Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight stocks that Chinese were buying  before CNY: Meituan, Tencent, Kuaishou, China Mobile. </li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight stocks that Chinese were buying  before CNY: Meituan, Tencent, Kuaishou, China Mobile. 


Hong Kong Connect Flows: What Were Chinese Buying Before CNY

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight inflows into Meituan, Kuaishou, Sunac, and outflows from Tencent. </li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Meituan, Kuaishou, Sunac, and outflows from Tencent. 


Hong Kong Connect Flows: Meituan, Kuaishou, Sunac

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>The stock price has risen 13% since our last note, but we still believe there is an upside of 21%.</li>
<li>The company is cutting employee benefits, from housing allowance to afternoon tea.</li>
<li>We believe the operating loss will shrink significantly in the following two years.</li>
</ul>


The stock price has risen 13% since our last note, but we still believe there is an upside of 21%.
The company is cutting employee benefits, from housing allowance to afternoon tea.
We believe the operating loss will shrink significantly in the following two years.


Kuaishou (1024 HK): Right Decision to Cut Costs, Still 20% Upside After 13% Rise

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

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.

<ul>
<li>Bilibili launched a shopping cart feature (Xiaohuangche) recently on its livestreaming platform which enables users to purchase goods while watching a live-stream.</li>
<li>This comes at a time; China’s common prosperity crackdown has set its eyes on livestreaming e-commerce.</li>
<li>Bilibili has been looking at ways to improve its monetisation to reduce losses, but we think the new initiative will likely add further pressure on deteriorating margins.</li>
</ul>


Bilibili launched a shopping cart feature (Xiaohuangche) recently on its livestreaming platform which enables users to purchase goods while watching a live-stream.
This comes at a time; China’s common prosperity crackdown has set its eyes on livestreaming e-commerce.
Bilibili has been looking at ways to improve its monetisation to reduce losses, but we think the new initiative will likely add further pressure on deteriorating margins.


Bilibili Makes a Late Entry into Livestreaming E-Commerce; Timing Is Not Just Right

<ul>
<li>In December, Tencent announced that its board of directors has resolved to declare a special dividend by way of a distribution of its Class A ordinary shares of JD.com. </li>
<li>This seems to be in line with regulators’ aim of bringing down walled gardens; however, we think these steps are aimed more towards restructuring Tencent’s fintech business.</li>
<li>Tencent’s fintech arm has been benefitting from its partnerships with JD.com and Pinduoduo which has helped face competition from closest rival AliPay.</li>
</ul>


In December, Tencent announced that its board of directors has resolved to declare a special dividend by way of a distribution of its Class A ordinary shares of JD.com. 
This seems to be in line with regulators’ aim of bringing down walled gardens; however, we think these steps are aimed more towards restructuring Tencent’s fintech business.
Tencent’s fintech arm has been benefitting from its partnerships with JD.com and Pinduoduo which has helped face competition from closest rival AliPay.


Tencent: Is More Fintech Restructuring On Its Way?

China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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Kuaishou Technology (1024 HK)

Hong Kong Connect Flows: What Were Chinese Buying Before CNY

We highlight stocks that Chinese were buying via Southbound Stock Connect before CNY: Meituan (3690 HK), Tencent (700 HK), Kuaishou (1024 HK),...

Ke Yan, CFA, FRM

Hong Kong Connect Flows: Meituan, Kuaishou, Sunac

We highlight weekly Hong Kong Connect inflows by mainland investors into Meituan (3690 HK), Kuaishou (1024 HK), Sunac (1918 HK), and outflows from...

Ke Yan, CFA, FRM

Kuaishou (1024 HK): Right Decision to Cut Costs, Still 20% Upside After 13% Rise

The stock price has risen 13% since our last note, but we still believe there is an upside of 21%. The company is cutting employee benefits, so we...

Ming Lu

Bilibili Makes a Late Entry into Livestreaming E-Commerce; Timing Is Not Just Right

Bilibili launched a shopping cart feature on its livestreaming platform. This comes at a time China’s common prosperity crackdown has set its eyes...

Shifara Samsudeen, ACMA, CGMA

Tencent: Is More Fintech Restructuring On Its Way?

Partnerships with domestic leaders in other verticals have helped Tencent's Fintech biz take on competition from AliPay. We think there will be...

Shifara Samsudeen, ACMA, CGMA

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