IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Reuters <a href="https://www.reuters.com/markets/asia/chinas-champion-gymnast-li-ning-considers-taking-company-private-sources-say-2024-03-12/" target="_blank" rel="noopener">reported</a> that due to the steep share price declines, Mr Li Ning is considering leading a consortium to privatise <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a>. </li>
<li>The shares have been weighed down by concerns about channel inventory, steep retail discounts, and unauthorised distributor sales. To counter this, Li Ning aims to achieve RMB50bn sales by 2028.</li>
<li>The probability of an offer is low as funding the scheme consideration could prove challenging. Nevertheless, the downside is low as Li Ning trades at an undemanding valuation. </li>
</ul>


Reuters reported that due to the steep share price declines, Mr Li Ning is considering leading a consortium to privatise Li Ning (2331 HK). 
The shares have been weighed down by concerns about channel inventory, steep retail discounts, and unauthorised distributor sales. To counter this, Li Ning aims to achieve RMB50bn sales by 2028.
The probability of an offer is low as funding the scheme consideration could prove challenging. Nevertheless, the downside is low as Li Ning trades at an undemanding valuation. 


Li Ning (2331 HK): Evaluating a Potential Privatisation

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>As the Hong Kong bourse languishes, recent Hong Kong privatisation include mainland Chinese firms such as <a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 HK)</a> and <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a> . </li>
<li>Reportedly (Reuters) <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a> is now in the crosshairs.  Shares are up 7.8% as I type.</li>
<li>Olympic champion Li Ning holds ~10.5% in his self-named company, which was recently in the news after acquiring a HK$2.2bn commercial building from <a href="https://www.smartkarma.com/entities/henderson-land-development-co" target="_blank" data-smartkarma-citation="entities:376:1" rel="noopener">Henderson Land (12 HK) </a> as its headquarters.</li>
</ul>


As the Hong Kong bourse languishes, recent Hong Kong privatisation include mainland Chinese firms such as Vinda International (3331 HK) and China Traditional Chinese Medicine (570 HK) . 
Reportedly (Reuters) Li Ning (2331 HK) is now in the crosshairs.  Shares are up 7.8% as I type.
Olympic champion Li Ning holds ~10.5% in his self-named company, which was recently in the news after acquiring a HK$2.2bn commercial building from Henderson Land (12 HK)  as its headquarters.


Travis Lundy

<ul>
<li>A shares were up small on the week. HK stock indices were down. </li>
<li>Net SOUTHBOUND buying was HK$17.1bn in the third post-holiday week. SOUTHBOUND has net bought every day since the end of Chinese New Year.</li>
<li>SOUTHBOUND continues to buy high-div SOEs. ex-div is still three months away, and given the new KPIs discussed late January by SASAC official, these still seem to be appropriate targets.</li>
</ul>


A shares were up small on the week. HK stock indices were down. 
Net SOUTHBOUND buying was HK$17.1bn in the third post-holiday week. SOUTHBOUND has net bought every day since the end of Chinese New Year.
SOUTHBOUND continues to buy high-div SOEs. ex-div is still three months away, and given the new KPIs discussed late January by SASAC official, these still seem to be appropriate targets.


HK Connect SOUTHBOUND Flows (To 8 Mar 2024); Big Net Buys of SOEs, Finally Tencent a Net Buy

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 8th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for thre stocks, Meituan, China Mobile, and CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 8th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for thre stocks, Meituan, China Mobile, and CNOOC.


Hong Kong Connect Flows (Mar 8th): Meituan, China Mobile, CNOOC

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into CNOOC, China Telecom, China Mobile, Li Auto, Meituan. </li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into CNOOC, China Telecom, China Mobile, Li Auto, Meituan. 


Hong Kong Connect Flows (February): CNOOC, China Telecom, China Mobile, Li Auto, Meituan

China

ANTA Sports Products Limited designs, develops, manufactures, and markets sportswear, including sports footwear and apparel for professionals and the general public.

Price Gauge
52-week Range	0.00 - 0.00
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Anta Sports Products (2020 HK)

Li Ning (2331 HK): Evaluating a Potential Privatisation

The probability of an offer is low as funding the scheme consideration could prove challenging. Nevertheless, the downside is low as Li Ning trades...

Arun George

Li Ning (2331 HK): Value Trap Play?

IF you are an arbitrageur, I might dip my toe in here. IF you are a long only investor, I'd probably be buying around here. But neither are strong...

David Blennerhassett

HK Connect SOUTHBOUND Flows (To 8 Mar 2024); Big Net Buys of SOEs, Finally Tencent a Net Buy

Hong Kong SOUTHBOUND Connect saw strong net buying again. SB has net purchased every day since the end of the Chinese New Year holiday. Tencent was...

Travis Lundy

Hong Kong Connect Flows (Mar 8th): Meituan, China Mobile, CNOOC

We analyzed southbound Hong Kong connect flows in the past week. We estimate the inflows to be USD1.4bn and highlight flows for Meituan, China...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (February): CNOOC, China Telecom, China Mobile, Li Auto, Meituan

Analysis of monthly Hong Kong Connect flows reveals top stocks attracting mainland investors, including CNOOC, China Telecom, China Mobile, Li...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Li Ning (2331 HK): Evaluating a Potential Privatisation

The probability of an offer is low as funding the scheme consideration could prove challenging. Nevertheless, the downside is low as Li Ning trades...

Arun George

Li Ning (2331 HK): Value Trap Play?

IF you are an arbitrageur, I might dip my toe in here. IF you are a long only investor, I'd probably be buying around here. But neither are strong...

David Blennerhassett

HK Connect SOUTHBOUND Flows (To 8 Mar 2024); Big Net Buys of SOEs, Finally Tencent a Net Buy

Hong Kong SOUTHBOUND Connect saw strong net buying again. SB has net purchased every day since the end of the Chinese New Year holiday. Tencent was...

Travis Lundy

Hong Kong Connect Flows (Mar 8th): Meituan, China Mobile, CNOOC

We analyzed southbound Hong Kong connect flows in the past week. We estimate the inflows to be USD1.4bn and highlight flows for Meituan, China...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (February): CNOOC, China Telecom, China Mobile, Li Auto, Meituan

​Analysis of monthly Hong Kong Connect flows reveals top stocks attracting mainland investors, including CNOOC, China Telecom, China Mobile, Li...

Ke Yan, CFA, FRM

Analysis of monthly Hong Kong Connect flows reveals top stocks attracting mainland investors, including CNOOC, China Telecom, China Mobile, Li...