ECM Weekly (21st March 2021) - Bairong, Bilibili HK, Energy Monster, Zhihu, IDP Edu, Ming Yuan Cloud

364 Views21 Mar 2021 10:13

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 had a busy week. Bairong (1569395D CH) launched its bookbuild on Thursday this week and books were covered after the first day despite the lack of support from reputable names in the cornerstone list.

For secondary listings, Bilibili Inc (9626 HK) launched bookbuild to raise about US$2.8bn and books were covered,as per news reports. Baidu (9888 HK)'s secondary listing, which opened books last week, was said to be priced at HK$252 per share and will list this coming Tuesday.

For other upcoming IPOs, Linklogis (LINK HK) is said to have won HKEX approval and will be starting its pre-marketing this coming Monday. We have covered the IPO earlier in:

We also initiated coverage on Monde Nissin Corp (0191881D PM)'s IPO, which is expected to raise about US$1bn.

In the U.S., Tuya Inc (TUYA US) went through a speedy IPO process. It launched its books on Monday, closed it a day later, and was already listed by Thursday. Its successful debut continued the Asia ADR (including Coupang) win streak. It debuted 28% higher but closed just 19% above IPO price. The strong sentiment should bode well for other upcoming China ADRs like Zhihu Technology (ZH US) and Smart Share Global (EM US) (also known as Energy Monster).

Placements in Asia this week were scattered across different countries. There was a long-dated Japan international follow-on offering by Change Inc (3962 JP) and Carlyle's overnight partial selldown of their stake in SBI Cards & Payment Services (SBICARD IN).

We also think that there will likely be blocks sold by shareholders of Tencent Holdings (700 HK), Ming Yuan Cloud Group (909 HK) and IDP Education (IEL AU).

Accuracy Rate:

Our overall accuracy rate is 74% for IPOs and 67.4% for Placements

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

New IPO filings this week

  • UNQ Holdings (Hong Kong, re-filed)
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
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.
Smart ShareSmart Share Global (怪兽充电) Pre-IPO - Growing Fast and Is Profitable but Competition Is Picking Up
ZhihuZhihu (知乎) Pre-IPO - In the Early Stages of Monetization
ZhihuZhihu (知乎): Censorship as Top Risk, May Follow Fate of Weibo
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