Aequitas Research

Hong Jie Seow

At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%.

Chuangxin Industries Pre-IPO: Weak 5M25 and Large Chunk of Revenue from Related Party

Chuangxin Pre-IPO: Increasing Exposure to Volatile Alumina; Offered at Premium to Peers

China Hongqiao Placement: Good Valuation but Likely Opportunistic, on the Back of Chuangxin Listing

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

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

Chuangxin Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/innovation-global-industries" target="_blank" data-smartkarma-citation="entities:45636:1" rel="noopener">Innovation Global Industries (IGI HK)</a> is looking to raise at least US$100mn in its upcoming Hong Kong IPO. The deal will be run by Huatai Financial and CICC.</li>
<li>Innovation Group Industries Holdings is an upstream aluminium production company that primarily focuses on aluminium smelting and alumina refining.</li>
<li>Historically, the sale of electrolytic aluminum has been the main revenue driver for IGI, accounting for 95.5%, 90.5% and 85% of IGI’s revenue in 2022, 2023 and 2024.</li>
</ul>



Innovation Global Industries (IGI HK) is looking to raise at least US$100mn in its upcoming Hong Kong IPO. The deal will be run by Huatai Financial and CICC.
Innovation Group Industries Holdings is an upstream aluminium production company that primarily focuses on aluminium smelting and alumina refining.
Historically, the sale of electrolytic aluminum has been the main revenue driver for IGI, accounting for 95.5%, 90.5% and 85% of IGI’s revenue in 2022, 2023 and 2024.


Innovation Global Industries Holdings Limited Pre-IPO Tearsheet