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.

Equity Capital Markets

Chongqing Hongjiu Fruit   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chongqing-hongjiu-fruit" target="_blank" data-smartkarma-citation="entities:36023:1" rel="noopener">Chongqing Hongjiu Fruit (CHF HK)</a>, a multi-brand fruit company in China, is pre-marketing an HKEX IPO to raise US$200-300 million.</li>
<li>The fundamentals are uninspiring as it is delivering profitable growth with a heavy cash burn. The rising but tiny market share suggests a lack of sustainable competitive advantage.</li>
<li>Hongjiu Fruit aims to be the first HKEx-listed fruit distributor. Investors can likely avoid a bitter aftertaste by remaining on the sidelines.</li>
</ul>



Chongqing Hongjiu Fruit (CHF HK), a multi-brand fruit company in China, is pre-marketing an HKEX IPO to raise US$200-300 million.
The fundamentals are uninspiring as it is delivering profitable growth with a heavy cash burn. The rising but tiny market share suggests a lack of sustainable competitive advantage.
Hongjiu Fruit aims to be the first HKEx-listed fruit distributor. Investors can likely avoid a bitter aftertaste by remaining on the sidelines.


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.

<ul>
<li>Giant Biogene (GB) aims to raise around US$500m in its Hong Kong IPO.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


Giant Biogene (GB) aims to raise around US$500m in its Hong Kong IPO.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we talk about the not-so-positive aspects of the deal.


Giant Biogene Pre-IPO - The Negatives - Co-Founders Have Already Cashed in US$1bn+

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

Alibaba Group Holding  / Technical Analysis

<ul>
<li>BABA HK is following Tencent's path and pattern to new lows as BABA is pressing on pattern support after completing a counter trend rally and dual top (120).</li>
<li>100 near resistance and sell zone for a test on 80. New low projections at 66 and 60. Bear pressure to resume after an uptick attempt.</li>
<li>On a new low the macro picture will begin to show bull divergence/support for a bullish Q4.</li>
</ul>


BABA HK is following Tencent's path and pattern to new lows as BABA is pressing on pattern support after completing a counter trend rally and dual top (120).
100 near resistance and sell zone for a test on 80. New low projections at 66 and 60. Bear pressure to resume after an uptick attempt.
On a new low the macro picture will begin to show bull divergence/support for a bullish Q4.


<ul>
<li>Giant Biogene (GB) aims to raise around US$500m in its Hong Kong IPO.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


Giant Biogene (GB) aims to raise around US$500m in its Hong Kong IPO.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we talk about the positive aspects of the deal.


Giant Biogene Pre-IPO - The Positives - Fast Growth and Juicy Margins

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

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.

Equity Bottom-Up

<ul>
<li>Community group buying is starting to face multiple headwinds from funding shortages to excessive price competition.</li>
<li>Even though <a href="https://www.smartkarma.com/entities/pinduoduo-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">Pinduoduo (PDD US)</a> is yet to announce any job cuts or scaling back of operations, we think the operating environment shouldn’t be much different from competitors.</li>
<li>With QoQ revenue growth at a standstill and sales and marketing cost cutting almost fully exhausted, we think the current consensus expectations are too optimistic and bound for a correction.</li>
</ul>


Community group buying is starting to face multiple headwinds from funding shortages to excessive price competition.
Even though Pinduoduo (PDD US) is yet to announce any job cuts or scaling back of operations, we think the operating environment shouldn’t be much different from competitors.
With QoQ revenue growth at a standstill and sales and marketing cost cutting almost fully exhausted, we think the current consensus expectations are too optimistic and bound for a correction.


Pinduoduo: Community Group Buying Is Facing Multiple Challenges

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)

Hongjiu Fruit IPO: A Bitter Fruit

The fundamentals are uninspiring as it is delivering profitable growth with a heavy cash burn. Investors can likely avoid a bitter aftertaste by...

Arun George

Giant Biogene Pre-IPO - The Negatives - Co-Founders Have Already Cashed in US$1bn+

Giant Biogene (GB) aims to raise around US$500m in its Hong Kong IPO. It is the largest recombinant collagen based products maker in China.

Sumeet Singh

BABA HK New Low Target Then Buy

BABA HK is following Tencent's path and pattern to new lows as BABA is pressing on pattern support after completing a counter trend rally and dual...

Thomas Schroeder

Giant Biogene Pre-IPO - The Positives - Fast Growth and Juicy Margins

Giant Biogene aims to raise around US$500m in its Hong Kong IPO. It is a leader in the recombinant collagen market in China.

Sumeet Singh

Pinduoduo: Community Group Buying Is Facing Multiple Challenges

With QoQ revenue growth at a standstill and sales and marketing cost cutting almost fully exhausted, we think the current consensus expectations...

Oshadhi Kumarasiri

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