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

<ul>
<li>Zeekr, a premium EV brand by Geely, aims to raise around US$1bn (estimated) in its US listing in 1H2023. GS, BofA and MS are said to be running the deal.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>In this note, we take an early look at the IPO based on publicly avaiable information.</li>
</ul>


Zeekr, a premium EV brand by Geely, aims to raise around US$1bn (estimated) in its US listing in 1H2023. GS, BofA and MS are said to be running the deal.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
In this note, we take an early look at the IPO based on publicly avaiable information.


Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

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

Thematic (Sector/Industry)

<ul>
<li>BABA/PDD/JD/ZTO/1519.HK/: Express parcel volume grew +20% YoY during first week of 11.11 Shopping (+)</li>
<li>BEKE: Property Update - Mild recovery for existing home sales in October and 1st week of November</li>
<li>XPEV: Xpeng, Huawei dispute over Autonomous Emergency Braking (AEB) (-)</li>
</ul>


BABA/PDD/JD/ZTO/1519.HK/: Express parcel volume grew +20% YoY during first week of 11.11 Shopping (+)
BEKE: Property Update - Mild recovery for existing home sales in October and 1st week of November
XPEV: Xpeng, Huawei dispute over Autonomous Emergency Braking (AEB) (-)


[Blue Lotus Daily]: BABA/PDD/JD/ZTO/BEKE/XPEV/NIO/LI/BGNE

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Chenqi Technology Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chenqi-technology-limited" target="_blank" data-smartkarma-citation="entities:40058:1" rel="noopener">Chenqi Technology Limited (CT HK)</a> is looking to raise US$300m in its upcoming Hong Kong IPO. </li>
<li>Chenqi Technology (Chenqi) is a mobility technology and service company in China, founded by the GAC Group and Tencent. </li>
<li>Chenqi has grown its GTV fast on the back of network expansion. However, Dida’s inability to list and Chinese regulators’ scrutiny on Didi would likely dent sentiment surrounding Chenqi. </li>
</ul>



Chenqi Technology Limited (CT HK) is looking to raise US$300m in its upcoming Hong Kong IPO. 
Chenqi Technology (Chenqi) is a mobility technology and service company in China, founded by the GAC Group and Tencent. 
Chenqi has grown its GTV fast on the back of network expansion. However, Dida’s inability to list and Chinese regulators’ scrutiny on Didi would likely dent sentiment surrounding Chenqi. 


Chenqi Technology Pre-IPO - Listing Would Almost Feel like a Pipe Dream

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li><a href="https://www.smartkarma.com/entities/xpeng-inc" target="_blank" data-smartkarma-citation="entities:29217:1" rel="noopener"> BABA/PDD/JD/ZTO/1519.HK/: Express parcel volume grew +20% YoY during first week of 11.11 Shopping (+) </a></li>
<li>BEKE: Property Update - Mild recovery for existing home sales in October and 1st week of November</li>
<li>XPEV: Xpeng, Huawei dispute over Autonomous Emergency Braking (AEB) (-)</li>
</ul>


 BABA/PDD/JD/ZTO/1519.HK/: Express parcel volume grew +20% YoY during first week of 11.11 Shopping (+) 
BEKE: Property Update - Mild recovery for existing home sales in October and 1st week of November
XPEV: Xpeng, Huawei dispute over Autonomous Emergency Braking (AEB) (-)


[Blue Lotus Daily]BABA/PDD/JD/ZTO/BEKE/XPEV/NIO/LI/BGNE

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The move from 80 index constituents to 100 could take most of next year (and possibly even the year after that) to manage turnover and add profitable companies.</li>
<li>Foreign companies will be eligible for inclusion in the index from the December rebalance. That makes <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a> a high probability inclusion candidate.</li>
<li>We highlight 8 potential inclusions to the index with passive trading impact varying from 1.6-4.3 days of ADV. There are large shorts on some of the stocks.</li>
</ul>


The move from 80 index constituents to 100 could take most of next year (and possibly even the year after that) to manage turnover and add profitable companies.
Foreign companies will be eligible for inclusion in the index from the December rebalance. That makes Samsonite (1910 HK) a high probability inclusion candidate.
We highlight 8 potential inclusions to the index with passive trading impact varying from 1.6-4.3 days of ADV. There are large shorts on some of the stocks.


Hang Seng Index Rebalance Preview: Foreign Companies Eligible from December

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)

Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

Zeekr, a premium EV brand by Geely, publicly filed for a US IPO overnight. The company had earlier planned to raise over US$1bn.

Sumeet Singh

[Blue Lotus Daily]: BABA/PDD/JD/ZTO/BEKE/XPEV/NIO/LI/BGNE

Daily news including JD.com, Alibaba, PDD Holdings, ZTO Express Cayman, J&T Global Express, KE Holdings, XPeng, and Li Auto.

Blue Lotus Research Institute

Chenqi Technology Pre-IPO - Listing Would Almost Feel like a Pipe Dream

Chenqi Technology Limited is looking to raise US$300m in its upcoming Hong Kong IPO. Dida’s inability to list and Chinese regulators’ scrutiny on...

Ethan Aw

[Blue Lotus Daily]BABA/PDD/JD/ZTO/BEKE/XPEV/NIO/LI/BGNE

Daily news including JD.com, Alibaba, PDD Holdings, ZTO Express Cayman, J&T Global Express, KE Holdings, XPeng, and Li Auto.

Blue Lotus Research Institute

Hang Seng Index Rebalance Preview: Foreign Companies Eligible from December

There are 8 trading days to the announcement of the December rebalance results. With foreign companies newly eligible, Samsonite is a high...

Brian Freitas

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