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>Chinese NEV (new energy vehicle) producers’ deliveries grew rapidly in 2023.</li>
<li>PDD closed most “local life” businesses, including hotel booking, movie ticketing, etc.</li>
<li>Jack Ma is no longer the controller of AliPay, the largest online payment app.</li>
</ul>


Chinese NEV (new energy vehicle) producers’ deliveries grew rapidly in 2023.
PDD closed most “local life” businesses, including hotel booking, movie ticketing, etc.
Jack Ma is no longer the controller of AliPay, the largest online payment app.


China Consumption Weekly (8 Jan 2024): BYD, Li Auto, PDD, AliPay, Mixue, Baidu

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net SELL RMB 5.5bn of A-shares on lighter average activity. BIG net selling flows on the first day of the year for HK going north.</li>
<li>Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start). Still.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 5.5bn of A-shares on lighter average activity. BIG net selling flows on the first day of the year for HK going north.
Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start). Still.


Mainland Connect NORTHBOUND Flows (To 5 Jan 2024): Big Names Sold, Banks Bought

<ul>
<li>BYD’s sales volume grew by 45% YoY in December, higher than 31% YoY in November.</li>
<li>For the whole year 2023, BYD's total sales volume rose by 62%.</li>
<li>We conclude the stock has an upside of 74% for 2024.</li>
</ul>


BYD’s sales volume grew by 45% YoY in December, higher than 31% YoY in November.
For the whole year 2023, BYD's total sales volume rose by 62%.
We conclude the stock has an upside of 74% for 2024.


BYD (1211 HK): Sales Volume Up by 62% in 2023

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

David Blennerhassett

<ul>
<li>Just days after <strong><a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a></strong> surpassed <strong><a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a></strong> as the world’s largest electric vehicle producer by sales, is Warren Buffet cashing in his chips?</li>
<li>225mn shares of BYD  - 7.73% of the H shares - moved into CCASS yesterday. These are Berkshire Hathaway's shares. </li>
<li>For a shareholder who has kept his holding in share certificates for 13 years, this development suggests the possibility of a partial or full exit. </li>
</ul>


Just days after BYD (1211 HK) surpassed Tesla Motors (TSLA US) as the world’s largest electric vehicle producer by sales, is Warren Buffet cashing in his chips?
225mn shares of BYD  - 7.73% of the H shares - moved into CCASS yesterday. These are Berkshire Hathaway's shares. 
For a shareholder who has kept his holding in share certificates for 13 years, this development suggests the possibility of a partial or full exit. 


China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

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BYD (1211 HK)

China Consumption Weekly (8 Jan 2024): BYD, Li Auto, PDD, AliPay, Mixue, Baidu

Chinese NEV producers’ deliveries grew rapidly in 2023. PDD closed most “local life” businesses. Jack Ma is no longer the controller of AliPay.

Ming Lu

Mainland Connect NORTHBOUND Flows (To 5 Jan 2024): Big Names Sold, Banks Bought

NORTHBOUND saw some outflow in the first week after a huge net buy the last week of the year. Large cap liquid names KM and CATL were sold. Banks...

Travis Lundy

BYD (1211 HK): Sales Volume Up by 62% in 2023

BYD’s sales volume grew by 45% YoY in December, higher than 31% YoY in November. For the whole year 2023, total sales volume rose by 62%. We...

Ming Lu

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

BYD (1211 HK): Is Buffett Bailing?

BYD is expensive, even after this morning's decline. The recent price run-up appears to hit Buffet's exit level. I'd look to sell here and on any...

David Blennerhassett

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