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

<ul>
<li>BYD offers a reward up to RMB5 million for reporting defamation.</li>
<li>NIO denied further layoff after releasing the 3Q23 results with both revenue and loss increasing significantly.</li>
<li>Meituan’s GMV of live broadcasting food delivery reached RMB2 billion.</li>
</ul>


BYD offers a reward up to RMB5 million for reporting defamation.
NIO denied further layoff after releasing the 3Q23 results with both revenue and loss increasing significantly.
Meituan’s GMV of live broadcasting food delivery reached RMB2 billion.


China Consumption Weekly (11 Dec 2023): BYD, NIO, Meituan, Alibaba, Tencent

<ul>
<li>China NEV market grew by 35% YoY in first ten months and by 39% YoY in October 2023.</li>
<li>BYD’s production is significantly larger than other NEV producers in China.</li>
<li>We believe the stock has an upside of 80% and a price target of HKD387. Buy.</li>
</ul>


China NEV market grew by 35% YoY in first ten months and by 39% YoY in October 2023.
BYD’s production is significantly larger than other NEV producers in China.
We believe the stock has an upside of 80% and a price target of HKD387. Buy.


BYD (1211 HK): Largest Producer in Dramatically Expanding Market

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

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

China Consumption Weekly (11 Dec 2023): BYD, NIO, Meituan, Alibaba, Tencent

BYD offers a reward up to RMB5 million for reporting defamation. NIO denied further layoff. Meituan’s GMV of live broadcasting food delivery...

Ming Lu

BYD (1211 HK): Largest Producer in Dramatically Expanding Market

China NEV market grew by 35% YoY in first ten months. BYD’s production is significantly larger than other NEV producers. We believe the stock has...

Ming Lu

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