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

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Tencent has received regulatory approval to resume regular updates in the app stores. Tencent was asked to get approval for all of its new apps and updates from the government.</li>
<li>While this suggests that the regulatory pressure may be easing, Tencent has got into more troubles with a young star worker committing suicide at work.</li>
<li>As we highlighted in our previous insights, the value of Tencent’s investments in other entities is deteriorating with more regulatory pressures. KE Holdings has been targeted by short sellers.</li>
</ul>


Tencent has received regulatory approval to resume regular updates in the app stores. Tencent was asked to get approval for all of its new apps and updates from the government.
While this suggests that the regulatory pressure may be easing, Tencent has got into more troubles with a young star worker committing suicide at work.
As we highlighted in our previous insights, the value of Tencent’s investments in other entities is deteriorating with more regulatory pressures. KE Holdings has been targeted by short sellers.


Tencent Receives Approval for App Updates but Faces New Hurdles

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<ul>
<li>
Muddy Waters and Beike: Tencent Holdings (700.HK) [Tencent] must deal with an allegation of “significant” fraud by short seller from Muddy Waters at a large investment: KE Holdings (BEKE.US) [Beike];</li>
<li>
Value At Risk: Tencent owns 11% of Beike’s outstanding shares, having a market value of USD 1.8 bn; and</li>
<li>
Fundamental and Regulatory Challenges Remain:Tencent still has numerous challenges: weaker revenues in its core business, mainland China’s clampdown on gaming/internet companies, and the reining-in of Fintech businesses.</li>
</ul>



Muddy Waters and Beike: Tencent Holdings (700.HK) [Tencent] must deal with an allegation of “significant” fraud by short seller from Muddy Waters at a large investment: KE Holdings (BEKE.US) [Beike];

Value At Risk: Tencent owns 11% of Beike’s outstanding shares, having a market value of USD 1.8 bn; and

Fundamental and Regulatory Challenges Remain:Tencent still has numerous challenges: weaker revenues in its core business, mainland China’s clampdown on gaming/internet companies, and the reining-in of Fintech businesses.


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

Full Truck Alliance   / Equity Capital Markets

<ul>
<li>Full Truck Alliance (FTA), China’s largest digital freight platform by gross transaction value, raised around US$2bn in its US listing in Jun 21. It is backed by Softbank and Sequoia.</li>
<li>We have looked at various aspects of the deal in our earlier IPO notes, links to which are included below.</li>
<li>In this note, we look at the updates since listing and the impact of the upcoming lock-up expiry.</li>
</ul>


Full Truck Alliance (FTA), China’s largest digital freight platform by gross transaction value, raised around US$2bn in its US listing in Jun 21. It is backed by Softbank and Sequoia.
We have looked at various aspects of the deal in our earlier IPO notes, links to which are included below.
In this note, we look at the updates since listing and the impact of the upcoming lock-up expiry.


Full Truck Alliance Lock-Up Expiry - In Similar Delisting Boat as Didi. 60% of Stock up for Lock-Up

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)