External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Credit

<ul>
<li>The trade will be credit neutral, allowing investors to pick up yield of c40bps (back-loaded), take out cash of 3.8pts, cut tenor by 6-month and to have a free equity option (though parity is only c40).</li>
<li>Meituan is rated at Baa3/BBB- by Moody’s/S&amp;P.</li>
<li>Both rating agencies have a negative rating outlook on the company.</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


The trade will be credit neutral, allowing investors to pick up yield of c40bps (back-loaded), take out cash of 3.8pts, cut tenor by 6-month and to have a free equity option (though parity is only c40).
Meituan is rated at Baa3/BBB- by Moody’s/S&amp;P.
Both rating agencies have a negative rating outlook on the company.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 26th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short interest changes in BYD and China Power Intl.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 26th. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short interest changes in BYD and China Power Intl.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, things are starting to move with Leapmotor and Onewo, while CALB continues to have second thoughts.</li>
<li>The biggest placement this week was Doosan, but there was news of Tencent setting its sights on sizeable future placements via divestments.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, things are starting to move with Leapmotor and Onewo, while CALB continues to have second thoughts.
The biggest placement this week was Doosan, but there was news of Tencent setting its sights on sizeable future placements via divestments.


ECM Weekly (4th Sep 2022) - China ADRs, Tencent, Leapmotor, Onewo, Hongjiu Fruit, Doosan Ener

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight inflows into Tencent, Tianqi, Li Auto, Country Garden Services, Li Ning and outflows from Meituan, Kuaishou, HKEx, GWM, Anta. </li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight inflows into Tencent, Tianqi, Li Auto, Country Garden Services, Li Ning and outflows from Meituan, Kuaishou, HKEx, GWM, Anta. 


Hong Kong Connect Flows Monthly (August): $1bn into Tencent

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>Leapmotor (LM) aims to raise around US$1.5bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.</li>
<li>As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.</li>
<li>In our previous note, we spoke about the company’s past performance,  PHIP updates and undertook a peer comparison. In this note, we will talk about valuations.</li>
</ul>


Leapmotor (LM) aims to raise around US$1.5bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.
In our previous note, we spoke about the company’s past performance,  PHIP updates and undertook a peer comparison. In this note, we will talk about valuations.


Leapmotor Pre-IPO - Thoughts on Valuation

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)

MEITUA: Switch Trade Idea

The trade will be credit neutral, allowing investors to pick up yield of c40bps (back-loaded), take out cash of 3.8pts, cut tenor by 6-month and to...

CMB International

HK Short Interest: BYD, China Power Intl

We analyzed the latest HK SFC Short Aggregate report and highlight short interest changes in BYD and China Power International.

Ke Yan, CFA, FRM

ECM Weekly (4th Sep 2022) - China ADRs, Tencent, Leapmotor, Onewo, Hongjiu Fruit, Doosan Ener

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Hong Kong Connect Flows Monthly (August): $1bn into Tencent

We analyzed August Southbound inflow data and highlight stocks including Tencent, Tianqi, Li Auto, Country Garden Services, Li Ning, Meituan,...

Ke Yan, CFA, FRM

Leapmotor Pre-IPO - Thoughts on Valuation

Leapmotor (LM) aims to raise around US$1.5bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015. In this note, we talk...

Sumeet Singh

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