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

<div><p><a href="https://www.smartkarma.com/entities/huazhu-group-ltd" target="_blank" data-smartkarma-citation="entities:17527:1" rel="noopener">Huazhu Group (HTHT US)</a> raised around US$900m in its secondary listing in Hong Kong.</p></div><div><p>I have covered the background of the deal in my earlier notes, <a href="https://www.smartkarma.com/insights/huazhu-hk-secondary-listing-early-look-needs-the-cash-more-than-most-secondary-candidates" target="_blank" rel="noopener">Huazhu HK Secondary Listing - Early Look - Needs the Cash More than Most Secondary Candidates</a> and <a href="https://www.smartkarma.com/insights/huazhu-hk-secondary-listing-needs-the-money-but-looks-toppish" target="_blank" rel="noopener">Huazhu HK Secondary Listing - Needs the Money but Looks Toppish.</a></p></div><div><p>In this insight, I'll talk about the deal dynamics and updates over the past week.</p></div>

Huazhu Group (HTHT US) raised around US$900m in its secondary listing in Hong Kong.I have covered the background of the deal in my earlier notes, Huazhu HK Secondary Listing - Early Look - Needs the Cash More than Most Secondary Candidates and Huazhu HK Secondary Listing - Needs the Money but Looks Toppish.In this insight, I'll talk about the deal dynamics and updates over the past week.

Huazhu HK Secondary Listing Trading - Lowest Coverage, Biggest Correction, Highest Concentration

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.

<div>
<p><a href="https://www.smartkarma.com/entities/zai-lab-ltd" target="_blank" data-smartkarma-citation="entities:25877:1" rel="noopener">Zai Lab Ltd (ZLAB US)</a> has launched a $0.9 billion secondary listing in Hong Kong. Zai Lab is a commercial-stage biopharmaceutical company which started to generate revenue from sales of commercialized products from 2018. In 1H20, revenue was primarily derived from the sales of both ZEJULA and Optune in Hong Kong and China.</p>
<div class="content-highlight"><p>The H shares will be priced on 22 September (Tuesday) and are scheduled for listing on 28 September.  Zai Lab will price its H-shares at a discount to its ADSs to entice investors to participate in the secondary listing. Overall, we think that Zai Lab pricing its H-shares around a 2% discount to its ADSs will be reasonable.</p></div>
</div>


Zai Lab Ltd (ZLAB US) has launched a $0.9 billion secondary listing in Hong Kong. Zai Lab is a commercial-stage biopharmaceutical company which started to generate revenue from sales of commercialized products from 2018. In 1H20, revenue was primarily derived from the sales of both ZEJULA and Optune in Hong Kong and China.
The H shares will be priced on 22 September (Tuesday) and are scheduled for listing on 28 September.  Zai Lab will price its H-shares at a discount to its ADSs to entice investors to participate in the secondary listing. Overall, we think that Zai Lab pricing its H-shares around a 2% discount to its ADSs will be reasonable.


Zai Lab Secondary Listing: HK-ADS Premium/​​(Discount) Views

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/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a>, <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a>, <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a> and <a href="https://www.smartkarma.com/entities/esr-cayman-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Cayman (1821 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 Dianping (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (HK) (9618 HK)</a> and <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing (981 HK)</a>. Shorts increased in Industrials and Energy and were covered in Consumer Discretionary, Information Technology, Communication Services and Financials.</p></div><div><p>Japan saw an increase in shorts on <a href="https://www.smartkarma.com/entities/softbank-corp" target="_blank" data-smartkarma-citation="entities:27445:1" rel="noopener">Softbank Corp (9434 JP)</a>, <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>, <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a> and <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-group-inc" target="_blank" data-smartkarma-citation="entities:217:1" rel="noopener">Sumitomo Mitsui Financial Group (8316 JP)</a> and a reduction in shorts on <a href="https://www.smartkarma.com/entities/tokyo-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:2332:1" rel="noopener">Tokyo Gas (9531 JP)</a>, <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a>, <a href="https://www.smartkarma.com/entities/kao-corp" target="_blank" data-smartkarma-citation="entities:12933:1" rel="noopener">Kao Corp (4452 JP)</a> and <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl Corp (4921 JP)</a>. Sectorally, shorts increased in almost all sectors led by Communication Services, Consumer Discretionary, Financials, Information Technology, Industrials and Consumer Staples. With the September ex-dividend date coming up, a large part of the increase in short interest could be due to dividend enhancement trades.</p></div><div><p>Stocks in Korea that saw the most short covering were <a href="https://www.smartkarma.com/entities/s-oil-corp" target="_blank" data-smartkarma-citation="entities:1667:1" rel="noopener">S Oil Corp (010950 KS)</a>, <a href="https://www.smartkarma.com/entities/netmarble-corporation" target="_blank" data-smartkarma-citation="entities:22839:1" rel="noopener">Netmarble Corporation (251270 KS)</a>, <a href="https://www.smartkarma.com/entities/shinpoong-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7296:1" rel="noopener">Shinpoong Pharmaceutical (019170 KS)</a> and <a href="https://www.smartkarma.com/entities/lg-display-co-ltd" target="_blank" data-smartkarma-citation="entities:7145:1" rel="noopener">LG Display (034220 KS)</a>. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/alchip-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20219:1" rel="noopener">Alchip Technologies (3661 TT)</a>, <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/genius-electronic-optical-co-ltd" target="_blank" data-smartkarma-citation="entities:9632:1" rel="noopener">Genius Electronic Optical (3406 TT)</a> and <a href="https://www.smartkarma.com/entities/txc-corp" target="_blank" data-smartkarma-citation="entities:5212:1" rel="noopener">Txc Corp (3042 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">Au Optronics (2409 TT)</a>, <a href="https://www.smartkarma.com/entities/asmedia-technology-inc" target="_blank" data-smartkarma-citation="entities:15732:1" rel="noopener">Asmedia Technology (5269 TT)</a>, <a href="https://www.smartkarma.com/entities/elan-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:19789:1" rel="noopener">Elan Microelectronics (2458 TT)</a> and <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 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 AIA Group Ltd (1299 HK), China Merchants Bank H (3968 HK), CNOOC Ltd (883 HK) and ESR Cayman (1821 HK), while there was short covering on Meituan Dianping (3690 HK), Ping An Insurance (H) (2318 HK), JD.com (HK) (9618 HK) and Semiconductor Manufacturing (981 HK). Shorts increased in Industrials and Energy and were covered in Consumer Discretionary, Information Technology, Communication Services and Financials.Japan saw an increase in shorts on Softbank Corp (9434 JP), Fast Retailing (9983 JP), Mitsubishi UFJ Financial (MUFG) (8306 JP) and Sumitomo Mitsui Financial Group (8316 JP) and a reduction in shorts on Tokyo Gas (9531 JP), ROHM Co Ltd (6963 JP), Kao Corp (4452 JP) and Fancl Corp (4921 JP). Sectorally, shorts increased in almost all sectors led by Communication Services, Consumer Discretionary, Financials, Information Technology, Industrials and Consumer Staples. With the September ex-dividend date coming up, a large part of the increase in short interest could be due to dividend enhancement trades.Stocks in Korea that saw the most short covering were S Oil Corp (010950 KS), Netmarble Corporation (251270 KS), Shinpoong Pharmaceutical (019170 KS) and LG Display (034220 KS). Stocks in Taiwan that saw the highest increase in shorts were Alchip Technologies (3661 TT), TSMC (2330 TT), Genius Electronic Optical (3406 TT) and Txc Corp (3042 TT) while shorts were covered on Au Optronics (2409 TT), Asmedia Technology (5269 TT), Elan Microelectronics (2458 TT) and Yageo Corporation (2327 TT).

Asia Short Interest Weekly: Meituan, JD, PingAn, SMIC, Japan Divs, Netmarble, Shinpoong, Genius, TXC

ZTO Express Cayman  / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/zto-express" target="_blank" data-smartkarma-citation="entities:23628:1" rel="noopener">ZTO Express (ZTO US)</a> has launched a $1.6 billion secondary listing in Hong Kong. We previously <a href="https://www.smartkarma.com/insights/zto-express-secondary-listing-home-delivery" target="_blank" rel="noopener">outlined our views</a> on ZTO Express’ fundamentals and valuation. The H shares will be priced on 22 September (Tuesday) and are scheduled for listing on 29 September.  </p><div class="content-highlight"><p>In this note, we will look at ZTO Express’ potential HK-ADS premium/(discount). ZTO Express will price its H-shares at a discount to its ADSs to entice investors to participate in the secondary listing. Overall, we think that ZTO Express pricing its H-shares around a 3% discount to its ADSs will be reasonable.</p></div>

ZTO Express (ZTO US) has launched a $1.6 billion secondary listing in Hong Kong. We previously outlined our views on ZTO Express’ fundamentals and valuation. The H shares will be priced on 22 September (Tuesday) and are scheduled for listing on 29 September.  In this note, we will look at ZTO Express’ potential HK-ADS premium/(discount). ZTO Express will price its H-shares at a discount to its ADSs to entice investors to participate in the secondary listing. Overall, we think that ZTO Express pricing its H-shares around a 3% discount to its ADSs will be reasonable.

ZTO Express Secondary Listing: HK-ADS Premium/​(Discount) Views

<div><p><a href="https://www.smartkarma.com/entities/baozun-inc" target="_blank" data-smartkarma-citation="entities:24184:1" rel="noopener">Baozun Inc. (BZUN US)</a> plans to raise around US$490m in its secondary listing in Hong Kong.</p></div><div>
<p>The company was said to have won approval for listing last week along with <a href="https://www.smartkarma.com/entities/zto-express" target="_blank" data-smartkarma-citation="entities:23628:1" rel="noopener">ZTO Express (ZTO US)</a> and <a href="https://www.smartkarma.com/entities/zai-lab-ltd" target="_blank" data-smartkarma-citation="entities:25877:1" rel="noopener">Zai Lab Ltd (ZLAB US)</a> however, it filed its PHIP only yesterday and launched its deal today.</p>
<p>In this insight, I'll talk about the deal dynamics and what to do with the ADR during the book build.</p>
<p></p>
</div><div><h2>Links to my previous notes on the topic on Secondary listings:</h2></div><ul>
<li><a href="https://www.smartkarma.com/insights/zai-lab-hk-secondary-listing-large-deal-to-digest-but-past-deals-have-done-well" target="_blank" rel="noopener">Zai Lab HK Secondary Listing - Large Deal to Digest but past Deals Have Done Well</a></li>
<li><a href="https://www.smartkarma.com/insights/zto-express-secondary-listing-fast-growth-but-it-hasn-t-been-flowing-down-to-earnings" target="_blank" rel="noopener">ZTO Express Secondary Listing - Fast Growth but It Hasn’t Been Flowing Down to Earnings</a></li>
<li><a href="https://www.smartkarma.com/insights/huazhu-hk-secondary-listing-early-look-needs-the-cash-more-than-most-secondary-candidates" target="_blank" rel="noopener">Huazhu HK Secondary Listing - Early Look - Needs the Cash More than Most Secondary Candidates</a></li>
</ul><div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/huazhu-hk-secondary-listing-early-look-needs-the-cash-more-than-most-secondary-candidates" target="_blank" rel="noopener">Huazhu HK Secondary Listing - Early Look - Needs the Cash More than Most Secondary Candidates</a></li>
<li><a href="https://www.smartkarma.com/insights/yum-china-hk-ipo-trading-index-flows-to-the-rescue" target="_blank" rel="noopener">Yum China HK IPO Trading - Index Flows to the Rescue</a></li>
</ul></div><div><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/yum-china-hk-listing-relatively-bigger-should-offer-a-bigger-discount" target="_blank" rel="noopener">Yum China HK Listing - Relatively Bigger, Should Offer a Bigger Discount</a>.</li>
<li><a href="https://www.smartkarma.com/insights/yum-china-hk-listing-early-look-relatively-bigger-deal-should-have-a-relatively-bigger-impact" target="_blank" rel="noopener">Yum China HK Listing - Early Look - Relatively Bigger Deal Should Have a Relatively Bigger Impact</a></li>
</ul></div><div><ul style="list-style-type: disc;"><li><a href="https://www.smartkarma.com/insights/jd-netease-secondary-listings-what-to-do-with-the-adr-lessons-from-baba" target="_blank" rel="noopener">JD &amp; NetEase Secondary Listings - What to Do with the ADR? Lessons from Baba</a></li></ul></div><div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/jd-netease-and-other-secondary-listing-index-ftse-msci-hsi-and-hscei-impact" target="_blank" rel="noopener">JD, NetEase and Other Secondary Listing - Index (FTSE, MSCI, HSI And HSCEI) Impact</a></li>
<li><a href="https://www.smartkarma.com/insights/jd-com-hk-listing-early-look-getting-the-ball-rolling" target="_blank" rel="noopener">JD.com HK Listing - Early Look - Getting the Ball Rolling</a></li>
</ul></div><div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/jd-secondary-listing-early-to-file-but-late-to-launch-puts-it-in-a-peculiar-position" target="_blank" rel="noopener">JD Secondary Listing - Early to File but Late to Launch Puts It in a Peculiar Position</a></li>
<li><a href="https://www.smartkarma.com/insights/jd-secondary-listing-behaving-better-than-netease-so-far" target="_blank" rel="noopener">JD Secondary Listing - Behaving Better than NetEase, so Far</a></li>
</ul></div><div><ul style="list-style-type: disc;"><li><a href="https://www.smartkarma.com/insights/jd-secondary-trading-update-strong-demand-but-won-t-have-any-index-flows" target="_blank" rel="noopener">JD Secondary Trading Update - Strong Demand but Won’t Have Any Index Flows</a></li></ul></div><div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/netease-hk-listing-early-look-follow-the-leader" target="_blank" rel="noopener">NetEase HK Listing - Early Look - Follow the Leader</a></li>
<li><a href="https://www.smartkarma.com/insights/netease-secondary-listing-relatively-bigger-than-baba-should-offer-relatively-bigger-discount" target="_blank" rel="noopener">NetEase Secondary Listing - Relatively Bigger than Baba, Should Offer Relatively Bigger Discount</a></li>
<li><a href="https://www.smartkarma.com/insights/netease-secondary-listing-doing-a-beigene-rather-than-a-baba-risk-reward-shifting" target="_blank" rel="noopener">NetEase Secondary Listing - Doing a BeiGene Rather than a Baba, Risk Reward Shifting</a></li>
</ul></div><div><ul style="list-style-type: disc;"><li><a href="https://www.smartkarma.com/insights/netease-secondary-trading-update-index-flows-to-provide-near-term-support" target="_blank" rel="noopener">NetEase Secondary Trading Update - Index Flows to Provide near Term Support</a></li></ul></div><div><ul style="list-style-type: disc;"><li><a href="https://www.smartkarma.com/insights/alibaba-ipo-secondary-listing-the-real-ipo-only-begins-on-the-11th-day-post-listing" target="_blank" rel="noopener">Alibaba IPO/​Secondary Listing - The Real IPO Only Begins on the 11th Day Post Listing</a></li></ul></div><div><ul style="list-style-type: disc;">
<li dir="ltr"><p><a href="https://www.smartkarma.com/insights/alibaba-ipo-secondary-listing-proposed-stock-connect-changes-might-throw-a-spanner-in-the-works" target="_blank" rel="noopener">Alibaba IPO/​Secondary Listing - Proposed Stock Connect Changes Might Throw a Spanner in the Works</a></p></li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/alibaba-ipo-secondary-listing-what-to-do-with-the-us-adr-while-waiting-for-the-hk-listing" target="_blank" rel="noopener">Alibaba IPO/​​Secondary Listing - What to Do with the US ADR While Waiting for the HK Listing?</a></li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/alibaba-ipo-secondary-listing-not-good-for-the-adr-should-have-put-a-price-range-to-it" target="_blank" rel="noopener">Alibaba IPO/​​​Secondary Listing -  Not Good for the ADR, Should Have Put a Price Range to It</a></li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/alibaba-ipo-secondary-neither-here-not-there-index-announcements-comparison-to-other-deals" target="_blank" rel="noopener">Alibaba IPO/​​​​Secondary -  Neither Here Nor There - Index Announcements, Comparison to Other Deals</a></li>
</ul></div><div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/alibaba-ipo-secondary-listing-trading-time-to-converge-that-s-it" target="_blank" rel="noopener">Alibaba IPO/​​​​​Secondary Listing Trading - Time to Converge, That’s It</a></li>
<li><a href="https://www.smartkarma.com/insights/china-adrs-secondary-listing-deep-dive-yin-and-yang" target="_blank" rel="noopener">China ADRs Secondary Listing Deep-Dive: Yin and Yang</a></li>
<li><a href="https://www.smartkarma.com/insights/china-adrs-secondary-listing-holding-foreign-companies-accountable-act-i-m-coming-home" target="_blank" rel="noopener">China ADRs Secondary Listing - Holding Foreign Companies Accountable Act - I’m Coming Home</a></li>
<li><a href="https://www.smartkarma.com/insights/china-adrs-secondary-listing-covid-19-has-increased-the-tension-but-narrowed-the-short-list" target="_blank" rel="noopener">China ADRs Secondary Listing: COVID-19 Has Increased the Tension but Narrowed the Short List</a></li>
</ul></div>

Baozun Inc. (BZUN US) plans to raise around US$490m in its secondary listing in Hong Kong.
The company was said to have won approval for listing last week along with ZTO Express (ZTO US) and Zai Lab Ltd (ZLAB US) however, it filed its PHIP only yesterday and launched its deal today.
In this insight, I'll talk about the deal dynamics and what to do with the ADR during the book build.

Links to my previous notes on the topic on Secondary listings:
Zai Lab HK Secondary Listing - Large Deal to Digest but past Deals Have Done Well
ZTO Express Secondary Listing - Fast Growth but It Hasn’t Been Flowing Down to Earnings
Huazhu HK Secondary Listing - Early Look - Needs the Cash More than Most Secondary Candidates

Huazhu HK Secondary Listing - Early Look - Needs the Cash More than Most Secondary Candidates
Yum China HK IPO Trading - Index Flows to the Rescue


Yum China HK Listing - Relatively Bigger, Should Offer a Bigger Discount.
Yum China HK Listing - Early Look - Relatively Bigger Deal Should Have a Relatively Bigger Impact
JD &amp; NetEase Secondary Listings - What to Do with the ADR? Lessons from Baba
JD, NetEase and Other Secondary Listing - Index (FTSE, MSCI, HSI And HSCEI) Impact
JD.com HK Listing - Early Look - Getting the Ball Rolling

JD Secondary Listing - Early to File but Late to Launch Puts It in a Peculiar Position
JD Secondary Listing - Behaving Better than NetEase, so Far
JD Secondary Trading Update - Strong Demand but Won’t Have Any Index Flows
NetEase HK Listing - Early Look - Follow the Leader
NetEase Secondary Listing - Relatively Bigger than Baba, Should Offer Relatively Bigger Discount
NetEase Secondary Listing - Doing a BeiGene Rather than a Baba, Risk Reward Shifting
NetEase Secondary Trading Update - Index Flows to Provide near Term SupportAlibaba IPO/​Secondary Listing - The Real IPO Only Begins on the 11th Day Post Listing
Alibaba IPO/​Secondary Listing - Proposed Stock Connect Changes Might Throw a Spanner in the Works
Alibaba IPO/​​Secondary Listing - What to Do with the US ADR While Waiting for the HK Listing?
Alibaba IPO/​​​Secondary Listing -  Not Good for the ADR, Should Have Put a Price Range to It
Alibaba IPO/​​​​Secondary -  Neither Here Nor There - Index Announcements, Comparison to Other Deals

Alibaba IPO/​​​​​Secondary Listing Trading - Time to Converge, That’s It
China ADRs Secondary Listing Deep-Dive: Yin and Yang
China ADRs Secondary Listing - Holding Foreign Companies Accountable Act - I’m Coming Home
China ADRs Secondary Listing: COVID-19 Has Increased the Tension but Narrowed the Short List


Baozun HK Secondary Listing - Large Dilution Needs a Large Correction

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)

Huazhu HK Secondary Listing Trading - Lowest Coverage, Biggest Correction, Highest Concentration

Huazhu Group (HTHT US) raised around US$900m in its secondary listing in Hong Kong. I have covered the background of the deal in my earlier...

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Zai Lab Secondary Listing: HK-ADS Premium/(Discount) Views

ZTO Express (ZTO US) has launched a $1.6 billion secondary listing in Hong Kong. We previously outlined our views on ZTO Express’ fundamentals and...

Arun George

Asia Short Interest Weekly: Meituan, JD, PingAn, SMIC, Japan Divs, Netmarble, Shinpoong, Genius, TXC

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong...

Brian Freitas

ZTO Express Secondary Listing: HK-ADS Premium/(Discount) Views

ZTO Express (ZTO US) has launched a $1.6 billion secondary listing in Hong Kong. We previously outlined our views on ZTO Express’ fundamentals and...

Arun George

Baozun HK Secondary Listing - Large Dilution Needs a Large Correction

Zai Lab Ltd (ZLAB US) plans to raise around US$1bn in its secondary listing in Hong Kong. We have covered the company's listing and some of its...

Sumeet Singh

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Huazhu HK Secondary Listing Trading - Lowest Coverage, Biggest Correction, Highest Concentration

Huazhu Group (HTHT US) raised around US$900m in its secondary listing in Hong Kong. I have covered the background of the deal in my earlier...

Sumeet Singh

Zai Lab Secondary Listing: HK-ADS Premium/​​(Discount) Views

ZTO Express (ZTO US) has launched a $1.6 billion secondary listing in Hong Kong. We previously outlined our views on ZTO Express’ fundamentals and...

Arun George

Asia Short Interest Weekly: Meituan, JD, PingAn, SMIC, Japan Divs, Netmarble, Shinpoong, Genius, TXC

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong...

Brian Freitas

ZTO Express Secondary Listing: HK-ADS Premium/​(Discount) Views

ZTO Express (ZTO US) has launched a $1.6 billion secondary listing in Hong Kong. We previously outlined our views on ZTO Express’ fundamentals and...

Arun George

Baozun HK Secondary Listing - Large Dilution Needs a Large Correction

Zai Lab Ltd (ZLAB US) plans to raise around US$1bn in its secondary listing in Hong Kong. We have covered the company's listing and some of its...

Sumeet Singh

Zai Lab Secondary Listing: HK-ADS Premium/(Discount) Views

ZTO Express Secondary Listing: HK-ADS Premium/(Discount) Views