ECM Weekly (23 February 2019) - Futu, CStone, Dexin, New Century, AB InBev, MabPharma

Starting with listings in Hong Kong next week, CStone Pharma (2616 HK) and Dexin China Holdings (2019 HK) will list on the 26th of February. Dexin is said to have priced at the mid-point of its price range while CStone is priced above its mid-point.

We also heard that Haitong Unitrust International Leasing was given the green light by CSRC for its Hong Kong IPO. The company had previously re-filed its draft prospectus in September last year. Shanghai Dongzheng Automotive Finance has also received approval from CSRC for its IPO.

There had also been a small property developer, YinCheng, that had launched its US$100m IPO. Jinxin Fertility had also just filed its draft prospectus with the HKEX.

Back in the US, we are hearing that Futu Holdings Ltd (FHL US) could be starting its bookbuild as early as next week. Sumeet Singh had previously analyzed the company in his insight, Futu Holdings Pre-IPO - Great Metrics but in a Commoditised Industry, and he will be following up with another insight next week.

In Japan, there is an Aruhi Corp (7198 JP) placement in which Carlyle looking to sell their entire stake in the company. Sumeet Singh had covered in Aruhi Placement - Bigger than the IPO but Good Track Record and Price Performance Should Help. The placement would be more attractive if it corrects down over the next few days but the removal of overhang from Carlyle seemed to be very well received by the market and the share price had even traded up 13% on Wednesday this week.