ECM Weekly (31 January 2021) - Kuaishou, Basecare Med, MicroPort Cardioflow, Cloopen

All eyes are on Hong Kong's Kuaishou Technology (1024 HK) IPO. It was reported that the deal was 1,200x oversubscribed, topping out Nongfu Spring's mega IPO demand. IPO performance of the company will likely set the tone for other mega Hong Kong IPOs, at least for the first half of this year. Read more about our final take on valuation, index flows and other deal dynamics in:

• Kuaishou Technology IPO - Blue Chip Cornerstones, Sober Valuations, Going into FTSE and MSCI Index

Meanwhile, we continue to see an influx of IPOs launching their bookbuild, probably looking to come to market before Chinese New Year. This week we had Basecare Medical Device Co L (1537404D CH) and MicroPort CardioFlow (1844972D HK) launched their IPO bookbuild. The former closed its books early while the latter was said to have priced at the top-end. We are also hearing that Dida (DIDA HK) is likely to come to market in February. We share our thoughts on peer comparison, forecasts and valuation.

• Basecare Medical (贝康医疗) Pre-IPO - Genetic Testing Leader in China
• Basecare Medical (贝康医疗) IPO - A Leader in the Making
• MicroPort Cardioflow (微创心通) Pre-IPO: Thoughts on Valuation
• Cardioflow (微创心通) IPO: Limited Upside
• Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability
• Dida Pre-IPO - Earnings Forecast and First Stab at Valuation

India IPO deal flow is still looking strong too. Brookfield India Real Estate Trust (BIREIT IN) is looking to open its books this coming Wednesday whereas Indigo Paints (IP IN) will list on Tuesday. Indian Railway Finance Corporation (INFZ IN) debuted on Friday with a lacklustre performance which was expected of a company that is essentially a regulated entity with pre-ordained returns and has no real say in its own future.

• Indian Railway Finance IPO Trading - Not a Bad Subscription Result
• Brookfields India Real Estate Trust IPO - Not Very Convincing but the Yield Looks Tempting

Further way from home, in the US, we are hearing that Cloopen Group Holding Ltd (RAAS US) was premarketing this week and looking to open books next week. We looked at the company's business and operational data in:

• Cloopen (容联.云通讯) Pre-IPO - Thematically Favorable but Not Showing Results for Now
• Cloopen (容联.云通讯) Pre-IPO - Peer Comparison and Thoughts

Placements this week.

• Topsports Placement - Previous Deal Didn't Do Well, More to Come
• Smoore International Placement - Mixed Signals
• China Education Group Placement - Back for More, past Deal Didn't Do Well