APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

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

Guangdong Tianyu Semiconductor / Equity Capital Markets

Guangdong Tianyu (GT) was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024. It specializes in the design, research and development, and manufacture of various types of silicon carbide (SiC) epitaxial wafers. Its core product is the SiC epitaxial wafer, which serves as the key raw material for the production of power semiconductor devices. As a third-generation semiconductor material, SiC offers significant performance advantages over traditional silicon, making it highly suitable for applications operating in high-voltage, high-temperature, and high-frequency environments. Silicon carbide epitaxial wafers are used to produce high-efficiency power semiconductors for electric vehicles, renewable energy and industrial applications.

Guangdong Tianyu Semiconductor (2223725D CH)

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<li>
<a href="https://www.smartkarma.com/entities/guangdong-tianyu-semiconductor" target="_blank" data-smartkarma-citation="entities:46068:1" rel="noopener">Guangdong Tianyu Semiconductor (2223725D CH)</a> raised around US$224m in its HK IPO.</li>
<li>It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Guangdong Tianyu Semiconductor (2223725D CH) raised around US$224m in its HK IPO.
It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Guangdong Tianyu IPO Trading: Weak Insti and Retail Demand

Chubb Malaysia (CM) is a general insurer in Malaysia, offering a diversified portfolio of products across property and casualty, accident and health, and motor insurance. Originally incorporated in 1970 as Jerneh Insurance Corporation, the company was acquired by the Chubb Group in 2010 and currently operates as an indirect wholly-owned subsidiary of Chubb Limited, a global insurance leader listed on the NYSE and a component of the S&P 500 index.

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<li>
<a href="https://www.smartkarma.com/entities/chubb-insurance" target="_blank" data-smartkarma-citation="entities:46073:1" rel="noopener">Chubb Insurance (1071557D MK)</a> is looking to raise at least US$300m in its upcoming Malaysian IPO. The deal will be run by Maybank.</li>
<li>It is a general insurer in Malaysia, offering a diversified portfolio of products across property and casualty, accident and health, and motor insurance.</li>
<li>Originally incorporated in 1970 as Jerneh Insurance Corporation, the company was acquired by the Chubb Group in 2010.</li>
</ul>



Chubb Insurance (1071557D MK) is looking to raise at least US$300m in its upcoming Malaysian IPO. The deal will be run by Maybank.
It is a general insurer in Malaysia, offering a diversified portfolio of products across property and casualty, accident and health, and motor insurance.
Originally incorporated in 1970 as Jerneh Insurance Corporation, the company was acquired by the Chubb Group in 2010.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/mandi" target="_blank" data-smartkarma-citation="entities:46033:1" rel="noopener">Mandi (MANDI HK)</a> is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by Huatai.</li>
<li>Mandi is a leading specialized consumer pharmaceuticals company in China, primarily focused on skin health (including hair health) and weight management.</li>
<li>The company was spun off from 3SBio (1530.HK) to operate as a distinct entity. </li>
</ul>



Mandi (MANDI HK) is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by Huatai.
Mandi is a leading specialized consumer pharmaceuticals company in China, primarily focused on skin health (including hair health) and weight management.
The company was spun off from 3SBio (1530.HK) to operate as a distinct entity. 


3SBio, Inc. is a biotechnology company located in China. The Company focuses on mammalian cell-based biopharmaceuticals in the biotechnology industry. 3SBio also develops, manufactures and markets biopharmaceutical products globally.

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<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> is looking to raise around US$400m from a primary placement.</li>
<li>The deal is a small one, representing 2.9 days of the stock’s three month ADV, and 3.9% of total shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



3SBio Inc (1530 HK) is looking to raise around US$400m from a primary placement.
The deal is a small one, representing 2.9 days of the stock’s three month ADV, and 3.9% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-tianyu-semiconductor" target="_blank" data-smartkarma-citation="entities:46068:1" rel="noopener">Guangdong Tianyu Semiconductor (2223725D CH)</a> is looking to raise up to US$224m in its upcoming Hong Kong IPO.</li>
<li>It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024</li>
<li>In this note, we provide updates on the firm’s past performance and valuation.</li>
</ul>



Guangdong Tianyu Semiconductor (2223725D CH) is looking to raise up to US$224m in its upcoming Hong Kong IPO.
It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024
In this note, we provide updates on the firm’s past performance and valuation.


Guangdong Tianyu Pre-IPO: Expensive and Poor Track Record

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%.