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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>We looked at the company’s past performance in our earlier notes. In this note, we undertake a comparison versus its local competitors.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
We looked at the company’s past performance in our earlier notes. In this note, we undertake a comparison versus its local competitors.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the not-so-positive aspects of the deal.


VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">Vng (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the positive aspects of the deal.


VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

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

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/iqiyi-inc" target="_blank" data-smartkarma-citation="entities:26755:1" rel="noopener">IQIYI Inc (IQ US)</a> aims to raise net proceeds of US$442.3 million through the placement of 76.5 million ADS at US$5.90 per ADS.</li>
<li>The net proceeds will be used for working capital purposes, including serving its existing debt obligations. The placement closes on 19 January. </li>
<li>The placement price is fair vs peers and is an opportunity to play iQiyi’s expected topline recovery which is supported by ongoing margin improvement and declining cash burn. </li>
</ul>



IQIYI Inc (IQ US) aims to raise net proceeds of US$442.3 million through the placement of 76.5 million ADS at US$5.90 per ADS.
The net proceeds will be used for working capital purposes, including serving its existing debt obligations. The placement closes on 19 January. 
The placement price is fair vs peers and is an opportunity to play iQiyi’s expected topline recovery which is supported by ongoing margin improvement and declining cash burn. 


IQIYI (IQ US) Placement: Fair Price for a Potential but Risky Recovery Play

United States

HUYA Inc. operates as a game live streaming platform. The Company offers interactive video broadcast services including e-sports, music, reality show, entertainment genres, talent shows, and anime and outdoor activities. HUYA serves customers in China.

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HUYA (HUYA US)

VNG Pre-IPO - Local Peers Comparison

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about local...

Sumeet Singh

VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about the not-so...

Sumeet Singh

VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note we talk about the positive aspects of...

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

IQIYI (IQ US) Placement: Fair Price for a Potential but Risky Recovery Play

The placement price is fair vs peers and is an opportunity to play iQiyi’s expected topline recovery which is supported by ongoing margin...

Arun George

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