APAC IPOs & Placements, Aequitas Research

Troy Wong

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

<ul>
<li>Busy Ming Group Co., Ltd. (BMG) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by GS, Huatai, and DB.</li>
<li>BMG is a leading F&amp;B retailer in China, offering value-for-money products which are priced c.25% lower than the average for similar products available in the supermarket channel.</li>
<li>It mainly operates under a franchised model and focuses mostly on third-tier cities and below.</li>
</ul>


Busy Ming Group Co., Ltd. (BMG) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by GS, Huatai, and DB.
BMG is a leading F&amp;B retailer in China, offering value-for-money products which are priced c.25% lower than the average for similar products available in the supermarket channel.
It mainly operates under a franchised model and focuses mostly on third-tier cities and below.


Green Tea Group is a restaurant chain operator for fusion cuisine in China. As of the latest practicable date (30 Sept 2021), the firm’s restaurant network consists of 208 restaurants covering 18 provinces, four municipalities and three autonomous regions in the PRC.

<ul>
<li>Green Tea Group (GTG) is looking to raise US$157m (HKD 1.2bn) in its upcoming Hong Kong IPO.</li>
<li>GTG is the fourth largest Casual Chinese Cuisine player in Mainland China, it has been gaining market share historically and is likely to continue.</li>
<li>GTG plans to accelerate its expansion of the restaurant network, focusing on expansion into tier two cities and below, with small restaurants rather than large ones.</li>
</ul>


Green Tea Group (GTG) is looking to raise US$157m (HKD 1.2bn) in its upcoming Hong Kong IPO.
GTG is the fourth largest Casual Chinese Cuisine player in Mainland China, it has been gaining market share historically and is likely to continue.
GTG plans to accelerate its expansion of the restaurant network, focusing on expansion into tier two cities and below, with small restaurants rather than large ones.


Green Tea Group IPO - Peer Comp & Thoughts on Valuation

<ul>
<li>Green Tea Group (GTG) is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by Citi and CMBI.</li>
<li>GTG is a leading Casual Chinese restaurant chain operator in Mainland China, its revenue growth has been driven mainly via rapid store expansion.</li>
<li>Persistently negative SSSG post-COVID could signal potential cannibalization or a negative impact from a shift in consumer spending behavior.</li>
</ul>


Green Tea Group (GTG) is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by Citi and CMBI.
GTG is a leading Casual Chinese restaurant chain operator in Mainland China, its revenue growth has been driven mainly via rapid store expansion.
Persistently negative SSSG post-COVID could signal potential cannibalization or a negative impact from a shift in consumer spending behavior.


Green Tea Group Pre-IPO - PHIP Updates - Still Being Driven Purely by Store Expansion

Guangzhou Xiao Noodles Catering Management / Equity Capital Markets

Guangzhou Xiao Noodles Catering Management (XNC HK)

Guangzhou Xiao Noodles Catering Management

<ul>
<li>Guangzhou Xiao Noodles Catering Management (GXNCM) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CMBI and CLSA.</li>
<li>It's a leading Chinese noodle restaurants operator in China, operating under the Xiao Noodles brand, offering value-for-money cuisines.</li>
<li>Under its dual model of corporate-owned and franchising, it focuses on corporate-owned restaurants in first-tier &amp; new first-tier cities in China.</li>
</ul>


Guangzhou Xiao Noodles Catering Management (GXNCM) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CMBI and CLSA.
It's a leading Chinese noodle restaurants operator in China, operating under the Xiao Noodles brand, offering value-for-money cuisines.
Under its dual model of corporate-owned and franchising, it focuses on corporate-owned restaurants in first-tier &amp; new first-tier cities in China.


Guangzhou Xiao Noodles Catering Management Pre-IPO Tearsheet

CiDi is a leading provider of autonomous driving technology for commercial vehicles in China with a focus on research and development of autonomous mining and logistics trucks, V2X technologies and high-performance perception solutions.

<ul>
<li>CiDi Inc. is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.</li>
<li>The company stands to benefit from sustained industry tailwinds. While still in its early stages, CiDi has made progress in narrowing its losses.</li>
</ul>


CiDi Inc. is looking to raise about US$200m in its upcoming Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
The company stands to benefit from sustained industry tailwinds. While still in its early stages, CiDi has made progress in narrowing its losses.


CiDi Pre-IPO - Promising Company Amid Strong Industry Tailwinds & Narrowing Losses

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%.

Troy Wong
APAC IPOs & Placements
• Aequitas Research

Busy Ming Group Pre-IPO Tearsheet

Busy Ming Group Co., Ltd. plans to raise over US$100m in its Hong Kong IPO. The F&B retailer in China offers affordable products priced 25% lower...

Troy Wong

Green Tea Group IPO - Peer Comp & Thoughts on Valuation

Green Tea Group aims to raise US$157m in its Hong Kong IPO, as the fourth largest Casual Chinese Cuisine player in China it plans to expand into...

Troy Wong

Green Tea Group Pre-IPO - PHIP Updates - Still Being Driven Purely by Store Expansion

Green Tea Group plans to raise $200m in Hong Kong IPO. Revenue growth driven by store expansion, but negative SSSG post-COVID raises concerns...

Troy Wong

Guangzhou Xiao Noodles Catering Management Pre-IPO Tearsheet

Guangzhou Xiao Noodles Catering Management plans to raise $200m in Hong Kong IPO, led by CMBI and CLSA. Leading Chinese noodle restaurant operator...

Troy Wong

CiDi Pre-IPO - Promising Company Amid Strong Industry Tailwinds & Narrowing Losses

CiDi Inc. is set to raise US$200m in Hong Kong IPO as a leading autonomous driving tech provider for commercial vehicles in China, showing...

Troy Wong

Busy Ming Group Pre-IPO Tearsheet

​Busy Ming Group Co., Ltd. plans to raise over US$100m in its Hong Kong IPO. The F&B retailer in China offers affordable products priced 25% lower...

Troy Wong

Green Tea Group IPO - Peer Comp & Thoughts on Valuation

​Green Tea Group aims to raise US$157m in its Hong Kong IPO, as the fourth largest Casual Chinese Cuisine player in China it plans to expand into...

Troy Wong

Green Tea Group Pre-IPO - PHIP Updates - Still Being Driven Purely by Store Expansion

​Green Tea Group plans to raise $200m in Hong Kong IPO. Revenue growth driven by store expansion, but negative SSSG post-COVID raises concerns...

Troy Wong

Guangzhou Xiao Noodles Catering Management Pre-IPO Tearsheet

​Guangzhou Xiao Noodles Catering Management plans to raise $200m in Hong Kong IPO, led by CMBI and CLSA. Leading Chinese noodle restaurant operator...

Troy Wong

CiDi Pre-IPO - Promising Company Amid Strong Industry Tailwinds & Narrowing Losses

​CiDi Inc. is set to raise US$200m in Hong Kong IPO as a leading autonomous driving tech provider for commercial vehicles in China, showing...

Troy Wong

Busy Ming Group Co., Ltd. plans to raise over US$100m in its Hong Kong IPO. The F&B retailer in China offers affordable products priced 25% lower...

Green Tea Group aims to raise US$157m in its Hong Kong IPO, as the fourth largest Casual Chinese Cuisine player in China it plans to expand into...

Green Tea Group plans to raise $200m in Hong Kong IPO. Revenue growth driven by store expansion, but negative SSSG post-COVID raises concerns...

Guangzhou Xiao Noodles Catering Management plans to raise $200m in Hong Kong IPO, led by CMBI and CLSA. Leading Chinese noodle restaurant operator...

CiDi Inc. is set to raise US$200m in Hong Kong IPO as a leading autonomous driving tech provider for commercial vehicles in China, showing...