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

Thematic (Sector/Industry)

<ul>
<li>JD:JD is reported to launch “RMB10bn subsidy” channel in March(-)</li>
<li>241HK/6618HK:Shanxi stops allowing first medical consultation to be online, other provinces may follow suit(-)</li>
<li>1024HK:Kwai recruitment releases performance of serial New Spring Recruit Event（+）</li>
</ul>


JD:JD is reported to launch “RMB10bn subsidy” channel in March(-)
241HK/6618HK:Shanxi stops allowing first medical consultation to be online, other provinces may follow suit(-)
1024HK:Kwai recruitment releases performance of serial New Spring Recruit Event（+）


China TMT Update(Feb.20): JD.US, 241HK, 6618HK, 1024HK - JD Is Reported to Launch “RMB10bn Subsidy”

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

TVS Supply Chain Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tvs-supply-chain-solutions" target="_blank" data-smartkarma-citation="entities:36778:1" rel="noopener">TVS Supply Chain Solutions (1915741D IN)</a> is looking to raise about US$500m in its upcoming India IPO.</li>
<li>TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer. </li>
<li>TVS SCS has seen its revenue grow as both its operating segments registered decent growth during the track record period. However, its profitability might have been a result of COVID-19. </li>
</ul>



TVS Supply Chain Solutions (1915741D IN) is looking to raise about US$500m in its upcoming India IPO.
TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer. 
TVS SCS has seen its revenue grow as both its operating segments registered decent growth during the track record period. However, its profitability might have been a result of COVID-19. 


TVS Supply Chain Solutions Pre-IPO - Profitability Might Have Been COVID-Driven

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China Renaissance Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-renaissance-holdings-l" target="_blank" data-smartkarma-citation="entities:27365:1" rel="noopener"><strong>China Renaissance (1911 HK)</strong></a> was once touted as a "<em>leading investment bank and asset manager dedicated to the new economy</em>". At the time of its 1Q21 post-IPO high, it was.</li>
<li>Late last Thursday, the 16 February, CR said it was <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0216/2023021600837.pdf" target="_blank" rel="noopener">unable to contact</a> (hours, days, weeks?) Bao Fan, its chairman, CEO, and controlling shareholder. Shares subsequently fell 28%.</li>
<li>Bao is the face of CR and instrumental in client dealing and complex large-scale deal making. Clarification is recommended before investors dip their toe back in the water.</li>
</ul>



China Renaissance (1911 HK) was once touted as a "leading investment bank and asset manager dedicated to the new economy". At the time of its 1Q21 post-IPO high, it was.
Late last Thursday, the 16 February, CR said it was unable to contact (hours, days, weeks?) Bao Fan, its chairman, CEO, and controlling shareholder. Shares subsequently fell 28%.
Bao is the face of CR and instrumental in client dealing and complex large-scale deal making. Clarification is recommended before investors dip their toe back in the water.


China Renaissance (1911 HK): Loss of Face

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal</a> <a href="https://www.smartkarma.com/entities/pt-pertamina-persero" target="_blank" data-smartkarma-citation="entities:35862:1" rel="noopener"></a>is set to make its debut in the coming week.</li>
<li>Placements picked up pace this week, with multiple deals across geographies.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Pertamina Geothermal is set to make its debut in the coming week.
Placements picked up pace this week, with multiple deals across geographies.


ECM Weekly (19th Feb 2023) - Rakuten Bank, ZJLD, REPT, Link REIT, SoCar, Ryman, Indigo, ESR, Oasis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>, aims to raise around US$500m (estimated) in its Japan listing in April 2023. </li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Mar 2023, it had 13.39m deposit accounts with a total deposit base of JPY8.6tn. </li>
<li>In this note we take an early look at the IPO and talk about the not-so-positive aspects of its past performance.</li>
</ul>



Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m (estimated) in its Japan listing in April 2023. 
RB is the largest internet bank in Japan, by number of accounts. As of Mar 2023, it had 13.39m deposit accounts with a total deposit base of JPY8.6tn. 
In this note we take an early look at the IPO and talk about the not-so-positive aspects of its past performance.


Rakuten Bank IPO Early Look - The Negatives - Is Already Slowing Down

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com Inc (ADR) (JD US)

China TMT Update(Feb.20): JD.US, 241HK, 6618HK, 1024HK - JD Is Reported to Launch “RMB10bn Subsidy”

JD is reported to launch “RMB10bn subsidy” channel in March; Shanxi stops allowing first medical consultation to be online; Kwai recruitment...

Blue Lotus Research Institute

TVS Supply Chain Solutions Pre-IPO - Profitability Might Have Been COVID-Driven

TVS Supply Chain Solutions (1915741D IN) is looking to raise about US$500m in its upcoming India IPO. TVS SCS is an Indian supply chain logistics...

Ethan Aw

China Renaissance (1911 HK): Loss of Face

When your key man, who is instrumental to the company's fortunes - and its major shareholder - disappears without any explanation, it is a brave...

David Blennerhassett

ECM Weekly (19th Feb 2023) - Rakuten Bank, ZJLD, REPT, Link REIT, SoCar, Ryman, Indigo, ESR, Oasis

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Rakuten Bank IPO Early Look - The Negatives - Is Already Slowing Down

Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m in its Japan listing in April 2023. In this note, we...

Sumeet Singh

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