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

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>Leapmotor (LM) aims to raise around US$1.5bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.</li>
<li>As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.</li>
<li>In our previous notes, we spoke about the company’s past performance. In this note, we will have a look at its PHIP updates.</li>
</ul>


Leapmotor (LM) aims to raise around US$1.5bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.
In our previous notes, we spoke about the company’s past performance. In this note, we will have a look at its PHIP updates.


Leapmotor Pre-IPO - PHIP Updates - 6M22 Sales Doing Well, Catching up with the Rest

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> reported 2Q2022 results on Friday. Revenue grew 16.4% YoY to RMB50.9bn (vs consensus RMB49.2bn) while operating losses dropped to 1.0% of revenue to RMB493m (vs consensus RMB3.3bn).</li>
<li>The company has changed its segmental reporting to a new reporting structure; Core Local Commerce, New Initiatives and Unallocated items.</li>
<li>Disclosures on key operating matrices such as GTV and no. of hotel room nights have not been provided and difficult to assess the performance of core businesses.</li>
</ul>



Meituan (3690 HK) reported 2Q2022 results on Friday. Revenue grew 16.4% YoY to RMB50.9bn (vs consensus RMB49.2bn) while operating losses dropped to 1.0% of revenue to RMB493m (vs consensus RMB3.3bn).
The company has changed its segmental reporting to a new reporting structure; Core Local Commerce, New Initiatives and Unallocated items.
Disclosures on key operating matrices such as GTV and no. of hotel room nights have not been provided and difficult to assess the performance of core businesses.


Meituan: Earnings Beat Estimates but Sudden Change in Segmental Disclosure Is Dubious

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>The revenue growth rate decelerated, but operating loss shrank in 2Q22.</li>
<li>We believe the the revenue reclassification is unnecessary and suspicious.</li>
<li>We set a downside of 19% and a price target of HK$148.</li>
</ul>


The revenue growth rate decelerated, but operating loss shrank in 2Q22.
We believe the the revenue reclassification is unnecessary and suspicious.
We set a downside of 19% and a price target of HK$148.


Meituan (3690 HK): 2Q22, Reduced Loss, But Unnecessarily Reclassifies Revenue

Event-Driven

<ul>
<li>On 26th Aug 2022, PCAOB and CSRC announced that they had entered into an agreement granting US authorities access to investigate public accounting firms headquartered in China and HK.</li>
<li>On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.</li>
<li>In this note, we'll talk about the latest developments and its implications.</li>
</ul>


On 26th Aug 2022, PCAOB and CSRC announced that they had entered into an agreement granting US authorities access to investigate public accounting firms headquartered in China and HK.
On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.
In this note, we'll talk about the latest developments and its implications.


China ADRs Delisting - Tide Is Turning - Non-HK Listed ADRs Are Already Outperforming

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 26th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for CNOOC, Meituan and Hong Kong Exchange.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CNOOC, Meituan and Hong Kong Exchange.


Hong Kong Connect Flows: Meituan Outflows Before 1H Results

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

Leapmotor Pre-IPO - PHIP Updates - 6M22 Sales Doing Well, Catching up with the Rest

Leapmotor (LM) aims to raise around US$1.5bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.

Sumeet Singh

Meituan: Earnings Beat Estimates but Sudden Change in Segmental Disclosure Is Dubious

As expected, no disclosure on GTV or hotel room nights. Sudden Change in segmental disclosure is concerning as no separate numbers on core food...

Shifara Samsudeen, ACMA, CGMA

Meituan (3690 HK): 2Q22, Reduced Loss, But Unnecessarily Reclassifies Revenue

The revenue growth rate declined due to the lockdown in big cities. The operating loss shrank, because Meituan cut marketing expenses. We set a...

Ming Lu

China ADRs Delisting - Tide Is Turning - Non-HK Listed ADRs Are Already Outperforming

On 26th Aug 2022, PCAOB and CSRC announced that they had entered into an agreement granting US authorities access to investigate public accounting...

Sumeet Singh

Hong Kong Connect Flows: Meituan Outflows Before 1H Results

We highlight Hong Kong Connect southbound weekly flows for CNOOC, Meituan and Hong Kong Exchange for the week ended on August 26th.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)