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

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<p><a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Chuxing (DIDI US)</a>, the world’s largest mobility technology platform, raised around US$4.4bn in its US listing. It is backed by <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, along with other investors.</p>
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<div>
<p>We have covered the deal background and financials overview in our previous notes<a href="https://www.smartkarma.com/insights/didi-chuxing-pre-ipo-one-of-asia-s-largest-ipos-this-year-tearsheet" target="_blank" rel="noopener"></a>:</p>
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<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/didi-chuxing-pre-ipo-one-of-asia-s-largest-ipos-this-year-tearsheet" target="_blank" rel="noopener">DiDi Chuxing Pre-IPO - One of Asia’s Largest IPOs This Year - Tearsheet</a>.</li>
<li><a href="https://www.smartkarma.com/insights/didi-chuxing-pre-ipo-has-a-principal-agent-problem-rumoured-target-valuation-is-a-stretch" target="_blank" rel="noopener">DiDi Chuxing Pre-IPO - Has a Principal Agent Problem, Rumoured Target Valuation Is a Stretch</a></li>
<li><a href="https://www.smartkarma.com/insights/didi-pre-ipo-competitive-in-car-hailing-uncompetitive-in-others-generally-valuable" target="_blank" rel="noopener">DIDI (滴滴) Pre-IPO: Competitive in Car Hailing, Uncompetitive In “Others”, Generally Valuable</a></li>
<li><a href="https://www.smartkarma.com/insights/didi-chuxing-pre-ipo-peer-comparison" target="_blank" rel="noopener">DiDi Chuxing Pre-IPO - Peer Comparison</a></li>
<li><a href="https://www.smartkarma.com/insights/didi-chuxing-pre-ipo-valuation" target="_blank" rel="noopener">DiDi Chuxing Pre-IPO - Valuation</a></li>
<li><a href="https://www.smartkarma.com/insights/didi-chuxing-pre-ipo-bull-case-index-inclusion-uber-exit" target="_blank" rel="noopener">DiDi Chuxing Pre-IPO - Bull Case, Index Inclusion, Uber Exit</a></li>
<li><a href="https://www.smartkarma.com/insights/didi-chuxing-ipo-at-fair-value-with-partial-lock-up-and-index-inclusion-pulling-it-either-way" target="_blank" rel="noopener">DiDi Chuxing IPO - At Fair Value, with Partial Lock-Up and Index Inclusion Pulling It Either Way</a></li>
</ul>
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<p>In this note, we will talk about the trading dynamics.</p>
</div>


DiDi Chuxing (DIDI US), the world’s largest mobility technology platform, raised around US$4.4bn in its US listing. It is backed by Softbank Group (9984 JP) and Tencent (700 HK), along with other investors.


We have covered the deal background and financials overview in our previous notes:




DiDi Chuxing Pre-IPO - One of Asia’s Largest IPOs This Year - Tearsheet.
DiDi Chuxing Pre-IPO - Has a Principal Agent Problem, Rumoured Target Valuation Is a Stretch
DIDI (滴滴) Pre-IPO: Competitive in Car Hailing, Uncompetitive In “Others”, Generally Valuable
DiDi Chuxing Pre-IPO - Peer Comparison
DiDi Chuxing Pre-IPO - Valuation
DiDi Chuxing Pre-IPO - Bull Case, Index Inclusion, Uber Exit
DiDi Chuxing IPO - At Fair Value, with Partial Lock-Up and Index Inclusion Pulling It Either Way



In this note, we will talk about the trading dynamics.


DiDi Chuxing IPO Trading - Upsize Will Ensures Index Inclusion, Lock-Up Remains a Wildcard

<p>Manycore Tech Inc. (MTI), the world’s largest platform for 3D interior design, decoration and construction, aims to raise at least US$100m in its US IPO. The company is backed by IDG, GGV and Hillhouse.</p><p>MTI is a pure play SaaS provider. As of Mar 21, it had 20,806 enterprise customers across different industry verticals. In addition, it also served over 240,000 and 89,000 paying individuals over FY20 and 1Q21. MTI had a 56.5% market share in the residential cloud-based DDC software market in China. </p>

Manycore Tech Inc. (MTI), the world’s largest platform for 3D interior design, decoration and construction, aims to raise at least US$100m in its US IPO. The company is backed by IDG, GGV and Hillhouse.MTI is a pure play SaaS provider. As of Mar 21, it had 20,806 enterprise customers across different industry verticals. In addition, it also served over 240,000 and 89,000 paying individuals over FY20 and 1Q21. MTI had a 56.5% market share in the residential cloud-based DDC software market in China. 

Manycore Tech Pre-IPO - High but Declining Market Share

Alpha-Centric ESG Research

Kyle Rudden

<p>This is a pre-IPO ESG assessment of <a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Chuxing (DIDI US)</a>, China's leading ride-hailing platform. DiDi is set to finalise its US$4 billion IPO at an implied valuation of US$65 billion – the largest IPO of a Chinese issuer on a U.S. exchange since Alibaba's (BABA US) US$25 billion IPO in 2014.</p><p>Impressive, except for one minor nuance. That US$65 billion is less than DiDi's earlier expectations of US$100 million, despite strong interest. Economic factors (e.g., growth rates, profitability) had a lot to do with the lower valuation. Regulatory risk and uncertainty probably factored in as well.</p><p>Therein lies the quandary of this ESG analysis. Regulatory risk and uncertainty.</p><p>DiDi is committed to corporate social responsibility, and its ESG performance is strong (though not perfect) in critical areas under its control. DiDi is reducing emissions, improving safety, rooting out corruption, and is lightyears ahead of its peers on gender equality and empowerment of women.</p><p>DiDi is doing all the right things, where it has some semblance of direct control.</p><p>But then, there's that quandary. DiDi's ESG achievements are overshadowed by regulatory risks and uncertainty, all beyond DiDi's control. Nearly concerning enough to justify a bearish imperative but the "control" issue – proactive ESG positives, versus passive ESG negatives – ultimately won out.</p>

This is a pre-IPO ESG assessment of DiDi Chuxing (DIDI US), China's leading ride-hailing platform. DiDi is set to finalise its US$4 billion IPO at an implied valuation of US$65 billion – the largest IPO of a Chinese issuer on a U.S. exchange since Alibaba's (BABA US) US$25 billion IPO in 2014.Impressive, except for one minor nuance. That US$65 billion is less than DiDi's earlier expectations of US$100 million, despite strong interest. Economic factors (e.g., growth rates, profitability) had a lot to do with the lower valuation. Regulatory risk and uncertainty probably factored in as well.Therein lies the quandary of this ESG analysis. Regulatory risk and uncertainty.DiDi is committed to corporate social responsibility, and its ESG performance is strong (though not perfect) in critical areas under its control. DiDi is reducing emissions, improving safety, rooting out corruption, and is lightyears ahead of its peers on gender equality and empowerment of women.DiDi is doing all the right things, where it has some semblance of direct control.But then, there's that quandary. DiDi's ESG achievements are overshadowed by regulatory risks and uncertainty, all beyond DiDi's control. Nearly concerning enough to justify a bearish imperative but the "control" issue – proactive ESG positives, versus passive ESG negatives – ultimately won out.

Pre-IPO ESG Analysis: DiDi's Exemplary ESG Achievements Eclipsed By Regulatory Risks and Uncertainty

Global TMT analyst with Asia ex-Japan focus.

Mitchell Kim

Thematic (Sector/Industry)

<p>The latest sales data from the 6.18 (running from June 1st to June 18<sup>th</sup>) Festival by Syntun suggests potential revenue upside for online shopping platforms but particularly more for the larger market shareholders, Alibaba and JD, and Vipshop as apparel and shoes categories showed the highest sales growth.    </p><p><strong>I am positive on <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>, <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>, 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></strong> as they provide an attractive balance of growth and value.  <strong>I have recently turned more bullish on Vipshop</strong> because of its cheap value and the continued improving operating metrics.  I remain cautious on PDD US because of the risk associated with the company’s profit model. </p><p><strong>Three takeaways from my analysis of the 6.18.21 sales data (some 2020 data):</strong></p><ol>
<li>Alibaba remains the king of promotions.  The company maintained its top-selling platform position.  Alibaba is particularly strong in personal and beauty care and snack foods.   </li>
<li>Apparel and shoes were the top two growth categories during the 6.18 Festival.  This bodes well for Vipshop and Alibaba. </li>
<li>JD maintains its strong position in appliances and electronics as well as dairy products (based on 2020 detail data for select categories).  JD also leads in New Retail – grocery delivery and supermarkets. </li>
<li>PDD appears to be a distant third on 6.18 sales (based on 2020 detail data breakdown – 2021 is unavailable).         </li>
</ol>

The latest sales data from the 6.18 (running from June 1st to June 18th) Festival by Syntun suggests potential revenue upside for online shopping platforms but particularly more for the larger market shareholders, Alibaba and JD, and Vipshop as apparel and shoes categories showed the highest sales growth.    I am positive on Alibaba Group (BABA US), JD.com Inc (ADR) (JD US), and Vipshop Holdings (VIPS US) as they provide an attractive balance of growth and value.  I have recently turned more bullish on Vipshop because of its cheap value and the continued improving operating metrics.  I remain cautious on PDD US because of the risk associated with the company’s profit model. Three takeaways from my analysis of the 6.18.21 sales data (some 2020 data):
Alibaba remains the king of promotions.  The company maintained its top-selling platform position.  Alibaba is particularly strong in personal and beauty care and snack foods.   
Apparel and shoes were the top two growth categories during the 6.18 Festival.  This bodes well for Vipshop and Alibaba. 
JD maintains its strong position in appliances and electronics as well as dairy products (based on 2020 detail data for select categories).  JD also leads in New Retail – grocery delivery and supermarkets. 
PDD appears to be a distant third on 6.18 sales (based on 2020 detail data breakdown – 2021 is unavailable).         


China E-Commerce: 6.18 Festival Getting Bigger - Good for Alibaba, JD, Vipshop

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> and <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>. Shorts increased in the Information Technology, Real Estate and Communication Services sectors, while decreasing in the Financials sector.</p></div><div><p>In Japan, stocks increased on <a href="https://www.smartkarma.com/entities/yamaha-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:7411:1" rel="noopener">Yamaha Motor (7272 JP)</a>, <a href="https://www.smartkarma.com/entities/tamura-corp" target="_blank" data-smartkarma-citation="entities:9782:1" rel="noopener">Tamura Corp (6768 JP)</a>, <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP)</a>, <a href="https://www.smartkarma.com/entities/sumco-corp" target="_blank" data-smartkarma-citation="entities:379:1" rel="noopener">SUMCO Corp (3436 JP)</a> and <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial Group (8411 JP)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>, <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>, <a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a>, <a href="https://www.smartkarma.com/entities/resona-holdings-inc" target="_blank" data-smartkarma-citation="entities:6841:1" rel="noopener">Resona Holdings (8308 JP)</a> and <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" data-smartkarma-citation="entities:3700:1" rel="noopener">Anritsu Corp (6754 JP)</a>. Shorts decreased the most in the Consumer Discretionary, Consumer Staples, Information Technology and Health Care sectors.</p></div><div><p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a>, <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>, <a href="https://www.smartkarma.com/entities/doosan-heavy-industries-construction" target="_blank" data-smartkarma-citation="entities:7389:1" rel="noopener">Doosan Heavy Industries &amp; Construction (034020 KS)</a>, <a href="https://www.smartkarma.com/entities/oci-co-ltd" target="_blank" data-smartkarma-citation="entities:1904:1" rel="noopener">Oci Co Ltd (010060 KS)</a> and <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a>, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <a href="https://www.smartkarma.com/entities/mando-corp" target="_blank" data-smartkarma-citation="entities:8119:1" rel="noopener">Mando Corp (204320 KS)</a>, <a href="https://www.smartkarma.com/entities/hyundai-wia-corp" target="_blank" data-smartkarma-citation="entities:12283:1" rel="noopener">Hyundai Wia (011210 KS)</a> and <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a>. </p></div><div><p>In Taiwan, shorts increased on <a href="https://www.smartkarma.com/entities/wan-hai-lines-ltd" target="_blank" data-smartkarma-citation="entities:14262:1" rel="noopener">Wan Hai Lines (2615 TT)</a>, <a href="https://www.smartkarma.com/entities/asustek-computer-inc" target="_blank" data-smartkarma-citation="entities:13002:1" rel="noopener">Asustek Computer (2357 TT)</a>, <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a>, <a href="https://www.smartkarma.com/entities/nantex-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:1865:1" rel="noopener">Nantex Industry (2108 TT)</a> and <a href="https://www.smartkarma.com/entities/gigabyte-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:17486:1" rel="noopener">Gigabyte Technology (2376 TT)</a> while shorts covered on <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-cement" target="_blank" data-smartkarma-citation="entities:19736:1" rel="noopener">Taiwan Cement (1101 TT)</a>, <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a>, <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> and <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Xiaomi Corp (1810 HK), Alibaba Group (9988 HK), Sunny Optical (2382 HK), Kuaishou Technology (1024 HK) and Anta Sports Products (2020 HK) while there was short covering on Meituan (3690 HK), HKEX (388 HK), JD.com Inc. (9618 HK), BYD (1211 HK) and WuXi AppTec Co. Ltd. (2359 HK). Shorts increased in the Information Technology, Real Estate and Communication Services sectors, while decreasing in the Financials sector.In Japan, stocks increased on Yamaha Motor (7272 JP), Tamura Corp (6768 JP), ASICS Corp (7936 JP), SUMCO Corp (3436 JP) and Mizuho Financial Group (8411 JP) while there was short covering on Oriental Land (4661 JP), Rakuten Inc (4755 JP), Takeda Pharmaceutical (4502 JP), Resona Holdings (8308 JP) and Anritsu Corp (6754 JP). Shorts decreased the most in the Consumer Discretionary, Consumer Staples, Information Technology and Health Care sectors.In Korea, shorts increased on Kakao Corp (035720 KS), Hyundai Motor Co (005380 KS), Doosan Heavy Industries &amp; Construction (034020 KS), Oci Co Ltd (010060 KS) and SK Hynix (000660 KS) while shorts were covered on LG Chem Ltd (051910 KS), Celltrion Inc (068270 KS), Mando Corp (204320 KS), Hyundai Wia (011210 KS) and Doosan Infracore (042670 KS). In Taiwan, shorts increased on Wan Hai Lines (2615 TT), Asustek Computer (2357 TT), Winbond Electronics (2344 TT), Nantex Industry (2108 TT) and Gigabyte Technology (2376 TT) while shorts covered on TSMC (2330 TT), Taiwan Cement (1101 TT), Largan Precision (3008 TT), United Microelectronics Corp (2303 TT) and Evergreen Marine Corp (2603 TT). 

Asia Shorts: Xiaomi, Anta, HKEX, BYD, Yamaha, ASICS, Rakuten, Resona, Kakao, HMC, Doosan, Wan Hai

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)

DiDi Chuxing IPO Trading - Upsize Will Ensures Index Inclusion, Lock-Up Remains a Wildcard

DiDi Chuxing (DIDI US), the world’s largest mobility technology platform, raised around US$4.4bn in its US listing. It is backed by Softbank Group...

Sumeet Singh

Pre-IPO ESG Analysis: DiDi's Exemplary ESG Achievements Eclipsed By Regulatory Risks and Uncertainty

DiDi boasts positive ESG achievements in areas under its control, but there's a big ESG issue beyond its control – regulatory risk. But, proactive...

Kyle Rudden

China E-Commerce: 6.18 Festival Getting Bigger - Good for Alibaba, JD, Vipshop

The latest data from the 6.18 Festival suggests potential revenue upside for online shopping platforms. Find out who is strong by category and why...

Mitchell Kim

Asia Shorts: Xiaomi, Anta, HKEX, BYD, Yamaha, ASICS, Rakuten, Resona, Kakao, HMC, Doosan, Wan Hai

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

DiDi Chuxing IPO Trading - Upsize Will Ensures Index Inclusion, Lock-Up Remains a Wildcard

DiDi Chuxing (DIDI US), the world’s largest mobility technology platform, raised around US$4.4bn in its US listing. It is backed by Softbank Group...

Sumeet Singh

Manycore Tech Pre-IPO - High but Declining Market Share

Manycore Tech (MTI), the world’s largest platform for 3D interior design, decoration and construction, aims to raise at least US$100m in its US...

Sumeet Singh

Pre-IPO ESG Analysis: DiDi's Exemplary ESG Achievements Eclipsed By Regulatory Risks and Uncertainty

DiDi boasts positive ESG achievements in areas under its control, but there's a big ESG issue beyond its control – regulatory risk. But, proactive...

Kyle Rudden

China E-Commerce: 6.18 Festival Getting Bigger - Good for Alibaba, JD, Vipshop

The latest data from the 6.18 Festival suggests potential revenue upside for online shopping platforms. Find out who is strong by category and why...

Mitchell Kim

Asia Shorts: Xiaomi, Anta, HKEX, BYD, Yamaha, ASICS, Rakuten, Resona, Kakao, HMC, Doosan, Wan Hai

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas