bullish

ESR Group

ECM Weekly (8 Jun 2019) -ESR Cayman, Shanghai Henlius, Edvantage, JH Education

701 Views08 Jun 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.

It will be a busy week of debuts in Hong Kong with China Tobacco International (HK) (6055 HK) and China East Education (667 HK) listing on Wednesday, Tai Hing (6811 HK) on Thursday, and Hansoh Pharmaceutical (3692 HK) on Friday.

New IPOs are still coming as we heard that Impro Precision is pre-marketing for its US$150m IPO while Hutchison China MediTech has been approved and will be launching its IPO soon. ManpowerGroup Greater China have already started pre-marketing as well.

Jinxin Fertility Co Ltd (1659778D CH) will likely open books next Tuesday and was previously expected to be raising US$500m. Ke Yan, CFA, FRM has already shared his initial thoughts on the company in:

ESR Cayman (ESR HK) decided to delay its bookbuild on Monday citing trade war jitters. But, on Tuesday, markets turned around sharply after Powell suggested that the fed could cut rates in light of trade war, giving the green light for ESR's IPO. Sumeet Singh wrote his final thoughts on valuation in:

In India, activity seems to be picking up. Penna Cement gets the go-ahead from Sebi for its US$200m IPO while Shyam Steel filed on Sebi for a US$72m IPO which could launch in November.

Whereas, in the US, we are disappointed by GSX Techedu (GSX US) poor debut as it joins the ranks of other poor performing US-listed China online education companies. Wanda Sports also just filed with the SEC on Friday which could potentially be interesting. We will share our early thoughts on the company next week.

Accuracy Rate:

Our overall accuracy rate is 72.2% for IPOs and 63.6% for Placements

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

New IPO filings this week

  • Bank of Guizhou (Hong Kong, US$1bn)

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
AB InbevAb InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China
AB InbevAb InBev Asia Pre-IPO - Quick Note - More like CR Beer Rather than Tsingtao
AB InbevAb InBev Asia Pre-IPO - On Its Way to Potentially Being the Biggest HK IPO This Year
AB Inbev

Budweiser Brewing APAC Pre-IPO - It Will Be a US$5bn+ Raise Owing to Its Clean Balance Sheet

AscentageAscentage Pharma (亚盛医药) IPO: Too Early for an IPO
Ant FinancialAnt Financial IPO Early Thought: Understand Fintech Empire, Growth & Risk Factors
CIMC VehCIMC Vehicle (中集车辆): Market Leader of Semi-Trailers but Little Growth Ahead
ClarityClarity Medical (清晰医疗) IPO: Proxy to HK SMILE Surgery Demand
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)

China TobacChina Tobacco International (IPO): The Monopolist Will Not Recover
China TobacChina Tobacco Intl (HK) IPO: Proxy For the Chinese Cigarette Consumption
Helenbergh

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

Hut Chi-Med

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

Jinxin

Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector

MicuRxMicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment
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

TubatuTubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch
TubatuTubatu Group Pre-IPO - Online -> Online + Offline -> Online -> ?
South Korea
KMH ShillaKMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea
KMH ShillaKMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis
Plakor

Plakor IPO Preview (Part 1)

ZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)
India
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
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
IndiaMartIndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult
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
DouyuDouyu (斗鱼直播) IPO: Leader At a Cost
DouyuDouyu (斗鱼直播) IPO: Comparison with Huya (Part 2)
MetenMeten International Edu (美联国际教育) Early Thoughts - Unclear Strategies
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