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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the performance of bookrunners for Korean placements from 2019-2022. </li>
<li>The following dataset includes all Korean placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of <strong>29 deals</strong>.</li>
<li>The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.</li>
</ul>


In this note, we will take a look at the performance of bookrunners for Korean placements from 2019-2022. 
The following dataset includes all Korean placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 29 deals.
The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.


Aequitas Korea Placements Bookrunner Performance (2019-2022)

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>We expect online gaming has a better performance: 1) improved content supply and 2) strong user demand for social interactions in top games like Tencent’s HOK and NetEase’s Egg Party.</li>
<li>We suggest that eCommerce and advertising have relatively weak performances in January because offline consumption enjoyed faster rebound and attracted users away from online platforms.</li>
<li>We are more positive about Tencent in C1Q23, and we expect that major ads platforms like Kuaishou, Baidu, Bili, iQIYI, and Weibo will have the fastest YoY growth in C2Q23.</li>
</ul>


We expect online gaming has a better performance: 1) improved content supply and 2) strong user demand for social interactions in top games like Tencent’s HOK and NetEase’s Egg Party.
We suggest that eCommerce and advertising have relatively weak performances in January because offline consumption enjoyed faster rebound and attracted users away from online platforms.
We are more positive about Tencent in C1Q23, and we expect that major ads platforms like Kuaishou, Baidu, Bili, iQIYI, and Weibo will have the fastest YoY growth in C2Q23.


China Internet CNY Holiday Update: Gaming Performed Better than Ads and ECom

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> is looking to raise at least US$100m in its upcoming US IPO.</li>
<li>HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Hesai Group (HSAI US) is looking to raise at least US$100m in its upcoming US IPO.
HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.
In this note, we will talk about the positive aspects of the deal.


Hesai Group Pre-IPO - The Positives - Has a Lot of Potential

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Tencent Music Entertainment Group / Event-Driven

<ul>
<li>In this insight, we take a look at the potential index changes and the resultant capping flows for the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng Tech Index (HSTECH INDEX)</a> in March 2023.</li>
<li>According to our estimation, there could be two changes for the HSTECH in March 2023 and there could be one-way index flows of US$365mn.</li>
<li>The final index changes along with indicative capping and index weights could be published in Mid/Late-February 2023 and implemented in early-March 2023.</li>
</ul>


In this insight, we take a look at the potential index changes and the resultant capping flows for the Hang Seng Tech Index (HSTECH INDEX) in March 2023.
According to our estimation, there could be two changes for the HSTECH in March 2023 and there could be one-way index flows of US$365mn.
The final index changes along with indicative capping and index weights could be published in Mid/Late-February 2023 and implemented in early-March 2023.


Quiddity Flow Expectations HSTECH Mar 23: Two Index Changes Possible

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>We believe total revenue growth rate will accelerate from 4Q22 and grow by 9% in 2023.</li>
<li>We believe the operating margin will be stable from 4Q22 to 2Q23, but the margin will climb up from 3Q23.</li>
<li>We believe that EPS will increase by 16% and the stock will have an upside of 21%~44%.</li>
</ul>


We believe total revenue growth rate will accelerate from 4Q22 and grow by 9% in 2023.
We believe the operating margin will be stable from 4Q22 to 2Q23, but the margin will climb up from 3Q23.
We believe that EPS will increase by 16% and the stock will have an upside of 21%~44%.


Tencent (700 HK): Risen 100% in Three Months, But Still 21%~44% Upside

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)

Aequitas Korea Placements Bookrunner Performance (2019-2022)

In this note, we will take a look at the performance of bookrunners for Korean placements from 2019-2022, which includes all Korean placements...

Ethan Aw

China Internet CNY Holiday Update: Gaming Performed Better than Ads and ECom

Our recent channel check indicates that online gaming has a better performance than online ads and eCommerce during the Chinese New Year holiday....

Blue Lotus Research Institute

Hesai Group Pre-IPO - The Positives - Has a Lot of Potential

Hesai Group (HSAI US), a China based Lidar solutions provider, is looking to raise at least US$100m in its upcoming US IPO. In this note, we will...

Sumeet Singh

Quiddity Flow Expectations HSTECH Mar 23: Two Index Changes Possible

I see Tencent Music Entertainment (1698 HK) and Weibo Corp (9898 HK) as ADDs and Ming Yuan Cloud Group (909 HK) and AAC Technologies Holdings (2018...

Janaghan Jeyakumar, CFA

Tencent (700 HK): Risen 100% in Three Months, But Still 21%~44% Upside

We believe revenue growth will rise by 9% in 2023. We believe the operating margin will climb up from 3Q23. We also believe the stock will have an...

Ming Lu

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