bullish

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

555 Views23 Feb 2019 12:12
SUMMARY

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

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.

Accuracy Rate:

Our overall accuracy rate is 72.1% for IPOs and 63.7% for Placements

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

New IPO filings

  • Jinxin Fertility Group (US$600m, Hong Kong)

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.

Source: Aequitas Research, Smartkarma

News on Upcoming IPOs

Smartkarma Community's this week Analysis on Upcoming IPO

NameInsight
Hong Kong
AB InbevAb InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China
AscentageAscentage Pharma (亚盛医药) IPO: Too Early for an IPO
Ant FinancialAnt Financial IPO Early Thought: Understand Fintech Empire, Growth & Risk Factors
BitmainBitmain IPO Preview: The Last Hurrah Before Reality Bites
BitmainBitmain IPO Preview (Part 2) - King of Cryptocurrency Mining Rigs but Its Moat Is Shrinking
BitmainBitmain: A Counter Thesis
BitmainBitmain (比特大陆) IPO: Running Out of Steam on Mining Rigs (Part 1)
BitmainBitmain (比特大陆) IPO: Value At Risk of Founder's Belief (Part 2)
BitmainBitmain (比特大陆) IPO: Take-Aways from Founder's Recent Speech at Tsinghua University (Part 3)
BitmainBitmain (比特大陆) IPO: Intense Competition in the 7nm Mining ASIC Market (Part 4)
ByteDance

ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)

ByteDance

ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)

China East EduChina East Education (中国东方教育) Pre-IPO - The Company Known for Its Culinary School
China TobacChina Tobacco International (IPO): The Monopolist Will Not Recover
China TobacChina Tobacco International IPO: Heavy Regulation, Declining Margins – A Bit Late to IPO Party
Frontage

Frontage Holding (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect

Hujiang Edu

Hujiang Education (沪江教育) Pre-IPO - Spending More than It Earns

MicuRxMicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment
SH Henlius

Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio

SH Henlius

HLX02: Innovation Could Overtake

TubatuTubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch
TubatuTubatu Group Pre-IPO - Online -> Online + Offline -> Online -> ?
Viva BioViva Biotech (维亚生物) IPO: When CRO Becomes Early Stage Biotech Investor
South Korea
AsianaAsiana IDT IPO Preview (Part 1)
AsianaAsiana IDT IPO Preview (Part 2) - Valuation Analysis
Ecopro BMEcopro BM IPO Preview: The World's #2 Player in the NCA High Nickel-Based Cathode Materials
Ecopro BMEcopro BM IPO: Valuation Analysis
KMH ShillaKMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea
KMH ShillaKMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis
HomeplusHomeplus REIT IPO - The Largest Ever REIT IPO in Korea
Hyundai AutoeverHyundai Autoever IPO Preview
Hyundai AutoeverHyundai Autoever IPO Pricing: Likely to Be a Dull Event Given No Growth Story & Glovis Merger
Plakor

Plakor IPO Preview (Part 1)

ZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)
India
Anmol IndAnmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders
Bharat Hotels

Bharat Hotels Pre-IPO - Catching up with Peers

CMS InfoCMS Info Systems Pre-IPO Review - 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
Embassy REITEmbassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish
Flemingo Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country
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
Mazagon DockMazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending
Mrs. BectorMrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta

Lodha

Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable
LodhaLodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt
IndiaMartIndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult
PolycabPolycab India Limited Pre-IPO - Market Leader with Steady Growth but with a Few Unanswered Question
The U.S.
FutuFutu Holdings IPO Preview: Running Out of Steam
FutuFutu Holdings Pre-IPO - Great Metrics but in a Commoditised Industry
Malaysia
QSRQSR Brands Pre-IPO - As Healthy as Fast Food
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