Aequitas Research - Tsingtao Brewery Co. Ltd. Class A (600600) Tsingtao Placement

Report

Aequitas Research

Sumeet Singh

EUR 96.51 For Business Accounts Only

Tsingtao Placement

Fosun aims to raise around US$322m via selling a 2.8% stake in Tsingtao.

This is not the first selldown by Fosun:
We covered the Dec 2020 selldown in Tsingtao Brewery Placement - Friday Evening Is Always a Good Time for a Beer, Maybe Not This One.
The Apr 21 selldown in Tsingtao Brewery Placement - Fosun Is Back Again, Settling into a Pattern

In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

10/12/2021 7 EN

Underlying

Tsingtao Brewery Co. Ltd. Class A

Tsingtao Brewery is engaged in the production, sale and distribution of beer products, and domestic trade of beer. Through its subsidiaries, Co. is also engaged in investment holding; the manufacture and domestic trade of beverage and malt; pre-packaged of food operation; provision of accommodation and design services; indoor decoration; industrial equipment fixing; and import and export trade of beer.

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CNE0000009Y3 Shanghai Stock Exchange China

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

Sumeet Singh

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Tsingtao Placement

China Consumwer Weekly: View of consumption fundamentals likely remains positive.

Tsingtao Brewery Co: 1 director

ECM Weekly (5th June 2022)

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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