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

China Resources Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (CRB HK)</a>  is looking to raise up to US$650m in its Hong Kong IPO. </li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



China Resources Beverage (CRB HK)  is looking to raise up to US$650m in its Hong Kong IPO. 
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


China Resources Beverage IPO - Volatility Makes Pricing a Bit Tricky

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Active EM Funds delivered an average return of +6.85% in Q3, underperforming the iShares MSCI Emerging Markets ETF by 0.83%, with 38.8% of funds beating the index.</li>
<li>Morgan Stanley Developing Opportunity and Aikya Emerging Markets topped the performance charts for the quarter.</li>
<li>Underweights in Alibaba Group Holding and Meituan, and overweights in SK Hynix and cash holdings hurt performance.</li>
</ul>


Active EM Funds delivered an average return of +6.85% in Q3, underperforming the iShares MSCI Emerging Markets ETF by 0.83%, with 38.8% of funds beating the index.
Morgan Stanley Developing Opportunity and Aikya Emerging Markets topped the performance charts for the quarter.
Underweights in Alibaba Group Holding and Meituan, and overweights in SK Hynix and cash holdings hurt performance.


Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise US$500m in its upcoming Hong Kong IPO. </li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note, we talk about the recent updates from its filings.</li>
</ul>



Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. 
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we talk about the recent updates from its filings.


Horizon Robotics Pre-IPO - PHIP Updates - More of the Same, Lots to Watch Out For

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND was a net buyer the last five trading days (from before GW to 14 Oct). HUGE gross flows. Decent net flows. Very big in few names (BABA included).</li>
<li>The Guotai Junnan/Haitong merger pushed H-share brokers hard, but SB wasn't buying. They bought <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>. </li>
<li>Things may settle down a little bit as the fiscal policy announcements are out of the way, but I expect the trend is still your friend (until it bends). </li>
</ul>


SOUTHBOUND was a net buyer the last five trading days (from before GW to 14 Oct). HUGE gross flows. Decent net flows. Very big in few names (BABA included).
The Guotai Junnan/Haitong merger pushed H-share brokers hard, but SB wasn't buying. They bought Alibaba Group Holding (9988 HK), Semiconductor Manufacturing International Corp (SMIC) (981 HK), Xiaomi Corp (1810 HK). 
Things may settle down a little bit as the fiscal policy announcements are out of the way, but I expect the trend is still your friend (until it bends). 


HK Connect SOUTHBOUND Flows (To 14 Oct 2024); A HUGE 5td; Net Flows Strong but BABA Dominant

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the live IPOs front, the two Japanese IPOs, <a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a> and <a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> appeared attractively priced. The same couldn't be said about <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India</a>.</li>
<li>On the placements front, there were deals in Hong Kong, Japan and India. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the live IPOs front, the two Japanese IPOs, Tokyo Metro (9023 JP) and Rigaku Holdings (268A JP) appeared attractively priced. The same couldn't be said about Hyundai Motor India.
On the placements front, there were deals in Hong Kong, Japan and India. 


ECM Weekly (14th Oct 2024) - Tokyo Metro, Rigaku, Hyundai, China Res, Swiggy, USS, Akeso, Shiyue

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 Resources Beverage IPO - Volatility Makes Pricing a Bit Tricky

China Resources Beverage (CRB HK) is looking to raise up to US$650m in its Hong Kong IPO. In this note we talk about the IPO pricing.

Sumeet Singh

GEM Funds Underperform in Q3.

GEM Funds Underperform in Q3: Underweights in Alibaba Group Holding and Meituan, and overweights in SK Hynix and cash holdings hurt performance.

Steven Holden

Horizon Robotics Pre-IPO - PHIP Updates - More of the Same, Lots to Watch Out For

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

HK Connect SOUTHBOUND Flows (To 14 Oct 2024); A HUGE 5td; Net Flows Strong but BABA Dominant

SOUTHBOUND flows continue to be very strong on a gross basis. But HK-listed tech isn't getting the love unless it is named Alibaba. Strong moves,...

Travis Lundy

ECM Weekly (14th Oct 2024) - Tokyo Metro, Rigaku, Hyundai, China Res, Swiggy, USS, Akeso, Shiyue

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)