEmami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO
NSENSE IPO Preview- Not Only Fast..its Risky and Expensive
NSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO
Penna CemPenna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid
PNB MetPNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers
QSRQSR Brands Pre-IPO - As Healthy as Fast Food
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