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

Belle International Holdings / Equity Capital Markets

<ul>
<li>Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.</li>
<li>Belle Fashion is the largest China-based fashion footwear and apparel group based on 2020 retail sales value, according to Frost &amp; Sullivan (F&amp;S). </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.
Belle Fashion is the largest China-based fashion footwear and apparel group based on 2020 retail sales value, according to Frost &amp; Sullivan (F&amp;S). 
In this note, we will talk about the positive aspects of the deal.


Belle Fashion Pre-IPO - The Positives - Try Walking in My Shoes

JD.com Inc (ADR) / Equity Capital Markets

<ul>
<li>On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com.</li>
<li>While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution is happened on 25th Mar 2022.</li>
<li>In this note, we talk about the updates since our last note and the actual number of shares in CCASS.</li>
</ul>


On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com.
While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution is happened on 25th Mar 2022.
In this note, we talk about the updates since our last note and the actual number of shares in CCASS.


JD.com Tencent Distribution Quick Update - Settlement Done. Shares Hit CCASS, but Not All Shares

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 4Q2021 results on Friday. Revenue grew 30.6% YoY to RMB49.5bn (vs consensus RMB49.0bn) and reported operating losses of RMB5.0bn vs RMB2.9bn in 4Q2020 (vs consensus RMB7.0bn).</li>
<li>Since 2Q2022, Meituan’s revenue growth has started decelerating with demand for online and food and grocery deliveries has been slowing down.</li>
<li>Meituan’s 4Q2021 results were better than expected but we expect the company’s earnings to remain under pressure with new regulation on food delivery commission and resurgence of Covid-19.</li>
</ul>



Meituan (3690 HK) reported 4Q2021 results on Friday. Revenue grew 30.6% YoY to RMB49.5bn (vs consensus RMB49.0bn) and reported operating losses of RMB5.0bn vs RMB2.9bn in 4Q2020 (vs consensus RMB7.0bn).
Since 2Q2022, Meituan’s revenue growth has started decelerating with demand for online and food and grocery deliveries has been slowing down.
Meituan’s 4Q2021 results were better than expected but we expect the company’s earnings to remain under pressure with new regulation on food delivery commission and resurgence of Covid-19.


Meituan: Better-Than-Expected 4Q2021 but Risks Remain

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Meituan’s total revenue continued to rise strongly by 31% in 4Q21.</li>
<li>Initiatives businesses are losing money, but two of them are in leading positions.</li>
<li>We believe the stock has a 20% upside for this year.</li>
</ul>


Meituan’s total revenue continued to rise strongly by 31% in 4Q21.
Initiatives businesses are losing money, but two of them are in leading positions.
We believe the stock has a 20% upside for this year.


Meituan (3690 HK): 4Q21, Strong Revenue and Promising Initiatives

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 Mar 18. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short interests increases for HKEx, Nongfu Spring, and Baidu. </li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 18. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short interests increases for HKEx, Nongfu Spring, and Baidu. 


HK Short Interest: Short Spiked for HKEx, Nongfu, Baidu

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)

Belle Fashion Pre-IPO - The Positives - Try Walking in My Shoes

Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.

Sumeet Singh

JD.com Tencent Distribution Quick Update - Settlement Done. Shares Hit CCASS, but Not All Shares

On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of...

Sumeet Singh

Meituan: Better-Than-Expected 4Q2021 but Risks Remain

Meituan’s 4Q2021 results were better than expected but we expect the company’s earnings to remain under pressure with new regulation on food...

Shifara Samsudeen, ACMA, CGMA

Meituan (3690 HK): 4Q21, Strong Revenue and Promising Initiatives

Meituan’s total revenue continued to rise strongly by 31% in 4Q21. Initiatives businesses are losing money, but two of them got leading positions.

Ming Lu

HK Short Interest: Short Spiked for HKEx, Nongfu, Baidu

We highlight week on week short interests increases for HKEx, Nongfu Spring, and Baidu based on the latest HK SFC Short aggregate report.

Ke Yan, CFA, FRM

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52-week Range

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