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.

Event-Driven

<ul>
<li>BHP shareholders received US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger.</li>
<li>As a part of the distribution, some shares belonging to ineligible and other small shareholders are being sold by the sales agent, JPM, in a US$823m block.</li>
<li>In this note, we will look at the possible deal dynamics and run the deal through our ECM framework.</li>
</ul>


BHP shareholders received US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger.
As a part of the distribution, some shares belonging to ineligible and other small shareholders are being sold by the sales agent, JPM, in a US$823m block.
In this note, we will look at the possible deal dynamics and run the deal through our ECM framework.


BHP Woodside Placement - Here Comes the Block, Will Be Tricky Trading over the Next Few Days

Equity Capital Markets

<ul>
<li>CALB aims to raise around US$1.5bn in its Hong Kong IPO.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. </li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


CALB aims to raise around US$1.5bn in its Hong Kong IPO.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. 
In this note, we will talk about the not so positive aspects of the deal.


CALB Pre-IPO - The Negatives - Lots of Shareholder Re-Shuffling

<ul>
<li>CALB aims to raise around US$1.5bn in its Hong Kong IPO.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


CALB aims to raise around US$1.5bn in its Hong Kong IPO.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. 
In this note, we will talk about the positive aspects of the deal.


CALB Pre-IPO - The Positives - Has Been Growing Fast

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>BILI dismissed employees in game, e-commerce, and video in May.</li>
<li>We believe the growth rates of minor businesses will slow down significantly in 1Q22.</li>
<li>However, the operating margin will improve in 2022 and 2023.</li>
</ul>


BILI dismissed employees in game, e-commerce, and video in May.
We believe the growth rates of minor businesses will slow down significantly in 1Q22.
However, the operating margin will improve in 2022 and 2023.


Bilibili (9626 HK) Pre-Earnings: Layoff Will Slow Down Minor Biz, But More Importantly Cut Loss

Tsingtao Brewery Co Ltd H / Equity Capital Markets

<ul>
<li>Fosun aims to raise around US$527m via selling a 3.5% stake in Tsingtao.</li>
<li>This is not the first selldown by Fosun, we have covered three prior deals in Dec 2020, Apr 2021 and Dec 2021.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Fosun aims to raise around US$527m via selling a 3.5% stake in Tsingtao.
This is not the first selldown by Fosun, we have covered three prior deals in Dec 2020, Apr 2021 and Dec 2021.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Tsingtao Placement - Ending the Selldowns with the Biggest One so Far

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 (9618 HK)

BHP Woodside Placement - Here Comes the Block, Will Be Tricky Trading over the Next Few Days

BHP shareholders received US$18bn worth of Woodside petroleum shares on 1st Jun 2022. As a part of the merger, JPM is looking to sell around...

Sumeet Singh

CALB Pre-IPO - The Negatives - Lots of Shareholder Re-Shuffling

CALB aims to raise around US$1.5bn in its Hong Kong IPO to ramp up its production capacity. CALB undertakes design, R&D, production and sales of EV...

Sumeet Singh

CALB Pre-IPO - The Positives - Has Been Growing Fast

CALB aims to raise around US$1.5bn in its Hong Kong IPO to ramp-up its battery production. In this note, we talk about the positive aspects of the...

Sumeet Singh

Bilibili (9626 HK) Pre-Earnings: Layoff Will Slow Down Minor Biz, But More Importantly Cut Loss

BILI dismissed employees in game, e-commerce, and video. We believe the growth rates of minor businesses will slow down in 1Q22. However, the...

Ming Lu

Tsingtao Placement - Ending the Selldowns with the Biggest One so Far

Fosun aims to raise around US$527m via selling a 3.5% stake in Tsingtao. We have covered three other selldowns by Fosun before.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

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