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.

Event-Driven

Topsports International Holdings / Event-Driven

<ul>
<li>Topsports International Holdings (TIH) is now trading close to its all time lows, after the shares corrected by 50% over the past year.</li>
<li>The company is one of the largest retailers for <a href="https://www.smartkarma.com/entities/nike-inc-cl-b" target="_blank" data-smartkarma-citation="entities:6658:1" rel="noopener">Nike (NKE US)</a> and <a href="https://www.smartkarma.com/entities/adidas-ag" target="_blank" data-smartkarma-citation="entities:21578:1" rel="noopener">Adidas AG (ADS GR)</a> in China.</li>
<li>Given then on/off lockdowns the near term outlook isn't great, but the stock appears cheap for those willing to take a longer view.</li>
</ul>


Topsports International Holdings (TIH) is now trading close to its all time lows, after the shares corrected by 50% over the past year.
The company is one of the largest retailers for Nike (NKE US) and Adidas AG (ADS GR) in China.
Given then on/off lockdowns the near term outlook isn't great, but the stock appears cheap for those willing to take a longer view.


Topsports International Holdings - Is Cheap Enough to Counter Some of the Risks

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

Thematic (Sector/Industry)

<p>For our next Webinar, we are excited to welcome Analysts <a href="https://www.smartkarma.com/profiles/said-desaque" target="_blank" data-smartkarma-citation="accounts:1107" rel="noopener">Said Desaque</a> and <a href="https://www.smartkarma.com/profiles/osbert-tang-cfa" target="_blank" data-smartkarma-citation="accounts:3879" rel="noopener">Osbert Tang, CFA</a> , who will go over China's latest potential $220 billion stimulus through a massive sale of special bonds. The Analysts will each present their views on the situation and a Q&amp;A will follow.</p>
<h3>The webinar was hosted on Wednesday, 13 July 2022, 17:00 SGT/HKT.</h3>
<p>Subscribe to our podcast feed and listen to the session on the go:</p>
<p><iframe src="https://open.spotify.com/embed/episode/5vGxVSGzl0Izwsa0swFIBi?utm_source=generator" width="100%" height="232" style="border-radius: 12px;" frameborder="0" allowfullscreen="allowfullscreen" allow="autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture"></iframe>Said DeSaque is a professional economist with over 33 years of experience covering the global economy, with significant expertise in the US, China, Japan, and emerging markets. He worked with US investment banks for 25 years covering institutional investors in Europe, Middle East, Far East and Australia. He covers financial markets on a multi-asset basis, and has been an independent economist covering the global economy and financial markets for the past 8 years since founding DeSaque Macro Research in London.</p>
<p>Osbert Tang is an equity analyst with over 20 years of experience, focusing on China transport, infrastructure, industrials, and utilities. He has been based in Shanghai since 2003, where he accumulated more than 15 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities.</p>

For our next Webinar, we are excited to welcome Analysts Said Desaque and Osbert Tang, CFA , who will go over China's latest potential $220 billion stimulus through a massive sale of special bonds. The Analysts will each present their views on the situation and a Q&amp;A will follow.
The webinar was hosted on Wednesday, 13 July 2022, 17:00 SGT/HKT.
Subscribe to our podcast feed and listen to the session on the go:
Said DeSaque is a professional economist with over 33 years of experience covering the global economy, with significant expertise in the US, China, Japan, and emerging markets. He worked with US investment banks for 25 years covering institutional investors in Europe, Middle East, Far East and Australia. He covers financial markets on a multi-asset basis, and has been an independent economist covering the global economy and financial markets for the past 8 years since founding DeSaque Macro Research in London.
Osbert Tang is an equity analyst with over 20 years of experience, focusing on China transport, infrastructure, industrials, and utilities. He has been based in Shanghai since 2003, where he accumulated more than 15 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities.

Smartkarma Webinar | Understanding China's Latest Stimulus

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 analyzed the latest HK SFC report for aggregate short position as of Jun 30th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight changes in short interests for AIA, Li Ning, and Li Auto.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 30th. 
Top short increases and decreases were tabulated for one week and four week period.
We highlight changes in short interests for AIA, Li Ning, and Li Auto.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.</li>
<li>Overall, the net inflow over the past week was ~US$1.3bn, split US$0.7bn for Shanghai and US$0.6bn for Shenzhen.</li>
<li>The largest inflows were into <strong><a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a></strong> and <strong><a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a></strong>. The largest outflow was in <strong><a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a></strong> and <strong><a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a></strong>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, the net inflow over the past week was ~US$1.3bn, split US$0.7bn for Shanghai and US$0.6bn for Shenzhen.
The largest inflows were into Tencent (700 HK) and Li Auto (2015 HK). The largest outflow was in Meituan (3690 HK) and Great Wall Motor (2333 HK).


Shanghai/​​​​​​​Shenzhen Southbound Connect: Weekly Moves (8 July 2022)

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>YTD, our "Buy the Worst" strategy has underperformed the HSI by a marginal 2pp. The portfolio has a significant rebound against the Index starting mid-Jun. </li>
<li>
<a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China Ltd (1928 HK)</a> is the best-performing one while <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> is the worst. We see room for the portfolio to catch up in 2H22.</li>
<li>The long-term performance of the strategy stays very solid. On a 5-year basis, "Buy the Worst" strategy has outperformed the HSI by an immense 30.9pp. </li>
</ul>


YTD, our "Buy the Worst" strategy has underperformed the HSI by a marginal 2pp. The portfolio has a significant rebound against the Index starting mid-Jun. 

Sands China Ltd (1928 HK) is the best-performing one while Xiaomi Corp (1810 HK) is the worst. We see room for the portfolio to catch up in 2H22.
The long-term performance of the strategy stays very solid. On a 5-year basis, "Buy the Worst" strategy has outperformed the HSI by an immense 30.9pp. 


A Mid-Year Review of Our “Buy the Worst” Strategy 2022: In Tandem with the HSI

China

Li Ning Company Limited researches, designs, manufactures, distributes, and retails sports footwear, apparel and accessories for sport and leisure use.

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

Li Ning (2331 HK)

Topsports International Holdings - Is Cheap Enough to Counter Some of the Risks

Topsports International Holdings (TIH) is now trading close to its all time lows, after the shares corrected by 50% over the past year.

Sumeet Singh

Smartkarma Webinar | Understanding China's Latest Stimulus

On 13 July, 5pm SGT, join our Webinar on China's latest potential stimulus, featuring Analysts Said Desaque and Osbert Tang.

Smartkarma Research

HK Short Interest: AIA, Li Ning, Li Auto

We highlight week on week changes in short interests for AIA, Li Ning, and Li Auto based on the latest Hong Kong SFC short aggregate report.

Ke Yan, CFA, FRM

Shanghai/Shenzhen Southbound Connect: Weekly Moves (8 July 2022)

Inside is a recap of movements in the last week in the Shanghai/Shenzhen-Hong Kong Connect. The net inflow over the past week was ~US$1.3bn, split...

David Blennerhassett

A Mid-Year Review of Our “Buy the Worst” Strategy 2022: In Tandem with the HSI

While "Buy the Worst" strategy only performed in line with the HSI YTD, there is potential for the portfolio to catch up in 2H22. Meanwhile, "Buy...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Topsports International Holdings - Is Cheap Enough to Counter Some of the Risks

Topsports International Holdings (TIH) is now trading close to its all time lows, after the shares corrected by 50% over the past year.

Sumeet Singh

Smartkarma Webinar | Understanding China's Latest Stimulus

On 13 July, 5pm SGT, join our Webinar on China's latest potential stimulus, featuring Analysts Said Desaque and Osbert Tang.

Smartkarma Research

HK Short Interest: AIA, Li Ning, Li Auto

We highlight week on week changes in short interests for AIA, Li Ning, and Li Auto based on the latest Hong Kong SFC short aggregate report.

Ke Yan, CFA, FRM

Shanghai/​​​​​​​Shenzhen Southbound Connect: Weekly Moves (8 July 2022)

Inside is a recap of movements in the last week in the Shanghai/Shenzhen-Hong Kong Connect. The net inflow over the past week was ~US$1.3bn, split...

David Blennerhassett

A Mid-Year Review of Our “Buy the Worst” Strategy 2022: In Tandem with the HSI

While "Buy the Worst" strategy only performed in line with the HSI YTD, there is potential for the portfolio to catch up in 2H22. Meanwhile, "Buy...

Osbert Tang, CFA

Shanghai/Shenzhen Southbound Connect: Weekly Moves (8 July 2022)