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.

Equity Capital Markets

<ul>
<li>A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.</li>
</ul>


A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.


Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

iMotion Automotive Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/imotion-automotive-technology" target="_blank" data-smartkarma-citation="entities:36900:1" rel="noopener">IMotion Automotive Technology (1812706D CH)</a> is looking to raise about US$100m in its upcoming HK IPO, after downsizing from an earlier reported float of US$300m.</li>
<li>The company possesses advanced full-stack R&amp;D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series.</li>
<li>We had covered the company’s performance and PHIP updates in our earlier notes. In this note, we talk about its refiled PHIP updates.</li>
</ul>



IMotion Automotive Technology (1812706D CH) is looking to raise about US$100m in its upcoming HK IPO, after downsizing from an earlier reported float of US$300m.
The company possesses advanced full-stack R&amp;D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series.
We had covered the company’s performance and PHIP updates in our earlier notes. In this note, we talk about its refiled PHIP updates.


IMotion Automotive Pre-IPO - Refiled PHIP Updates - Lack of Competitive Edge Starting to Show

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>BYD offers a reward up to RMB5 million for reporting defamation.</li>
<li>NIO denied further layoff after releasing the 3Q23 results with both revenue and loss increasing significantly.</li>
<li>Meituan’s GMV of live broadcasting food delivery reached RMB2 billion.</li>
</ul>


BYD offers a reward up to RMB5 million for reporting defamation.
NIO denied further layoff after releasing the 3Q23 results with both revenue and loss increasing significantly.
Meituan’s GMV of live broadcasting food delivery reached RMB2 billion.


China Consumption Weekly (11 Dec 2023): BYD, NIO, Meituan, Alibaba, Tencent

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The New and Better (5mos old) A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>Hs with H/A pairs under-perform their As on average by 70+bp. Liquid HK H/A Pairs saw H/As -66bp. H/A Pair intracorrelation is down but it feels like liquidation.</li>
<li>SOUTHBOUND and NORTHBOUND flows were buys, and sells, respectively, but Hs have had two bad weeks in a row, and high premia A/H pairs have seen premia rise significantly.</li>
</ul>


The New and Better (5mos old) A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
Hs with H/A pairs under-perform their As on average by 70+bp. Liquid HK H/A Pairs saw H/As -66bp. H/A Pair intracorrelation is down but it feels like liquidation.
SOUTHBOUND and NORTHBOUND flows were buys, and sells, respectively, but Hs have had two bad weeks in a row, and high premia A/H pairs have seen premia rise significantly.


A/H Premium Tracker (To 8 Dec 23): H Down Vs A, Again, Despite SOUTHBOUND Buying; Pharmas Weak

<ul>
<li>SOUTHBOUND flows showing reversion tendencies continues for a second or third week after weeks of momentum. </li>
<li>SOUTHBOUND saw HK$11.2bn of INFLOWS on the week, a chunk of which was net buys on HK-listed ETFs, but Hs underperformed their A counterparts in the H/A pairs once again. </li>
<li>High-Div SOEs again saw action. This time with both <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a><em>and</em><a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> seeing strong net buying as a percentage of volume. Tech was sold.  </li>
</ul>


SOUTHBOUND flows showing reversion tendencies continues for a second or third week after weeks of momentum. 
SOUTHBOUND saw HK$11.2bn of INFLOWS on the week, a chunk of which was net buys on HK-listed ETFs, but Hs underperformed their A counterparts in the H/A pairs once again. 
High-Div SOEs again saw action. This time with both CNOOC Ltd (883 HK)andChina Mobile (941 HK) seeing strong net buying as a percentage of volume. Tech was sold.  


HK Connect SOUTHBOUND Flows (To 8Dec23); CNOOC & China Mobile Both Now To The Buy Side, Tencent Not

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma. We had looked at the lockup release earlier.

Sumeet Singh

IMotion Automotive Pre-IPO - Refiled PHIP Updates - Lack of Competitive Edge Starting to Show

IMotion Automotive Technology (1812706D CH) is looking to raise about US$100m in its upcoming HK IPO, after downsizing from an earlier reported...

Ethan Aw

China Consumption Weekly (11 Dec 2023): BYD, NIO, Meituan, Alibaba, Tencent

BYD offers a reward up to RMB5 million for reporting defamation. NIO denied further layoff. Meituan’s GMV of live broadcasting food delivery...

Ming Lu

A/H Premium Tracker (To 8 Dec 23): H Down Vs A, Again, Despite SOUTHBOUND Buying; Pharmas Weak

Hs in H/A Pairs have underperformed their As by nearly 3% in two weeks despite SOUTHBOUND buying. This week sectors were mixed (last week every one...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 8Dec23); CNOOC & China Mobile Both Now To The Buy Side, Tencent Not

SOUTHBOUND flows were a strong HK$11.2bn net inflow, with both ETFs and high-div SOEs seeing big net inflows. Despite that, Hs underperformed their...

Travis Lundy

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