Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac IPO & Placement Research, China biotech

ECM Weekly (8 September 2018) - Qutoutiao, Viomi, 111 Inc., Meituan, Haidilao

Haidilao (海底捞) IPO: Appealing Valuation at the Low End for a Branded National Champion (Part 4)

Haidilao (6862 HK) IPO: Know When to Say No

Haidilao (海底捞) IPO: Superior Metrics in a Scalable Segment (Part 2)

Haidilao IPO First Glance: Legendary Hot Pot Restaurant that Will Be Hot (Part 1)

Yihai Intl IPO: Quality Product but Concerns on CG and Valuation

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

Haidilao International Holding / Equity Capital Markets

<p>Haidilao's application for listing on the Hong Kong Stock Exchange was approved on September 3rd. The IPO will star book building next week. In our previous two insight (<a href="https://www.smartkarma.com/insights/haidilao-ipo-first-glance-legendary-hot-pot-restaurant-that-will-be-hot-part-1" target="_blank">Part 1</a> and <a href="https://www.smartkarma.com/insights/haidilao-ipo-superior-metrics-in-a-scalable-segment-part-2" target="_blank">Part 2</a>), we discussed the company's fundamentals and the reason why it can achieve rapid growth. </p>
<p>In the latest filing, the company reported 1H18 numbers which clears some doubts we had earlier. While we see a growth slow down at the restaurant level, we believe the company will be able to register fast topline growth thanks to its aggressive store opening in the next one to two years. We also note the margin pressure in the latest financial numbers.</p>

Haidilao's application for listing on the Hong Kong Stock Exchange was approved on September 3rd. The IPO will star book building next week. In our previous two insight (Part 1 and Part 2), we discussed the company's fundamentals and the reason why it can achieve rapid growth. 
In the latest filing, the company reported 1H18 numbers which clears some doubts we had earlier. While we see a growth slow down at the restaurant level, we believe the company will be able to register fast topline growth thanks to its aggressive store opening in the next one to two years. We also note the margin pressure in the latest financial numbers.

Haidilao (海底捞) IPO: 단기적으로는 급속한 성장이지만 앞으로는 둔화될 것입니다(3부)