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.

Equity Capital Markets

<p>Hong Kong Stock Exchange has become the beneficiary of tightening listing requirements and accounting rules for foreign companies by the US regulatory authorities. Chinese companies that are listed in the US are forced to comply with US accounting standards and as a result, a large number of US-listed Chinese companies have sought secondary listings on the Hong Kong Stock Exchange over the last two years.</p><p>Autohome, Baidu and Bilibili conducted secondary listings earlier this year and several other companies including <a href="https://www.smartkarma.com/entities/trip-com-group-ltd" target="_blank" data-smartkarma-citation="entities:180:1" rel="noopener">Trip.com (TCOM US)</a> , <a href="https://www.smartkarma.com/entities/tencent-music-entertainment" target="_blank" data-smartkarma-citation="entities:27255:1" rel="noopener">Tencent Music (TME US)</a> and <a href="https://www.smartkarma.com/entities/vipshop-holdings-ltd-adr" target="_blank" data-smartkarma-citation="entities:1088:1" rel="noopener">Vipshop Holdings (VIPS US)</a>  are said to be in the process of securing secondary listings in Hong Kong due to the fear of being delisted from the US Exchange.</p><p>As these companies rush for secondary listings in Hong Kong, in a series of reports, we analyse 10 of the secondary listings on the Hong Kong Stock Exchange over the last 2-years. These 10 companies include <a href="https://www.smartkarma.com/entities/autohome-inc-adr" target="_blank" data-smartkarma-citation="entities:20234:1" rel="noopener">Autohome Inc (Adr) (ATHM US)</a> , <a href="https://www.smartkarma.com/entities/gds-holdings-adr" target="_blank" data-smartkarma-citation="entities:23649:1" rel="noopener">GDS Holdings (ADR) (GDS US)</a> , <a href="https://www.smartkarma.com/entities/zai-lab-ltd" target="_blank" data-smartkarma-citation="entities:25877:1" rel="noopener">Zai Lab Ltd (ZLAB US)</a> , <a href="https://www.smartkarma.com/entities/baozun-inc" target="_blank" data-smartkarma-citation="entities:24184:1" rel="noopener">Baozun Inc. (BZUN US)</a> , <a href="https://www.smartkarma.com/entities/zto-express" target="_blank" data-smartkarma-citation="entities:23628:1" rel="noopener">ZTO Express (ZTO US)</a> , <a href="https://www.smartkarma.com/entities/huazhu-group-ltd" target="_blank" data-smartkarma-citation="entities:17527:1" rel="noopener">Huazhu Group (HTHT US)</a> , <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> , <a href="https://www.smartkarma.com/entities/netease-inc-adr" target="_blank" data-smartkarma-citation="entities:17203:1" rel="noopener">NetEase Inc (NTES US)</a> , <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group (BABA US)</a> and <a href="https://www.smartkarma.com/entities/beigene" target="_blank" data-smartkarma-citation="entities:23712:1" rel="noopener">BeiGene (BGNE US)</a> .</p>

Hong Kong Stock Exchange has become the beneficiary of tightening listing requirements and accounting rules for foreign companies by the US regulatory authorities. Chinese companies that are listed in the US are forced to comply with US accounting standards and as a result, a large number of US-listed Chinese companies have sought secondary listings on the Hong Kong Stock Exchange over the last two years.Autohome, Baidu and Bilibili conducted secondary listings earlier this year and several other companies including Trip.com (TCOM US) , Tencent Music (TME US) and Vipshop Holdings (VIPS US)  are said to be in the process of securing secondary listings in Hong Kong due to the fear of being delisted from the US Exchange.As these companies rush for secondary listings in Hong Kong, in a series of reports, we analyse 10 of the secondary listings on the Hong Kong Stock Exchange over the last 2-years. These 10 companies include Autohome Inc (Adr) (ATHM US) , GDS Holdings (ADR) (GDS US) , Zai Lab Ltd (ZLAB US) , Baozun Inc. (BZUN US) , ZTO Express (ZTO US) , Huazhu Group (HTHT US) , JD.com Inc (ADR) (JD US) , NetEase Inc (NTES US) , Alibaba Group (BABA US) and BeiGene (BGNE US) .

ADR/HKEX Analysis: Lower Trading Volumes on HKEX Show Limited Liquidity Compared to the US

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.

<div><p>Bilibili raised around US$3bn in its secondary listing in Hong Kong. </p></div><div>
<p>We have covered the background of the deal in our earlier notes:</p>
<ul>
<li><a href="https://www.smartkarma.com/insights/bilibili-secondary-listing-early-look-will-probably-be-more-like-jd-and-netease" target="_blank" rel="noopener">Bilibili Secondary Listing Early Look - Will Probably Be More like JD and NetEase,</a></li>
<li><a href="https://www.smartkarma.com/insights/bilibili-secondary-listing-early-look-4q20-results-quick-note" target="_blank" rel="noopener">Bilibili Secondary Listing Early Look - 4Q20 Results Quick Note and</a></li>
<li><a href="https://www.smartkarma.com/insights/bilibili-secondary-listing-volatile-but-should-be-hot" target="_blank" rel="noopener">Bilibili Secondary Listing - Volatile but Should Be Hot</a></li>
</ul>
</div><div><p>In this note, we'll talk about the updates since then.</p></div>

Bilibili raised around US$3bn in its secondary listing in Hong Kong. 
We have covered the background of the deal in our earlier notes:

Bilibili Secondary Listing Early Look - Will Probably Be More like JD and NetEase,
Bilibili Secondary Listing Early Look - 4Q20 Results Quick Note and
Bilibili Secondary Listing - Volatile but Should Be Hot

In this note, we'll talk about the updates since then.

Bilibili Secondary Trading - Hot Demand, Baba Takes Another Bite, but Still Set for a Weak Listing

<p><a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a> raised around US$3bn in its secondary listing in Hong Kong.</p><p>We have covered most aspects of the deal in our earlier notes, <a href="https://www.smartkarma.com/insights/baidu-secondary-listing-early-look-will-be-one-of-the-largest-secondary-listings-this-year" target="_blank" rel="noopener">Baidu Secondary Listing Early Look - Will Be One of the Largest Secondary Listings This Year</a> and <a href="https://www.smartkarma.com/insights/baidu-secondary-listing-smaller-than-expected-doing-the-bare-minimum" target="_blank" rel="noopener">Baidu Secondary Listing - Smaller than Expected, Doing the Bare Minimum</a>.</p><p>In this note, we'll talk about the trading dynamics.</p>

Baidu (BIDU US) raised around US$3bn in its secondary listing in Hong Kong.We have covered most aspects of the deal in our earlier notes, Baidu Secondary Listing Early Look - Will Be One of the Largest Secondary Listings This Year and Baidu Secondary Listing - Smaller than Expected, Doing the Bare Minimum.In this note, we'll talk about the trading dynamics.

Baidu Secondary Listing Trading - Strong Demand but Weak Price Action

Autohome Inc (Adr) / Equity Capital Markets

<div><p>Autohome raised around US$700m in its secondary listing in Hong Kong. </p></div><div>
<p>I have covered most aspects of the deal in my earlier note, <a href="https://www.smartkarma.com/insights/autohome-secondary-listing-doesn-t-need-the-cash-at-all" target="_blank" rel="noopener">Autohome Secondary Listing - Doesn’t Need the Cash at All </a> and <a href="https://www.smartkarma.com/insights/autohome-secondary-listing-going-down-a-different-route" target="_blank" rel="noopener">Autohome Secondary Listing - Going Down a Different Route.</a></p>
<p>In this note, I'll talk about the updates since my last note.</p>
</div>

Autohome raised around US$700m in its secondary listing in Hong Kong. 
I have covered most aspects of the deal in my earlier note, Autohome Secondary Listing - Doesn’t Need the Cash at All  and Autohome Secondary Listing - Going Down a Different Route.
In this note, I'll talk about the updates since my last note.


Autohome Secondary Trading - Strong Retail, Weak Insti Coverage

<div><p><a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a> plans to raise around US$3bn in its secondary listing in Hong Kong. <span>I have covered most aspects of the deal in my earlier note, </span><a href="https://www.smartkarma.com/insights/baidu-secondary-listing-early-look-will-be-one-of-the-largest-secondary-listings-this-year" target="_blank" rel="noopener">Baidu Secondary Listing Early Look - Will Be One of the Largest Secondary Listings This Year</a><span>.</span></p></div><div><p>In this note, I'll only touch upon the updates since my last note.</p></div>

Baidu (BIDU US) plans to raise around US$3bn in its secondary listing in Hong Kong. I have covered most aspects of the deal in my earlier note, Baidu Secondary Listing Early Look - Will Be One of the Largest Secondary Listings This Year.In this note, I'll only touch upon the updates since my last note.

Baidu Secondary Listing - Smaller than Expected, Doing the Bare Minimum

China

GDS Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops and operates data centers. GDS Holdings offers risk and security management, information technology planing, remote monitoring, cloud hosting, virtualization, disaster recovery, and remote data protection services.

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GDS Holdings (ADR) (GDS US)

ADR/HKEX Analysis: Lower Trading Volumes on HKEX Show Limited Liquidity Compared to the US

Given relatively lower levels of trading volumes in HK compared to the US Exchanges, it is questionable whether the ADR/HKEX listed companies are...

Shifara Samsudeen, ACMA, CGMA

Bilibili Secondary Trading - Hot Demand, Baba Takes Another Bite, but Still Set for a Weak Listing

Bilibili raised around US$3bn in its secondary listing in Hong Kong. In this note, we'll talk about the updates since our previous note.

Sumeet Singh

Baidu Secondary Listing Trading - Strong Demand but Weak Price Action

Baidu (BIDU US) raised around US$3bn in its secondary listing in Hong Kong. In this note, we'll talk about the trading dynamics.

Sumeet Singh

Autohome Secondary Trading - Strong Retail, Weak Insti Coverage

Autohome raised around US$700m in its secondary listing in Hong Kong. I have covered most aspects of the deal in my earlier note. In this note,...

Sumeet Singh

Baidu Secondary Listing - Smaller than Expected, Doing the Bare Minimum

Baidu plans to raise around US$3bn in its secondary listing in Hong Kong. I have covered most aspects of the deal in my earlier note. In this note,...

Sumeet Singh

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