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  to see two more listing, with both likely to do well.</li>
<li>On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.</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  to see two more listing, with both likely to do well.
On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.


ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

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

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Early 6/18 pulled June sales into May, leading to disappointing June NBS data. Combined, online retail grew 5.1% yoy in May/June, and 6.4% yoy in 2Q24. </li>
<li>PDD remained the top shelf-ecommerce platform with GMV growing ~20%, followed by Taobao/Tmall (TTG) at ~6-7%, and JD and VIPS at ~2-3% yoy. </li>
<li>We expect JD and BABA to report slight earnings beats and guide upbeat on continued profitability improvement in 2H24. </li>
</ul>


Early 6/18 pulled June sales into May, leading to disappointing June NBS data. Combined, online retail grew 5.1% yoy in May/June, and 6.4% yoy in 2Q24. 
PDD remained the top shelf-ecommerce platform with GMV growing ~20%, followed by Taobao/Tmall (TTG) at ~6-7%, and JD and VIPS at ~2-3% yoy. 
We expect JD and BABA to report slight earnings beats and guide upbeat on continued profitability improvement in 2H24. 


[Blue Lotus E-Commerce Sector Update]: Tax Reform a Light at the End of the Tunnel for Ecommerce

Thematic (Sector/Industry)

<ul>
<li>700 HK: Tencent's &lt;Civilization Mobile&gt; Officially Launches, Ranks Second on iOS Download Chart.（+）</li>
<li>JD US/PDD US/BABA US : JD to launch new monthly promo event “Super 18” (/)</li>
<li>PDD US: PDD announces new requirements for some merchants (+)</li>
</ul>


700 HK: Tencent's &lt;Civilization Mobile&gt; Officially Launches, Ranks Second on iOS Download Chart.（+）
JD US/PDD US/BABA US : JD to launch new monthly promo event “Super 18” (/)
PDD US: PDD announces new requirements for some merchants (+)


[Blue Lotus Daily-TMT Update]:700HK/JD US/PDD US/BABA US/NTES US/SE US/TCOM US/ATAT US/3690HK/BABAUS

Andy Fu

<ul>
<li>Consumption subsidies in China has been muted in the 2020-2024 period, compared to practices in 2009-2012. We believe it reflects different thought of Chinese government at these two times;</li>
<li>Past data has suggested that consumption subsidies are effective. We expect consumer subsidies of ~RMB 50bn to be issued in C2H24 to revive consumption;</li>
<li>An even bigger consumer stimulus of ~RMB 200bn might be issued in 2025, and we believe a consumption tax reform might be one the permanent fixes for the purpose.</li>
</ul>


Consumption subsidies in China has been muted in the 2020-2024 period, compared to practices in 2009-2012. We believe it reflects different thought of Chinese government at these two times;
Past data has suggested that consumption subsidies are effective. We expect consumer subsidies of ~RMB 50bn to be issued in C2H24 to revive consumption;
An even bigger consumer stimulus of ~RMB 200bn might be issued in 2025, and we believe a consumption tax reform might be one the permanent fixes for the purpose.


How to Stimulate China's Consumption, Part IV：Consumption Voucher Is Effective

<ul>
<li>PDD US/BABA US/JD US/VIPS US/3690 HK: NBS publishes social retail consumption data for June 2024 (-/+)</li>
<li>1024 HK: Kuaishou Releases First Fully AI-Generated Micro-Drama, Receives Positive Reviews.（+）</li>
<li>BABA US/PDD US/1519 HK/ZTO US: Weekly parcel volume shows 26% y-o-y growth (+)</li>
</ul>


PDD US/BABA US/JD US/VIPS US/3690 HK: NBS publishes social retail consumption data for June 2024 (-/+)
1024 HK: Kuaishou Releases First Fully AI-Generated Micro-Drama, Receives Positive Reviews.（+）
BABA US/PDD US/1519 HK/ZTO US: Weekly parcel volume shows 26% y-o-y growth (+)


[Blue Lotus Daily-TMT Update]:PDD US/BABA US/JD US/VIPS/3690HK/1024 HK/1519HK/ZTO/TCOM/NTES/BILI/

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.

Price Gauge
52-week Range	0.00 - 0.00
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JD.com Inc (ADR) (JD US)

ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

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 E-Commerce Sector Update]: Tax Reform a Light at the End of the Tunnel for Ecommerce

June sales pulled into May led to disappointing June NBS data. Online retail grew 5.1% yoy in May/June and 6.4% yoy in 2Q24. PDD led in GMV...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:700HK/JD US/PDD US/BABA US/NTES US/SE US/TCOM US/ATAT US/3690HK/BABAUS

Tencent's <civilization mobile> ranks second on iOS download chart, JD US to launch "Super 18" promo event, PDD US announces new requirements for...

Blue Lotus Research Institute

How to Stimulate China's Consumption, Part IV：Consumption Voucher Is Effective

China's consumption subsidies have been quite conservative but actually effective. We expect more subsidies in 2H24 and far more in 2025. We...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:PDD US/BABA US/JD US/VIPS/3690HK/1024 HK/1519HK/ZTO/TCOM/NTES/BILI/

NBS releases social retail consumption data for June 2024, Kuaishou's AI-generated micro-drama receives positive reviews, and weekly parcel volume...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

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 E-Commerce Sector Update]: Tax Reform a Light at the End of the Tunnel for Ecommerce

​June sales pulled into May led to disappointing June NBS data. Online retail grew 5.1% yoy in May/June and 6.4% yoy in 2Q24. PDD led in GMV...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:700HK/JD US/PDD US/BABA US/NTES US/SE US/TCOM US/ATAT US/3690HK/BABAUS

​Tencent's <civilization mobile> ranks second on iOS download chart, JD US to launch "Super 18" promo event, PDD US announces new requirements for...

Blue Lotus Research Institute

How to Stimulate China's Consumption, Part IV：Consumption Voucher Is Effective

​China's consumption subsidies have been quite conservative but actually effective. We expect more subsidies in 2H24 and far more in 2025. We...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:PDD US/BABA US/JD US/VIPS/3690HK/1024 HK/1519HK/ZTO/TCOM/NTES/BILI/

​NBS releases social retail consumption data for June 2024, Kuaishou's AI-generated micro-drama receives positive reviews, and weekly parcel volume...

Blue Lotus Research Institute

June sales pulled into May led to disappointing June NBS data. Online retail grew 5.1% yoy in May/June and 6.4% yoy in 2Q24. PDD led in GMV...

Tencent's <civilization mobile> ranks second on iOS download chart, JD US to launch "Super 18" promo event, PDD US announces new requirements for...

China's consumption subsidies have been quite conservative but actually effective. We expect more subsidies in 2H24 and far more in 2025. We...

NBS releases social retail consumption data for June 2024, Kuaishou's AI-generated micro-drama receives positive reviews, and weekly parcel volume...