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>Total revenue increase by 42% and automobile revenue increased by 49% in 2023.</li>
<li>The gross margin improved significantly in 2023, especially in 4Q23.</li>
<li>We believe BYD will move its focus from 'low price for sales volume' to 'development of new vehicle models'.</li>
</ul>


Total revenue increase by 42% and automobile revenue increased by 49% in 2023.
The gross margin improved significantly in 2023, especially in 4Q23.
We believe BYD will move its focus from 'low price for sales volume' to 'development of new vehicle models'.


BYD (1211 HK): Strong Revenue in 2023 and to Change Strategy in 2024

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Canals / In Depth: Canal fever grips China amid slowing growth</li><li>Hong Kong /In Depth: Hong Kong IPO market stages comeback after dismal 2023</li><li>BYD /: Brazil halts work on BYD factory over workers’ living conditions</li></ul>

Canals / In Depth: Canal fever grips China amid slowing growthHong Kong /In Depth: Hong Kong IPO market stages comeback after dismal 2023BYD /: Brazil halts work on BYD factory over workers’ living conditions

CX Daily: Canal Fever Grips China Amid Slowing Growth 

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 BUY RMB 16.1bn of A-shares on VERY strong average activity after +9.9bn and +12.1bn RMB the two weeks before. Some National Team buying this week.</li>
<li>Renewables selling was tempered. Finance and Industry saw large net buying. Five of the top ten buys among liquid NORTHBOUND stocks were finance. Info Tech saw net selling. Again. </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 BUY RMB 16.1bn of A-shares on VERY strong average activity after +9.9bn and +12.1bn RMB the two weeks before. Some National Team buying this week.
Renewables selling was tempered. Finance and Industry saw large net buying. Five of the top ten buys among liquid NORTHBOUND stocks were finance. Info Tech saw net selling. Again. 


Mainland Connect NORTHBOUND Flows (To 9 Feb 2024): Decent Net Momo Buying, Especially in Financials

<ul>
<li>BYD released its result estimate for 2023, in which net profit rose by 74% to 86% over 2022.</li>
<li>Li auto delivered 31,165 vehicles in January 2024, up by 106% over 2023.</li>
<li>As per rumors reported in the media, Alibaba will sell RT-Mart, a supermarket brand.</li>
</ul>


BYD released its result estimate for 2023, in which net profit rose by 74% to 86% over 2022.
Li auto delivered 31,165 vehicles in January 2024, up by 106% over 2023.
As per rumors reported in the media, Alibaba will sell RT-Mart, a supermarket brand.


China Consumption Weekly (5 Feb 2024): BYD, Li Auto, Alibaba, Sun Art

<ul>
<li>We believe Hang Seng Index’s tumble was due to a comment in a governmental newspaper.</li>
<li>BYD announced that it will sell three models of new energy vehicles in Indonesia.</li>
<li>Trip.com began to sell tickets of scenic locations via the Kuaishou app.</li>
</ul>


We believe Hang Seng Index’s tumble was due to a comment in a governmental newspaper.
BYD announced that it will sell three models of new energy vehicles in Indonesia.
Trip.com began to sell tickets of scenic locations via the Kuaishou app.


China Consumption Weekly: HSI, BYD, Trip.com, Kuaishou, Baidu

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)

BYD (1211 HK): Strong Revenue in 2023 and to Change Strategy in 2024

Total revenue increase by 42% and automobile revenue increased by 49% in 2023. We believe BYD will move its focus from low price to new vehicle...

Ming Lu

CX Daily: Canal Fever Grips China Amid Slowing Growth

Canals / In Depth: Canal fever grips China amid slowing growth China is in the grip of canal fever. As the government steps up its long-term...

Caixin Global

Mainland Connect NORTHBOUND Flows (To 9 Feb 2024): Decent Net Momo Buying, Especially in Financials

NORTHBOUND saw very strong overall activity and decent net buying in the four-day week ahead of the long Chinese New Year holidays. Renewables...

Travis Lundy

China Consumption Weekly (5 Feb 2024): BYD, Li Auto, Alibaba, Sun Art

BYD estimated its net profit rose by 74% to 86% in 2023. Li auto's deliveries increased by 106% YoY in January 2024. It is rumored that Alibaba...

Ming Lu

China Consumption Weekly: HSI, BYD, Trip.com, Kuaishou, Baidu

We believe Hang Seng Index’s tumble was due to a comment on a governmental newspaper. BYD will sell vehicles in Indonesia. Trip.com began to sell...

Ming Lu

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