bullish

JD Logistics

ECM Weekly (9th May 2021) - JD Logistics, Anjuke, Waterdrop, Ximalaya, Qiniu, Monde Nissin

328 Views09 May 2021 10:52
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.


On Friday, Bloomberg reported that China Securities Regulatory Commission’s (CSRC) was weighing tighter rules for Chinese companies listing overseas which could have an impact on upcoming large IPOs such as ByteDance and Didi Chuxing.

However, shortly after, on the same day, CSRC came forward to deny it. While the rumor has been dispelled quickly, one should keep in mind that it wasn’t too long ago that the SEC tightened its restrictions on Chinese companies as it sought public comments for the Holding Foreign Companies Accountable Act (HFCAA). The push and pull factors that we highlighted in our China ADRs note last year seem to remain strong with both sides wanting to limit Chinese companies listing in the US.

SF REIT launched its IPO bookbuild this week. Books were reportedly covered and will close this coming Monday. The company will debut on 17th May.

Central China Management (PHIP filed) and New Hope Service have also started premarketing and both companies are looking to raise up to US$150m each. We also heard that Betta Pharma will seek approval next week.

This week’s notable filings include ANE in Hong Kong (US$500m), Nuvoco Vistas and Chemplast Sanmar in India (US$680m and US$450m, respectively) and CTOS Holdings in Malaysia (US$290m).

This week, we initiated coverage on Anjuke (ANJ HK), a real estate information and transaction service provider, and shared our preliminary thoughts on the valuation of Angelalign Technology (AAT HK).

In the US, Waterdrop Inc. (WDH US), despite closing books a day earlier and pricing its NYSE IPO at the top end, closed almost 20% below its IPO price.

We initiated coverage on Ximalaya (XIMA US) and Qiniu (QNIU US) which filed their prospectus last week. Both companies are in the midst of premarketing.

For Hello Inc. (1883864D US), Ming Lu went on the ground and compared Hello Inc’s bike sharing services against its competitors like Meituan (3690 HK) and Didi Bike (青桔单车).

In the Philippines, Monde Nissin Corp (0191881D PM) bookbuild is scheduled to open on Tuesday. It was reported that the company has already drawn over US$1bn of orders from investors and is in talks with over a dozen cornerstone investors.

In Thailand, Ngern Tid Lor (NTL TB) will trade on Monday. Demand for the IPO had likely been good considering that, last month, it closed its bookbuild five days early and priced at the top-end.

There is a flurry of IPOs coming to market in Australia. Aurora Healthcare, Australia Venue Company, and Keypath Education have kicked off their IPOs this week and will launch bookbuild this coming Monday. We will publish on Aurora Healthcare and Australia Venue Company by Monday.

Placements took a backseat this week. There was only Ascendas REIT (AREIT SP)’s placement in Singapore. This marks their second placement in under six months. This time the REIT raised US$315m to acquire the remaining 75% stake in Galaxis, in the one-north precinct.

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

  • ANE (Cayman) Inc. (Hong Kong, US$500m)
  • Ronshine Service (Hong Kong, US$100m)
  • Nuvoco Vistas (India, US$680m)
  • Chemplast Sanmar Limited (India, US$450m)
  • CTOS Holding (Malaysia, US$290m)

News on Upcoming IPOs

Hong Kong/China

US/China ADRs

India

Others

Analysis on Upcoming IPOs

NameInsight
Hong Kong
Anjuke

Anjuke Pre-IPO - Mixed (Positive and Negative) Developments

Angelalign

Angelalign (时代天使) Pre-IPO: Medical Device Player with Consumer Feature

Angelalign

Angelalign (时代天使) Pre-IPO: Deserves a Premium to Peers

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
QiniuQiniu Cloud (七牛云) Pre-IPO: PaaS Doesn't Warrant a Premium
XimalayaXimalaya Pre-IPO - The Positives - A Whole Lot of Listening
XimalayaXimalaya Pre-IPO - The Negatives
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