APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>
<a href="https://www.smartkarma.com/entities/tuhu-car-inc" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (9690 HK)</a> was listed in Hong Kong on 26th Sept 2023 after raising US$151m. The IPO had been a 100% primary offering.</li>
<li>Tuhu is an integrated online and offline platform for automotive services in China.</li>
<li>Trading with a very small float of 1.8%, in its upcoming six-month lockup expiry, &gt;90% of Tuhu’s pre-IPO investors, cornerstones and management combined stakes will come off six-month lockup expiry.</li>
</ul>



Tuhu Car (9690 HK) was listed in Hong Kong on 26th Sept 2023 after raising US$151m. The IPO had been a 100% primary offering.
Tuhu is an integrated online and offline platform for automotive services in China.
Trading with a very small float of 1.8%, in its upcoming six-month lockup expiry, &gt;90% of Tuhu’s pre-IPO investors, cornerstones and management combined stakes will come off six-month lockup expiry.


Tuhu Car Lock-Up Expiry - Would Need Some Selling to Improve Liquidity when US$1.5bn Comes Unlocked

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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

Thematic (Sector/Industry)

<ul>
<li>LI/XPEV/NIO/1211 HK:  Sales of strong EV brands held up better during CNY, Li and Tesla led and AITO and BYD followed (+)</li>
<li>BEKE : ByteDance suspend self-operating home decoration business( + ) </li>
<li>ZLAB:Bristol-Myers Squibb （BMS） outsources Opdivo sales in ten southwestern provinces to Zai Lab, a long-term positive but with many prerequisites (+)</li>
</ul>


LI/XPEV/NIO/1211 HK:  Sales of strong EV brands held up better during CNY, Li and Tesla led and AITO and BYD followed (+)
BEKE : ByteDance suspend self-operating home decoration business( + ) 
ZLAB:Bristol-Myers Squibb （BMS） outsources Opdivo sales in ten southwestern provinces to Zai Lab, a long-term positive but with many prerequisites (+)


[Blue Lotus Daily]:LI/XPEV/NIO/1211 HK/BEKE/ZLAB

<ul>
<li>1211 HK: BYD's battery subsidiary FinDreams signed a lithium iron phosphate battery production agreement with Borg Warner (+)</li>
<li>1810 HK: OPPO AI strategic press conference officially announced to be held on February 20, dubbed as 'Opening the era of AI phones for all' (-)</li>
<li>BEKE: Real Estate Industry: Existing home sales increased 70% yoy in CNY holiday(+)</li>
</ul>


1211 HK: BYD's battery subsidiary FinDreams signed a lithium iron phosphate battery production agreement with Borg Warner (+)
1810 HK: OPPO AI strategic press conference officially announced to be held on February 20, dubbed as 'Opening the era of AI phones for all' (-)
BEKE: Real Estate Industry: Existing home sales increased 70% yoy in CNY holiday(+)


[Blue Lotus Daily]: 1211 HK/300750 SZ/1810 HK/ATAT/HTHT/3690 HK/BEKE

<ul>
<li>300274 SZ: Sungrow preannounced full-year profit to exceed expectations (+)</li>
<li>LI/NIO/XPEV: Li Auto's deliveries rose in the third week of January, ranking first among new forces, but still lower than expected (-)</li>
<li>BEKE: Chongqing raised the levy standard of property tax (+)</li>
</ul>


300274 SZ: Sungrow preannounced full-year profit to exceed expectations (+)
LI/NIO/XPEV: Li Auto's deliveries rose in the third week of January, ranking first among new forces, but still lower than expected (-)
BEKE: Chongqing raised the levy standard of property tax (+)


[Blue Lotus Daily]: ATAT/HTHT/TCOM/300750CH/1211HK/835185CH/ 600516CH/LI/NIO/XPEV/BEKE/ZTO

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline narrowed to -6.5%/-9.6% YoY (-12.5/-16.5% excluding base adjustment impact) from -26.7/- 10% in 2022，still in bottoming process.</li><li>Looking into 2024, we believe the recovery in new home market will still take time.</li><li>Sales and investments may show a continuous fall at -4/-9% YoY in our view, considering the diminishing policy effect, developers’ debt issue which may squeeze purchase demand to secondary market, low land acquisition in 2023 which may result in a lower level of quality saleable resource, and higher affordable housing supply which may lead to less demand for commercial housing. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline narrowed to -6.5%/-9.6% YoY (-12.5/-16.5% excluding base adjustment impact) from -26.7/- 10% in 2022，still in bottoming process.Looking into 2024, we believe the recovery in new home market will still take time.Sales and investments may show a continuous fall at -4/-9% YoY in our view, considering the diminishing policy effect, developers’ debt issue which may squeeze purchase demand to secondary market, low land acquisition in 2023 which may result in a lower level of quality saleable resource, and higher affordable housing supply which may lead to less demand for commercial housing. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Property Sector – NBS Dec data in line, still in bottoming process

China

KE Holdings Inc. operates as an integrated online and offline platform for housing transactions and services. The Company offers existing and new home sales, home rentals, home renovation, real estate financial solutions, and other services. KE Holdings conducts businesses in China.

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KE Holdings (BEKE US)

Tuhu Car Lock-Up Expiry - Would Need Some Selling to Improve Liquidity when US$1.5bn Comes Unlocked

Tuhu Car (9690 HK) was listed in Hong Kong on 26th Sept 2023 after raising US$151m. The IPO had been a 100% primary offering.

Clarence Chu

[Blue Lotus Daily]:LI/XPEV/NIO/1211 HK/BEKE/ZLAB

Strong EV brands like Li and Tesla saw better sales during CNY; ByteDance suspends home decoration business; BMS outsources Opdivo sales to Zai...

Blue Lotus Research Institute

[Blue Lotus Daily]: 1211 HK/300750 SZ/1810 HK/ATAT/HTHT/3690 HK/BEKE

BYD's battery subsidiary partners with Borg Warner for lithium iron phosphate battery production; OPPO to hold AI phone conference; existing home...

Blue Lotus Research Institute

[Blue Lotus Daily]: ATAT/HTHT/TCOM/300750CH/1211HK/835185CH/ 600516CH/LI/NIO/XPEV/BEKE/ZTO

Sungrow's full-year profit exceeds expectations; Li Auto's deliveries improve but fall short; Chongqing raises property tax levy standard.

Blue Lotus Research Institute

China Property Sector – NBS Dec data in line, still in bottoming process

The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tuhu Car Lock-Up Expiry - Would Need Some Selling to Improve Liquidity when US$1.5bn Comes Unlocked

Tuhu Car (9690 HK) was listed in Hong Kong on 26th Sept 2023 after raising US$151m. The IPO had been a 100% primary offering.

Clarence Chu

[Blue Lotus Daily]:LI/XPEV/NIO/1211 HK/BEKE/ZLAB

​Strong EV brands like Li and Tesla saw better sales during CNY; ByteDance suspends home decoration business; BMS outsources Opdivo sales to Zai...

Blue Lotus Research Institute

[Blue Lotus Daily]: 1211 HK/300750 SZ/1810 HK/ATAT/HTHT/3690 HK/BEKE

​BYD's battery subsidiary partners with Borg Warner for lithium iron phosphate battery production; OPPO to hold AI phone conference; existing home...

Blue Lotus Research Institute

[Blue Lotus Daily]: ATAT/HTHT/TCOM/300750CH/1211HK/835185CH/ 600516CH/LI/NIO/XPEV/BEKE/ZTO

​Sungrow's full-year profit exceeds expectations; Li Auto's deliveries improve but fall short; Chongqing raises property tax levy standard.

Blue Lotus Research Institute

China Property Sector – NBS Dec data in line, still in bottoming process

The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline...

CMB International

Strong EV brands like Li and Tesla saw better sales during CNY; ByteDance suspends home decoration business; BMS outsources Opdivo sales to Zai...

BYD's battery subsidiary partners with Borg Warner for lithium iron phosphate battery production; OPPO to hold AI phone conference; existing home...

Sungrow's full-year profit exceeds expectations; Li Auto's deliveries improve but fall short; Chongqing raises property tax levy standard.