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>Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO.</li>
<li>The company has obtained investments from Baidu and Alibaba, along with other investors.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>


Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO.
The company has obtained investments from Baidu and Alibaba, along with other investors.
In this note, we will talk about the trading dynamics.


Cloud Village (NetEase Music) IPO Trading - One of the Lowest Insti Subscriptions Yet

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>The December rebalance of the HSI, HSCEI and HSTECH indices will use today's closing prices to cap the index constituents at 8%. This will lead to large flows.</li>
<li>The largest passive outflows as a result of capping will be on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> due to their weight exceeding 8% in all three indices.</li>
<li>There are large funding outflows (in terms of days of ADV to trade) on quite a few Hong Kong property stocks as well as stocks from the financials sector.</li>
</ul>


The December rebalance of the HSI, HSCEI and HSTECH indices will use today's closing prices to cap the index constituents at 8%. This will lead to large flows.
The largest passive outflows as a result of capping will be on Meituan (3690 HK) and Tencent (700 HK) due to their weight exceeding 8% in all three indices.
There are large funding outflows (in terms of days of ADV to trade) on quite a few Hong Kong property stocks as well as stocks from the financials sector.


HSI, HSCEI, HSTECH: December Rebalance Flows Post Capping

Asymchem Laboratories Tianjin / Equity Capital Markets

<ul>
<li>Asymchem Laboratories (AL) aims to raise up to US$968m in its H-share listing in Hong Kong.</li>
<li>AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. </li>
<li>In this note, we will talk about the recent updates and IPO pricing.</li>
</ul>


Asymchem Laboratories (AL) aims to raise up to US$968m in its H-share listing in Hong Kong.
AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. 
In this note, we will talk about the recent updates and IPO pricing.


Asymchem Labs A/​H Listing - Pricing Seems Adequate Despite the Share Price Run Up

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Meituan's operating loss in “initiatives” reached its record high in 3Q21.</li>
<li>However, we believe loss will decrease in 2022 as small community-group-purchase companies are struggling.</li>
<li>We believe the stock has a downside of 27% for the end of 2022.</li>
</ul>


Meituan's operating loss in “initiatives” reached its record high in 3Q21.
However, we believe loss will decrease in 2022 as small community-group-purchase companies are struggling.
We believe the stock has a downside of 27% for the end of 2022.


Meituan (3690 HK): 3Q21, Record Loss, But Will Beat Small Companies in Community Group Purchase

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Meituan’s 3Q2021 revenue grew 37.9% YoY to RMB48.8bn (vs consensus RMB49.6bn) while operating losses for the quarter increased to RMB10.1bn (vs RMB5.5bn). </li>
<li>The reported operating loss was the biggest ever quarterly losses for the company due to the antitrust fine. Even excl. the fine, Meituan’s operating losses were 13.8% of revenues. </li>
<li>Food delivery OPM dropped to 3.3% during the period while new initiatives &amp; others segment continued to post heavy losses during the quarter.</li>
</ul>


Meituan’s 3Q2021 revenue grew 37.9% YoY to RMB48.8bn (vs consensus RMB49.6bn) while operating losses for the quarter increased to RMB10.1bn (vs RMB5.5bn). 
The reported operating loss was the biggest ever quarterly losses for the company due to the antitrust fine. Even excl. the fine, Meituan’s operating losses were 13.8% of revenues. 
Food delivery OPM dropped to 3.3% during the period while new initiatives &amp; others segment continued to post heavy losses during the quarter.


Meituan Posts Biggest Ever Operating Losses Due to Antitrust Fine

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)

Cloud Village (NetEase Music) IPO Trading - One of the Lowest Insti Subscriptions Yet

Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO. In this note, we will talk about the trading...

Sumeet Singh

HSI, HSCEI, HSTECH: December Rebalance Flows Post Capping

The Dec rebalance of the HK indices will use today's closing prices to cap the stocks at 8%. Meituan and Tencent will see large outflows due to...

Brian Freitas

Meituan (3690 HK): 3Q21, Record Loss, But Will Beat Small Companies in Community Group Purchase

Operating loss in “initiatives” reached record high 3Q21. We believe loss will decrease in 2022 as small community-group-purchase companies are...

Ming Lu

Meituan Posts Biggest Ever Operating Losses Due to Antitrust Fine

Meituan's 3Q21 operating loss was the biggest ever quarterly loss for the company due to the antitrust fine. Even excluding the fine, operating...

Shifara Samsudeen, ACMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cloud Village (NetEase Music) IPO Trading - One of the Lowest Insti Subscriptions Yet

Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO. In this note, we will talk about the trading...

Sumeet Singh

HSI, HSCEI, HSTECH: December Rebalance Flows Post Capping

The Dec rebalance of the HK indices will use today's closing prices to cap the stocks at 8%. Meituan and Tencent will see large outflows due to...

Brian Freitas

Asymchem Labs A/​H Listing - Pricing Seems Adequate Despite the Share Price Run Up

Asymchem Laboratories (AL) aims to raise up to US$968m in its H-share listing in Hong Kong. In this note, we will talk about the IPO pricing.

Sumeet Singh

Meituan (3690 HK): 3Q21, Record Loss, But Will Beat Small Companies in Community Group Purchase

Operating loss in “initiatives” reached record high 3Q21. We believe loss will decrease in 2022 as small community-group-purchase companies are...

Ming Lu

Meituan Posts Biggest Ever Operating Losses Due to Antitrust Fine

Meituan's 3Q21 operating loss was the biggest ever quarterly loss for the company due to the antitrust fine. Even excluding the fine, operating...

Shifara Samsudeen, ACMA, CGMA

Asymchem Labs A/H Listing - Pricing Seems Adequate Despite the Share Price Run Up