bullish

JD Logistics

ECM Weekly (2nd May 2021) - JD Logistics, Powergrid InvIT, Shanghai Hanyu, Monde Nissin, Hello Inc

326 Views02 May 2021 10:59
SUMMARY

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


Asia IPO pipeline continues to build up with multiple new filings. Zomato filed its draft prospectus in India and Del Monte Philippines in the Philippines, looking to raise US$1bn and US$790m, respectively. In the U.S, Hello Inc (last Friday), Ximalaya, Qiniu Cloud filed with the SEC. The former two companies are looking to raise about US$1bn each while Qiniu Cloud is likely targeting a US$500m IPO. Hong Kong had a number of filings with R&F Property Services being the notable one, looking to raise US$700m.

JD Logistics, SF REIT, Edding Group, and New Hope Service have won approval for their Hong Kong listings. JD Logistics was aiming to raise US$4bn and should start premarketing this coming week. SF REIT got its approval last week and filed its PHIP last Sunday. It is looking to raise US$300m and will likely launch its bookbuild next week. The latter two are expected to raise up to US$300m and US$150m, respectively.

Hong Kong placement deal flow slowed (naturally) from a record last week. Wuxi Biologics Holdings came back to the market to sell another block ahead of its stipulated lock-up from January this year. The selldown was largely expected. Other placements in Hong Kong included Tsingtao Brewery Co Ltd H (168 HK) and Fuyao Glass Industry Group (3606 HK). In the Philippines, AC Energy Corp (ACEN PM)'s re-IPO was priced close to the low-end. The deal will trade on 14th May.

In Hong Kong, we wrote on Shanghai Hanyu Medical Technology (SHM HK), a leading player in the mitral valve devices market. While the company has a huge market potential, it had a weak investor line-up and lack of management experience .

Zhaoke Ophthalmology Pharmaceutical (6622 HK) debuted below its IPO price on Thursday despite having a decent cornerstone line-up. It closed 25% below IPO price on Friday.

For China ADRs, we initiated on Hello Inc (1883864D US). The company operates a mobile app, Hello, which provides local services that includes two-wheeler services and a carpooling market place.

In India, Powergrid Infrastructure Investment Trust (1883964D IN) launched its IPO bookbuild on Thursday. Books will close on Monday and shares will trade on 17th May.

In the Philippines, Monde Nissin Corp’s (0191881D PM) has started premarketing. We compared its meat alternative business with global competitors and shared our thoughts on valuation.

Credits to Clarence Chu for helping out with the note.

Accuracy Rate:

Our overall accuracy rate is 74.1% for IPOs and 67.3% for Placements

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

New IPO filings this week

  • R&F Property Services (Hong Kong, US$700m)
  • Readboy Education Holding Company Limited (Hong Kong, >US$100m)
  • Lepu Biopharma (Hong Kong, >US$100m)
  • Hangzhou Xpower Technology (Hong Kong, >US$100m)
  • Ximalaya (China ADR, US$1bn)
  • Hello Inc (China ADR, US$1bn)
  • Qiniu Ltd. (China ADR, US$500m)
  • Zomato Limited (India, US$1bn)
  • Del Monte Philippines (Philippines, US$790m)

News on Upcoming IPOs

Hong Kong/China

US/China ADRs

India

Others

Analysis on Upcoming IPOs

NameInsight
Hong Kong
Betta Pharma

Betta Pharma (贝达医药) A+H: Tier 2 Player Struggled to Break Out

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

ByteDance

ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India

ByteDance

ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges

Chaoju

Chaoju Eye Care (朝聚眼科) Pre-IPO: Growth Prospect Far from Being Impressive

Dida

Dida Pre-IPO - Making Hay While Big Brother Retreats

Dida

Dida Pre-IPO - Earnings Forecast and First Stab at Valuation

Dida

Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability

Edding Grp

Edding Group (亿腾医药) Pre-IPO: Notes from Latest Financials and Its Related Party

Edding Grp

Edding Group (亿腾医药) Pre-IPO: Notes from Latest Financials and Its Related Party

Hanyu

Shanghai Hanyu (捍宇医疗) Pre-IPO: Not a Straight-A but Listing at Right Time

Intco Med

Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1

Kilcoy

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement

JD Logistics

JD Logistics (京东物流) Pre-IPO - Tethered to JD Group and Looking Beyond

JD Logistics

JD Logistics (京东物流) Pre-IPO - Thoughts on Valuation

JD Logistics

JD Logistics (京东物流) Pre-IPO - Peer Comparison - Shielded from Price War

Kilcoy

Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained

Kindstar

Kindstar (康圣环球) Pre-IPO: Issues with Scalability

Kindstar

Kindstar (康圣环球) Pre-IPO: Is It Worth the Premium?

RemeGenRemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48
Bio-heartShanghai Bio-Heart (上海百心安) Pre-IPO: Needs a Long Runway
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
WeDoctorWe Doctor (微医) Pre-IPO - Peer Comparison - Picking Its Battles Wisely
WeDoctorWe Doctor (微医) Pre-IPO - Forecasts, Early Thoughts on Valuation, and Acquisition Gripes
Youran DairyChina Youran Dairy(悠然牧业) Pre-IPO - A Leader Pulling Ahead in a Fragmented Market
India
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

LIC

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
Sona ComstarSona Comstar Pre-IPO - Inconsistent Growth, Patchy Disclosures
Malaysia
QSRQSR Brands Pre-IPO - As Healthy as Fast Food
The U.S.
Hello IncHello Inc (哈罗出行) Pre-IPO - Nowhere near Being Sustainable
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