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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.</li>
<li>On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.</li>
<li>In this note, we'll talk about the latest developments and its implications.</li>
</ul>


On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.
On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.
In this note, we'll talk about the latest developments and its implications.


China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

Event-Driven

<ul>
<li>On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign Companies Accountable Act (HFCAA).</li>
<li>There is nothing new about the list, on 2nd Dec 2021, SEC had issued final amendments to implement the HFCAA which had already spoken about the list and its implications.</li>
<li>In this note, we'll talk about the latest developments its possible timelines and implications.</li>
</ul>


On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign Companies Accountable Act (HFCAA).
There is nothing new about the list, on 2nd Dec 2021, SEC had issued final amendments to implement the HFCAA which had already spoken about the list and its implications.
In this note, we'll talk about the latest developments its possible timelines and implications.


China ADRs Delisting - SEC Sets the Clock Ticking and Sends China ADRs Tripping

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>There are signs that a base has been building in Real Estate allocations, and that sentiment is starting to stabilise.</li>
<li>Average weights in the Real Estate sector ticked higher by 0.25% and 5.43% of managers moved to overweight, closing the net underweight by 0.22%.</li>
<li>Central Pattana Pub (CPN TB), China Resources Mixc Lifestyle Services (1209 HK) and Capitaland (CAPL SP) were beneficiaries of recent inflows</li>
</ul>


There are signs that a base has been building in Real Estate allocations, and that sentiment is starting to stabilise.
Average weights in the Real Estate sector ticked higher by 0.25% and 5.43% of managers moved to overweight, closing the net underweight by 0.22%.
Central Pattana Pub (CPN TB), China Resources Mixc Lifestyle Services (1209 HK) and Capitaland (CAPL SP) were beneficiaries of recent inflows


Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> shares have fallen 46% since 31 March v a 52% decline for <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> with little daylight between the two since August</li>
<li>That reflects fading influence from Vision Fund which is shed $12bn in value Q4 to date and c. $30bn this fiscal year.</li>
<li>The discount remains in the 50% range as tailwinds from the share buyback depend on a successful IPO of ARM, where the magnitude and timing remain uncertain</li>
</ul>



Softbank Group (9984 JP) shares have fallen 46% since 31 March v a 52% decline for Alibaba Group (9988 HK) with little daylight between the two since August
That reflects fading influence from Vision Fund which is shed $12bn in value Q4 to date and c. $30bn this fiscal year.
The discount remains in the 50% range as tailwinds from the share buyback depend on a successful IPO of ARM, where the magnitude and timing remain uncertain


Softbank Group - Alibaba Remains the Key Share Price Driver as VF Diversification Stalls

Forensic Analyst

Jason Yap, CFA

Forensic Accounting

<ul>
<li>On 16 December 2021, KE Holdings Inc (BEKE US) was target of shortseller Muddy Water's shortsell report, which alleged "significant fraud".  BEKE has since issued a rebuttal. </li>
<li>As shortsell attacks increase in recent years, investors with affected portfolio companies need to find a way to swiftly evaluate and react to shortsell report risks. </li>
<li>In this Insight, we provide a 6 point checklist that investors could use to evaluate such risks and make capital allocation decisions in respect of its portfolio company</li>
</ul>


On 16 December 2021, KE Holdings Inc (BEKE US) was target of shortseller Muddy Water's shortsell report, which alleged "significant fraud".  BEKE has since issued a rebuttal. 
As shortsell attacks increase in recent years, investors with affected portfolio companies need to find a way to swiftly evaluate and react to shortsell report risks. 
In this Insight, we provide a 6 point checklist that investors could use to evaluate such risks and make capital allocation decisions in respect of its portfolio company


KE Holdings (BEKE US)'s Shortsell Report and Rebuttal - Key Takeaways

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

KE Holdings (BEKE US)

China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas...

Sumeet Singh

China ADRs Delisting - SEC Sets the Clock Ticking and Sends China ADRs Tripping

On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign...

Sumeet Singh

Asia Real Estate: Early Stage Recovery

There are signs that a base has been building in Real Estate allocations, and that sentiment is starting to stabilise among active Asia Ex-Japan...

Steven Holden