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

Rakuten Securities / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities</a>, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.</li>
<li>It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Rakuten Securities, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.
It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.
In this note, we talk about the not-so-positive aspects of the deal.


Rakuten Securities IPO Early Look - The Negatives - Growth Has Slowed Down

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>Boss Zhipin: Boss Zhipin MAU growth rate is higher than peers’, but still hard to monetize this year.</li>
<li>PDD/3690.HK: PDD launches local life services portal (+ / -)</li>
<li>NTES/700HK: The Rise of "Gaming with Influencers" on Douyin (+/-)</li>
</ul>


Boss Zhipin: Boss Zhipin MAU growth rate is higher than peers’, but still hard to monetize this year.
PDD/3690.HK: PDD launches local life services portal (+ / -)
NTES/700HK: The Rise of "Gaming with Influencers" on Douyin (+/-)


China TMT Update-BZ/PDD/3690/NTES/700/Douyin-PDD Launches Local Life Services Portal

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mobvoi-information-technology-co" target="_blank" data-smartkarma-citation="entities:36799:1" rel="noopener">Mobvoi (2185047D CH)</a> is looking to raise about US$200m in its upcoming Hong Kong IPO. </li>
<li>Mobvoi is an AI company focusing on generative AI and voice interaction technologies. As per CIC, the firm is the largest revenue-generating AI company focusing on AI-generated content in 2022.</li>
<li>Mobvoi’s revenue growth was primarily driven by its AI enterprise solutions segment, which led to gross margin expansion and profitability turning positive on all fronts in FY22. </li>
</ul>



Mobvoi (2185047D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO. 
Mobvoi is an AI company focusing on generative AI and voice interaction technologies. As per CIC, the firm is the largest revenue-generating AI company focusing on AI-generated content in 2022.
Mobvoi’s revenue growth was primarily driven by its AI enterprise solutions segment, which led to gross margin expansion and profitability turning positive on all fronts in FY22. 


Mobvoi Pre-IPO - Has Turned Profitable but Bulk of Growth Came from a Single Customer

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.

Equity Bottom-Up

<ul><li>Tencent will report 2Q23 results on 16 Aug.</li><li>We expect a strong quarter with total revenue/non-IFRS net income up by 12/25% YoY to RMB149.9/35.2bn, driven by solid recovery of ads/fintech businesses and operating leverage.</li><li>Several developing catalysts will support Tencent’s business growth and valuation recovery: 1) solid consumer internet revenue growth provides room for operating leverage improvement; 2) Tencent’s MaaS solutions and AI deployment will not only capture the rising enterprise demand for model training and AI applications, but also become growth multipliers for its own business lines. </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>

Tencent will report 2Q23 results on 16 Aug.We expect a strong quarter with total revenue/non-IFRS net income up by 12/25% YoY to RMB149.9/35.2bn, driven by solid recovery of ads/fintech businesses and operating leverage.Several developing catalysts will support Tencent’s business growth and valuation recovery: 1) solid consumer internet revenue growth provides room for operating leverage improvement; 2) Tencent’s MaaS solutions and AI deployment will not only capture the rising enterprise demand for model training and AI applications, but also become growth multipliers for its own business lines. 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.

Tencent (700 HK) – 2Q23 Preview: Expecting Strong Recovery Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities (RAKUSEC JP)</a>, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.</li>
<li>It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Rakuten Securities (RAKUSEC JP), the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.
It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.
In this note, we talk about the positive aspects of the deal.


Rakuten Securities IPO Early Look - The Positives - Has Been Gaining Market Share

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)

Rakuten Securities IPO Early Look - The Negatives - Growth Has Slowed Down

Rakuten Securities, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing. In this note, we talk...

Sumeet Singh

China TMT Update-BZ/PDD/3690/NTES/700/Douyin-PDD Launches Local Life Services Portal

Boss Zhipin: Boss Zhipin MAU growth rate is higher than peers’; PDD/3690.HK: PDD launches local life services portal; NTES/700HK: The Rise of...

Blue Lotus Research Institute

Mobvoi Pre-IPO - Has Turned Profitable but Bulk of Growth Came from a Single Customer

Mobvoi (2185047D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO. Mobvoi’s revenue growth was primarily driven by its AI...

Ethan Aw

Tencent (700 HK) – 2Q23 Preview: Expecting Strong Recovery Ahead

We expect a strong quarter with total revenue/non-IFRS net income up by 12/25% YoY to RMB149.9/35.2bn, driven by solid recovery of ads/fintech...

CMB International

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