Aequitas Research - AIRBNB INC (9865065Z) ... Aequitas 2021 Asia IPO Pipeline - More Mega IPOs to Come

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Aequitas Research

Zhen Zhou Toh

EUR 92.12 For Business Accounts Only

Aequitas 2021 Asia IPO Pipeline - More Mega IPOs to Come

In this note, we aim to highlight the Asia Pacific IPO pipeline for 2021. This list has been compiled on a best effort basis from tracking the company filings and through various media and other sources.

For readers who are not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex-Korea and A-shares), including China ADRs. Hence, our pipeline will only include companies that fit these criteria.

Feel free to drop us a message for additional information (bookrunners and coverage) on these IPOs

13/01/2021 1 EN

Underlyings

AIRBNB INC

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Alibaba (9988 HK)

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Alibaba Group Holding Ltd. Sponsored ADR

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US01609W1027 Stuttgart Stock Exchange Cayman Islands

ANT FINANCIAL SERVICES CO LT

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Burger King India

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INE07T201019 National Stock Exchange of India India

COAL OF AFRICA LTD

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JD Health

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TENCENT 700 HK

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Provider

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.

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Analysts

Zhen Zhou Toh

Other Reports on these Companies

UOB

Alibaba Group (9988 HK): 4QFY24: Rewarding dividend payout; reigniting cloud revenue growth in 2H24.

Alibaba delivered in-line 4QFY24 results. Revenue grew 7% yoy to Rmb221.9b, in line with street estimates. Non-GAAP net profit was Rmb24.4b, down 11% yoy and is 7% below street estimates, with net margin of 11%. In FY24, Alibaba has approved the twopart dividend of US1.66 per ADS, representing an aggregate of US$4b and 18% dividend payout ratio. We remain optimistic on the double-digit revenue growth target for the cloud business in 2H24. Maintain BUY. Target price: HK$98.00 (US$98.00).

May 16, 2024 May 16, 2024 1 EN

UOB

Greater China Daily: Thursday, May 16, 2024

KEY HIGHLIGHTS Results Alibaba Group (9988 HK/BUY/HK$82.65/Target: HK$98.00) Alibaba delivered in-line 4QFY24 results. Revenue grew 7% yoy to Rmb221.9b, in line with street estimates. Non-GAAP net profit was Rmb24.4b, down 11% yoy and is 7% below street estimates, with net margin of 11%. In FY24, Alibaba has approved the two-part dividend of US1.66 per ADS, representing an aggregate of US$4b and 18% dividend payout ratio. We remain optimistic on the double-digit revenue growth target for the cloud business in 2H24. Maintain BUY. Target price: HK$98.00 (US$98.00). Galaxy Entertainment Group...

May 16, 2024 May 16, 2024 1 EN

UOB

Regional Morning Notes - Thursday, May 16, 2024

GREATER CHINA Results Alibaba Group (9988 HK/BUY/HK$82.65/Target: HK$98.00): 4QFY24: Rewarding dividend payout; reigniting cloud revenue growth in 2H24. Galaxy Entertainment Group (27 HK/BUY/HK$36.80/Target: HK$51.00): 1Q24: Results within expectations; launch of smart gaming tables in Jul 24. Miniso (MNSO US/NOT RATED/US$24.15): 1Q24: 20-25% revenue guidance for 2Q24; raises TOP TOY store opening target for 2024. Tencent Holdings (700 HK/BUY/HK$381.80/Target: HK$454.00): 1Q24: Strong earnings beat; game revenue misses expectations. Stepping up repurchase plan. Update KE Holdings Inc (2423 HK/...

May 16, 2024 May 16, 2024 1 EN

Onewo Space-Tech Pre-IPO

Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider in China, primarily owned by China Vanke. As per Frost & Sullivan, in 2020, amongst the residential community service providers in the market, OST ranked first in terms of revenue. It also ranked first in the commercial space integrated services market in China. As of end FY21, it has a footprint in 153 cities in 32 provinces across China with 89% of total GFA under management for residential properties located in first-tier, new first-tier and second-tier cities. OST has m...

EUR 92.12

July 27, 2022 July 27, 2022 1 EN

Sumeet Singh

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Legend Biotech Follow-on Offering

Legend Biotech, a non-wholly owned subsidiary of Hong Kong-listed GenScript, is planning to raise up to US$250m in its follow-on offering. The company last raised cash in Dec 2021 in a similar sized deal, which ended up doing very well after a sharp share price correction. In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

EUR 92.12

July 26, 2022 July 26, 2022 1 EN

Clarence Chu

Clarence Chu

Xtep International Placement

Group Success Investments is looking to raise up to US$133m by trimming its holdings in Xtep International. We can’t say that the deal is expected and short interest on the stock hasn’t been creeping up as well. While the deal won’t be a large one, representing just 5.7 days of three month ADV, the firm’s last deal hasn’t done well.

EUR 92.12

July 26, 2022 July 26, 2022 1 EN

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Aequitas 2021 Asia IPO Pipeline - More Mega IPOs to Come

Alibaba Group (9988 HK): 4QFY24: Rewarding dividend payout; reigniting cloud revenue growth in 2H24.

Greater China Daily: Thursday, May 16, 2024

Regional Morning Notes - Thursday, May 16, 2024

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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