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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> and <a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> hogged much of the limelight this week as well.</li>
<li>On the placements front, there were a few large US$400m+ placements across the region this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Midea Group Co Ltd A (000333 CH) and Bajaj Housing Finance (BHF IN) hogged much of the limelight this week as well.
On the placements front, there were a few large US$400m+ placements across the region this week.


ECM Weekly (23rd Sep 2024) - Tokyo Metro, Midea, Intermestic, Sagility, Belstar, Kuaishou, Bajaj HF

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Asian ETF flows have been subdued during September as markets start to react positively to Fed rate cuts.</li>
<li>
<a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> parent <a href="https://www.smartkarma.com/entities/las-vegas-sands-corp" target="_blank" data-smartkarma-citation="entities:807:1" rel="noopener">Las Vegas Sands (LVS US)</a> continued to increase its stake as Macau tourists rise.  <a href="https://www.smartkarma.com/entities/shenzhou-intl-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10415:1" rel="noopener">Shenzhou Intl Group Holdings (2313 HK)</a> is seeing increased China sales.
</li>
<li>
<a href="https://www.smartkarma.com/entities/metallurgical-corporation-of-china-ltd-a8048a44-3f03-4836-916c-1596deef9535" target="_blank" data-smartkarma-citation="entities:12762:1" rel="noopener">Metallurgical Corporation of China Ltd (1618 HK)</a> reported a decrease in new contracts for 1H24. <a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> early investor sold most of its remaining stake in the company.
</li>
</ul>


Asian ETF flows have been subdued during September as markets start to react positively to Fed rate cuts.

Sands China (1928 HK) parent Las Vegas Sands (LVS US) continued to increase its stake as Macau tourists rise.  Shenzhou Intl Group Holdings (2313 HK) is seeing increased China sales.


Metallurgical Corporation of China Ltd (1618 HK) reported a decrease in new contracts for 1H24. Kuaishou Technology (1024 HK) early investor sold most of its remaining stake in the company.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 20)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 20th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 20th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).


Hong Kong Buybacks Weekly (Sep 20th): Tencent, Meituan, AIA

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Hong Kong's unusual trading channel pattern may be coming to an end and short selling declines.</li>
<li><a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> broke a falling triangle pattern and now trades above near term support levels.  The company's dual listing announcement and large buyback program are near-term positives.</li>
<li>
<a href="https://www.smartkarma.com/entities/gds-holdings-ltd" target="_blank" data-smartkarma-citation="entities:32157:1" rel="noopener">GDS Holdings (9698 HK)</a> has broken out of its rounding bottom pattern with a positive earnings announcement.  <a href="https://www.smartkarma.com/entities/china-ruyi-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3296:1" rel="noopener">China Ruyi Holdings (136 HK)</a> has broken out from its triangle pattern.
</li>
</ul>


Hong Kong's unusual trading channel pattern may be coming to an end and short selling declines.
Alibaba Group Holding (9988 HK) broke a falling triangle pattern and now trades above near term support levels.  The company's dual listing announcement and large buyback program are near-term positives.

GDS Holdings (9698 HK) has broken out of its rounding bottom pattern with a positive earnings announcement.  China Ruyi Holdings (136 HK) has broken out from its triangle pattern.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (AUGUST 24)

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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>NTES US: &lt;Hearthstone&gt; PC Preload Begins, Official Return on September 25 (+)</li>
<li>700 HK: Tencent's &lt;Peacekeeper Elite&gt; Tops iOS Grossing Chart After Major Gameplay Update.(+)</li>
<li>700 HK: Tencent's FPS Game &lt;Delta Force&gt; Pre-launch Character Creation Event Starts, Launch on September 26 (/)</li>
</ul>


NTES US: &lt;Hearthstone&gt; PC Preload Begins, Official Return on September 25 (+)
700 HK: Tencent's &lt;Peacekeeper Elite&gt; Tops iOS Grossing Chart After Major Gameplay Update.(+)
700 HK: Tencent's FPS Game &lt;Delta Force&gt; Pre-launch Character Creation Event Starts, Launch on September 26 (/)


[Blue Lotus Daily-TMT Update]:NTES US/700 HK/BABA US/JD US/AMZN US/PDD US/SHEIN/VIPS US/3690HK/IQ US

China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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Kuaishou Technology (1024 HK)

ECM Weekly (23rd Sep 2024) - Tokyo Metro, Midea, Intermestic, Sagility, Belstar, Kuaishou, Bajaj HF

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 20)

Sands China's parent increases its stake. Shenzhou is benefits from increased China sales from a health-conscious consumer. MCC new contracts...

David Mudd

Hong Kong Buybacks Weekly (Sep 20th): Tencent, Meituan, AIA

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Technically Speaking, Breakouts and Breakdowns: HONG KONG (AUGUST 24)

GDS continues to rally after its breakout from its 2 year downtrend. Huatai maintained a BUY on the stock and raised its target price to HK$27.49...

David Mudd

[Blue Lotus Daily-TMT Update]:NTES US/700 HK/BABA US/JD US/AMZN US/PDD US/SHEIN/VIPS US/3690HK/IQ US

Preloading for PC has started, official return on Sept 25; tops iOS chart after update; pre-launch event begins, launch on Sept 26.

Blue Lotus Research Institute

Price Gauge

52-week Range

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ECM Weekly (23rd Sep 2024) - Tokyo Metro, Midea, Intermestic, Sagility, Belstar, Kuaishou, Bajaj HF

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 20)

Sands China's parent increases its stake. Shenzhou is benefits from increased China sales from a health-conscious consumer. MCC new contracts...

David Mudd

Hong Kong Buybacks Weekly (Sep 20th): Tencent, Meituan, AIA

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Technically Speaking, Breakouts and Breakdowns: HONG KONG (AUGUST 24)

GDS continues to rally after its breakout from its 2 year downtrend. Huatai maintained a BUY on the stock and raised its target price to HK$27.49...

David Mudd

[Blue Lotus Daily-TMT Update]:NTES US/700 HK/BABA US/JD US/AMZN US/PDD US/SHEIN/VIPS US/3690HK/IQ US

​Preloading for PC has started, official return on Sept 25; tops iOS chart after update; pre-launch event begins, launch on Sept 26.

Blue Lotus Research Institute

Preloading for PC has started, official return on Sept 25; tops iOS chart after update; pre-launch event begins, launch on Sept 26.