Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>BILI encourages users to upload videos different from game live broadcasting and anime.</li>
<li>BILI does not have strong ability in independent research and development of game.</li>
<li>Tencent aims to contain BILI’s game live broadcasting.</li>
<li>BILI will continue the financing and growing game.</li>
</ul>


BILI encourages users to upload videos different from game live broadcasting and anime.
BILI does not have strong ability in independent research and development of game.
Tencent aims to contain BILI’s game live broadcasting.
BILI will continue the financing and growing game.


Bilibili (BILI): Business Breakout, An Story of What BILI Was and Will Be

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.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/tencent-music-entertainment" target="_blank" data-smartkarma-citation="entities:27255:1" rel="noopener">Tencent Music (TME US)</a>  is the leading online music entertainment platform in China offering online music, online karaoke, and music-centric live streaming services. It has been reported by several news media outlets that TME is planning for a secondary listing in Hong Kong and could raise as much as US$5bn through the secondary listing. The company went public through an IPO in 2018 on the New York Stock Exchange.This is the First of a series of reports on Tencent Music Entertainment (TME), where we will be deep diving into the company’s business model, its segments and revenues.

Tencent Music (TME US)  is the leading online music entertainment platform in China offering online music, online karaoke, and music-centric live streaming services. It has been reported by several news media outlets that TME is planning for a secondary listing in Hong Kong and could raise as much as US$5bn through the secondary listing. The company went public through an IPO in 2018 on the New York Stock Exchange.This is the First of a series of reports on Tencent Music Entertainment (TME), where we will be deep diving into the company’s business model, its segments and revenues.

TME Secondary Listing: Monetisation Efforts in Social Entertainment Should Boost Top Line Growth

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Thematic (Sector/Industry)

eSports offer intriguing investment possibilities to investors given very large projected TAMs, high growth rates and links to a variety of other fast growing industries including games, streaming, animation, tech hardware and social media. This makes eSports important to understand and below we examine key themes that investors should be aware of, before delving into a full primer on the space, companies with exposure to eSports, Asian eSports franchises and key eSports games to be aware of.

eSports offer intriguing investment possibilities to investors given very large projected TAMs, high growth rates and links to a variety of other fast growing industries including games, streaming, animation, tech hardware and social media. This makes eSports important to understand and below we examine key themes that investors should be aware of, before delving into a full primer on the space, companies with exposure to eSports, Asian eSports franchises and key eSports games to be aware of.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a> plans to raise around US$4-5bn in its secondary listing in Hong Kong. The company is said to be looking at launching an offering this month. Yesterday, it undertook a share subdivision and ADR to shares ratio adjustment in its EGM.  So far ten companies have undertaken a secondary listing in Hong Kong, raising a total of US$28bn with a range of US$0.5-11.4bn. Along with covering all of the past listings, we have also looked at the drivers for the secondary listings in our earlier notes, links to which are below: <ul>
<li>
<a href="https://www.smartkarma.com/insights/china-adrs-secondary-listing-deep-dive-yin-and-yang" target="_blank" rel="noopener">China ADRs Secondary Listing Deep-Dive: Yin and Yang,</a> published in Feb 2020,  we looked at the background and rules around undertaking a secondary listing in Hong Kong and then came up with a short-list of companies that might undertake a secondary listing. </li>
<li>
<a href="https://www.smartkarma.com/insights/china-adrs-secondary-listing-covid-19-has-increased-the-tension-but-narrowed-the-short-list" target="_blank" rel="noopener">In China ADRs Secondary Listing: COVID-19 Has Increased the Tension but Narrowed the Short List</a> published in May 2020, we looked at the recent developments and provided an revised short-list</li>
<li>In <a href="https://www.smartkarma.com/insights/china-adrs-secondary-listing-holding-foreign-companies-accountable-act-i-m-coming-home" target="_blank" rel="noopener">China ADRs Secondary Listing - Holding Foreign Companies Accountable Act - I’m Coming Home</a>, published in May 2020, we spoke about the implication of the act which had made its way through the senate.</li>
<li>In <a href="https://www.smartkarma.com/insights/china-adrs-secondary-listing-pipeline-looks-rich-have-three-years-to-move" target="_blank" rel="noopener">China ADRs Secondary Listing - Pipeline looks rich, have three years to move</a>, published in Feb 2021, we looked at the recent updates from the Holding Foreign Companies Accountable Act and Hong Kong Exchanges changes to corporate weighted average voting rights. In this note, we’ll take an early look at the deal and talk about likely timing and impact of the raising.</li>
</ul>In this note, we’ll take a look at the deal and talk about the likely impact of the raising.

Baidu (BIDU US) plans to raise around US$4-5bn in its secondary listing in Hong Kong. The company is said to be looking at launching an offering this month. Yesterday, it undertook a share subdivision and ADR to shares ratio adjustment in its EGM.  So far ten companies have undertaken a secondary listing in Hong Kong, raising a total of US$28bn with a range of US$0.5-11.4bn. Along with covering all of the past listings, we have also looked at the drivers for the secondary listings in our earlier notes, links to which are below: 

China ADRs Secondary Listing Deep-Dive: Yin and Yang, published in Feb 2020,  we looked at the background and rules around undertaking a secondary listing in Hong Kong and then came up with a short-list of companies that might undertake a secondary listing. 

In China ADRs Secondary Listing: COVID-19 Has Increased the Tension but Narrowed the Short List published in May 2020, we looked at the recent developments and provided an revised short-list
In China ADRs Secondary Listing - Holding Foreign Companies Accountable Act - I’m Coming Home, published in May 2020, we spoke about the implication of the act which had made its way through the senate.
In China ADRs Secondary Listing - Pipeline looks rich, have three years to move, published in Feb 2021, we looked at the recent updates from the Holding Foreign Companies Accountable Act and Hong Kong Exchanges changes to corporate weighted average voting rights. In this note, we’ll take an early look at the deal and talk about likely timing and impact of the raising.
In this note, we’ll take a look at the deal and talk about the likely impact of the raising.

Baidu Secondary Listing Early Look - Will Be One of the Largest Secondary Listings This Year

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Kuaishou (1024 HK)’s vice president of community content was arrested for taking bribes.</li>
<li>Alibaba (BABA)’s public relation manager was rumored to jump off the office building in Beijing.</li>
<li>Suning Commerce (002024 CN)’s founder will sell his shareholdings.</li>
</ul>


Kuaishou (1024 HK)’s vice president of community content was arrested for taking bribes.
Alibaba (BABA)’s public relation manager was rumored to jump off the office building in Beijing.
Suning Commerce (002024 CN)’s founder will sell his shareholdings.


China Internet Weekly (Feb 22): Kuaishou VP Arrested, BABA Manager Dead “by Accident”, & Q4 Results

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (BILI US)

Bilibili (BILI): Business Breakout, An Story of What BILI Was and Will Be

BILI encourages users to upload videos different from game live broadcasting and anime. There are two reasons that BILI has to. The financing and...

Ming Lu

ESports – Entering the Third Innings

In this Smartkarma Original we examine the state of eSports in Asia, examining differences with traditional sports and the games, teams and...

Mio Kato

Baidu Secondary Listing Early Look - Will Be One of the Largest Secondary Listings This Year

Baidu plans to raise around US$4-5bn in its secondary listing in Hong Kong. The company is said to be looking at launching an offering this month.

Sumeet Singh

China Internet Weekly (Feb 22): Kuaishou VP Arrested, BABA Manager Dead “by Accident”, & Q4 Results

Kuaishou’s vice president was arrested for taking bribes. Alibaba’s manager was rumored to jump off the office building. Suning Commerce’s founder...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bilibili (BILI): Business Breakout, An Story of What BILI Was and Will Be

BILI encourages users to upload videos different from game live broadcasting and anime. There are two reasons that BILI has to. The financing and...

Ming Lu

TME Secondary Listing: Monetisation Efforts in Social Entertainment Should Boost Top Line Growth

This is the First of a series of reports on Tencent Music Entertainment (TME), where we will be deep diving into the company’s business model, its...

Shifara Samsudeen, ACMA, CGMA

ESports – Entering the Third Innings

In this Smartkarma Original we examine the state of eSports in Asia, examining differences with traditional sports and the games, teams and...

Mio Kato

Baidu Secondary Listing Early Look - Will Be One of the Largest Secondary Listings This Year

Baidu plans to raise around US$4-5bn in its secondary listing in Hong Kong. The company is said to be looking at launching an offering this month.

Sumeet Singh

China Internet Weekly (Feb 22): Kuaishou VP Arrested, BABA Manager Dead “by Accident”, & Q4 Results

Kuaishou’s vice president was arrested for taking bribes. Alibaba’s manager was rumored to jump off the office building. Suning Commerce’s founder...

Ming Lu