ECM Weekly (17 May 2020) -Dada Nexus, Kintor Pharma, Yeahka, Archosaur Games
Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
Australia/New Zealand deal flow slow down to trickle. There were just two placements this week. Z Energy Ltd (ZEL NZ)'s placement held up well after the placement, with most existing investors subscribing to the placement while Incitec Pivot (IPL AU)'s placement ended the week below its deal price. Sumeet Singh covered deals in:
- Incitec Pivot Placement - Not Really a Distress Raising
- Z Energy Placement - Closer to a Do or Die Situation
In Hong Kong, the IPO market is looking up with Central China New Life (9983 HK) and Peijia Medical (9996 HK) trading exceedingly well on their Friday debut. CCNL closed its trading debut with 22.1% gain from IPO price while Peijia ended the day with a 68% gain. Taking advantage of the momentum, Kintor Pharmaceutical (9939 HK) launched its IPO this week and will be listing next week, on the 22nd of May. We are also Yeahka Limited (1781144D CH) is looking to launch its IPO bookbuild soon with its PHIP filed. There is also Archosaur Games (ARCH HK) in the pipeline.
- Kintor Pharma (开拓药业) IPO: Weak in Cornerstone but Still Expect Upside
- Yeahka (移卡) Pre-IPO - PHIP Updates and Peer Valuation
- Archosaur Games (祖龙娱乐) Pre-IPO - Short Life Cycle, Volatile Revenue, but It May Look Different Soon
- Peijia Medical (沛嘉医疗) IPO Trading: Action for the High Flyer
- Central China New Life (建业新生活) IPO - Good Demand from Investors
In the U.S, Chinese companies are still looking to list despite of the setback from Luckin Coffee (LK US). Dada Nexus (DADA US) filed its prospectus with the SEC, probably gaining confidence after seeing a successful listing of Kingsoft Cloud (KC US). China ADRs homecoming is also heating up after JD and NetEase getting closer to their secondary listing in Hong Kong. We shared our first look on the bigger picture on China ADRs and Dada Nexus in:
Accuracy Rate:
Our overall accuracy rate is 73.5% for IPOs and 65.6% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- Dada Nexus (~US$500m, the U.S.)
- Legend Biotech (~US$300m, the U.S.)
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.
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- ECM Weekly (7 June 2020) - JD & NetEase HK Bookbuild, Burning Rock & Nongfu Spring Valuation07 Jun 2020
- ECM Weekly (31 May 2020) - JD & NetEase HK, Legend Biotech, Burning Rock, Dada Nexus, Kangji31 May 2020
- ECM Weekly (24 May 2020) - NetEase and JD Homecoming, Legend Biotech, Nongfu Spring, Yeahka24 May 2020
- ECM Weekly (17 May 2020) -Dada Nexus, Kintor Pharma, Yeahka, Archosaur Games17 May 2020
- Peijia Medical (沛嘉医疗) IPO Trading: Action for the High Flyer14 May 2020
- China ADRs Secondary Listing: COVID-19 Has Increased the Tension but Narrowed the Short List13 May 2020
- ECM Weekly (10 May 2020) - Kingsoft Cloud, NetEase, Central China New Life, Peijia Medical, Kintor,10 May 2020