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 disclosed the latest progress of its industry LLM (large langue model) solution on 19 Jun.</li><li>The company will offer a comprehensive set of MaaS solutions that enable enterprises to adopt LLM and AI applications at an affordable cost.</li><li>We expect Tencent to benefit from the LLM development: 1) Tencent’s MaaS offering will create new revenue stream and drive growth of Tencent Cloud revenue in the long term; 2) flagship SaaS products like Tencent Meeting will soon adopt LLM capabilities to improve user experience; 3) LLM will be applied to Tencent’s other businesses (e.g. gaming and ads) and become a growth multiplier. </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 disclosed the latest progress of its industry LLM (large langue model) solution on 19 Jun.The company will offer a comprehensive set of MaaS solutions that enable enterprises to adopt LLM and AI applications at an affordable cost.We expect Tencent to benefit from the LLM development: 1) Tencent’s MaaS offering will create new revenue stream and drive growth of Tencent Cloud revenue in the long term; 2) flagship SaaS products like Tencent Meeting will soon adopt LLM capabilities to improve user experience; 3) LLM will be applied to Tencent’s other businesses (e.g. gaming and ads) and become a growth multiplier. 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 MaaS -  Offering One-Stop Industry LLM Solutions

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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 href="https://www.smartkarma.com/entities/sml-group" target="_blank" data-smartkarma-citation="entities:36102:1" rel="noopener">SML Group (SMLGZ HK)</a> is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>SML Group (SMLG) is a vertically integrated digital identification solutions provider. It primarily engages in developing, manufacturing and selling label and tag products with radio frequency identification (RFID).</li>
<li>SMLG’s revenue growth rebounded post-COVID on the back of improved consumer sentiment. However, the firm’s profitability growth has been slowing down yet it has undertaken additional debt to payout dividends.</li>
</ul>



SML Group (SMLGZ HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
SML Group (SMLG) is a vertically integrated digital identification solutions provider. It primarily engages in developing, manufacturing and selling label and tag products with radio frequency identification (RFID).
SMLG’s revenue growth rebounded post-COVID on the back of improved consumer sentiment. However, the firm’s profitability growth has been slowing down yet it has undertaken additional debt to payout dividends.


SML Group Pre-IPO - Guided Decline in Profitability but Spike in Dividend Payout

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

J&T Global Express  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a>, a leading express delivery business in Southeast Asia and China has filed for a HKEx IPO to raise US$1 billion, according to press reports.   </li>
<li>J&amp;T is the number one express delivery operator in Southeast Asia by parcel volume from 2020 to 2022, according to Frost &amp; Sullivan. </li>
<li>The key elements of the bull case rest on large addressable markets, market share gains, robust reported revenue growth and narrowing losses which set a path to profitability.</li>
</ul>



J&amp;T Global Express (1936374D CH), a leading express delivery business in Southeast Asia and China has filed for a HKEx IPO to raise US$1 billion, according to press reports.   
J&amp;T is the number one express delivery operator in Southeast Asia by parcel volume from 2020 to 2022, according to Frost &amp; Sullivan. 
The key elements of the bull case rest on large addressable markets, market share gains, robust reported revenue growth and narrowing losses which set a path to profitability.


Clarence Chu

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>J&amp;T Global Express (J&amp;T) is a global logistics service provider. </li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
</ul>



J&amp;T Global Express (1936374D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
J&amp;T Global Express (J&amp;T) is a global logistics service provider. 
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.


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 Jun 9th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Longfor, Yuexiu Property, Pop Mart.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 9th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Longfor, Yuexiu Property, Pop Mart.


HK Short Interest Weekly: Longfor, Yuexiu Property, Pop Mart

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)

Tencent MaaS - Offering One-Stop Industry LLM Solutions

The company will offer a comprehensive set of MaaS solutions that enable enterprises to adopt LLM and AI applications at an affordable cost.

CMB International

SML Group Pre-IPO - Guided Decline in Profitability but Spike in Dividend Payout

SML Group (SMLGZ HK) is looking to raise about US$200m in its upcoming Hong Kong IPO. The firm’s profitability growth has been slowing down yet it...

Ethan Aw

J&T Global Express IPO: The Bull Case

The key elements of the bull case rest on large addressable markets, market share gains, robust reported revenue growth and narrowing losses which...

Arun George

J&T Global Express Pre-IPO Tearsheet

J&T Global Express (1936374D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. J&T Global Express (J&T) is a global logistics...

Clarence Chu

HK Short Interest Weekly: Longfor, Yuexiu Property, Pop Mart

We analyzed the latest HK SFC report for aggregate short position as of Jun 9th and highlight short interest changes in Longfor, Yuexiu Property,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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