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/hangzhou-sf-intra-city-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:34916:1" rel="noopener">SF Intra-City (9699 HK)</a> (SFIC) is looking to raise up to about US$300m in its Hong Kong IPO.</li>
<li>SFIC is the intra-city on-demand delivery arm of SF Holding.</li>
<li>Valuation is expensive compared to <a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus Ltd (DADA US)</a>. </li>
</ul>



SF Intra-City (9699 HK) (SFIC) is looking to raise up to about US$300m in its Hong Kong IPO.
SFIC is the intra-city on-demand delivery arm of SF Holding.
Valuation is expensive compared to Dada Nexus Ltd (DADA US). 


SF Intra-City (顺丰同城) IPO - Not the Right Price

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-logistics" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (2618 HK)</a> (JDL) was listed on the Hong Kong Exchange on 28th May, 2021. Its IPO lock-up will expire on 28th November, 2021.</li>
<li>JD Logistics (JDL) was the leading supply chain solutions and logistics services provider in China in terms of revenue in 2018 and 2019.</li>
<li>Cornerstone investors are sitting on about 26% loss whereas pre-IPO investors are still mostly up 53% on their investments but have held since 2018.</li>
</ul>



JD Logistics (2618 HK) (JDL) was listed on the Hong Kong Exchange on 28th May, 2021. Its IPO lock-up will expire on 28th November, 2021.
JD Logistics (JDL) was the leading supply chain solutions and logistics services provider in China in terms of revenue in 2018 and 2019.
Cornerstone investors are sitting on about 26% loss whereas pre-IPO investors are still mostly up 53% on their investments but have held since 2018.


JD Logistics (京东物流) Lock-Up Expiry - Cornerstone Sitting on Losses, Pre-IPO Investors Still Up

Research on Tech Companies

Evelyn Zhang

Thematic (Sector/Industry)

<ul>
<li>The competition between Alibaba and JD has been heating up after Alibaba abandoned its "exclusivity requirement”, JD sale GMV increased by 28.4% vs Alibaba only increased by 8.4% YoY.  </li>
<li>Live streaming has become a mainstream sales channel, Douyin and Kuaishou both achieved more than 200% sales increase YoY.  </li>
<li>Influencers and brands are fighting over price setting power. Many brands have opened their own official livestreaming channels this year.</li>
</ul>


The competition between Alibaba and JD has been heating up after Alibaba abandoned its "exclusivity requirement”, JD sale GMV increased by 28.4% vs Alibaba only increased by 8.4% YoY.  
Live streaming has become a mainstream sales channel, Douyin and Kuaishou both achieved more than 200% sales increase YoY.  
Influencers and brands are fighting over price setting power. Many brands have opened their own official livestreaming channels this year.


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hangzhou-sf-intra-city-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:34916:1" rel="noopener">SF Intra-City (1874747D CH)</a> is the largest independent third-party on-demand delivery service provider in China. It is pre-marketing an HKEx IPO to raise up to $500 million, according to reports. </li>
<li>In <a href="https://www.smartkarma.com/insights/sf-intra-city-industrial-ipo-initiation-missed-delivery" target="_blank" data-smartkarma-citation="insights:60224" rel="noopener">SF Intra-City Industrial IPO Initiation: Missed Delivery</a>, we stated that it offers an unappetizing mix of high growth at the cost of gross losses and cash burn. </li>
<li>The PHIP which discloses 5M21 results continues to highlight the growth at all costs strategy. We continue to think that SF Intra-city’s fundamentals are less than inspiring. </li>
</ul>



SF Intra-City (1874747D CH) is the largest independent third-party on-demand delivery service provider in China. It is pre-marketing an HKEx IPO to raise up to $500 million, according to reports. 
In SF Intra-City Industrial IPO Initiation: Missed Delivery, we stated that it offers an unappetizing mix of high growth at the cost of gross losses and cash burn. 
The PHIP which discloses 5M21 results continues to highlight the growth at all costs strategy. We continue to think that SF Intra-city’s fundamentals are less than inspiring. 


SF Intra-City Industrial IPO: Delivering Losses

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<p>For our next Webinar, we're excited to welcome back Insight Provider <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a>, who will cover the upcoming rebalance of the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899" rel="noopener">Hong Kong Hang Seng Index (HSI INDEX)</a> as it pushes towards its target of 80 index members by mid-2022.</p>
<h3>The webinar will be hosted on Wednesday, 17 November 2021, 17:00 SGT/HKT.</h3>
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<div class="content-highlight">
<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=85212464246" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
</div>
</div>
</div>
<div>
<p>Brian Freitas is a highly experienced ex-delta one trader with over 17 years of experience. He was previously with Barclays, Macquarie, Credit Suisse, and BNP Paribas.</p>
</div>

For our next Webinar, we're excited to welcome back Insight Provider Brian Freitas, who will cover the upcoming rebalance of the Hong Kong Hang Seng Index (HSI INDEX) as it pushes towards its target of 80 index members by mid-2022.
The webinar will be hosted on Wednesday, 17 November 2021, 17:00 SGT/HKT.



Register for the Webinar here




Brian Freitas is a highly experienced ex-delta one trader with over 17 years of experience. He was previously with Barclays, Macquarie, Credit Suisse, and BNP Paribas.


Smartkarma Webinar | Potential Inclusions to the Hang Seng Index (HSI INDEX)

China

JD Logistics, Inc. offers logistics services. The Company provides cargo transportation, cargo distribution, warehousing, and other services. JD Logistics is located in China.

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JD Logistics (2618 HK)

SF Intra-City (顺丰同城) IPO - Not the Right Price

Hangzhou SF Intra-City (SFIC) is looking to raise up to about US$300m in its Hong Kong IPO. Our valuation implies 11 - 38% potential downside to...

Sumeet Singh

JD Logistics (京东物流) Lock-Up Expiry - Cornerstone Sitting on Losses, Pre-IPO Investors Still Up

JDL IPO lock-up expires this week. Cornerstone investors are sitting on about 26% loss whereas pre-IPO investors are still mostly up 53% on their...

Sumeet Singh

A Quiet Single Day

Another year another Single's Day, but the pandemic has put a damper on this year's shopping bonanza. Faced with a shrinking pie, a new player is...

Evelyn Zhang

SF Intra-City Industrial IPO: Delivering Losses

SF Intra-city is pre-marketing an HKEx IPO to raise up to $500 m. The PHIP continues to show that it offers an unappetizing mix of high growth at...

Arun George

Smartkarma Webinar | Potential Inclusions to the Hang Seng Index (HSI INDEX)

On Wednesday, 17 November, 5pm SGT, join our webinar with Brian Freitas, who will cover the upcoming rebalance of the Hong Kong Hang Seng Index.

Smartkarma Research

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