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>
<a href="https://www.smartkarma.com/entities/calb-group-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB Group (3931 HK)</a> raised around US$1.2bn in its Hong Kong IPO in Oct 2022. The lockup on its pre-IPO shareholders will expire tomorrow.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products in China.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



CALB Group (3931 HK) raised around US$1.2bn in its Hong Kong IPO in Oct 2022. The lockup on its pre-IPO shareholders will expire tomorrow.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products in China.
In this note, we will talk about the lock-up dynamics and updates since our last note.


CALB IPO Lock-Up - US$2.6bn Lockup Release but Mostly SOE Owned

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>We believe the undertone in the market is bullish, Large Caps are "out of flavour" and hence an L/S (Long/Short) strategy with INDA/SMIN could be an interesting pair to track. </li>
<li>We visited a <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> showroom in Western India gathering hints of the defensive strategy in India. </li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a>, <a href="https://www.smartkarma.com/entities/ce-info-systems-mapmyindia" target="_blank" data-smartkarma-citation="entities:34215:1" rel="noopener">CE Info Systems (MapmyIndia) (1052633Z IN)</a> and <a href="https://www.smartkarma.com/entities/ebix-inc" target="_blank" data-smartkarma-citation="entities:4022:1" rel="noopener">Ebix (EBIX US)</a>.  </li>
</ul>


We believe the undertone in the market is bullish, Large Caps are "out of flavour" and hence an L/S (Long/Short) strategy with INDA/SMIN could be an interesting pair to track. 
We visited a BYD (1211 HK) showroom in Western India gathering hints of the defensive strategy in India. 
Other names discussed include Asian Paints (APNT IN), CE Info Systems (MapmyIndia) (1052633Z IN) and Ebix (EBIX US).  


[Week 5] Namaste India 🙏 | BYD (1211 HK) | Playing Defence

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The Brand-Spanking New (8 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning in pairs over time, etc.</li>
<li>We used to do it. We brought it back better, with lots of cool interactive tables, and charts, heat maps, and comparative data. And 47 Trade Recommendations.</li>
<li>The last 7 weeks (since the start of the new Trcker and Portfolio 8 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%.</li>
</ul>


The Brand-Spanking New (8 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning in pairs over time, etc.
We used to do it. We brought it back better, with lots of cool interactive tables, and charts, heat maps, and comparative data. And 47 Trade Recommendations.
The last 7 weeks (since the start of the new Trcker and Portfolio 8 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%.


Quiddity A/H Premium Tracker (To Sep28): Hs Suffer Vs As Despite Inflows

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>We estimate the outflows to be $5.3bn in September and consumer discretionary, and health care sectors led the inflows.</li>
<li>We highlight inflows into BYD, Bank Of Jiangsu, Wuxi Apptec and outflows from CATL, Moutai, Wuliangye.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
We estimate the outflows to be $5.3bn in September and consumer discretionary, and health care sectors led the inflows.
We highlight inflows into BYD, Bank Of Jiangsu, Wuxi Apptec and outflows from CATL, Moutai, Wuliangye.


Northbound Flows Monthly (September): $5.3bn of Outflows

<ul>
<li>This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).</li>
<li>Please play with nifty interactive tables+charts. We welcome feedback. <strong>This 4-day week saw RMB 17.5bn+ of net selling.</strong> Back to the trenches!</li>
</ul>


This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
Please play with nifty interactive tables+charts. We welcome feedback. This 4-day week saw RMB 17.5bn+ of net selling. Back to the trenches!


Quiddity Mainland Connect NORTHBOUND Flows (To 28Sep23) : Wuxi Apptec, Longi Green BUYS, BYD a SELL

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BYD (1211 HK)

CALB IPO Lock-Up - US$2.6bn Lockup Release but Mostly SOE Owned

CALB Group (3931 HK) raised around US$1.2bn in its Hong Kong IPO in Oct 2022. The lockup on its pre-IPO shareholders will expire tomorrow.

Sumeet Singh

[Week 5] Namaste India 🙏 | BYD (1211 HK) | Playing Defence

Bullish market sentiment favours INDA/SMIN Long/Short strategy; BYD showroom visit reveals defensive strategy in India; other names include Asian...

Pranav Bhavsar

Quiddity A/H Premium Tracker (To Sep28): Hs Suffer Vs As Despite Inflows

Quiddity's A-H Premium Tracker (tables, charts, and measures to track A/H premium positioning and flows). 46 recommendations.

Travis Lundy

Northbound Flows Monthly (September): $5.3bn of Outflows

We analyzed the Shanghai/Shenzhen Connect Scheme for September and highlight flows for BYD, Bank Of Jiangsu, Wuxi Apptec, CATL, Moutai and Wuliangye.

Ke Yan, CFA, FRM

Quiddity Mainland Connect NORTHBOUND Flows (To 28Sep23) : Wuxi Apptec, Longi Green BUYS, BYD a SELL

The Quiddity Mainland Connect Monitor, offering data on liquid names and interactive tables and charts. This week saw significant net selling of...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CALB IPO Lock-Up - US$2.6bn Lockup Release but Mostly SOE Owned

CALB Group (3931 HK) raised around US$1.2bn in its Hong Kong IPO in Oct 2022. The lockup on its pre-IPO shareholders will expire tomorrow.

Sumeet Singh

[Week 5] Namaste India 🙏 | BYD (1211 HK) | Playing Defence

​Bullish market sentiment favours INDA/SMIN Long/Short strategy; BYD showroom visit reveals defensive strategy in India; other names include Asian...

Pranav Bhavsar

Quiddity A/H Premium Tracker (To Sep28): Hs Suffer Vs As Despite Inflows

Quiddity's A-H Premium Tracker (tables, charts, and measures to track A/H premium positioning and flows). 46 recommendations.

Travis Lundy

Northbound Flows Monthly (September): $5.3bn of Outflows

We analyzed the Shanghai/Shenzhen Connect Scheme for September and highlight flows for BYD, Bank Of Jiangsu, Wuxi Apptec, CATL, Moutai and Wuliangye.

Ke Yan, CFA, FRM

Quiddity Mainland Connect NORTHBOUND Flows (To 28Sep23) : Wuxi Apptec, Longi Green BUYS, BYD a SELL

The Quiddity Mainland Connect Monitor, offering data on liquid names and interactive tables and charts. This week saw significant net selling of...

Travis Lundy

Bullish market sentiment favours INDA/SMIN Long/Short strategy; BYD showroom visit reveals defensive strategy in India; other names include Asian...