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

Chervon Holdings / Equity Capital Markets

<ul>
<li>Chervon Holdings Limited (CHL) plans to raise around US$500m in its Hong Kong IPO.</li>
<li>CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Chervon Holdings Limited (CHL) plans to raise around US$500m in its Hong Kong IPO.
CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). 
In this note, we will talk about the positive aspects of the deal.


Chervon Holdings Pre-IPO - The Positives - Fast Growth, Good Reviews

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Hang Seng China Enterprises Index / Event-Driven

<ul>
<li>With the 2021 futures expiring in 2 weeks, the focus now shifts to the HSCEI dividend futures expiring in 2022 where we see a fair value of 240.76 DIPS.</li>
<li>The current market is trading very close to our fair value for 2022 but there are a lot of potential catalysts that could result in a big move lower.</li>
<li>There are fewer catalysts for the 2022 futures to move higher. The regulatory changes in China plus the HFCAA could lead to the 2023 futures trading cheaper to 2022.</li>
</ul>


With the 2021 futures expiring in 2 weeks, the focus now shifts to the HSCEI dividend futures expiring in 2022 where we see a fair value of 240.76 DIPS.
The current market is trading very close to our fair value for 2022 but there are a lot of potential catalysts that could result in a big move lower.
There are fewer catalysts for the 2022 futures to move higher. The regulatory changes in China plus the HFCAA could lead to the 2023 futures trading cheaper to 2022.


HSCEI Dividend Futures: 2022 Close to Fair; Sell 22/23 Steepener

<ul>
<li>Net Protections Holdings (NPH), a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>


Net Protections Holdings (NPH), a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note we will talk about the trading dynamics.


Net Protections IPO Trading - Peers Have Moved Lower. Provides the Only Exposure to BNPL in Japan

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>
Fundamental/Regulatory Constraints: Tencent Holdings (700.HK) [Tencent]  has many challenges: weaker revenues attributed to both a slowing economy and mainland China’s clampdown on internet companies, and the reining-in of Fintech;</li>
<li>
Litigation:A class action has been filed on behalf of investors who purchased Tencent Music Entertainment Group (TME.US) ADRs, alleging that two prime brokers illegally traded in TME shares; and</li>
<li>
Deniability: Tencent and TME have an awful lot of hair and the timing of the regulatory screw tightening on Tencent’s businesses was intensifying just as the Archegos situation unraveled.   </li>
</ul>



Fundamental/Regulatory Constraints: Tencent Holdings (700.HK) [Tencent]  has many challenges: weaker revenues attributed to both a slowing economy and mainland China’s clampdown on internet companies, and the reining-in of Fintech;

Litigation:A class action has been filed on behalf of investors who purchased Tencent Music Entertainment Group (TME.US) ADRs, alleging that two prime brokers illegally traded in TME shares; and

Deniability: Tencent and TME have an awful lot of hair and the timing of the regulatory screw tightening on Tencent’s businesses was intensifying just as the Archegos situation unraveled.   


Full Truck Alliance   / Equity Capital Markets

<ul>
<li>Full Truck Alliance (FTA), China’s largest digital freight platform by gross transaction value, raised around US$2bn in its US listing in Jun 21. It is backed by Softbank and Sequoia.</li>
<li>We have looked at various aspects of the deal in our earlier IPO notes, links to which are included below.</li>
<li>In this note, we look at the updates since listing and the impact of the upcoming lock-up expiry.</li>
</ul>


Full Truck Alliance (FTA), China’s largest digital freight platform by gross transaction value, raised around US$2bn in its US listing in Jun 21. It is backed by Softbank and Sequoia.
We have looked at various aspects of the deal in our earlier IPO notes, links to which are included below.
In this note, we look at the updates since listing and the impact of the upcoming lock-up expiry.


Full Truck Alliance Lock-Up Expiry - In Similar Delisting Boat as Didi. 60% of Stock up for Lock-Up

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Alibaba Group Holding (BABA US)

Chervon Holdings Pre-IPO - The Positives - Fast Growth, Good Reviews

Chervon Holdings Limited (CHL) plans to raise around US$500m in its Hong Kong IPO. The company is the largest China based provider of power and OPE...

Sumeet Singh

HSCEI Dividend Futures: 2022 Close to Fair; Sell 22/23 Steepener

The HSCEI 2022 dividend futures are trading close to fair but there are a lot more negative catalysts that will have a bigger impact than positive...

Brian Freitas

Net Protections IPO Trading - Peers Have Moved Lower. Provides the Only Exposure to BNPL in Japan

Net Protections Holdings (NPH), a buy now pay later service provider, raised around US$570m in its Japan IPO. In this note, we will talk about the...

Sumeet Singh

Tencent Holdings – Dirty Birds

TENCENT: Tencent has many challenges already. A class action has been filed on behalf of investors who purchased Tencent Music ADRs, alleging that...

Thomas J. Monaco

Full Truck Alliance Lock-Up Expiry - In Similar Delisting Boat as Didi. 60% of Stock up for Lock-Up

Full Truck Alliance (FTA), China’s largest digital freight platform by gross transaction value, raised around US$2bn in its US listing in Jun 21....

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)