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

Zhejiang Leapmotor Technologie / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> raised around US$800m in its Hong Kong IPO, after pricing at the low-end. The stock was listed on 29th Sep 2022, its six-month lockup will expire soon.</li>
<li>LM is a smart EV company based in China, founded in 2015.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Leapmotor (9863 HK) raised around US$800m in its Hong Kong IPO, after pricing at the low-end. The stock was listed on 29th Sep 2022, its six-month lockup will expire soon.
LM is a smart EV company based in China, founded in 2015.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Leapmotor IPO Lock-Up - A Precursor to a Larger Release Later in the Year

China/Asia TMT

Shawn Yang

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>3690HK: Surplus Meituan delivery riders could improve margins beginning in 1Q23 (+)</li>
<li>PDD: Temu temporarily suspended inventory intake at Guangzhou warehouse because of  shortage in labor and warehouse storage capacity (-)</li>
<li>BABA：Taobao is testing “price comparison” feature, which might impact its take rate（-）</li>
</ul>


3690HK: Surplus Meituan delivery riders could improve margins beginning in 1Q23 (+)
PDD: Temu temporarily suspended inventory intake at Guangzhou warehouse because of  shortage in labor and warehouse storage capacity (-)
BABA：Taobao is testing “price comparison” feature, which might impact its take rate（-）


China TMT Update(Mar.23): 3690HK/PDD/BABA - Surplus Meituan Delivery Riders Could Improve Margins

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.</li>
<li>OST is a property management service provider in China, primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke (H) (2202 HK)</a>. </li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Onewo (2602 HK) (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.
OST is a property management service provider in China, primarily owned by China Vanke (H) (2202 HK). 
In this note, we will talk about the lock-up dynamics and updates since our last note.


Onewo Space-Tech IPO Lock-Up - Company, Parent and Cornerstones Could Eventually Sell

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<ul>
<li>Macro trend remains challenging for Meituan over the summer. We see a tactical short out of triangulation and view a new low as a turn and buy signal.</li>
<li>RSI bull divergence support a series of tactical rally sequences off of a new low, but macro headwinds will cap over the summer.</li>
<li>Bull set up at lower expanding wedge support with wedge resistance coming in near 140. </li>
</ul>


Macro trend remains challenging for Meituan over the summer. We see a tactical short out of triangulation and view a new low as a turn and buy signal.
RSI bull divergence support a series of tactical rally sequences off of a new low, but macro headwinds will cap over the summer.
Bull set up at lower expanding wedge support with wedge resistance coming in near 140. 


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>We believe total revenue grew 18% in 4Q22 and 22% in 2023.</li>
<li>We believe operating losses decreased YoY in 4Q22 and the company will report an operating profit in 2023.</li>
<li>We expect the stock has an upside of 47% for year end 2023.</li>
</ul>


We believe total revenue grew 18% in 4Q22 and 22% in 2023.
We believe operating losses decreased YoY in 4Q22 and the company will report an operating profit in 2023.
We expect the stock has an upside of 47% for year end 2023.


Meituan (3690 HK) Earnings Preview: Less Loss in 4Q22 and to See Profit in 2023

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

Leapmotor IPO Lock-Up - A Precursor to a Larger Release Later in the Year

Leapmotor (9863 HK) raised around US$800m in its Hong Kong IPO, after pricing at the low-end. The stock was listed on 29th Sep 2022, its six-month...

Sumeet Singh

China TMT Update(Mar.23): 3690HK/PDD/BABA - Surplus Meituan Delivery Riders Could Improve Margins

3690HK: Surplus Meituan delivery riders could improve margins (+); PDD: Temu temporarily suspended inventory intake at Guangzhou warehouse(-);...

Blue Lotus Research Institute

Onewo Space-Tech IPO Lock-Up - Company, Parent and Cornerstones Could Eventually Sell

Onewo (2602 HK) (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.

Sumeet Singh

Meituan Tactical Slide into Our Buy Zone

Macro trend remains challenging for Meituan over the summer. We see a tactical short out of triangulation and view a new low as a turn and buy...

Thomas Schroeder

Meituan (3690 HK) Earnings Preview: Less Loss in 4Q22 and to See Profit in 2023

We believe total revenue grew 18% in 4Q22 and 22% in 2023. We believe operating losses decreased YoY in 4Q22 and there will be operating profit in...

Ming Lu

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