Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m. 

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
 
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
 
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

Regulatory Information

  • Regulatory Status: Exempt from regulation

Sumeet Singh

Chindata Group Holdings Pre-IPO

Chindata Group Holdings aims to raise around US$540m in its US listing. Chindata is a data centre solution provider in Asia-Pacific with a focus on China. It currently operates six data centers in China and one in Malaysia and has numerous more data centers under construction. The company is backed by Bain Capital and is almost like a startup, in the sense that it was recently formed via the merger of a China and Asia-Pac entity. Given the relative freshness of the firm, the company has taken the liberty of providing financials just for the past 18 months, which of course show rapid growth. A...

Everest Medicines (云顶新耀) Pre-IPO - Thoughts on valuation

Everest Medicines is a China-based biotech company with late-stage drug candidates in-licensed from partner pharmaceutical companies and biotechs. In our previous note, we discussed that the company has experienced biotech investor managers as its top management. Its business model is to in-license drug candidates with unmet demand in China. We highlight the most interesting drug candidates is TROP-2 targeted Trodelvy which has a broad indication given the prevalent presence of this target in tumor cells. Its innovative antibiotic Xerava was in-vitro more potent than tigecycline but has not...

Kioxia IPO - Push factors for a NAND pure-play premium valuation

Kioxia, formerly the Toshiba Memory Corporation, started book building to raise up to USD 2.9bn to list on TSE. . We discussed in our previous note that the company has a long track record in the memory industry with more than 30 years of history. It was the technology leader as the inventor of NAND flash memory as well as 3D NAND technology. Kioxia is currently the second-largest player in the NAND market. The NAND flash market was characterized by a supply glut in 2019 and has been recovering in 2020. Looking forward, we think the demand is uncertain in the near term given the declining s...

Sumeet Singh

Ant Group (蚂蚁集团) Pre-IPO - First stab at valuation

Ant Group plans to raise up to USD 30bn via a dual listing on both Hong Kong Exchange and Shanghai STAR board. Ant Group is not only the largest third-party payment player in China, it is also the no.1 independent player in each of the three non-payment segments by key operating metrics. Given that Ant has superior growth and margin vs global fintech peer, we would put it at a premium to global fintech players. We have provided our thoughts on Ant Group from as early as 2018. We have since looked at the company’s past performance, individual segments and some of the regulatory issues. In my...

Sumeet Singh

Ant Group (蚂蚁集团) Pre-IPO - Payments and CreditTech peer comparison

Ant Group plans to raise up to USD 30bn via a dual listing on both Hong Kong Exchange and Shanghai STAR board. Ant Group is not only the largest third-party payment player in China, it is also the no.1 independent player in each of the three non-payment segments by key operating metrics. Given that Ant has superior growth and margin vs global fintech peer, we would put it at a premium to global fintech players. We have provided our thoughts on Ant Group from as early as 2018. We have since looked at the company’s past performance, individual segments and some of the regulatory issues. In th...

Sumeet Singh

Chindata Group Holdings Pre-IPO

Chindata Group Holdings aims to raise around US$540m in its US listing. Chindata is a data centre solution provider in Asia-Pacific with a focus on China. It currently operates six data centers in China and one in Malaysia and has numerous more data centers under construction. The company is backed by Bain Capital and is almost like a startup, in the sense that it was recently formed via the merger of a China and Asia-Pac entity. Given the relative freshness of the firm, the company has taken the liberty of providing financials just for the past 18 months, which of course show rapid growth. A...

Everest Medicines (云顶新耀) Pre-IPO - Thoughts on valuation

Everest Medicines is a China-based biotech company with late-stage drug candidates in-licensed from partner pharmaceutical companies and biotechs. In our previous note, we discussed that the company has experienced biotech investor managers as its top management. Its business model is to in-license drug candidates with unmet demand in China. We highlight the most interesting drug candidates is TROP-2 targeted Trodelvy which has a broad indication given the prevalent presence of this target in tumor cells. Its innovative antibiotic Xerava was in-vitro more potent than tigecycline but has not...

Kioxia IPO - Push factors for a NAND pure-play premium valuation

Kioxia, formerly the Toshiba Memory Corporation, started book building to raise up to USD 2.9bn to list on TSE. . We discussed in our previous note that the company has a long track record in the memory industry with more than 30 years of history. It was the technology leader as the inventor of NAND flash memory as well as 3D NAND technology. Kioxia is currently the second-largest player in the NAND market. The NAND flash market was characterized by a supply glut in 2019 and has been recovering in 2020. Looking forward, we think the demand is uncertain in the near term given the declining s...

Sumeet Singh

Ant Group (蚂蚁集团) Pre-IPO - First stab at valuation

Ant Group plans to raise up to USD 30bn via a dual listing on both Hong Kong Exchange and Shanghai STAR board. Ant Group is not only the largest third-party payment player in China, it is also the no.1 independent player in each of the three non-payment segments by key operating metrics. Given that Ant has superior growth and margin vs global fintech peer, we would put it at a premium to global fintech players. We have provided our thoughts on Ant Group from as early as 2018. We have since looked at the company’s past performance, individual segments and some of the regulatory issues. In my...

Sumeet Singh

Ant Group (蚂蚁集团) Pre-IPO - Payments and CreditTech peer comparison

Ant Group plans to raise up to USD 30bn via a dual listing on both Hong Kong Exchange and Shanghai STAR board. Ant Group is not only the largest third-party payment player in China, it is also the no.1 independent player in each of the three non-payment segments by key operating metrics. Given that Ant has superior growth and margin vs global fintech peer, we would put it at a premium to global fintech players. We have provided our thoughts on Ant Group from as early as 2018. We have since looked at the company’s past performance, individual segments and some of the regulatory issues. In th...

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