bullish

ECM Weekly (28 Oct 2019) - Samhi Hotel, JS Global, Megvii, Innocare, Bytedance

361 Views27 Oct 2019 12:38
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.

The overall IPO pipeline is still looking strong. We heard that China Feihe (FEIHE HK) is looking to launch its bookbuild on Monday while ESR is guiding its pricing to be around the mid-point. However, sentiment has not been ideal. Momentum stemming from Budweiser Brewing Company APAC (1876 HK) and Topsports International (6110 HK) strong debut has somewhat fizzled as there news that JS Global Lifestyle (1691 HK) pulled its IPO even after pricing at the low-end of its IPO price range.

Aside from JS Global, in the US, Youdao (DAO US)'s debut had been a disaster. Despite of the small float and support coming from Orbis and William Ding (indication of interest), shares close 26% below its IPO price on the first day.

We are hearing that Lizhi FM, a Xiaomi-backed Chinese podcast app, is planning to lodge a public filing soon while China's WeWork, uCommune, has filed confidentially for an IPO. This week, YX Asset Recovery, a delinquent consumer debt collection service provider in China filed its IPO listing whereas FangDD (DUO US) is bookbuilding and it will close its books on the 31st and list on the 1st of November.

Back in Australia, sentiment remained poor despite having a number of companies trying to list. PropertyGuru (PGU AH) became the latest victim, pulling its IPO. This wasn't exactly a surprise as Sumeet Singh mentioned in his notes that valuation at the IPO price range is too expensive. Either way, this is the fourth Australia IPO to be pulled in the past month which bodes poorly for Onsite Rental (ONSITE AU)'s IPO which is expected to start bookbuild on Monday.

Accuracy Rate:

Our overall accuracy rate is 72.7% for IPOs and 65.1% for Placements

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

New IPO filings this week

  • YX Asset (~US$200m, 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.

News on Upcoming IPOs

Analysis on Upcoming IPOs

NameInsight
Hong Kong
Alibaba

Alibaba IPO/Secondary Listing - The Real IPO Only Begins on the 11th Day Post Listing

Alphamab

Alphamab (康宁杰瑞) IPO: Strong R&D Capability and Innovative Platforms

AscentageAscentage Pharma (亚盛医药) IPO: Too Early for an IPO
Ascentage

Ascentage Pharma (亚盛医药) IPO: Updates and Thoughts on HQP1351 (3rd Gen Bcr-Abl TKI)

Ascentage

Ascentage Pharma (亚盛医药) IPO: Some Issues with Banker Forecasts

Ant FinancialAnt Financial IPO Early Thought: Understand Fintech Empire, Growth & Risk Factors
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) Pre-IPO: Why Facebook Should Worry About TikTok

ByteDance

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

ByteDance

ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H?

ByteDance

ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants

ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok

Clarity

Clarity Medical (清晰医疗) IPO: Proxy to HK SMILE Surgery Demand

Broad Home

Changsha Broad Homes IPO - Exposure to Prefabricated Construction in China

China Feihe

China Feihe (中国飞鹤) IPO: New Numbers, New Red Flag, and Demographic Risk

China Feihe

China Feihe (中国飞鹤) IPO: Thoughts on Valuation

Helenbergh

Helenbergh (海伦堡) Early Thoughts - The Usual Red Flag - Related Party Transactions

Home Credit

Home Credit Pre-IPO (Part I) - The Positives - Lots to Like

Home Credit

Home Credit Pre-IPO (Part II) - The Negatives - A Lot More to Dislike

Home Credit

Home Credit Pre-IPO - Bigger but Not Necessarily Better than Peers

Home Credit

Home Credit Pre-IPO - Thoughts on Valuation and the Curious Case of Expanding Equity Base

Huali

Huali University (华立大学) IPO Early Thoughts - Risks Abound

Hut Chi-Med

Hutchison-China Med (和黄医药) H-Share Listing: MNC Partnerships Endorsed Its R&D Capabilities

Innocare

InnoCare (诺诚健华) Pre-IPO: A Decent Team but Short of Clinical Stage Candidates

Jiumaojiu

Jiumaojiu (九毛九) Pre-IPO Early Thoughts - New Brand Driving Growth

MegviiMegvii (旷视) Pre-IPO - Remarkable Growth (Part 1)
MegviiMegvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential
MegviiMegvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent
MegviiMegvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis
MicuRxMicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment
PharmaronPharmaron (康龙化成) A+H Listing: A Leading Drug Discovery Company
Poly PrpPoly Property Development (保利物业发展) IPO Early Thoughts - Well-Rounded Company
Renrui

Renrui Human Resources (人瑞人才) Pre-IPO Review - Riding on China's Unicorns

SinoMab

SinoMab (中国抗体): Pipeline Concentrated on Autoimmune Therapy

Smoore

Smoore Tech (麦克韦尔) IPO: Hidden E-Cigarette Player Behind the FEELM Technology

Smoore

Smoore Tech (麦克韦尔) Pre-IPO: 6Y and 1H2019 Financials Show Technology Driven Growth

TaslyTasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters
TOT BioTOT Biopharm (东曜药业) IPO: An Unimpressive Pipeline
TOT BioTOT Biopharm (东曜药业) IPO: Valuation of Core Product TAB008, a Bevacizumab Biosimilar
VenusVenus Medtech (启明医疗) IPO: Has the Elements for a Hot Healthcare Deal
VenusVenus Medtech (启明医疗) IPO: Technical Comparison of VenusA-Valve and Peers
India
ASKASK Investment Managers Pre-IPO - Riding on a Wave of Wealth
Aakash EduAakash Education Pre-IPO - Fast Growth in an Attractive Sector
Anmol IndAnmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders
Bharat Hotels

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
Flemingo Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country
Emami CemEmami Cement Pre-IPO - Still in Ramp Up Phase but Emami 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
MazagonMazagon 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: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt
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
UjjivanUjjivan Small Finance Bank Pre-IPO - Shouldn't Be Forced to List
Malaysia
QSRQSR Brands Pre-IPO - As Healthy as Fast Food
The U.S
36Kr36Kr (36氪) IPO: A Specialized Media Company Struggling to Monetize
CloudMindsCloudMinds Inc Early Thoughts - Still Nascent
EcmohoEcmoho (易恒健康) Pre-IPO Review - More Like a Middleman
FangDDFangDD (房多多) IPO: Reminiscence of SFUN?
HuizeHuize (慧择) Pre-IPO - Insurance Agency Masquerading as a Platform Business
MetenMeten International Edu (美联国际教育) Early Thoughts - Unclear Strategies
Q&KQ&K Intl (青客) IPO: Yet Another WeWork Model that Will Not Work
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