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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the coming week will see <a href="https://www.smartkarma.com/entities/sanil-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:43687:1" rel="noopener">Sanil Electric (062040 KS)</a> list, while <a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals</a> books will open and <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> too might be launched.</li>
<li>On the placement front, the past week was relatively quiet after a few hectic weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the coming week will see Sanil Electric (062040 KS) list, while Akums Drugs and Pharmaceuticals books will open and Ola Electric too might be launched.
On the placement front, the past week was relatively quiet after a few hectic weeks.


ECM Weekly (29th July 2024) - ASICS, Kokusai, Amer, Hyundai, Timee, Sanil, Akum, Bloks, Ola Electric

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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>1797 HK/JD US: Popular live streamer Dong Yuhui leaves East Buy (-/+)</li>
<li>BABA US/PDD US: AliExpress receives small fine in Korea due to data privacy violation (+)</li>
<li>Chinese Gaming Industry: Games Can Now Be Filed for Testing Without Approval of Game Code, Guangdong Province Leads the Way  (+)</li>
</ul>


1797 HK/JD US: Popular live streamer Dong Yuhui leaves East Buy (-/+)
BABA US/PDD US: AliExpress receives small fine in Korea due to data privacy violation (+)
Chinese Gaming Industry: Games Can Now Be Filed for Testing Without Approval of Game Code, Guangdong Province Leads the Way  (+)


[Blue Lotus Daily-TMT Update]:1797 HK/JD US/BABA US/PDD US/3690 HK/1024HK/700HK/NTE US/TCOMUS/AMZNUS

Andy Fu

<ul>
<li>We call the communique courageous because it pressed ahead on three fundamental, long standing issues of Chinese economy: fiscal revenue, social security and over-capacity;</li>
<li>But we question its timing as well as the wisdom of staunch refusal to print money to revive consumption. In our view, such measure doesn't run counter to the communique;</li>
<li>We believe the likelihood points to prolonged slow recovery in consumption, investment, job market and eventually manufacturing. But we see positive momentum in healthcare, infrastructure and eventually consumption.</li>
</ul>


We call the communique courageous because it pressed ahead on three fundamental, long standing issues of Chinese economy: fiscal revenue, social security and over-capacity;
But we question its timing as well as the wisdom of staunch refusal to print money to revive consumption. In our view, such measure doesn't run counter to the communique;
We believe the likelihood points to prolonged slow recovery in consumption, investment, job market and eventually manufacturing. But we see positive momentum in healthcare, infrastructure and eventually consumption.


The 3rd Plenum of CCPCC Announced An Courageous But Tough-To-Execute Communique

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> raised around US$1.3bn in its US IPO in Feb 2024, after pricing its IPO below its initial range.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>In this note, we talk about the upcoming lock-up expiry and deal dynamics.</li>
</ul>



Amer Sports (AS US) raised around US$1.3bn in its US IPO in Feb 2024, after pricing its IPO below its initial range.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
In this note, we talk about the upcoming lock-up expiry and deal dynamics.


Amer Sports IPO Lock-Up Expiry - PE Investor Might Look to Trim US$750m Stake

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a> is expected to replace <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technol" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technol (1833 HK)</a> in the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> at the September rebalance.</li>
<li>Constituent changes and capping changes will result in a one-way turnover of 3.7% and that will result in a round-trip trade of HK$7.8bn (US$1bn).</li>
<li>Short interest is near the lows on both stocks but there has been a recent tick higher for <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a>.</li>
</ul>



ASM Pacific Technology (522 HK) is expected to replace Ping An Healthcare and Technol (1833 HK) in the Hang Seng TECH Index (HSTECH INDEX) at the September rebalance.
Constituent changes and capping changes will result in a one-way turnover of 3.7% and that will result in a round-trip trade of HK$7.8bn (US$1bn).
Short interest is near the lows on both stocks but there has been a recent tick higher for ASM Pacific Technology (522 HK).


HSTECH Index Rebalance Preview: ASM Pacific (522) Could Replace Ping An Health (1833); US$1bn Trade

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)

ECM Weekly (29th July 2024) - ASICS, Kokusai, Amer, Hyundai, Timee, Sanil, Akum, Bloks, Ola Electric

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

[Blue Lotus Daily-TMT Update]:1797 HK/JD US/BABA US/PDD US/3690 HK/1024HK/700HK/NTE US/TCOMUS/AMZNUS

Popular live streamer Dong Yuhui leaves East Buy, AliExpress fined for data privacy violation in Korea, and Guangdong Province allows games to be...

Blue Lotus Research Institute

The 3rd Plenum of CCPCC Announced An Courageous But Tough-To-Execute Communique

The communique of CCP's 3rd Plenum of the 20th CC has pressed forward with tough reforms in the next five years. While timing is quite bad, it...

Blue Lotus Research Institute

Amer Sports IPO Lock-Up Expiry - PE Investor Might Look to Trim US$750m Stake

Amer Sports (AS US) raised around US$1.3bn in its US IPO in Feb 2024, after pricing its IPO below its initial range. Its pre-IPO investors will be...

Sumeet Singh

HSTECH Index Rebalance Preview: ASM Pacific (522) Could Replace Ping An Health (1833); US$1bn Trade

ASMPT is down a LOT today following results that were weaker than expected and guidance that was lower than projected earlier. With potential...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (29th July 2024) - ASICS, Kokusai, Amer, Hyundai, Timee, Sanil, Akum, Bloks, Ola Electric

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

[Blue Lotus Daily-TMT Update]:1797 HK/JD US/BABA US/PDD US/3690 HK/1024HK/700HK/NTE US/TCOMUS/AMZNUS

​Popular live streamer Dong Yuhui leaves East Buy, AliExpress fined for data privacy violation in Korea, and Guangdong Province allows games to be...

Blue Lotus Research Institute

The 3rd Plenum of CCPCC Announced An Courageous But Tough-To-Execute Communique

​The communique of CCP's 3rd Plenum of the 20th CC has pressed forward with tough reforms in the next five years. While timing is quite bad, it...

Blue Lotus Research Institute

Amer Sports IPO Lock-Up Expiry - PE Investor Might Look to Trim US$750m Stake

Amer Sports (AS US) raised around US$1.3bn in its US IPO in Feb 2024, after pricing its IPO below its initial range. Its pre-IPO investors will be...

Sumeet Singh

HSTECH Index Rebalance Preview: ASM Pacific (522) Could Replace Ping An Health (1833); US$1bn Trade

ASMPT is down a LOT today following results that were weaker than expected and guidance that was lower than projected earlier. With potential...

Brian Freitas

Popular live streamer Dong Yuhui leaves East Buy, AliExpress fined for data privacy violation in Korea, and Guangdong Province allows games to be...

The communique of CCP's 3rd Plenum of the 20th CC has pressed forward with tough reforms in the next five years. While timing is quite bad, it...