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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> is looking to raise at least US$100m in its upcoming US IPO.</li>
<li>HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Hesai Group (HSAI US) is looking to raise at least US$100m in its upcoming US IPO.
HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.
In this note, we will talk about the positive aspects of the deal.


Hesai Group Pre-IPO - The Positives - Has a Lot of Potential

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>We expect FUTU to post C4Q22 revenue and non-GAAP net income 6.4% and 16.0% above consensus, driven by the improved turnover rate in HKEX and the rising interest rate. </li>
<li>We believe the recent regulation measures has little impact on FUTU’s adjusted expectations now widely held by investors. We expect revenue growth to reaccelerate at 37%/31% YoY in 4Q22/2023.</li>
<li>Maintain BUY to FUTU and raise TP by US$1 to US$51.</li>
</ul>


We expect FUTU to post C4Q22 revenue and non-GAAP net income 6.4% and 16.0% above consensus, driven by the improved turnover rate in HKEX and the rising interest rate. 
We believe the recent regulation measures has little impact on FUTU’s adjusted expectations now widely held by investors. We expect revenue growth to reaccelerate at 37%/31% YoY in 4Q22/2023.
Maintain BUY to FUTU and raise TP by US$1 to US$51.


FUTU(FUTU.US) 4Q22 Preview: Solid Fundamentals Drive Long Term Growth

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, starting with Hong Kong. </li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, starting with Hong Kong. 
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2023 Asia IPO Pipeline - Hong Kong

<ul>
<li>CSRC’s rectification on FUTU to suspend new user registration from mainland China while allow service continuation to existing user is well expected. We believe the market over-reacted;</li>
<li>FUTU caters to overseas Chinese and populations falling outside of major currency zones. This market supports a paying user growth of 12% and revenue growth of 19% CAGR to 2025.</li>
<li>We maintain BUY and cut TP from US$58.5 to US$50 due to moderate decline in mainland China users.</li>
</ul>


CSRC’s rectification on FUTU to suspend new user registration from mainland China while allow service continuation to existing user is well expected. We believe the market over-reacted;
FUTU caters to overseas Chinese and populations falling outside of major currency zones. This market supports a paying user growth of 12% and revenue growth of 19% CAGR to 2025.
We maintain BUY and cut TP from US$58.5 to US$50 due to moderate decline in mainland China users.


CSRC Sanction Is Likely Darkness Before Dawn

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Just one day ahead of its dual primary listing in Hong Kong, <a href="https://www.smartkarma.com/entities/futu-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27858:1" rel="noopener">Futu Holdings Ltd (FUTU US)</a> postponed its Listing by Introduction. </li>
<li>According to the China Securities Regulatory Commission, Futu has been illegally operating cross-border securities trading without approval.</li>
<li>Suitably, the share prices of Futu and <a href="https://www.smartkarma.com/entities/up-fintech-holding-ltd" target="_blank" data-smartkarma-citation="entities:27957:1" rel="noopener">UP Fintech (TIGR US)</a>, another online brokerage forced to quit accepting new onshore investors. It's probably too premature to buy the dip.</li>
</ul>


Just one day ahead of its dual primary listing in Hong Kong, Futu Holdings Ltd (FUTU US) postponed its Listing by Introduction. 
According to the China Securities Regulatory Commission, Futu has been illegally operating cross-border securities trading without approval.
Suitably, the share prices of Futu and UP Fintech (TIGR US), another online brokerage forced to quit accepting new onshore investors. It's probably too premature to buy the dip.


Futu Holdings: Cross-Border Broking In Crosshairs

United States

Futu Holdings Limited operates as a holding company. The Company, through its subsidiaries, offers an online brokerage platform that enables individual investors to trade in listed stocks. Futu Holdings serves customers in the United States, China, and Hong Kong.

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Futu Holdings Ltd (FUTU US)

Hesai Group Pre-IPO - The Positives - Has a Lot of Potential

Hesai Group (HSAI US), a China based Lidar solutions provider, is looking to raise at least US$100m in its upcoming US IPO. In this note, we will...

Sumeet Singh

FUTU(FUTU.US) 4Q22 Preview: Solid Fundamentals Drive Long Term Growth

We expect FUTO to post C4Q22 revenue and non-GAAP net income 6.4% and 16.0% above consensus. The improved turnover rate in HKEX and the rising...

Blue Lotus Research Institute

Aequitas 2023 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, starting with Hong Kong. The deals you see are only a part of the...

Sumeet Singh

CSRC Sanction Is Likely Darkness Before Dawn

CSRC’s rectification on FUTU to suspend new user registration from mainland China while allow service continuation to existing user is well...

Blue Lotus Research Institute

Futu Holdings: Cross-Border Broking In Crosshairs

Being caught in a PRC regulator's crosshairs doesn't engender a positive trading recommendation. Clarification is required as to any restriction on...

David Blennerhassett

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