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.

Equity Bottom-Up

<ul>
<li>China announced game approval for the June batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening, though the number of approvals appears to be slower than March.</li>
<li>Of companies that we are monitoring, Tencent and iDreamSky clinched one approval each.</li>
</ul>


China announced game approval for the June batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening, though the number of approvals appears to be slower than March.
Of companies that we are monitoring, Tencent and iDreamSky clinched one approval each.


Tencent/Netease: One Game Approval for Tencent in June

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>700 HK: Institutions Report &lt;DnF Mobile&gt;'s First-Month Revenue Exceeds US$270mn; We Expected to Rise Further After June 20 Update(+)</li>
<li>700 HK: Tencent's &lt;Peacekeeper Elite&gt; New Version Adds Two New Playable Modes, Positive Player Recall Performance(+)</li>
<li>BABA US/BIDU US:  LLM failed Chinese Gaokao with Math the biggest challenge(+/-)</li>
</ul>


700 HK: Institutions Report &lt;DnF Mobile&gt;'s First-Month Revenue Exceeds US$270mn; We Expected to Rise Further After June 20 Update(+)
700 HK: Tencent's &lt;Peacekeeper Elite&gt; New Version Adds Two New Playable Modes, Positive Player Recall Performance(+)
BABA US/BIDU US:  LLM failed Chinese Gaokao with Math the biggest challenge(+/-)


[Blue Lotus Daily - TMT Update]:700 HK/BABAUS/BIDUUS/TCOMUS/NTESUS/AAPLUS/002624 CH/259960KRX/NVDAUS

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Guangzhou Automobile Group / Equity Bottom-Up

<ul>
<li>Kuaishou and Bilibili’s GMV surged YoY during “June 18” sales.</li>
<li>
World of Warcraft: Wrath of the Lich King, will formally start on June 27.</li>
<li>GAC Honda Automobile Ltd planned to dismiss 1700 employees, about 14% of total.</li>
</ul>


Kuaishou and Bilibili’s GMV surged YoY during “June 18” sales.

World of Warcraft: Wrath of the Lich King, will formally start on June 27.
GAC Honda Automobile Ltd planned to dismiss 1700 employees, about 14% of total.


China Consumption Weekly (24 Jun 2024): Kuaishou, Bilibili, NetEase, GAC, Honda Motor, Chow Tai Fook

Analyst - Media&Entertainment Sector, Blue Lotus Research Institute

Stan Zhao

Analyst - Media&Entertainment Sector

<ul>
<li>Bilibili's &lt;Three Kingdom: MDTX&gt; achieved excellent results on its release day, leading us to raise our AGB estimation by ~20%.</li>
<li>Tencent's &lt;Naruto&gt; and &lt;Fight of Golden Spatula&gt; have seen a rapid rise in player reputation due to the success of recent events and operations, leading us to raise their estimates;</li>
<li>NetEase's &lt;Justice Mobile&gt; has experienced a decline in gross billings due to the game's lifespan, while pre-registrations for &lt;Where Winds Meet&gt; have reached a new high. We adjusted accordingly.</li>
</ul>


Bilibili's &lt;Three Kingdom: MDTX&gt; achieved excellent results on its release day, leading us to raise our AGB estimation by ~20%.
Tencent's &lt;Naruto&gt; and &lt;Fight of Golden Spatula&gt; have seen a rapid rise in player reputation due to the success of recent events and operations, leading us to raise their estimates;
NetEase's &lt;Justice Mobile&gt; has experienced a decline in gross billings due to the game's lifespan, while pre-registrations for &lt;Where Winds Meet&gt; have reached a new high. We adjusted accordingly.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> plans to raise up to US$320m in its South Korean IPO.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>We have looked at the company’s performance, undertaken a peer comparison and talked about valuations in our past notes. In this note, we talk about the refiling and other updates.</li>
</ul>



Shift Up (462870 KS) plans to raise up to US$320m in its South Korean IPO.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
We have looked at the company’s performance, undertaken a peer comparison and talked about valuations in our past notes. In this note, we talk about the refiling and other updates.


Shift Up IPO - Refiling and Other Updates, Not Ranked at the Top Anymore

China

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

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NetEase Inc (NTES US)

Tencent/Netease: One Game Approval for Tencent in June

We analyzed game approval by Chinese NPPA. Of the companies that we are tracking, Tencent received one approval while iDreamSky also received one...

Ke Yan, CFA, FRM

[Blue Lotus Daily - TMT Update]:700 HK/BABAUS/BIDUUS/TCOMUS/NTESUS/AAPLUS/002624 CH/259960KRX/NVDAUS

DnF Mobile's first-month revenue exceeds $270mn, Tencent's Peacekeeper Elite adds new playable modes, and Chinese Gaokao math challenge affects LLM.

Blue Lotus Research Institute

China Consumption Weekly (24 Jun 2024): Kuaishou, Bilibili, NetEase, GAC, Honda Motor, Chow Tai Fook

Kuaishou and Bilibili’s GMV surged YoY during “June 18” sales. World of Warcraft: Wrath of the Lich King, will formally start on June 27. GAC Honda...

Ming Lu

Online Game Monitor: June 2-16, 2024

Bilibili's Three Kingdom: MDTX excels on release day, and AGB estimation was raised by 20%. Tencent's Naruto and Fight of Golden Spatula gain...

Blue Lotus Research Institute

Shift Up IPO - Refiling and Other Updates, Not Ranked at the Top Anymore

Shift Up (462870 KS) plans to raise up to US$320m in its South Korean IPO. In this note, we talk about the refiling and other updates.

Sumeet Singh

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52-week Range

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Tencent/Netease: One Game Approval for Tencent in June

We analyzed game approval by Chinese NPPA. Of the companies that we are tracking, Tencent received one approval while iDreamSky also received one...

Ke Yan, CFA, FRM

[Blue Lotus Daily - TMT Update]:700 HK/BABAUS/BIDUUS/TCOMUS/NTESUS/AAPLUS/002624 CH/259960KRX/NVDAUS

​DnF Mobile's first-month revenue exceeds $270mn, Tencent's Peacekeeper Elite adds new playable modes, and Chinese Gaokao math challenge affects LLM.

Blue Lotus Research Institute

China Consumption Weekly (24 Jun 2024): Kuaishou, Bilibili, NetEase, GAC, Honda Motor, Chow Tai Fook

Kuaishou and Bilibili’s GMV surged YoY during “June 18” sales. World of Warcraft: Wrath of the Lich King, will formally start on June 27. GAC Honda...

Ming Lu

Online Game Monitor: June 2-16, 2024

​Bilibili's Three Kingdom: MDTX excels on release day, and AGB estimation was raised by 20%. Tencent's Naruto and Fight of Golden Spatula gain...

Blue Lotus Research Institute

Shift Up IPO - Refiling and Other Updates, Not Ranked at the Top Anymore

Shift Up (462870 KS) plans to raise up to US$320m in its South Korean IPO. In this note, we talk about the refiling and other updates.

Sumeet Singh

DnF Mobile's first-month revenue exceeds $270mn, Tencent's Peacekeeper Elite adds new playable modes, and Chinese Gaokao math challenge affects LLM.

Bilibili's Three Kingdom: MDTX excels on release day, and AGB estimation was raised by 20%. Tencent's Naruto and Fight of Golden Spatula gain...