APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Huize Holding Limited / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/huize-holding-limited" target="_blank" data-smartkarma-citation="entities:28287:1" rel="noopener">Huize Holding Limited (HUIZ US)</a>, an independent online insurance product and service platform, is looking to raise US$150m in its upcoming US IPO.
The company has been growing fast, accelerating to 148% YoY revenue growth in 6M 2019 and has already turned a profit in 2018. Growth has been largely driven by the shift towards selling more life and health insurance products which command higher commission fees compared to P&amp;C insurance products.
However, we are concerned about the company's reliance on indirect marketing methods to generate revenue. The dependency on "social influencers" makes it look more like an insurance agency rather than a platform business and our research suggests that it treads in a legal grey zone.

Huize Holding Limited (HUIZ US), an independent online insurance product and service platform, is looking to raise US$150m in its upcoming US IPO.
The company has been growing fast, accelerating to 148% YoY revenue growth in 6M 2019 and has already turned a profit in 2018. Growth has been largely driven by the shift towards selling more life and health insurance products which command higher commission fees compared to P&amp;C insurance products.
However, we are concerned about the company's reliance on indirect marketing methods to generate revenue. The dependency on "social influencers" makes it look more like an insurance agency rather than a platform business and our research suggests that it treads in a legal grey zone.

Huize (慧择) Pre-IPO - Insurance Agency Masquerading as a Platform Business