China/Asia TMT

Shawn Yang

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>JD/ AAPL/ 1810.HK: Apple launches new iPhones in China (-/-/+)</li>
<li>LI/NIO:Huawei AITO New M7 was launched today, limiting impact on LI auto(-)</li>
<li>Meituan/Ctrip.com/Atour: Thailand announced to implement a 5-months visa-free policy for Chinese tourists（+/+/-）</li>
</ul>


JD/ AAPL/ 1810.HK: Apple launches new iPhones in China (-/-/+)
LI/NIO:Huawei AITO New M7 was launched today, limiting impact on LI auto(-)
Meituan/Ctrip.com/Atour: Thailand announced to implement a 5-months visa-free policy for Chinese tourists（+/+/-）


China TMT Update-JD/AAPL/1810.HK/LI/NIO/Meituan/Ctrip/Atour-New IPhones in China;Thailand Visa-Free

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>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.


SF Holdings A/H Listing - Recent Filing and Other Updates

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities.</li>
<li>We looked at the company’s past performance and undertook a peer comparison in our earlier notes. In this note, we talk about valuations.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities.
We looked at the company’s past performance and undertook a peer comparison in our earlier notes. In this note, we talk about valuations.


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>We contacted drivers here in Shanghai and asked about their experience at Tuhu stores.</li>
<li>Franchised stores are well positioned in the aftermarket and Tuhu is the largest store chain among them.</li>
<li>However, Tuhu sets high standards for workshops, but average standards for mechanics.</li>
</ul>


We contacted drivers here in Shanghai and asked about their experience at Tuhu stores.
Franchised stores are well positioned in the aftermarket and Tuhu is the largest store chain among them.
However, Tuhu sets high standards for workshops, but average standards for mechanics.


Tuhu Car (途虎) Pre-IPO: Why Sedan Owners Choose Tuhu

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, things are getting busy again with multiple deals live across the region, whic his a refreshing change from the slow start in the first half.</li>
<li>There were only a few placement this week, but what the lacked in volume they made up for in size. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, things are getting busy again with multiple deals live across the region, whic his a refreshing change from the slow start in the first half.
There were only a few placement this week, but what the lacked in volume they made up for in size. 


ECM Weekly (10th Sep 2023) - ARM, VNG, Tuhu, Integral, Doosan, Orora, JFE, RR Kabel, Samhi Hotel

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)

China TMT Update-JD/AAPL/1810.HK/LI/NIO/Meituan/Ctrip/Atour-New IPhones in China;Thailand Visa-Free

JD/ AAPL/ 1810.HK: Apple launches new iPhones in China;LI/NIO:Huawei AITO New M7 was launched today;Meituan/Ctrip.com/Atour: Thailand announced to...

Blue Lotus Research Institute

SF Holdings A/H Listing - Recent Filing and Other Updates

SF Holding, China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing. In this note, we look at the recent...

Sumeet Singh

VNG Pre-IPO - Thoughts on Valuation

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about valuations.

Sumeet Singh

Tuhu Car (途虎) Pre-IPO: Why Sedan Owners Choose Tuhu

We contacted drivers here in Shanghai. Franchised stores are well positioned in the aftermarket. But Tuhu sets overly high standards for workshops.

Ming Lu

ECM Weekly (10th Sep 2023) - ARM, VNG, Tuhu, Integral, Doosan, Orora, JFE, RR Kabel, Samhi Hotel

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

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