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

<a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a> raised around US$3bn in its secondary listing in Hong Kong.We have covered most aspects of the deal in our earlier notes, <a href="https://www.smartkarma.com/insights/baidu-secondary-listing-early-look-will-be-one-of-the-largest-secondary-listings-this-year" target="_blank" rel="noopener">Baidu Secondary Listing Early Look - Will Be One of the Largest Secondary Listings This Year</a> and <a href="https://www.smartkarma.com/insights/baidu-secondary-listing-smaller-than-expected-doing-the-bare-minimum" target="_blank" rel="noopener">Baidu Secondary Listing - Smaller than Expected, Doing the Bare Minimum</a>.In this note, we'll talk about the trading dynamics.

Baidu (BIDU US) raised around US$3bn in its secondary listing in Hong Kong.We have covered most aspects of the deal in our earlier notes, Baidu Secondary Listing Early Look - Will Be One of the Largest Secondary Listings This Year and Baidu Secondary Listing - Smaller than Expected, Doing the Bare Minimum.In this note, we'll talk about the trading dynamics.

Baidu Secondary Listing Trading - Strong Demand but Weak Price Action

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.

As anticipated, the Chinese mobile games and video platform <a href="https://www.smartkarma.com/entities/bilibili-inc" target="_blank" data-smartkarma-citation="entities:26793:1" rel="noopener">Bilibili Inc (BILI US)</a>  has received the approval for a secondary listing on the Hong Kong Stock Exchange. According to Bloomberg, Bilibili could raise about US$3bn through its secondary listing.We discussed Bilibili’s business model, its segments, financials and also compared the company’s business model and financials with its closest competitor Huya. This insight will focus on Bilibili’s current valuation.Read our previous insights:<a href="https://www.smartkarma.com/insights/bilibili-4q-earnings-value-added-services-surpass-mobile-games-e-commerce-gains-momentum" target="_blank" data-smartkarma-citation="insights:48569" rel="noopener">Bilibili 4Q Earnings: Value-Added Services Surpass Mobile Games; E-Commerce Gains Momentum</a> <a href="https://www.smartkarma.com/insights/bilibili-vs-huya-strong-top-line-growth-outspending-huya-on-marketing-reason-for-absence-of-profits" target="_blank" data-smartkarma-citation="insights:47309" rel="noopener">Bilibili Vs Huya:Strong Top Line Growth; Outspending Huya on Marketing-Reason for Absence of Profits</a> <a href="https://www.smartkarma.com/insights/bilibili-secondary-listing-diversifying-revenue-mix-should-make-profits-possible-in-the-medium-term" target="_blank" data-smartkarma-citation="insights:47049" rel="noopener">Bilibili Secondary Listing: Diversifying Revenue Mix Should Make Profits Possible in the Medium Term</a>

As anticipated, the Chinese mobile games and video platform Bilibili Inc (BILI US)  has received the approval for a secondary listing on the Hong Kong Stock Exchange. According to Bloomberg, Bilibili could raise about US$3bn through its secondary listing.We discussed Bilibili’s business model, its segments, financials and also compared the company’s business model and financials with its closest competitor Huya. This insight will focus on Bilibili’s current valuation.Read our previous insights:Bilibili 4Q Earnings: Value-Added Services Surpass Mobile Games; E-Commerce Gains Momentum Bilibili Vs Huya:Strong Top Line Growth; Outspending Huya on Marketing-Reason for Absence of Profits Bilibili Secondary Listing: Diversifying Revenue Mix Should Make Profits Possible in the Medium Term 

Bilibili: Diversified Revenue Streams and Impressive Top Line Growth Justify Current Multiples

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.

Zhihu Technology / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/zhihu-technology-ltd" target="_blank" data-smartkarma-citation="entities:32185:1" rel="noopener">Zhihu Technology (ZH US)</a> is the largest Q&amp;A-inspired online community and one of the top five comprehensive online content communities in China, both in terms of average mobile MAUs and revenue in 2020, according to CIC. Zhihu is acknowledged as the first choice among all online content communities in China where people look for information to make decisions or find answers, according to CIC. Zhihu is backed by <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> and <a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a>.
<div class="content-highlight">Zhihu is pre-marketing an NYSE IPO to raise proceeds of $1 billion, according to press reports. In <a href="https://www.smartkarma.com/insights/zhihu-ipo-initiation-question-time" target="_blank" data-smartkarma-citation="insights:48928" rel="noopener">Zhihu IPO Initiation: Question Time</a>, we opined that as the largest Q&amp;A-inspired online community, Zhihu is well-positioned to benefit from favourable industry trends. We concluded that Zhihu’s fundamentals are attractive. In this note, we present our forecasts and take the first look at Zhihu's potential valuation. </div>
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Zhihu Technology (ZH US) is the largest Q&amp;A-inspired online community and one of the top five comprehensive online content communities in China, both in terms of average mobile MAUs and revenue in 2020, according to CIC. Zhihu is acknowledged as the first choice among all online content communities in China where people look for information to make decisions or find answers, according to CIC. Zhihu is backed by Tencent Holdings (700 HK), Kuaishou Technology (1024 HK) and Baidu (BIDU US).
Zhihu is pre-marketing an NYSE IPO to raise proceeds of $1 billion, according to press reports. In Zhihu IPO Initiation: Question Time, we opined that as the largest Q&amp;A-inspired online community, Zhihu is well-positioned to benefit from favourable industry trends. We concluded that Zhihu’s fundamentals are attractive. In this note, we present our forecasts and take the first look at Zhihu's potential valuation. 


<a href="https://www.smartkarma.com/entities/tencent-music-entertainment" target="_blank" data-smartkarma-citation="entities:27255:1" rel="noopener">Tencent Music (TME US)</a>  is the leading online music entertainment platform in China offering online music, online karaoke, and music-centric live streaming services. The company is said to be in the process of filing for a secondary listing on the Hong Kong Exchange and seeks to raise as much as US$5bn through the secondary listing. This is the Second of a series of reports on TME where we will be discussing the company’s margins in detail. In our previous insight, we examined the company’s business model, segments and revenues.We highlighted that TME continues to enhance its monetisation efforts in the social entertainment services segment and the online music service segment offers a steady flow of users for social entertainment business.

Tencent Music (TME US)  is the leading online music entertainment platform in China offering online music, online karaoke, and music-centric live streaming services. The company is said to be in the process of filing for a secondary listing on the Hong Kong Exchange and seeks to raise as much as US$5bn through the secondary listing. This is the Second of a series of reports on TME where we will be discussing the company’s margins in detail. In our previous insight, we examined the company’s business model, segments and revenues.We highlighted that TME continues to enhance its monetisation efforts in the social entertainment services segment and the online music service segment offers a steady flow of users for social entertainment business.

Tencent Music Secondary: Unlikely for Margins to Expand but Should Remain Stable at Current Level

<a href="https://www.smartkarma.com/entities/tencent-music-entertainment" target="_blank" data-smartkarma-citation="entities:27255:1" rel="noopener">Tencent Music (TME US)</a>  is the leading online music entertainment platform in China offering online music, online karaoke, and music-centric live streaming services. It has been reported by several news media outlets that TME is planning for a secondary listing in Hong Kong and could raise as much as US$5bn through the secondary listing. The company went public through an IPO in 2018 on the New York Stock Exchange.This is the First of a series of reports on Tencent Music Entertainment (TME), where we will be deep diving into the company’s business model, its segments and revenues.

Tencent Music (TME US)  is the leading online music entertainment platform in China offering online music, online karaoke, and music-centric live streaming services. It has been reported by several news media outlets that TME is planning for a secondary listing in Hong Kong and could raise as much as US$5bn through the secondary listing. The company went public through an IPO in 2018 on the New York Stock Exchange.This is the First of a series of reports on Tencent Music Entertainment (TME), where we will be deep diving into the company’s business model, its segments and revenues.

TME Secondary Listing: Monetisation Efforts in Social Entertainment Should Boost Top Line Growth

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

Baidu Secondary Listing Trading - Strong Demand but Weak Price Action

Baidu (BIDU US) raised around US$3bn in its secondary listing in Hong Kong. In this note, we'll talk about the trading dynamics.

Sumeet Singh

Bilibili: Diversified Revenue Streams and Impressive Top Line Growth Justify Current Multiples

we believe Bilibili should be considered as a comprehensive internet stock rather than a streaming platform given its growing exposure into other...

Shifara Samsudeen, ACMA, CGMA

Zhihu IPO: Valuation First Look

Zhihu is pre-marketing an NYSE IPO to raise proceeds of $1 billion, according to press reports. In this note, we present our forecasts and take the...

Arun George

Tencent Music Secondary: Unlikely for Margins to Expand but Should Remain Stable at Current Level

Though higher social entertainment ARPPU helps absorb most of the COGS, we believe TME will have to continuously spend on S&M costs to convert its...

Shifara Samsudeen, ACMA, CGMA

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52-week Range

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Baidu Secondary Listing Trading - Strong Demand but Weak Price Action

Baidu (BIDU US) raised around US$3bn in its secondary listing in Hong Kong. In this note, we'll talk about the trading dynamics.

Sumeet Singh

Bilibili: Diversified Revenue Streams and Impressive Top Line Growth Justify Current Multiples

we believe Bilibili should be considered as a comprehensive internet stock rather than a streaming platform given its growing exposure into other...

Shifara Samsudeen, ACMA, CGMA

Zhihu IPO: Valuation First Look

Zhihu is pre-marketing an NYSE IPO to raise proceeds of $1 billion, according to press reports. In this note, we present our forecasts and take the...

Arun George

Tencent Music Secondary: Unlikely for Margins to Expand but Should Remain Stable at Current Level

Though higher social entertainment ARPPU helps absorb most of the COGS, we believe TME will have to continuously spend on S&M costs to convert its...

Shifara Samsudeen, ACMA, CGMA

TME Secondary Listing: Monetisation Efforts in Social Entertainment Should Boost Top Line Growth

This is the First of a series of reports on Tencent Music Entertainment (TME), where we will be deep diving into the company’s business model, its...

Shifara Samsudeen, ACMA, CGMA