ECM Weekly (4 May 2019) - Hansoh, Douyu, Eagle Hospitality, Mulsanne, Luckin
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.
IPO activity continues its strong momentum. We are hearing that there will be Haitong UniTrust International Leasing (HUIL HK), Mulsanne Group Holding Ltd (1817 HK), Xinyi Energy Holdings Ltd (1671746D HK), and Hansoh Pharmaceutical (HANSOH HK) are targeting to list in May. Duiba Group (1753 HK) and Viva Biotech Holdings (1873 HK) will trade next week on Tuesday and Friday respectively.
We have already shared our thoughts on the upcoming IPOs:
- Haitong UniTrust Intl Leasing Pre-IPO - Shape Shifting
- Mulsanne Group/Alpha Smart Pre-IPO - PHIP Updates - Earnings Slowing, Old Inventory Growing
- Alpha Smart - Pre-IPO - PE Investors Recovered 56% of Their Cost in Two Years but Left It in Debt
- Hansoh Pharma (翰森制药) IPO: New Numbers, Pre-IPO Dividend and Boyu Investment (Part 3)
- Xinyi Energy (信义能源) IPO: High Dividend Yield but Depreciating Asset
- Xinyi Energy (信义能源) IPO: AssetCo that Depends on Parent Injection
In the US, there were two listings this week. Yunji was downsized to 11m ADS and priced at the bottom end in line with our thoughts that it was expensive. Nonetheless, the IPO still traded well, 24% above its IPO price. On the other hand, So-Young, which we were bullish on, is trading 50% above its IPO price. We also are hearing that Dada-JD Daojia, backed by JD.com and Walmart is considering an IPO in the US.
As for upcoming IPOs, Douyu International Holdings (DOYU US) and Luckin Coffee (LK US), we've analyzed them further in:
- Douyu (斗鱼直播) IPO: Comparison with Huya (Part 2)
- Luckin Coffee (瑞幸咖啡) Vs. Starbucks (星巴克) - Still Has a Long Way to Go
- Luckin Coffee (瑞幸咖啡) - Base Case Valuation - Cheap Coffee Expensive Company
- Luckin Coffee (瑞幸咖啡) - Blue-Sky/Bear-Case Valuation
For other ASEAN markets, there are three REITs IPOs in Singapore, ARA US Hospitality Trust (HOTEL SP) and Eagle Hospitality Trust (EHT SP), are open whereas we are hearing that Prime US REIT will start pre-marketing soon. In Malaysia, Leong Hup closed its bookbuild a day earlier.
Accuracy Rate:
Our overall accuracy rate is 72.1% for IPOs and 64% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings
- Beijing Enterprises Urban Resources (Hong Kong, >US$100m)
- TOT Biopharma (Hong Kong, >US$100m)
- Renrui Human Resources (Hong Kong, >US$100m)
- Impro Precision Industries (Hong Kong, re-filed)
- Helenbergh (Hong Kong, re-filed)
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
- Anti-tumour drug developer Tot Biopharm files for Hong Kong IPO
- Sebi unlikely to hold back NSE IPO after 6-month ban is over
Analysis on Upcoming IPO
- Douyu (斗鱼直播) IPO: Comparison with Huya (Part 2)
- Hansoh Pharma (翰森制药) IPO: New Numbers, Pre-IPO Dividend and Boyu Investment (Part 3)
- Eagle Hospitality Trust IPO - Lacks Financial History. Largest Asset Needs US$235m+ Worth of Repairs
- Eagle Hospitality Trust IPO - Lower Flow Through to Distribution Income Vs ARA US Hospitality
- Luckin Coffee (瑞幸咖啡) Vs. Starbucks (星巴克) - Still Has a Long Way to Go
- Luckin Coffee (瑞幸咖啡) - Base Case Valuation - Cheap Coffee Expensive Company
- Luckin Coffee (瑞幸咖啡) - Blue-Sky/Bear-Case Valuation
- Mulsanne Group/Alpha Smart Pre-IPO - PHIP Updates - Earnings Slowing, Old Inventory Growing
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