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

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Tencent will allow Douyin to broadcast the game Honor of Kings after a four-year ban.</li>
<li>Dada’s stock plunged after the company released its suspicious auditing result.</li>
<li>Alibaba’s mobile office app, Dingding, has accumulated 120,000 paying users.</li>
</ul>


Tencent will allow Douyin to broadcast the game Honor of Kings after a four-year ban.
Dada’s stock plunged after the company released its suspicious auditing result.
Alibaba’s mobile office app, Dingding, has accumulated 120,000 paying users.


China Consumption Weekly (15 Jan 2024): Tencent, Douyin, Alibaba, JD.com, Dada, Meituan

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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

<ul>
<li>We expect BABA to report CY4Q23 top-line, adjusted EBITA and non-GAAP net income (3.2%), (7.1%) and (3.0%) vs. consensus. </li>
<li>We estimate Taobao/Tmall GMV grew 2.4%, but was offset by lower take-rate, we expect;</li>
<li>BABA’s “Return to Taobao” strategy tilts traffic to low-priced Taobao products to fight PDD for low-priced mindset.</li>
</ul>


We expect BABA to report CY4Q23 top-line, adjusted EBITA and non-GAAP net income (3.2%), (7.1%) and (3.0%) vs. consensus. 
We estimate Taobao/Tmall GMV grew 2.4%, but was offset by lower take-rate, we expect;
BABA’s “Return to Taobao” strategy tilts traffic to low-priced Taobao products to fight PDD for low-priced mindset.


[Alibaba (BABA US, SELL, TP US$68) TP Change]: Return to Taobao Is a Return to Lower Take-Rate

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, starting with Hong Kong.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, starting with Hong Kong.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2024 Asia IPO Pipeline - Hong Kong

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>In this note, we will take a look at broker performance for HK IPOs and placements in 2023. </li>
<li>The following dataset includes all HK IPOs and placements above US$100m, <strong>which amounted to a total of 27 deals.</strong>
</li>
<li>The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.</li>
</ul>


In this note, we will take a look at broker performance for HK IPOs and placements in 2023. 
The following dataset includes all HK IPOs and placements above US$100m, which amounted to a total of 27 deals.

The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.


Aequitas HK IPOs + Placements Broker Performance 2023

Greater China Equity Long/Short Analyst

Eric Chen

<ul>
<li>Alibaba is transforming into a leaner, more efficient and more profitable technology company with sharpened focus on core business and shareholder return.</li>
<li>While we don’t expect growth to define the company in the near future, high single-digit P/E more than compensates for the lack of it.</li>
<li>This worst-performing and cheapest technology stock among global peers stands a big chance of staging a comeback in 2024 in our view.</li>
</ul>


Alibaba is transforming into a leaner, more efficient and more profitable technology company with sharpened focus on core business and shareholder return.
While we don’t expect growth to define the company in the near future, high single-digit P/E more than compensates for the lack of it.
This worst-performing and cheapest technology stock among global peers stands a big chance of staging a comeback in 2024 in our view.


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 (9988 HK)

China Consumption Weekly (15 Jan 2024): Tencent, Douyin, Alibaba, JD.com, Dada, Meituan

Tencent allows Douyin to broadcast the game Honor of Kings. Dada’s stock plunged after the company released its suspicious auditing result....

Ming Lu

[Alibaba (BABA US, SELL, TP US$68) TP Change]: Return to Taobao Is a Return to Lower Take-Rate

Alibaba's earnings report shows a decline in adjusted EBITA and non-GAAP net income, but a growth in Taobao/Tmall GMV due to a shift in strategy.

Blue Lotus Research Institute

Aequitas 2024 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, starting with Hong Kong including the filed, lapsed and future filings.

Sumeet Singh

Aequitas HK IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for HK IPOs and placements in 2023, which includes all HK IPOs and placements above...

Ethan Aw

Alibaba (BABA US): No Where to Go but Up

Alibaba is embarking on a strategic transformation to become leaner, more efficient and more profitable, prioritizing core business and...

Eric Chen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Consumption Weekly (15 Jan 2024): Tencent, Douyin, Alibaba, JD.com, Dada, Meituan

Tencent allows Douyin to broadcast the game Honor of Kings. Dada’s stock plunged after the company released its suspicious auditing result....

Ming Lu

[Alibaba (BABA US, SELL, TP US$68) TP Change]: Return to Taobao Is a Return to Lower Take-Rate

​Alibaba's earnings report shows a decline in adjusted EBITA and non-GAAP net income, but a growth in Taobao/Tmall GMV due to a shift in strategy.

Blue Lotus Research Institute

Aequitas 2024 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, starting with Hong Kong including the filed, lapsed and future filings.

Sumeet Singh

Aequitas HK IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for HK IPOs and placements in 2023, which includes all HK IPOs and placements above...

Ethan Aw

Alibaba (BABA US): No Where to Go but Up

​Alibaba is embarking on a strategic transformation to become leaner, more efficient and more profitable, prioritizing core business and...

Eric Chen

Alibaba's earnings report shows a decline in adjusted EBITA and non-GAAP net income, but a growth in Taobao/Tmall GMV due to a shift in strategy.

Alibaba is embarking on a strategic transformation to become leaner, more efficient and more profitable, prioritizing core business and...