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>Kakao Bank's six month IPO lock-up will end on 6th Feb 2022. </li>
<li>It will result in freeing up another US$2.5bn+ worth of shares held by a number of pre-IPO and local IPO investors.</li>
<li>In this note, we will talk about the upcoming lock-up expiry.</li>
</ul>


Kakao Bank's six month IPO lock-up will end on 6th Feb 2022. 
It will result in freeing up another US$2.5bn+ worth of shares held by a number of pre-IPO and local IPO investors.
In this note, we will talk about the upcoming lock-up expiry.


Kakao Bank Six-Month Lock-Up - Over US$2.5bn Stock Release Will Only Add to the Recent Rout

Wanda Commercial Management Group / Equity Capital Markets

<ul>
<li>Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.</li>
<li>WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.
WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.
In this note, we will talk about the not so positive aspects of the deal.


Wanda Commercial Management Pre-IPO - The Negatives - Parents Leverage Status Will Be an Overhang

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 Bottom-Up

<ul>
<li>Bilibili launched a shopping cart feature (Xiaohuangche) recently on its livestreaming platform which enables users to purchase goods while watching a live-stream.</li>
<li>This comes at a time; China’s common prosperity crackdown has set its eyes on livestreaming e-commerce.</li>
<li>Bilibili has been looking at ways to improve its monetisation to reduce losses, but we think the new initiative will likely add further pressure on deteriorating margins.</li>
</ul>


Bilibili launched a shopping cart feature (Xiaohuangche) recently on its livestreaming platform which enables users to purchase goods while watching a live-stream.
This comes at a time; China’s common prosperity crackdown has set its eyes on livestreaming e-commerce.
Bilibili has been looking at ways to improve its monetisation to reduce losses, but we think the new initiative will likely add further pressure on deteriorating margins.


Bilibili Makes a Late Entry into Livestreaming E-Commerce; Timing Is Not Just Right

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huitongda" target="_blank" data-smartkarma-citation="entities:33789:1" rel="noopener">Huitongda (1566215D CH)</a> is a fast-growing commerce and service platform focused on China’s lower-tier retail market. It is pre-marketing an HKEx IPO to raise US$400-500 million.</li>
<li>The positives are a large addressable market, solid top-line growth and profitability. The key negative is the low margin profile which reflects a fragmented and competitive market. </li>
<li>Overall, we think that the positives outweigh the negatives and this IPO is worth a closer look.   </li>
</ul>



Huitongda (1566215D CH) is a fast-growing commerce and service platform focused on China’s lower-tier retail market. It is pre-marketing an HKEx IPO to raise US$400-500 million.
The positives are a large addressable market, solid top-line growth and profitability. The key negative is the low margin profile which reflects a fragmented and competitive market. 
Overall, we think that the positives outweigh the negatives and this IPO is worth a closer look.   


Huitongda Network IPO Initiation: Clicks to Bricks

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huitongda" target="_blank" data-smartkarma-citation="entities:33789:1" rel="noopener">Huitongda (1566215D CH)</a> is looking to raise up to US$500m in its upcoming Hong Kong IPO.</li>
<li>While the numbers from the growth of member stores look promising, it did not translate to stronger revenue from member stores and HTD did not give a clear explanation.</li>
<li>In this note, we look at PHIP updates and competitive landscape.</li>
</ul>



Huitongda (1566215D CH) is looking to raise up to US$500m in its upcoming Hong Kong IPO.
While the numbers from the growth of member stores look promising, it did not translate to stronger revenue from member stores and HTD did not give a clear explanation.
In this note, we look at PHIP updates and competitive landscape.


Huitongda (汇通达) Pre-IPO - PHIP Updates and Competitive Landscape

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)

Kakao Bank Six-Month Lock-Up - Over US$2.5bn Stock Release Will Only Add to the Recent Rout

Kakao Bank's six month IPO lock-up will end on 6th Feb 2022, releasing over US$2.5bn worth of shares. In this note, we will look at the lock-up...

Sumeet Singh

Wanda Commercial Management Pre-IPO - The Negatives - Parents Leverage Status Will Be an Overhang

Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO. In this note, we talk about the not so...

Sumeet Singh

Bilibili Makes a Late Entry into Livestreaming E-Commerce; Timing Is Not Just Right

Bilibili launched a shopping cart feature on its livestreaming platform. This comes at a time China’s common prosperity crackdown has set its eyes...

Shifara Samsudeen, ACMA, CGMA

Huitongda Network IPO Initiation: Clicks to Bricks

Huitongda is pre-marketing an HKEx IPO to raise US$400-500 million. Overall, we think that the positives outweigh the negatives and this IPO is...

Arun George

Huitongda (汇通达) Pre-IPO - PHIP Updates and Competitive Landscape

Huitongda (1566215D CH) is looking to raise up to US$500m in its upcoming Hong Kong IPO. In this note, we look at PHIP updates and competitive...

Clarence Chu

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