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

366 Views11 Apr 2021 11:09

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



Analysis on Upcoming IPOs

Hong Kong
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