Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Xiaomi’s shipments increased by double digits, but Apple’s shipments decreased in China in 2Q24.</li>
<li>Alibaba’s Taobao and Tmall platforms have waived the AliPay fee for retailers.</li>
<li>Amazon will open a store on JD.com next Black Friday.</li>
</ul>


Xiaomi’s shipments increased by double digits, but Apple’s shipments decreased in China in 2Q24.
Alibaba’s Taobao and Tmall platforms have waived the AliPay fee for retailers.
Amazon will open a store on JD.com next Black Friday.


China Consumption Weekly (29Jul2024): Xiaomi, Apple, Alibaba, Amazon, JD.com, East Buy

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 analyzed the latest HK SFC report for aggregate short position as of Jul 19th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Ping An, Meituan, China Mobile, HSBC, Haidilao, Picc P&amp;C, Gwmotor, Psbc.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 19th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Ping An, Meituan, China Mobile, HSBC, Haidilao, Picc P&amp;C, Gwmotor, Psbc.


HK Short Interest Weekly: Ping An, Meituan, China Mobile, HSBC, Haidilao, Picc P&C, Gwmotor, Psbc

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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>1810 HK/AAPL: Xiaomi’s China unit volume grew 17% yoy in 2Q (+/-)</li>
<li>1810 HK: Xiaomi acquires more land to build another EV factory (+)</li>
<li>981 HK/1810 HK: SMIC’s upcoming “5nm” process to feature significant efficiency improvement (+/-)</li>
</ul>


1810 HK/AAPL: Xiaomi’s China unit volume grew 17% yoy in 2Q (+/-)
1810 HK: Xiaomi acquires more land to build another EV factory (+)
981 HK/1810 HK: SMIC’s upcoming “5nm” process to feature significant efficiency improvement (+/-)


[Blue Lotus Daily]:1810 HK/AAPL/981 HK/LKNCY US/BZ US/LI US/1211 HK

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 26th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Meituan (3690 HK), AIA (1299 HK), HSBC (5 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 26th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Meituan (3690 HK), AIA (1299 HK), HSBC (5 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).


Hong Kong Buybacks Weekly (Jul 26th): Meituan, Aia, Hsbc

China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

<ul>
<li>US semiconductor restrictions are limiting China's access to advanced AI accelerators, causing a widening gap in AI compute. The US will expand its lead over China to ~7x by 2025.</li>
<li>Although China has domestic alternatives, bottlenecks due to separate US restrictions on semiconductor equipment are hindering yields and capacity expansions, effectively limiting China’s capacity to train state-of-the-art AI models.</li>
<li>To maximize AI compute, Huawei will likely curtail smartphone semiconductors in favor of AI accelerators. We expect manufacturers offering mid-end Android devices like <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> to benefit first.</li>
</ul>


US semiconductor restrictions are limiting China's access to advanced AI accelerators, causing a widening gap in AI compute. The US will expand its lead over China to ~7x by 2025.
Although China has domestic alternatives, bottlenecks due to separate US restrictions on semiconductor equipment are hindering yields and capacity expansions, effectively limiting China’s capacity to train state-of-the-art AI models.
To maximize AI compute, Huawei will likely curtail smartphone semiconductors in favor of AI accelerators. We expect manufacturers offering mid-end Android devices like Xiaomi Corp (1810 HK) to benefit first.


Demand for AI Chips Might Cut Huawei's Smartphone Semiconductor Short

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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Xiaomi Corp (1810 HK)

China Consumption Weekly (29Jul2024): Xiaomi, Apple, Alibaba, Amazon, JD.com, East Buy

Xiaomi’s shipments increased by two digits, but Apple’s shipments decreased in China in 2Q24. Alibaba have waived the AliPay fee for retailers....

Ming Lu

HK Short Interest Weekly: Ping An, Meituan, China Mobile, HSBC, Haidilao, Picc P&C, Gwmotor, Psbc

We analyzed the latest HK SFC report for aggregate short position as of Jul 19th and highlight short interest changes in Ping An, Meituan, China...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:1810 HK/AAPL/981 HK/LKNCY US/BZ US/LI US/1211 HK

Xiaomi's China unit sees growth, acquires land for new EV factory, while SMIC's upcoming "5nm" process promises efficiency boost.

Blue Lotus Research Institute

Hong Kong Buybacks Weekly (Jul 26th): Meituan, Aia, Hsbc

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Meituan (3690 HK),...

Ke Yan, CFA, FRM

Demand for AI Chips Might Cut Huawei's Smartphone Semiconductor Short

US AI accelerator and wafer equipment restrictions are widening the US/China AI compute gap. Expect Huawei to curtail smartphone IC in favor of AI...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Consumption Weekly (29Jul2024): Xiaomi, Apple, Alibaba, Amazon, JD.com, East Buy

Xiaomi’s shipments increased by two digits, but Apple’s shipments decreased in China in 2Q24. Alibaba have waived the AliPay fee for retailers....

Ming Lu

HK Short Interest Weekly: Ping An, Meituan, China Mobile, HSBC, Haidilao, Picc P&C, Gwmotor, Psbc

We analyzed the latest HK SFC report for aggregate short position as of Jul 19th and highlight short interest changes in Ping An, Meituan, China...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:1810 HK/AAPL/981 HK/LKNCY US/BZ US/LI US/1211 HK

​Xiaomi's China unit sees growth, acquires land for new EV factory, while SMIC's upcoming "5nm" process promises efficiency boost.

Blue Lotus Research Institute

Hong Kong Buybacks Weekly (Jul 26th): Meituan, Aia, Hsbc

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Meituan (3690 HK),...

Ke Yan, CFA, FRM

Demand for AI Chips Might Cut Huawei's Smartphone Semiconductor Short

​US AI accelerator and wafer equipment restrictions are widening the US/China AI compute gap. Expect Huawei to curtail smartphone IC in favor of AI...

Blue Lotus Research Institute

Xiaomi's China unit sees growth, acquires land for new EV factory, while SMIC's upcoming "5nm" process promises efficiency boost.

US AI accelerator and wafer equipment restrictions are widening the US/China AI compute gap. Expect Huawei to curtail smartphone IC in favor of AI...