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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Event-Driven

<a href="https://www.smartkarma.com/profiles/286" target="_blank" data-smartkarma-citation="accounts:286">New Street Research</a> (NSR) first mentioned about SINA / WB trade in April ( <a href="https://www.smartkarma.com/insights/sina-weibo-capturing-the-shift-to-mobile-advertising-in-china" target="_blank" data-smartkarma-citation="insights:3400">Sina / Weibo: Capturing the Shift to Mobile Advertising in China</a>  ) and later met management of Sina (<a href="https://www.smartkarma.com/insights/sina-weibo-growth-in-advertising-verticals-and-social-commerce-sina-offers-cheap-entry-into-weibo" target="_blank" data-smartkarma-citation="insights:4229">Sina/Weibo: Growth in Advertising Verticals and Social Commerce. Sina Offers Cheap Entry into Weibo</a>). I'd like to provide more data points around this pair, thanks to our cloud based <a href="https://www.smartkarma.com/tools/holdcos" target="_blank">holding company analyzer</a>. <h2>Sina as a holding company</h2>A quick recap of what is in the <a href="https://www.smartkarma.com/entities/22691" target="_blank" data-smartkarma-citation="entities:22691:1">Sina Corp</a> 's holding company structure:<ul><li>55% of stake in …</li></ul>

New Street Research (NSR) first mentioned about SINA / WB trade in April ( Sina / Weibo: Capturing the Shift to Mobile Advertising in China  ) and later met management of Sina (Sina/Weibo: Growth in Advertising Verticals and Social Commerce. Sina Offers Cheap Entry into Weibo). I'd like to provide more data points around this pair, thanks to our cloud based holding company analyzer. Sina as a holding companyA quick recap of what is in the Sina Corp 's holding company structure:55% of stake in …

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Thematic (Sector/Industry)

We discussed the issues facing Chinese internet companies wanting to go through a delisting/relisting process in <a href="https://www.smartkarma.com/insights/china-internet-going-private-transactions-at-risk" target="_blank" data-smartkarma-citation="insights:4501">China Internet: Going Private Transactions at Risk</a> . Our view is that with the CSRC issuing tougher new rules for reverse listings in China, and the IPO pipeline full already, there were risks to the going private transactions already announced in the US. A number of these have now been withdrawn ( <a href="https://www.smartkarma.com/entities/285" target="_blank" data-smartkarma-citation="entities:285">YY Inc</a> and <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489">21 Vianet</a>), and more face issues.   Focus Media, a company that has…

We discussed the issues facing Chinese internet companies wanting to go through a delisting/relisting process in China Internet: Going Private Transactions at Risk . Our view is that with the CSRC issuing tougher new rules for reverse listings in China, and the IPO pipeline full already, there were risks to the going private transactions already announced in the US. A number of these have now been withdrawn ( YY Inc and 21 Vianet), and more face issues.   Focus Media, a company that has…

Focus Media:  An Example of Why Chinese Firms Want To "Come Home"

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Equity Bottom-Up

SINA - Trading Below Value of Weibo Holding - BUY<ul class="ul1"><li class="li2">SINA is one of the most under-appreciated Internet investments in China.  The company owns the dominant ‘Twitter’ service in China as well as a widely used news portal.</li></ul><ul class="ul1"><li class="li2">The shares are currently trading below the value of their ownership in Weibo.</li></ul><ul class="ul1"><li class="li2">We believe this provides a profitable arbitrage opportunity.</li></ul><ul class="ul1"><li class="li2">We set the value of their Weibo stake at USD80/share (using a price for WB below the current market price) and use this as the SINA price target - This alone is nearly 60% higher than Sina’s market price.  BUY.</li></ul><ul class="ul1"><li class="li2">Non-Weibo revenues will continue to shrink, but this will help improve margins.</li></ul>

SINA - Trading Below Value of Weibo Holding - BUYSINA is one of the most under-appreciated Internet investments in China.  The company owns the dominant ‘Twitter’ service in China as well as a widely used news portal.The shares are currently trading below the value of their ownership in Weibo.We believe this provides a profitable arbitrage opportunity.We set the value of their Weibo stake at USD80/share (using a price for WB below the current market price) and use this as the SINA price target - This alone is nearly 60% higher than Sina’s market price.  BUY.Non-Weibo revenues will continue to shrink, but this will help improve margins.

SINA - Arbitrage Opportunity in Chinese Internet - Shares Could Double - BUY

In May, the China Securities Regulatory Commission (CSRC) issued draft regulations on back-door listings in an attempt to curb market volatility and speculation around shell companies. The rules extend the lock-up period for strategic shareholders from one to two or three years and include a ban on fundraising. This has put the brakes on privatisation plans by US-listed China companies as private equity investors need to contemplate longer holding periods in a volatile environment. We expect more privatisation plans to be withdrawn after recent moves from <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1">21 Vianet</a>  and <a href="https://www.smartkarma.com/entities/285" target="_blank" data-smartkarma-citation="entities:285:1">YY Inc</a>. <a href="https://www.smartkarma.com/entities/523" target="_blank" data-smartkarma-citation="entities:523">Qihoo</a> is the largest offer still in the mix and they have pushed closing back to August.  Some companies with existing privatisation plans have seen their share prices fall dramatically and may now offer interesting risk reward.

In May, the China Securities Regulatory Commission (CSRC) issued draft regulations on back-door listings in an attempt to curb market volatility and speculation around shell companies. The rules extend the lock-up period for strategic shareholders from one to two or three years and include a ban on fundraising. This has put the brakes on privatisation plans by US-listed China companies as private equity investors need to contemplate longer holding periods in a volatile environment. We expect more privatisation plans to be withdrawn after recent moves from 21 Vianet  and YY Inc. Qihoo is the largest offer still in the mix and they have pushed closing back to August.  Some companies with existing privatisation plans have seen their share prices fall dramatically and may now offer interesting risk reward. 

China Internet: Going Private Transactions at Risk

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

China has been building very fast supercomputers for some years, but now it has developed a new machine that only uses Chinese-designed and manufactured chips. This is one area in which China leads the world

China has been building very fast supercomputers for some years, but now it has developed a new machine that only uses Chinese-designed and manufactured chips. This is one area in which China leads the world

Chinese Supercomputers Outstrip the Competition

China

SINA Corporation is a global Internet media company operating Chinese-language destination sites. The Company offers a network of branded content and services targeting people of Chinese descent worldwide. SINA.com offers online news, entertainment, community, and commerce through web sites that are produced and updated by local teams in China, Hong Kong, Taiwan, and North America.

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Sina Corp (Class A) (SINA US)

SINA / WB: Stub, Ratio at All Time Low

New Street Research (NSR) first mentioned about SINA / WB trade in April ( Sina / Weibo: Capturing the Shift to Mobile Advertising in China ) and...

Ke Yan, CFA, FRM

Focus Media: An Example of Why Chinese Firms Want To "Come Home"

We discussed the issues facing Chinese internet companies wanting to go through a delisting/relisting process in China Internet: Going Private...

New Street Research

SINA - Arbitrage Opportunity in Chinese Internet - Shares Could Double - BUY

SINA - Trading Below Value of Weibo Holding - BUYSINA is one of the most under-appreciated Internet investments in China. The company owns the...

David Riedel

China Internet: Going Private Transactions at Risk

In May, the China Securities Regulatory Commission (CSRC) issued draft regulations on back-door listings in an attempt to curb market volatility...

New Street Research

Chinese Supercomputers Outstrip the Competition

China has been building very fast supercomputers for some years, but now it has developed a new machine that only uses Chinese-designed and...

Bixmoor

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