Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

KraneShares CSI China Internet ETF / Event-Driven

<ul>
<li>The PCAOB has not, despite a cooperation agreement with the CSRC signed in 2013, been able to conduct on-site investigations of a HK or mainland-based company since 2010.</li>
<li>On Friday, the CSRC published a new Strengthening Confidentiality and File Management Related to Overseas Issuance to replace 2009 rules. </li>
<li>Importantly, the revised Provisions deletes the stipulation that “on-site inspections shall be dominated by domestic regulators or depend on the conclusions of inspections by domestic regulators.” Will it be enough?</li>
</ul>


The PCAOB has not, despite a cooperation agreement with the CSRC signed in 2013, been able to conduct on-site investigations of a HK or mainland-based company since 2010.
On Friday, the CSRC published a new Strengthening Confidentiality and File Management Related to Overseas Issuance to replace 2009 rules. 
Importantly, the revised Provisions deletes the stipulation that “on-site inspections shall be dominated by domestic regulators or depend on the conclusions of inspections by domestic regulators.” Will it be enough?


New CSRC "Provisions" Take a Step Towards Meeting PCAOB Requirements

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We expect Baidu Core to deliver mild ads revenue growth in 1Q24, driven by solid performance in travel and e-commerce verticals, but partly offset by the soft performance in offline verticals which are in tune with macro activity levels.</li><li>Baidu remains committed to investing in gen-AI related opportunities to drive long-term revenue and earnings growth, while focusing on quality growth and operating efficiency improvement of non-core business.</li><li>The pace of monetization for gen-AI related ads and cloud revenue remains a key catalyst. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We expect Baidu Core to deliver mild ads revenue growth in 1Q24, driven by solid performance in travel and e-commerce verticals, but partly offset by the soft performance in offline verticals which are in tune with macro activity levels.Baidu remains committed to investing in gen-AI related opportunities to drive long-term revenue and earnings growth, while focusing on quality growth and operating efficiency improvement of non-core business.The pace of monetization for gen-AI related ads and cloud revenue remains a key catalyst. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu (BIDU US) - Expect Mild Ads Revenue Growth in 1Q24

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>The recent earnings of Baidu indicated solid performance for the fiscal year 2023.</li><li>An extremely neutral analysis reveals several positives.</li><li>The total revenue for Baidu Core's total revenue for the year increased by 8% year-over-year, indicating strong financial resilience.</li></ul>

The recent earnings of Baidu indicated solid performance for the fiscal year 2023.An extremely neutral analysis reveals several positives.The total revenue for Baidu Core's total revenue for the year increased by 8% year-over-year, indicating strong financial resilience.

Baidu Inc.: Are Its Investments In Gen AI and LLM Paying Off? - Major Drivers

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

<ul>
<li>Baidu (BIDU) reported C4Q23 top line, non-GAAP operating profit and GAAP net income inline, 9.4% and (43%) vs. our estimates, and inline, 8.2% and (46%) vs. consensus. </li>
<li>We believe LLM is fundamentally an upgrade of search; further, BIDU is a 2B/general AI play in China, a country filled with 2C/specialized AI players;</li>
<li>We cut our TP for BIDU from US$157 to US$116 and maintain BUY.</li>
</ul>


Baidu (BIDU) reported C4Q23 top line, non-GAAP operating profit and GAAP net income inline, 9.4% and (43%) vs. our estimates, and inline, 8.2% and (46%) vs. consensus. 
We believe LLM is fundamentally an upgrade of search; further, BIDU is a 2B/general AI play in China, a country filled with 2C/specialized AI players;
We cut our TP for BIDU from US$157 to US$116 and maintain BUY.


[Baidu,Inc.(BIDU US,BUY,TP US$116) TP Change]: AI Transforming Search Is a Long and Treacherous Road

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

New CSRC "Provisions" Take a Step Towards Meeting PCAOB Requirements

CSRC has published new Provisions putting the onus of info management on companies, making it easier for the PCAOB to conduct on-site audits. It...

Travis Lundy

Baidu (BIDU US) - Expect Mild Ads Revenue Growth in 1Q24

We expect Baidu Core to deliver mild ads revenue growth in 1Q24, driven by solid performance in travel and e-commerce verticals

CMB International

Baidu Inc.: Are Its Investments In Gen AI and LLM Paying Off? - Major Drivers

The recent earnings of Baidu indicated solid performance for the fiscal year 2023. An extremely neutral analysis reveals several positives. The...

Baptista Research

[Baidu,Inc.(BIDU US,BUY,TP US$116) TP Change]: AI Transforming Search Is a Long and Treacherous Road

Baidu's Q4 results meet expectations, seen as a leader in AI in China with potential for growth, price target lowered to $116 but still rated as a...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

New CSRC "Provisions" Take a Step Towards Meeting PCAOB Requirements

CSRC has published new Provisions putting the onus of info management on companies, making it easier for the PCAOB to conduct on-site audits. It...

Travis Lundy

Baidu (BIDU US) - Expect Mild Ads Revenue Growth in 1Q24

We expect Baidu Core to deliver mild ads revenue growth in 1Q24, driven by solid performance in travel and e-commerce verticals

CMB International

Baidu Inc.: Are Its Investments In Gen AI and LLM Paying Off? - Major Drivers

The recent earnings of Baidu indicated solid performance for the fiscal year 2023. An extremely neutral analysis reveals several positives. The...

Baptista Research

[Baidu,Inc.(BIDU US,BUY,TP US$116) TP Change]: AI Transforming Search Is a Long and Treacherous Road

​Baidu's Q4 results meet expectations, seen as a leader in AI in China with potential for growth, price target lowered to $116 but still rated as a...

Blue Lotus Research Institute

Baidu's Q4 results meet expectations, seen as a leader in AI in China with potential for growth, price target lowered to $116 but still rated as a...