bullish

China Feihe

ECM Weekly (31 Aug 2019) -  Megvii, Pharmaron, China Feihe, Home Credit, Prosus

487 Views31 Aug 2019 12:16
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.

Things are finally picking in Hong Kong even though protests have yet to die down. This week alone, three notable companies filed with the Hong Kong Exchange, namely, Megvii, Jiumaojiu, and Pharmaron. China Feihe is also said to have started investor education recently. We have covered the companies in:

In the Philippines, two companies, Axelum Resources (1729371D PM) and AllHome (AHM PM), have been approved by the SEC and will be listing early October. Sta Lucia Land (SLI PM) has also gotten the approval for a planned follow-on offer of about US$160m and the offer period is set to be in November.

In Thailand, PTT has said that it is expecting to list its retail business in the next twelve months while Asset World started premarketing for its US$1.5bn IPO.

In Japan, shareholders of Recruit Holdings (6098 JP) came back onto the market to sell about US$3.5bn worth of shares. We shareD our initial thoughts on the deal and will follow up with a closer look on past deal performances and scores on our deal framework.

Accuracy Rate:

Our overall accuracy rate is 72.5% for IPOs and 64.5% for Placements

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

New IPO filings this week

  • Megvii (Hong Kong, ~US$1bn)
  • Pharmaron (Hong Kong, ~US$650m)
  • Jiumaojiu (Hong Kong, >US$100m)

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

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)

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

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

JS Global

JS Global Lifestyle (JS 环球生活) Early Thoughts - Declaring US$470m Dividend Before IPO

JS Global

JS Global Lifestyle (JS 环球生活) Quick Note - Questions About Corporate Structure & Reorganization

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
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

SH Henlius

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

SH Henlius

Shanghai Henlius (复宏汉霖) IPO: Valuation of Four Biosimilars

SH Henlius

Shanghai Henlius (复宏汉霖) IPO: Thoughts on Valuation

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
TopsportsTopsports International Holdings Pre-IPO - Performing Well but All Proceeds Will Likely Go to Belle
TopsportsTopsports Pre-IPO - Quick Take - Nike & Adidas Data Throws up Some Interesting Nuggets
TopsportsTopsports Pre-IPO - Way Ahead of Its Peer on Most Counts
TopsportsTopsports Pre-IPO - Thoughts on Valuation
TOT BioTOT Biopharm (东曜药业) IPO: An Unimpressive Pipeline
TubatuTubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch
TubatuTubatu Group Pre-IPO - Online -> Online + Offline -> Online -> ?
VenusVenus Medtech (启明医疗) IPO: Has the Elements for a Hot Healthcare Deal
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

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
Malaysia
QSRQSR Brands Pre-IPO - As Healthy as Fast Food
The U.S
CloudMindsCloudMinds Inc Early Thoughts - Still Nascent
MetenMeten International Edu (美联国际教育) Early Thoughts - Unclear Strategies
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