Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>We believe PDD’s operating cash flows depends heavily on “payable to merchants”.</li>
<li>We also believe the GMV (Gross Merchandise Value) growth will slow down, as many virtual stores have been disappearing on PDD’s platform.</li>
<li>A social media account found that the sales volumes shown on PDD were not true.</li>
</ul>


We believe PDD’s operating cash flows depends heavily on “payable to merchants”.
We also believe the GMV (Gross Merchandise Value) growth will slow down, as many virtual stores have been disappearing on PDD’s platform.
A social media account found that the sales volumes shown on PDD were not true.


Pinduoduo (PDD): Not Only Fake Products, But Also Fake Stores and Fake Numbers

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

With the implementation of Hong Kong Connect in 2014, mainland Chinese investors could access the international market on the Hong Kong Stock Exchange. Over the past three years, Chinese investors have increased their holdings to an average of 9% of the free float in the shares eligible under the scheme. 
In this series of insights, we will help our investors understand the flow of southbound trades via the Hong Kong Connect, as analyzed by our proprietary data engine. Our discussion includes:
1) Which stocks are held the most by mainlanders?
2) Which stocks experience the most inflow and outflow by mainlanders?
We split the stocks eligible for the Hong Kong Connect trade into three groups: those with market capitalization of above USD 5 billion, those with market capitalization between USD 1 billion and USD 5 billion, and those with market capitalization between USD 500 million and USD 1 billion.

With the implementation of Hong Kong Connect in 2014, mainland Chinese investors could access the international market on the Hong Kong Stock Exchange. Over the past three years, Chinese investors have increased their holdings to an average of 9% of the free float in the shares eligible under the scheme. 
In this series of insights, we will help our investors understand the flow of southbound trades via the Hong Kong Connect, as analyzed by our proprietary data engine. Our discussion includes:
1) Which stocks are held the most by mainlanders?
2) Which stocks experience the most inflow and outflow by mainlanders?
We split the stocks eligible for the Hong Kong Connect trade into three groups: those with market capitalization of above USD 5 billion, those with market capitalization between USD 1 billion and USD 5 billion, and those with market capitalization between USD 500 million and USD 1 billion.

Discover HK Connect: What Mainlanders Are Buying (2018-12-03)

Hong Kong

Digital China Holdings Limited, through its subsidiaries, distributes foreign brand information technology products and provides system integration service in China.  The Company also develops and distributes networking products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Digital China Holdings (861 HK)

Pinduoduo (PDD): Not Only Fake Products, But Also Fake Stores and Fake Numbers

We believe PDD’s operating cash flows depends heavily on “payable to merchants”. We also believe the GMV (Gross Merchandise Value) growth will...

Ming Lu

Discover HK Connect: What Mainlanders Are Buying (2018-12-03)

With the implementation of Hong Kong Connect in 2014, mainland Chinese investors could access the international market on the Hong Kong Stock...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)