ECM Weekly (14th March 2021) - Coupang, Baidu, Shanghai Heartcare, Chaoju Eye Care, Linklogis, Tuya

353 Views14 Mar 2021 10:15

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

Hong Kong IPOs broke its hot streak after Sciclone Pharmaceuticals (6600 HK) and Cheerwin (6601 HK) recent poor debut. But the pipeline continues to build up and quite a number of them were secondary listings. There were news reports of Xpeng (XPEV US), NIO Inc (NIO US), Li Auto Inc. (LI US), Hutchison China MediTech Ltd (HCM US) preparing for their Hong Kong secondary listing. Meanwhile Bilibili Inc (BILI US)'s HK listing was approved, Baidu (BIDU US) launched this week and Autohome Inc (Adr) (ATHM US) will trade on Monday.

We also covered other upcoming Hong Kong IPOs like Chaoju Eye Care Holdings (CEC HK), Shanghai HeartCare Medical Technology (HMT HK) and Linklogis (LINK HK) in:

Meanwhile, Coupang (CPNG US) had a spectacular debut even after pricing above its revised priced range. At this price level, valuation is expensive compared to peers and with tiered lock-up expiry, it's probably wise to lighten up from a short-term trading perspective.

For upcoming IPOs, Ximalaya FM and Waterdrop has filed confidentially for up to US$1bn and US$500m IPO, respectively. We continued our coverage of Tuya Inc (1869782D US) with peer analysis and share our thoughts on forecast, and valuation and initiation on Zhihu Technology (ZH US)

In Singapore, Aztech Global (AZTECH SP) had a less than ideal debut. The company's share price opened 7% higher but traded down to close just 0.8% above its IPO price.

Last, but not least, India ECM has been picking up momentum with a handful of IPOs launched this week. Sumeet Singh covered Kalyan Jewellers (KALYAN IN) with updates on valuation and financials since the draft prospectus.

We covered one Hong Kong placement this week. But more importantly, shareholders of IDP Education (IEL AU) have confirmed that they will be looking to sell their shares before the end of year which will be a large block:

Accuracy Rate:

Our overall accuracy rate is 74.1% for IPOs and 67.4% for Placements

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

New IPO filings this week

  • YiShengBio (Hong Kong, 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.

News on Upcoming IPOs

Analysis on Upcoming IPOs

Hong Kong

Bairong Pre-IPO - The Positives - Largest Independent Big-Data Analytics Provider


Bairong Pre-IPO - The Negatives - Playing with Its Own Data

Betta Pharma

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


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


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


Dida Pre-IPO - Making Hay While Big Brother Retreats


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


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


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


Linklogis Pre-IPO - The Positives - Fast Growing Blockchain Driven Supply Chain Financier


Linklogis Pre-IPO - The Negatives - Inconsistent Growth and Margins, Well Funded Competitors

RemeGenRemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48
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
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


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
QSRQSR Brands Pre-IPO - As Healthy as Fast Food
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
The U.S.
TuyaTuya (涂鸦智能) Pre-IPO - Ride the IoT Wave Via Tuya’s Platform
TuyaTuya (涂鸦智能) Pre-IPO - Tuya's Platform Usage Review
TuyaTuya (涂鸦智能) Pre-IPO - Peer Comparison, Forecast, and Valuation
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