Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>In 3Q22, S. F. Holdings’s revenue grew by 45% YoY and net profit increased by 89% YoY.</li>
<li>Alibaba resumed its link on Kuaishou's live streaming sales before Singles’ Day.</li>
<li>Tencent denied the rumor that it would be acquired by China Mobile.</li>
</ul>


In 3Q22, S. F. Holdings’s revenue grew by 45% YoY and net profit increased by 89% YoY.
Alibaba resumed its link on Kuaishou's live streaming sales before Singles’ Day.
Tencent denied the rumor that it would be acquired by China Mobile.


China Internet Weekly (31Oct2022): Alibaba, Tencent, Meituan, Kuaishou, S.F.

<ul>
<li>Two logistics companies expected that their net profits to rise significantly in 3Q22.</li>
<li>Alibaba’s Freshippo closed its community group purchase business after many small companies did.</li>
<li>Tencent gave up on acquiring Black Shark, a mobile game handset producer.</li>
</ul>


Two logistics companies expected that their net profits to rise significantly in 3Q22.
Alibaba’s Freshippo closed its community group purchase business after many small companies did.
Tencent gave up on acquiring Black Shark, a mobile game handset producer.


China Internet Weekly (17Oct2022): Alibaba, JD, Tencent, 37, S.F., YTO

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 the monthly Shanghai/Shenzhen northbound Connect flows for September with our data engine.</li>
<li>We estimate the monthly outflows to be USD 1,383.9 million, led by industrial, financial and consumer staple sectors.</li>
<li>We highlight inflows into Gree, Qinghai Salt Lake, Bank of Jiangsu, S.F. Holding, Daqin Railway, and outflows from CMB, CALT, Zhejiang Sanhua, Moutai, BOE.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows for September with our data engine.
We estimate the monthly outflows to be USD 1,383.9 million, led by industrial, financial and consumer staple sectors.
We highlight inflows into Gree, Qinghai Salt Lake, Bank of Jiangsu, S.F. Holding, Daqin Railway, and outflows from CMB, CALT, Zhejiang Sanhua, Moutai, BOE.


Northbound Flows Monthly (September): CMB, Gree, CATL, Moutai

<ul>
<li>Revenues of major express parcel companies grew rapidly in August.</li>
<li>JD logistics will provide logistics service to live streaming retailers on Douyin.</li>
<li>In 2Q22, revenue of Trip.com decreased by 32% YoY and operating profit turned negative.</li>
</ul>


Revenues of major express parcel companies grew rapidly in August.
JD logistics will provide logistics service to live streaming retailers on Douyin.
In 2Q22, revenue of Trip.com decreased by 32% YoY and operating profit turned negative.


China Internet Weekly (26Sep2022): S.F., STO, YTO, Yunda, JD Logistics, Alibaba, Baidu, Trip.com

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 16th.</li>
<li>We estimate the weekly outflows to be US$850.0 million, led by financials, industrials, and offset by information technology, energy.</li>
<li>We highlight flows for Ping An Insurance, Shaanxi Coal, CMB and CATL.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 16th.
We estimate the weekly outflows to be US$850.0 million, led by financials, industrials, and offset by information technology, energy.
We highlight flows for Ping An Insurance, Shaanxi Coal, CMB and CATL.


Northbound Flows (Sep 16th): Ping An Insurance, Shaanxi Coal, CMB and CATL

China

S.F. Holding Co., Ltd operates as a holding company. The Company, through its subsidiaries, provides logistics, order tracking, supply chain management, and warehousing services. S.F. Holding operates worldwide.

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S.F. Holding (002352 CH)

China Internet Weekly (31Oct2022): Alibaba, Tencent, Meituan, Kuaishou, S.F.

In 3Q22, S. F. Holdings’s revenue grew by 45% YoY and net profit increased by 89% YoY. Alibaba resumed the cooperation with Kuaishou. Tencent...

Ming Lu

China Internet Weekly (17Oct2022): Alibaba, JD, Tencent, 37, S.F., YTO

Two logistics companies expected that their net profits would rise significantly in 3Q22. Alibaba’s Freshippo closed its community group purchase...

Ming Lu

Northbound Flows Monthly (September): CMB, Gree, CATL, Moutai

We analyzed the Shanghai/Shenzhen Connect Scheme for September and highlight flows for Gree, Qinghai Salt Lake, Bank of Jiangsu, S.F. Holding,...

Ke Yan, CFA, FRM

China Internet Weekly (26Sep2022): S.F., STO, YTO, Yunda, JD Logistics, Alibaba, Baidu, Trip.com

Revenues of major express parcel companies grew rapidly in August. JD logistics will provide logistics service to Douyin. In 2Q22, Trip.com's...

Ming Lu

Northbound Flows (Sep 16th): Ping An Insurance, Shaanxi Coal, CMB and CATL

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Ping An Insurance, Shaanxi Coal, CMB, CATL.

Ke Yan, CFA, FRM

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