External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We attended 2023 Baidu World Conference on 17 Oct. Our key takeaways are: 1) Baidu unveiled the 4.0 version of Ernie large language model (LLM) and is integrating generative AI across all products to enhance user experience, which shall enhance Baidu’s monetization capability over the long-run, in our view; 2) Baidu Cloud has accumulated strong AI infrastructure, which enables more cost-efficient solutions to ease computing power cost pressure.</li><li>Although macro headwinds may weigh on short-term revenue growth of both ads and cloud businesses, and additional investment to support large-scale use of LLM may squeeze margins, we are more positive on the long-term development prospects of Baidu aided by the on-track development of LLM.</li><li>To account for short-term macro headwinds on its business, we fine-tune our SOTP-based TP to US$199.4 (was US$201.0). Maintain BUY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended 2023 Baidu World Conference on 17 Oct. Our key takeaways are: 1) Baidu unveiled the 4.0 version of Ernie large language model (LLM) and is integrating generative AI across all products to enhance user experience, which shall enhance Baidu’s monetization capability over the long-run, in our view; 2) Baidu Cloud has accumulated strong AI infrastructure, which enables more cost-efficient solutions to ease computing power cost pressure.Although macro headwinds may weigh on short-term revenue growth of both ads and cloud businesses, and additional investment to support large-scale use of LLM may squeeze margins, we are more positive on the long-term development prospects of Baidu aided by the on-track development of LLM.To account for short-term macro headwinds on its business, we fine-tune our SOTP-based TP to US$199.4 (was US$201.0). Maintain BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu (BIDU US) – Takeaway from 2023 Baidu World Conference

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Tianju Dihe Technology / Equity Capital Markets

<ul>
<li>Tianju Dihe Technology, more commonly known as Juhe Data, filed to go public in Hong Kong. The company provides standard API services through its APIHub marketplace in China. </li>
<li>Tianju Dihe Technology plans to trade on the HKSE, and CITIC Securities is leading the IPO. The company was backed by JD Technology, a fintech unit of JD.com. </li>
<li>With a market leadership position and a mission to empower the digital economy with data technologies, I have no doubt that Tianju Dihe Technology will have a successful IPO.</li>
</ul>


Tianju Dihe Technology, more commonly known as Juhe Data, filed to go public in Hong Kong. The company provides standard API services through its APIHub marketplace in China. 
Tianju Dihe Technology plans to trade on the HKSE, and CITIC Securities is leading the IPO. The company was backed by JD Technology, a fintech unit of JD.com. 
With a market leadership position and a mission to empower the digital economy with data technologies, I have no doubt that Tianju Dihe Technology will have a successful IPO.


Tianju Dihe Technology IPO Preview: Data Drives The Future

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/calb-group-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB Group (3931 HK)</a> raised around US$1.2bn in its Hong Kong IPO in Oct 2022. The lockup on its pre-IPO shareholders will expire tomorrow.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products in China.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



CALB Group (3931 HK) raised around US$1.2bn in its Hong Kong IPO in Oct 2022. The lockup on its pre-IPO shareholders will expire tomorrow.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products in China.
In this note, we will talk about the lock-up dynamics and updates since our last note.


CALB IPO Lock-Up - US$2.6bn Lockup Release but Mostly SOE Owned

<ul>
<li>4Paradigm, a self-developed AI platform and scenario-specific AI applications provider, has completed an IPO and raised net proceeds of ~HK$836M, excluding the over-allotment option. </li>
<li>Founder-Led AI unicorn priced its IPO at the bottom end of the range at HK$55.60 per share. Cornerstone investors agreed to purchase ~13.6M H shares at the IPO price. </li>
<li>I like the company’s leadership position in China’s fastest-growing decision-making AI market, large TAM for their enterprise-grade generative AI offering SageGPT and top-tier VC investors. </li>
</ul>


4Paradigm, a self-developed AI platform and scenario-specific AI applications provider, has completed an IPO and raised net proceeds of ~HK$836M, excluding the over-allotment option. 
Founder-Led AI unicorn priced its IPO at the bottom end of the range at HK$55.60 per share. Cornerstone investors agreed to purchase ~13.6M H shares at the IPO price. 
I like the company’s leadership position in China’s fastest-growing decision-making AI market, large TAM for their enterprise-grade generative AI offering SageGPT and top-tier VC investors. 


4Paradigm: Fears About The Entity List Are Exaggerated, Bullish On AI and SageGPT, PT: HK$86

J&T Global Express  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Express</a>, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



J&amp;T Express, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
In this note, we talk about the positive aspects of the deal.


J&T Global Express Pre-IPO - The Positives - Growing Fast, Expanding Geographically

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

Baidu (BIDU US) – Takeaway from 2023 Baidu World Conference

To account for short-term macro headwinds on its business, we fine-tune our SOTP-based TP to US$199.4 (was US$201.0). Maintain BUY.

CMB International

Tianju Dihe Technology IPO Preview: Data Drives The Future

Tianju Dihe Technology, a leading provider of API services in China, filed to go public. With healthy fundamentals, a large and growing TAM, I have...

Andrei Zakharov

CALB IPO Lock-Up - US$2.6bn Lockup Release but Mostly SOE Owned

CALB Group (3931 HK) raised around US$1.2bn in its Hong Kong IPO in Oct 2022. The lockup on its pre-IPO shareholders will expire tomorrow.

Sumeet Singh

4Paradigm: Fears About The Entity List Are Exaggerated, Bullish On AI and SageGPT, PT: HK$86

4Paradigm, a Beijing-based enterprise AI software company, has completed its IPO in Hong Kong. I maintain a bullish view of the stock, and my PT of...

Andrei Zakharov

J&T Global Express Pre-IPO - The Positives - Growing Fast, Expanding Geographically

J&T Global Express won listing approval yesterday. The company is due to file its updated PHIP and will begin marketing in the coming week.

Sumeet Singh

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