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>Kanzhun, an online recruitment platform in China, raised around US$1bn in its US IPO in Jun 2021.</li>
<li>The company is backed by Tencent and pre-IPO financial investors own over 50% of the company.</li>
<li>In this note, we look at the updates since listing and the impact of the upcoming lock-up expiry.</li>
</ul>


Kanzhun, an online recruitment platform in China, raised around US$1bn in its US IPO in Jun 2021.
The company is backed by Tencent and pre-IPO financial investors own over 50% of the company.
In this note, we look at the updates since listing and the impact of the upcoming lock-up expiry.


Kanzhun Lock-Up - Has Held up Remarkably Well with All Pre-IPO Shareholders Well in the Money

<ul>
<li>On 2nd Dec 2021, Didi announced that it would look to delist its ADRs from NYSE and it would seek a listing on HKSE.</li>
<li>The stock has been at the center of a regulatory crackdown since its IPO in Jun 2021. </li>
<li>Apart from the delisting and relisting flows, it now also has US$20bn of stock coming up for lock-up expiry.</li>
</ul>


On 2nd Dec 2021, Didi announced that it would look to delist its ADRs from NYSE and it would seek a listing on HKSE.
The stock has been at the center of a regulatory crackdown since its IPO in Jun 2021. 
Apart from the delisting and relisting flows, it now also has US$20bn of stock coming up for lock-up expiry.


DiDi Chuxing: Delisting - Relisting + US$20bn Lockup Expiry = Big Mess

<ul>
<li>Weibo plans to raise around US$470m in its secondary listing in Hong Kong. </li>
<li>We have covered most aspects of the deal in our previous note, <a href="https://www.smartkarma.com/insights/weibo-secondary-listing-needs-to-come-at-a-discount" target="_blank" rel="noopener">Weibo Secondary Offering - Needs to come at a discount</a>.</li>
<li>In this note, we'll talk about the deal pricing and structure.</li>
</ul>


Weibo plans to raise around US$470m in its secondary listing in Hong Kong. 
We have covered most aspects of the deal in our previous note, Weibo Secondary Offering - Needs to come at a discount.
In this note, we'll talk about the deal pricing and structure.


Weibo Secondary Listing - Going Down the Autohome Route

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>
Long Arm of the Law: Mainland China’s Ministry of Industry and Information Technology (“MIIT”) has ordered a temporary suspension of updates to apps from November 24, 2021;</li>
<li>
Follow-Up To Other Violations: The temporary suspension come as Tencent Holdings (700.HK) [“Tencent”] was found violating user data security laws on nine apps under the Information Protection Law; and</li>
<li>
Financial Holdco May Be a Forced Issue Too: The long arm of the CBIRC will grab Tencent. The more its relies on Fintech, the more alarming financial regulatory concerns.  </li>
</ul>



Long Arm of the Law: Mainland China’s Ministry of Industry and Information Technology (“MIIT”) has ordered a temporary suspension of updates to apps from November 24, 2021;

Follow-Up To Other Violations: The temporary suspension come as Tencent Holdings (700.HK) [“Tencent”] was found violating user data security laws on nine apps under the Information Protection Law; and

Financial Holdco May Be a Forced Issue Too: The long arm of the CBIRC will grab Tencent. The more its relies on Fintech, the more alarming financial regulatory concerns.  


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>In 3Q21, Revenue growth rate was lower than the market consensus.</li>
<li>But we believe the positive operating profit is a signal of sustainability.</li>
<li>We believe the stock has an upside of at least 9%.</li>
</ul>


In 3Q21, Revenue growth rate was lower than the market consensus.
But we believe the positive operating profit is a signal of sustainability.
We believe the stock has an upside of at least 9%.


Pinduoduo (PDD): 3Q21, Market Hates Low Growth, But We Love Profit

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

Kanzhun Lock-Up - Has Held up Remarkably Well with All Pre-IPO Shareholders Well in the Money

Kanzhun, an online recruitment platform in China, raised around US$1bn in its US IPO in Jun 2021. In this note, we will talk about the upcoming...

Sumeet Singh

DiDi Chuxing: Delisting - Relisting + US$20bn Lockup Expiry = Big Mess

On 2nd Dec 2021, Didi announced that it would look to delist its ADRs from NYSE and it would seek a listing on HKSE. The company also has US$20bn...

Sumeet Singh

Weibo Secondary Listing - Going Down the Autohome Route

Weibo plans to raise around US$470m in its secondary listing in Hong Kong. In this note, we will talk about the deal pricing and structure.

Sumeet Singh

Tencent Holdings – Regulatory Squeeze

TENCENT: Long Arm of the Law: Mainland China’s MIIT has ordered a temporary suspension of updates to apps from November 24, 2021. This is not...

Thomas J. Monaco

Pinduoduo (PDD): 3Q21, Market Hates Low Growth, But We Love Profit

Revenue growth rate was lower than the market consensus. But we believe the positive operating profit is a signal of sustainability. We believe the...

Ming Lu

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