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APAC IPOs & Placements

Zhen Zhou, Toh

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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

Tongcheng Travel Holdings  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27363" target="_blank" data-smartkarma-citation="entities:27363:1">Tongcheng-Elong Holdings Ltd (780 HK)</a> is planning to raise up to US$232m in its upcoming IPO to enhance products and services offerings, fund potential acquisition, research and improve technological capabilities and fund general working capital.
While we liked the company because Tongcheng-eLong's merger molded the company into a formidable force in China's OTA industry. The competitiveness of the industry as shown from margin weakness in Ctrip's recent quarter earnings suggest near-term headwinds. TCEL should trade at a discount to Ctrip due to its smaller market share, lower profitability margin, and smaller float.
In this insight, we will look at TCEL's updated operating metrics and financial figures, compare TCEL against listed peers, and run the deal through our ECM framework.

Tongcheng-Elong Holdings Ltd (780 HK) is planning to raise up to US$232m in its upcoming IPO to enhance products and services offerings, fund potential acquisition, research and improve technological capabilities and fund general working capital.
While we liked the company because Tongcheng-eLong's merger molded the company into a formidable force in China's OTA industry. The competitiveness of the industry as shown from margin weakness in Ctrip's recent quarter earnings suggest near-term headwinds. TCEL should trade at a discount to Ctrip due to its smaller market share, lower profitability margin, and smaller float.
In this insight, we will look at TCEL's updated operating metrics and financial figures, compare TCEL against listed peers, and run the deal through our ECM framework.

Tongcheng-ELong (同程艺龙) IPO レビュー - 収益性が低い小規模企業