Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>All major Chinese e-commerce companies set up live broadcasting channels on Bilibili at the beginning of Singles’ Day sales.</li>
<li>Kuaishou chairman’s resignation will not change the business strategy, as he stepped down from CEO two years ago.</li>
<li>Baidu begins to sell ChatGPT-like service for CNY49.90 per month.</li>
</ul>


All major Chinese e-commerce companies set up live broadcasting channels on Bilibili at the beginning of Singles’ Day sales.
Kuaishou chairman’s resignation will not change the business strategy, as he stepped down from CEO two years ago.
Baidu begins to sell ChatGPT-like service for CNY49.90 per month.


China Consumption Weekly (6 Nov 2023): Kuaishou, Bilibili, Midea, Baidu, Yum China

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Cello World Limited / Equity Capital Markets

<ul>
<li>Cello World raised around US$230m in its India IPO and will begin trading soon.</li>
<li>Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the demand and trading dynamics</li>
</ul>


Cello World raised around US$230m in its India IPO and will begin trading soon.
Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the demand and trading dynamics


Cello World IPO Trading - Very Strong Institutional Subscription

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.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a>, <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (1877628D HK)</a>, <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> and <a href="https://www.smartkarma.com/entities/cainiao-smart-logistics-networ" target="_blank" data-smartkarma-citation="entities:36859:1" rel="noopener">Cainiao Smart Logistics Networ (1437124D HK)</a> IPOs</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>, <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>, <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - EcoPro Materials (ECO123 KS), WuXi XDC Cayman (1877628D HK), Midea Group Co Ltd A (000333 CH) and Cainiao Smart Logistics Networ (1437124D HK) IPOs
Event-Driven developments - Origin Energy (ORG AU), Azure Minerals (AZS AU), Tietto Minerals Ltd (TIE AU), Symbio Holdings (SYM AU), Eoflow (294090 KS), Hollysys Automation Technologies (HOLI US). 


Weekly Deals Digest (05 Nov) - Origin, Azure, Tietto, Eoflow, Hollysys, WuXi XDC, Midea, EcoPro Mat

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 Oct 27th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Yankuang Energy, CCB, Bidu, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 27th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Yankuang Energy, CCB, Bidu, Petrochina.


HK Short Interest Weekly: Yankuang Energy, CCB, Bidu, Petrochina

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a>, <a href="https://www.smartkarma.com/entities/cello-world-limited" target="_blank" data-smartkarma-citation="entities:40037:1" rel="noopener">Cello World Limited (CW IN)</a> and <a href="https://www.smartkarma.com/entities/honasa-consumer" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer</a> were bookbuilding in the past week. <a href="https://www.smartkarma.com/entities/honasa-consumer" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener"></a>
</li>
<li>Given the earnings seasons, there was only an entitlement offer by <a href="https://www.smartkarma.com/entities/treasury-wine-estates-ltd" target="_blank" data-smartkarma-citation="entities:710:1" rel="noopener">Treasury Wine Estates (TWE AU)</a>, and a cleanup for <a href="https://www.smartkarma.com/entities/ventia-services-group-pty-ltd" target="_blank" data-smartkarma-citation="entities:34917:1" rel="noopener">Ventia (VNT AU)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, EcoPro Materials (ECO123 KS), Cello World Limited (CW IN) and Honasa Consumer were bookbuilding in the past week. 

Given the earnings seasons, there was only an entitlement offer by Treasury Wine Estates (TWE AU), and a cleanup for Ventia (VNT AU). 


ECM Weekly (5th Nov 2023)- Midea, WuxiXDC, Cello, Honasa, Qyuns, Ecopro, Lalatech, Mankind, TWE, VNT

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

China Consumption Weekly (6 Nov 2023): Kuaishou, Bilibili, Midea, Baidu, Yum China

All major Chinese e-commerce companies set up live broadcasting channels on Bilibili for Singles’ Day sales. Kuaishou chairman resigned. Baidu...

Ming Lu

Cello World IPO Trading - Very Strong Institutional Subscription

Cello World raised around US$230m in its India IPO and will begin trading soon. In this note we talk about the demand and trading dynamics.

Sumeet Singh

Weekly Deals Digest (05 Nov) - Origin, Azure, Tietto, Eoflow, Hollysys, WuXi XDC, Midea, EcoPro Mat

Last week, notable developments occurred in Event-Driven (Azure, Origin, Symbio, Tietto, Eoflow, Hollysys, NWS, Poly Culture, UMW) and ECM (EcoPro...

Arun George

HK Short Interest Weekly: Yankuang Energy, CCB, Bidu, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Oct 27th and highlight short interest changes in Yankuang Energy, CCB,...

Ke Yan, CFA, FRM

ECM Weekly (5th Nov 2023)- Midea, WuxiXDC, Cello, Honasa, Qyuns, Ecopro, Lalatech, Mankind, TWE, VNT

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

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