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>Grizzly Research LLC publishes a short selling report on ZTO.</li>
<li>Meituan plans to shift car hailing from direct operation to a platform for third-party operators.</li>
<li>Dada, which was acquired by JD.com last year, posts good 4Q22 results.</li>
</ul>


Grizzly Research LLC publishes a short selling report on ZTO.
Meituan plans to shift car hailing from direct operation to a platform for third-party operators.
Dada, which was acquired by JD.com last year, posts good 4Q22 results.


China Internet Weekly (13Mar2023): ZTO, Meituan, Alibaba, Trip.com, Dada, JD.com

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>On Tuesday last week, short-video app Douyin announced that it plans to offer its food delivery service in more Chinese cities expanding its current trial in Beijing, Chengdu and Shanghai.</li>
<li>Following this, on Wednesday last week, Meituan announced that it plans to recruit 10,000 workers in 1Q2023 across a number of its business divisions including technology development and customer services.</li>
<li>Though we don't expect Douyin’s entry into food delivery to have large impact, increased competitive pressure and headcount increase would drag down Meituan’s profitability in the near-term.</li>
</ul>


On Tuesday last week, short-video app Douyin announced that it plans to offer its food delivery service in more Chinese cities expanding its current trial in Beijing, Chengdu and Shanghai.
Following this, on Wednesday last week, Meituan announced that it plans to recruit 10,000 workers in 1Q2023 across a number of its business divisions including technology development and customer services.
Though we don't expect Douyin’s entry into food delivery to have large impact, increased competitive pressure and headcount increase would drag down Meituan’s profitability in the near-term.


Meituan to Hire 10k Employees to Compete with Douyin’s Food Delivery Business

<ul>
<li>Bilibili is dismissing employees in live streaming, cartoon, and main station.</li>
<li>The Chinese mobile game market began to expand, but the global market is shrinking.</li>
<li>JD.com chairman reorganized its company, reducing the departments from eight to three.</li>
</ul>


Bilibili is dismissing employees in live streaming, cartoon, and main station.
The Chinese mobile game market began to expand, but the global market is shrinking.
JD.com chairman reorganized its company, reducing the departments from eight to three.


China Internet Weekly (12Dec2022): Bilibili, Tencent, JD.com

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Blibli (1437710D IJ)</a>, a leading Indonesian e-commerce player, has launched an IDR8.2 trillion (US$530 million) Indonesian IPO. Bookbuilding is from 17 to 24 October.</li>
<li>We have previously discussed the IPO in <a href="https://www.smartkarma.com/insights/blibli-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:82294" rel="noopener">Blibli IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/blibli-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:82376" rel="noopener">Blibli IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/blibli-vs-tokopedia-vs-bukalapak-vs-lazada-vs-shopee" target="_blank" data-smartkarma-citation="insights:82473" rel="noopener">Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee</a>. </li>
<li>Our valuation analysis suggests that the IPO price range is unattractive. We would give the IPO a pass.</li>
</ul>



Blibli (1437710D IJ), a leading Indonesian e-commerce player, has launched an IDR8.2 trillion (US$530 million) Indonesian IPO. Bookbuilding is from 17 to 24 October.
We have previously discussed the IPO in Blibli IPO: The Bull Case, Blibli IPO: The Bear Case and Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee. 
Our valuation analysis suggests that the IPO price range is unattractive. We would give the IPO a pass.


<ul>
<li>Tencent invested in Samsung Insurance China Co. Ltd. and is the second largest shareholder.</li>
<li>JD Health’s revenue increased by 48% YoY, but the stock plunged.</li>
<li>KE revenue shrank by 45% YoY due to the weak property market.</li>
</ul>


Tencent invested in Samsung Insurance China Co. Ltd. and is the second largest shareholder.
JD Health’s revenue increased by 48% YoY, but the stock plunged.
KE revenue shrank by 45% YoY due to the weak property market.


China Internet Weekly (29Aug2022): Tencent, JD, JD Health, KE, Dada, Kanzhun

China

Dada Nexus Limited operates a platform for local on-demand retail and delivery. The Company provides a digital solution leveraging the crowdsourcing model to address the challenge of frequent fluctuations brought forward by the nature of on-demand orders and to match the surging demand for delivery capacity with efficient supply. Dada Nexus serves customers in China.

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Dada Nexus (DADA US)

China Internet Weekly (13Mar2023): ZTO, Meituan, Alibaba, Trip.com, Dada, JD.com

Grizzly Research LLC publishes a short selling report on ZTO. Meituan plans to give up on direct sales of car hailing. Dada, which was acquired...

Ming Lu

Meituan to Hire 10k Employees to Compete with Douyin’s Food Delivery Business

Though we don't expect Douyin’s entry into food delivery market to have large impact, increased competitive pressure and headcount increase would...

Shifara Samsudeen, ACMA, CGMA

China Internet Weekly (12Dec2022): Bilibili, Tencent, JD.com

Bilibili is dismissing employees. The Chinese mobile game market began to expand. JD.com chairman reorganized its company.

Ming Lu

Blibli IPO: Valuation Insights

Bookbuilding will close on 24 October. Our valuation analysis suggests that the IPO price range is unattractive. We would give the IPO a pass.

Arun George

China Internet Weekly (29Aug2022): Tencent, JD, JD Health, KE, Dada, Kanzhun

Tencent invested in Samsung Insurance China Co. Ltd. JD Health’s revenue increased by 48% YoY, but the stock plunged. KE revenue shrank by 45% YoY...

Ming Lu

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