APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/4paradigm" target="_blank" data-smartkarma-citation="entities:34465:1" rel="noopener">4Paradigm (1764934D HK)</a> is looking to raise up to US$144m in its Hong Kong IPO, after downsizing from an earlier reported float of US$600m.</li>
<li>4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC.</li>
<li>In our previous notes, we covered the company’s performance and refiling updates. In this note, we will cover the firm’s PHIP updates, peer comparison and share our thoughts on valuation.</li>
</ul>



4Paradigm (1764934D HK) is looking to raise up to US$144m in its Hong Kong IPO, after downsizing from an earlier reported float of US$600m.
4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC.
In our previous notes, we covered the company’s performance and refiling updates. In this note, we will cover the firm’s PHIP updates, peer comparison and share our thoughts on valuation.


4Paradigm IPO - PHIP Updates, Peer Comparison & Thoughts on Valuation

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.

Equity Bottom-Up

<ul><li>Baidu delivered a positive result and managed an all-around beat last quarter, characterized by progress and expansion.</li><li>The focus on transformation through foundation models, particularly ERNIE and ERNIE bot, led to enhancements in products like Baidu Search and Baidu Wenku, resulting in increased user engagement and conversion rates.</li><li>Baidu's online marketing division harnessed generative AI to automate and enhance ad offerings, driving growth in online marketing revenue.</li></ul>

Baidu delivered a positive result and managed an all-around beat last quarter, characterized by progress and expansion.The focus on transformation through foundation models, particularly ERNIE and ERNIE bot, led to enhancements in products like Baidu Search and Baidu Wenku, resulting in increased user engagement and conversion rates.Baidu's online marketing division harnessed generative AI to automate and enhance ad offerings, driving growth in online marketing revenue.

Baidu Inc.: ERNIE Bot & Other Interesting AI Developments

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>The Chinese economy looks weak according to the data from the statistics bureau.</li>
<li>However, many big Chinese internet companies began to recover in Q2 as we mentioned in August.</li>
<li>Here we list five recovering companies that investors may not pay attention to.</li>
</ul>


The Chinese economy looks weak according to the data from the statistics bureau.
However, many big Chinese internet companies began to recover in Q2 as we mentioned in August.
Here we list five recovering companies that investors may not pay attention to.


China Internet Weekly (4Sep2023): Quarterly Results See Growing – BIDU, VIPS, ZTO, Giant, BEKE

China/Asia TMT

Shawn Yang

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>Futu Holdings: Zero-commission stock trading to debut in Japan next month（-）</li>
<li>BIDU/700.HK/BABA: CAC has approved the filing of 11 LLM products and they are now open to the whole society(+)</li>
<li>Boss Zhipin: China PMI marginal improved, employment activities remain lukewarm</li>
</ul>


Futu Holdings: Zero-commission stock trading to debut in Japan next month（-）
BIDU/700.HK/BABA: CAC has approved the filing of 11 LLM products and they are now open to the whole society(+)
Boss Zhipin: China PMI marginal improved, employment activities remain lukewarm


China TMT Update-FUTU/BIDU/700.HK/BABA/Boss Zhipin-FUTU Expand in Japan/Approval to AI/PMI Improved

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.

<ul><li>Baidu announced (22 Aug) its 2Q23 results: revenue was RMB34.1bn, up 15% YoY, 1/2% higher than our forecast/Bloomberg consensus estimates.</li><li>NonGAAP net income was RMB8.0bn, ahead of our forecast/Bloomberg consensus estimates at RMB6.1/5.9bn, driven by stronger than expected revenue growth of high-margin Baidu Core ads business, and one-off foreign exchange gain.</li><li>We lift our SOTP based TP by 3% to US$201.0 to reflect better than expected recovery of core ads business. </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>

Baidu announced (22 Aug) its 2Q23 results: revenue was RMB34.1bn, up 15% YoY, 1/2% higher than our forecast/Bloomberg consensus estimates.NonGAAP net income was RMB8.0bn, ahead of our forecast/Bloomberg consensus estimates at RMB6.1/5.9bn, driven by stronger than expected revenue growth of high-margin Baidu Core ads business, and one-off foreign exchange gain.We lift our SOTP based TP by 3% to US$201.0 to reflect better than expected recovery of core ads business. 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) – Monetization of LLM the Next Key to Watch

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)

4Paradigm IPO - PHIP Updates, Peer Comparison & Thoughts on Valuation

4Paradigm (1764934D HK) is looking to raise up to US$144m in its Hong Kong IPO, after downsizing from an earlier reported float of US$600m.

Ethan Aw

Baidu Inc.: ERNIE Bot & Other Interesting AI Developments

Baidu delivered a positive result and managed an all-around beat last quarter, characterized by progress and expansion. The focus on...

Baptista Research

China Internet Weekly (4Sep2023): Quarterly Results See Growing – BIDU, VIPS, ZTO, Giant, BEKE

The macroeconomy looks weak. However, big Chinese internet giants began to recover. Here we list five small companies that the market may neglect.

Ming Lu

China TMT Update-FUTU/BIDU/700.HK/BABA/Boss Zhipin-FUTU Expand in Japan/Approval to AI/PMI Improved

Futu: Zero-commission stock trading to debut in Japan next month;BIDU/700.HK/BABA: CAC has approved the filing of 11 LLM products;Boss Zhipin:...

Blue Lotus Research Institute

Baidu (BIDU US) – Monetization of LLM the Next Key to Watch

aidu announced (22 Aug) its 2Q23 results: revenue was RMB34.1bn, up 15% YoY, 1/2% higher than our forecast/Bloomberg consensus estimates.

CMB International

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