bullish

Tencent

ECM Weekly (11th April 2021) - Tencent Block, WeDoctor, YiShengBio, Trip HK, Visional, Macrotech Dev

366 Views11 Apr 2021 11:09
SUMMARY

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


Despite a short week in Hong Kong, there were three new filings, Anjuke Group, Brii Biosciences, and Keymed Biosciences. Other notable filings include Harp Holdings in Malaysia, Onion Global in the US, and NHAI InvIT in India.

But the talk of the town was the second biggest block globally to ever trade. Prosus NV (PROSY US) finally sold a 2% stake (US$14bn) in Tencent (700 HK). Despite the large deal size, it was done with relative ease and was said to be 4x covered, as per media reports. We have been covering the potential sell down leading up to lock-up expiry since February.

In Hong Kong, Linklogis (9959 HK) raised US$1bn at the mid-point of its price range. Linklogis struggled in the grey market but managed to close 9.9% higher on its Friday debut.

We continued our coverage of WeDoctor and shared our thoughts on the business. We had also covered the company's background and app walkthrough earlier in:

We initiated coverage on YishengBio (1872307D HK). In our note, we covered their main product, the PIKA based rabies vaccine, and shared our thoughts on the management team. We also published a follow-up on Zhaoke Ophthalmic (ZKO HK) and discussed its valuation:

Trip.com's Hong Kong secondary listing was approved and launched last week. We looked at the deal terms and shared our thoughts on deal dynamics.

In Japan, we looked at Visional Inc’s (4194 JP) IPO, which closed its books on Friday. We shared our thoughts on the business, our forecast and thoughts on valuation in:

In India, Macrotech developers (LODHA IN) closed its bookbuild on Friday with a 1.37x subscription rate. We shared our thoughts on valuation earlier this week.

In other parts of ASEAN, we covered Ngern Tid Lor and ThaiBev BeerCo’s upcoming IPO which are likely to come to market soon.

Credits to Clarence Chu for helping out with the Weekly Update.

Accuracy Rate:

Our overall accuracy rate is 73.9% for IPOs and 67.2% for Placements

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

New IPO filings this week

  • Anjuke Group Inc. (HK, US$1bn)
  • Brii Biosciences Limited (HK, US$400m)
  • Keymed Biosciences Inc. (HK, US$100m)
  • NHAI InvIt (India, US$600m)
  • Harp Holdings (Malaysia, US$300-500m)
  • Onion Global Ltd. (US, US$100m)

News on Upcoming IPOs

U.S. China ADRs

India

Others

Analysis on Upcoming IPOs

NameInsight
Hong Kong
Betta Pharma

Betta Pharma (贝达医药) A+H: Tier 2 Player Struggled to Break Out

ByteDance

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

ByteDance

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

ByteDance

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

ByteDance

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

ByteDance

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

ByteDance

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

ByteDance

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

ByteDance

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

Chaoju

Chaoju Eye Care (朝聚眼科) Pre-IPO: Growth Prospect Far from Being Impressive

Dida

Dida Pre-IPO - Making Hay While Big Brother Retreats

Dida

Dida Pre-IPO - Earnings Forecast and First Stab at Valuation

Dida

Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability

Intco Med

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

Kilcoy

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement

Kilcoy

Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained

Kindstar

Kindstar (康圣环球) Pre-IPO: Issues with Scalability

Kindstar

Kindstar (康圣环球) Pre-IPO: Is It Worth the Premium?

RemeGenRemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48
Bio-heartShanghai Bio-Heart (上海百心安) Pre-IPO: Needs a Long Runway
ToplistToplist China Pre-IPO - Overwhelmingly More Negatives than Positives
TaslyTasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters
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
Youran DairyChina Youran Dairy(悠然牧业) Pre-IPO - A Leader Pulling Ahead in a Fragmented Market
India
Aadhar HousingAadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures
ASKASK Investment Managers Pre-IPO - Riding on a Wave of Wealth
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

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

LIC

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
Samhi HotelsSamhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace
Malaysia
QSRQSR Brands Pre-IPO - As Healthy as Fast Food
Singapore
ThaiBev BeerThaiBev BeerCo Pre-IPO - Declining Rev and Mkt Share Concerns but Good Cost Control
ThaiBev BeerThaiBev BeerCo Pre-IPO - Thoughts on BeerCo and ThaiBev HoldCo Valuation
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