Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Event-Driven

<ul>
<li>On 2nd Dec 2021, Securities Exchange Commission (SEC) issued Final amendments to implement the Holding Foreign Companies Accountable Act (HFCAA).</li>
<li>On 24th Mar 2021, SEC had issued Amendments, Seeks Public Comment on HFCAA. This was a follow up on the HFCAA.</li>
<li>In this note, we'll talk about the final amendments and its possible timelines and implications, and a possible trade setup.</li>
</ul>


On 2nd Dec 2021, Securities Exchange Commission (SEC) issued Final amendments to implement the Holding Foreign Companies Accountable Act (HFCAA).
On 24th Mar 2021, SEC had issued Amendments, Seeks Public Comment on HFCAA. This was a follow up on the HFCAA.
In this note, we'll talk about the final amendments and its possible timelines and implications, and a possible trade setup.


China ADRs Delisting - US Tightens and HK Loosens Requirements - Long/Short Basket Trade

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Although the tech sector in Hong Kong has surged over the last couple of weeks there appears to be minimal short covering in US-listed China tech names.</li>
<li>The performance of the "Magnificent 5" China tech names has led the rally as we outlined in <a href="https://www.smartkarma.com/insights/hong-kong-the-glass-is-half-full-time-to-buy-beta" target="_blank" data-smartkarma-citation="insights:134396" rel="noopener">Hong Kong: The Glass Is Half Full, Time to BUY Beta</a> .</li>
<li>The combination of of large outstanding short positions and a significant underweight of HK/China in international funds will lead to further upside in the tech sector.</li>
</ul>


Although the tech sector in Hong Kong has surged over the last couple of weeks there appears to be minimal short covering in US-listed China tech names.
The performance of the "Magnificent 5" China tech names has led the rally as we outlined in Hong Kong: The Glass Is Half Full, Time to BUY Beta .
The combination of of large outstanding short positions and a significant underweight of HK/China in international funds will lead to further upside in the tech sector.


Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>In a new filing with HKEX, we can see Lalatech's revenue growth slow</li>
<li>The company's grip on CoR loosened, but OpEx growth in H1 was minimal</li>
<li>Given improving market conditions, we believe Lalatech may finally sell shares</li>
</ul>


In a new filing with HKEX, we can see Lalatech's revenue growth slow
The company's grip on CoR loosened, but OpEx growth in H1 was minimal
Given improving market conditions, we believe Lalatech may finally sell shares


Lalatech IPO | Review of H124 Financials & Operating Stats | Strike While the Iron Is Hot-Ish?

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Pop Mart’s total revenue increased by 62% YoY due to the promising overseas market.</li>
<li>Tongcheng’ revenue grew by 48% YoY in 2Q24, as new businesses are successful.</li>
<li>Alibaba’s Freshippo plans to set up frontline warehouses, which is a way back to online.</li>
</ul>


Pop Mart’s total revenue increased by 62% YoY due to the promising overseas market.
Tongcheng’ revenue grew by 48% YoY in 2Q24, as new businesses are successful.
Alibaba’s Freshippo plans to set up frontline warehouses, which is a way back to online.


China Consumption Weekly (26Aug2024): 2Q24 Rev Up By - PopMart 62%, Zeekr 58%, Tongcheng 48%, Etc.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Lalatech Holdings, a technology based global logistics company, has updated its application for Hong Kong IPO and disclosed financial results for 2023.</li>
<li>Lalatech Holdings is aiming to raise up to $1B and the company’s IPO looks imminent in the coming months as cash flow growth accelerated, while margins and profitability improved. </li>
<li>My fair valuation of Lalatech Holdings is close to $10B and investors should buy into upcoming IPO given the company’s substantial scale, massive network effects and operating efficiency.</li>
</ul>


Lalatech Holdings, a technology based global logistics company, has updated its application for Hong Kong IPO and disclosed financial results for 2023.
Lalatech Holdings is aiming to raise up to $1B and the company’s IPO looks imminent in the coming months as cash flow growth accelerated, while margins and profitability improved. 
My fair valuation of Lalatech Holdings is close to $10B and investors should buy into upcoming IPO given the company’s substantial scale, massive network effects and operating efficiency.


Lalatech Holdings: FCF Growth Accelerated, Margins Improved, Fair Value May Be North of $10B

China

Full Truck Alliance Co. Ltd. operates as a software company. The Company develops digital freight and logistics platform.

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Full Truck Alliance (YMM US)

China ADRs Delisting - US Tightens and HK Loosens Requirements - Long/Short Basket Trade

On 2nd Dec 2021, SEC issued Final amendments to implement the Holding Foreign Companies Accountable Act. In this note we will talk about the final...

Sumeet Singh

HK/China: THE BIG SHORT (SQUEEZE)

Even though HK/China tech names have surged, short positions have not covered. The large underweight position in HK/China by international funds...

David Mudd

Lalatech IPO | Review of H124 Financials & Operating Stats | Strike While the Iron Is Hot-Ish?

Lalatech's top-line growth moderated in H124, and gross margin dipped slightly. But tight OpEx control remains in place. We believe the company may...

Tracking Traffic

China Consumption Weekly (26Aug2024): 2Q24 Rev Up By - PopMart 62%, Zeekr 58%, Tongcheng 48%, Etc.

Alibaba’s Freshippo plans to set up frontline warehouses, which is a way back to online. Many small caps' revenues grew strongly in 2Q24.

Ming Lu

Lalatech Holdings: FCF Growth Accelerated, Margins Improved, Fair Value May Be North of $10B

Lalatech Holdings, a technology based global logistics company, has demonstrated an improving profitability with revenue growth acceleration, which...

Andrei Zakharov

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