China/Asia TMT

Shawn Yang

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>1877HK/BGNE： Coherus announce FDA inspection of Toripalimab manufacturing facility in China in C2Q23（+）</li>
<li>700HK：Honour of Kings (HOK) International Version first launches in Brazil (+); </li>
<li>PDD/3690HK: PDD begins recruiting merchants for its local life services business (+/-)</li>
</ul>


1877HK/BGNE： Coherus announce FDA inspection of Toripalimab manufacturing facility in China in C2Q23（+）
700HK：Honour of Kings (HOK) International Version first launches in Brazil (+); 
PDD/3690HK: PDD begins recruiting merchants for its local life services business (+/-)


Pdd/3690.hk/700.hk/1877HK/BGNE：PDD Enters Local Life Services Business

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

JF Wealth Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jf-wealth-holdings" target="_blank" data-smartkarma-citation="entities:36805:1" rel="noopener">JF Wealth Holdings (9636 HK)</a> raised around US$129m in its Hong Kong IPO.</li>
<li>JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note we will talk about the demand and trading dynamics.</li>
</ul>



JF Wealth Holdings (9636 HK) raised around US$129m in its Hong Kong IPO.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.
We have covered various aspects of the deal in our previous notes. In this note we will talk about the demand and trading dynamics.


JF Wealth IPO Trading - Tepid Subscription Here Probably Won’t Buck Recent HK IPO Trends

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>It’s unrealistic to turn losses into profits by relying on BRUKINSA alone. BeiGene needs to have three blockbuster products with US$1 billion sales, which is difficult considering current pipeline situation. </li>
<li>If investors are optimistic about BeiGene, to some extent, they are betting on the success of BeiGene's model, but of course, they should also bear the corresponding risks and costs. </li>
<li>BeiGene is overvalued, and its current market value has already priced in all positive factors. In this position, we think the risks far outweigh the benefits, because miracles don't always happen.   </li>
</ul>


It’s unrealistic to turn losses into profits by relying on BRUKINSA alone. BeiGene needs to have three blockbuster products with US$1 billion sales, which is difficult considering current pipeline situation. 
If investors are optimistic about BeiGene, to some extent, they are betting on the success of BeiGene's model, but of course, they should also bear the corresponding risks and costs. 
BeiGene is overvalued, and its current market value has already priced in all positive factors. In this position, we think the risks far outweigh the benefits, because miracles don't always happen.   


BeiGene (6160.HK/BGNE.US) - Miracles Don't Always Happen

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jf-wealth-holdings" target="_blank" data-smartkarma-citation="entities:36805:1" rel="noopener">JF Wealth Holdings (9636 HK)</a> is looking to raise US$143m in its Hong Kong IPO.</li>
<li>JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market. </li>
<li>In this note, we discuss our earnings estimates, and thoughts on valuation.</li>
</ul>



JF Wealth Holdings (9636 HK) is looking to raise US$143m in its Hong Kong IPO.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market. 
In this note, we discuss our earnings estimates, and thoughts on valuation.


JF Wealth Holdings IPO - Can Get Similar Exposure at Cheaper Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jf-wealth-holdings" target="_blank" data-smartkarma-citation="entities:36805:1" rel="noopener">JF Wealth Holdings (9636 HK)</a> is looking to raise US$143m in its Hong Kong IPO.</li>
<li>JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.</li>
<li>With total gross billings of RMB2bn in 2021, it was the second largest online investment decision-making solution provider in China with a 5.9% market share.</li>
</ul>



JF Wealth Holdings (9636 HK) is looking to raise US$143m in its Hong Kong IPO.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.
With total gross billings of RMB2bn in 2021, it was the second largest online investment decision-making solution provider in China with a 5.9% market share.


JF Wealth IPO - Has Grown Well over Track Period, but Questions on Sustainability Remain

China

BeiGene, Ltd. operates as a commercial stage biopharmaceutical company. The Company focuses on discovery, development, and commercialization of molecularly targeted and immuno-oncology drugs for the treatment of cancer. BeiGene serves patients worldwide.

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BeiGene (BGNE US)

Pdd/3690.hk/700.hk/1877HK/BGNE：PDD Enters Local Life Services Business

PDD enters local life services business;HOK International Version first launches in Brazil; Coherus announce FDA inspection of Toripalimab...

Blue Lotus Research Institute

JF Wealth IPO Trading - Tepid Subscription Here Probably Won’t Buck Recent HK IPO Trends

JF Wealth Holdings (9636 HK) raised around US$129m in its Hong Kong IPO. In this note we will talk about the demand and trading dynamics.

Clarence Chu

BeiGene (6160.HK/BGNE.US) - Miracles Don't Always Happen

It’s unrealistic to be breakeven by relying on BRUKINSA alone considering the high unmanageable expenses. BeiGene needs three US$1 billion...

Xinyao (Criss) Wang

JF Wealth Holdings IPO - Can Get Similar Exposure at Cheaper Valuations

JF Wealth Holdings (9636 HK) is looking to raise US$143m in its Hong Kong IPO. In this note, we discuss our earnings estimates, and thoughts on...

Clarence Chu

JF Wealth IPO - Has Grown Well over Track Period, but Questions on Sustainability Remain

JF Wealth Holdings (9636 HK) is looking to raise US$143m in its Hong Kong IPO. JFW focuses on the online investor content services market in China.

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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