APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> is looking to raise up to US$400m in its upcoming Hong Kong IPO</li>
<li>ZJLD is a Chinese liquor company primarily producing baijiu. As per F&amp;S, the firm was the fourth largest privately-owned baijiu company in terms of FY21 sales.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



ZJLD Group (ZJLD HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO
ZJLD is a Chinese liquor company primarily producing baijiu. As per F&amp;S, the firm was the fourth largest privately-owned baijiu company in terms of FY21 sales.
In this note, we will talk about the positive aspects of the deal.


ZJLD Group Pre-IPO - The Positives - Larger Network Led to Sales Growth. Poised for Market Tailwind

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

REPT BATTERO Energy / Equity Capital Markets

<ul>
<li>REPT BATTERO Energy (REPT HK) is looking to raise US$1bn in its upcoming Hong Kong IPO.</li>
<li>REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs. </li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>


REPT BATTERO Energy (REPT HK) is looking to raise US$1bn in its upcoming Hong Kong IPO.
REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs. 
In this note, we will talk about the not-so-positive aspects of the deal.


REPT BATTERO Energy Pre-IPO - The Negatives - Is Only Now Aiming for Sustainable Profits

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.

Equity Bottom-Up

<ul>
<li>On Tuesday last week, short-video app Douyin announced that it plans to offer its food delivery service in more Chinese cities expanding its current trial in Beijing, Chengdu and Shanghai.</li>
<li>Following this, on Wednesday last week, Meituan announced that it plans to recruit 10,000 workers in 1Q2023 across a number of its business divisions including technology development and customer services.</li>
<li>Though we don't expect Douyin’s entry into food delivery to have large impact, increased competitive pressure and headcount increase would drag down Meituan’s profitability in the near-term.</li>
</ul>


On Tuesday last week, short-video app Douyin announced that it plans to offer its food delivery service in more Chinese cities expanding its current trial in Beijing, Chengdu and Shanghai.
Following this, on Wednesday last week, Meituan announced that it plans to recruit 10,000 workers in 1Q2023 across a number of its business divisions including technology development and customer services.
Though we don't expect Douyin’s entry into food delivery to have large impact, increased competitive pressure and headcount increase would drag down Meituan’s profitability in the near-term.


Meituan to Hire 10k Employees to Compete with Douyin’s Food Delivery Business

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

<ul>
<li>We expect Meituan to report 18% YoY topline growth in C4Q22, in line with cons. Our non-IFRS net margin est. is 1.9ppt higher than cons.</li>
<li>In-Store would be impacted by Douyin’s category expansion and deepening penetration in lower-tier cities.</li>
<li>We downgrade Meituan to SELL and cut TP to HK$137 due to pressure from competition for in-store.</li>
</ul>


We expect Meituan to report 18% YoY topline growth in C4Q22, in line with cons. Our non-IFRS net margin est. is 1.9ppt higher than cons.
In-Store would be impacted by Douyin’s category expansion and deepening penetration in lower-tier cities.
We downgrade Meituan to SELL and cut TP to HK$137 due to pressure from competition for in-store.


[Meituan (3690 HK) Downgrade to SELL]: The Rise of Douyin Is Likely to Hurt Meituan

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Large-Scale Chinese Internet companies’ revenue decreased by 1.1% in 2022.</li>
<li>Cyberspace Admin continued to actively censor online content in 2022.</li>
<li>Douyin plans to deliver cooked food in three cities on March 1st.</li>
</ul>


Large-Scale Chinese Internet companies’ revenue decreased by 1.1% in 2022.
Cyberspace Admin continued to actively censor online content in 2022.
Douyin plans to deliver cooked food in three cities on March 1st.


China Internet Weekly (13Feb2023): Ministry of Industry, Cyberspace Admin, Tencent, Douyin, Meituan

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)

ZJLD Group Pre-IPO - The Positives - Larger Network Led to Sales Growth. Poised for Market Tailwind

ZJLD Group (ZJLD HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of the...

Clarence Chu

REPT BATTERO Energy Pre-IPO - The Negatives - Is Only Now Aiming for Sustainable Profits

REPT BATTERO Energy (REPT HK) is looking to raise US$1bn in its upcoming Hong Kong IPO. In this note we talk about the not-so-positive aspects of...

Sumeet Singh

Meituan to Hire 10k Employees to Compete with Douyin’s Food Delivery Business

Though we don't expect Douyin’s entry into food delivery market to have large impact, increased competitive pressure and headcount increase would...

Shifara Samsudeen, ACMA, CGMA

[Meituan (3690 HK) Downgrade to SELL]: The Rise of Douyin Is Likely to Hurt Meituan

Meituan's in-store would be impacted by Douyin’s category expansion and deepening penetration in lower-tier cities. We downgrade Meituan to SELL...

Blue Lotus Research Institute

China Internet Weekly (13Feb2023): Ministry of Industry, Cyberspace Admin, Tencent, Douyin, Meituan

Large-scale Chinese Internet companies’ revenue decreased for first time. Cyberspace Admin continued to actively censor online content. Douyin...

Ming Lu

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