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>Giant Biogene (GB) is now looking to raise around US$80m in its Hong Kong IPO, down from its earlier target of US$500m raising.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>We had looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we’ll talk about valuations and other deal dynamics.</li>
</ul>


Giant Biogene (GB) is now looking to raise around US$80m in its Hong Kong IPO, down from its earlier target of US$500m raising.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
We had looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we’ll talk about valuations and other deal dynamics.


Giant Biogene IPO - Reasonable Valuation but in Unreasonable Markets

Sunshine Insurance Group  Lt / Equity Capital Markets

<ul>
<li>Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise up to US$1bn in its HK IPO.</li>
<li>SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise up to US$1bn in its HK IPO.
SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.
In this note, we talk about the positive aspects of the deal.


Sunshine Insurance Group Pre-IPO - The Positives - Steady Headline Growth

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>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> shares dropped 11.43% during yesterday’s trade over concerns on the country’s political environment with Chinese president Xi Jinping securing an unprecedented third term.</li>
<li>Gamma Data reported that mobile game sales in China dropped 25% YoY during third-quarter 2022 despite 3Q being a peak period for gaming due to 2-month long school holidays.</li>
<li>Tencent's shares dropped With renewed geopolitical challenges and further weakening of Tencent’s earnings, we expect share price to drop further.</li>
</ul>



Tencent (700 HK) shares dropped 11.43% during yesterday’s trade over concerns on the country’s political environment with Chinese president Xi Jinping securing an unprecedented third term.
Gamma Data reported that mobile game sales in China dropped 25% YoY during third-quarter 2022 despite 3Q being a peak period for gaming due to 2-month long school holidays.
Tencent's shares dropped With renewed geopolitical challenges and further weakening of Tencent’s earnings, we expect share price to drop further.


Tencent: Added Pressure with Declining Game Industry and Challenging Macroeconomy

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Chinese online game market size decreased by 19.1% YoY and 12.6% QoQ in 3Q22.</li>
<li>Tmall, Alibaba’s direct sales app, started a mini-program in Tencent’s WeChat.</li>
<li>State Post Bureau announced that it would revise the express delivery rules, especially for green packaging.</li>
</ul>


Chinese online game market size decreased by 19.1% YoY and 12.6% QoQ in 3Q22.
Tmall, Alibaba’s direct sales app, started a mini-program in Tencent’s WeChat.
State Post Bureau announced that it would revise the express delivery rules, especially for green packaging.


China Internet Weekly (24Oct2022): Tencent, Alibaba, Kuaishou, JD.com, NetEase, Zhihu

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 weekly Hong Kong Connect flows with our data engine for holding position as of October 21st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight inflows into Tencent Holding Limited, Meituan, Wuxi Biologics.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Tencent Holding Limited, Meituan, Wuxi Biologics.


Hong Kong Connect Flows (Oct 21st): $3.2bn Inflows

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)

Giant Biogene IPO - Reasonable Valuation but in Unreasonable Markets

Giant Biogene is now looking to raise around US$80m in its Hong Kong IPO, down from its earlier target of US$500m raising.

Sumeet Singh

Sunshine Insurance Group Pre-IPO - The Positives - Steady Headline Growth

Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise up to US$1bn in its HK IPO. In this note, we talk about the...

Sumeet Singh

Tencent: Added Pressure with Declining Game Industry and Challenging Macroeconomy

While geopolitical conditions remain challenging, declining gaming market in China is adding further pressure on Tencent. Despite lifting of the...

Shifara Samsudeen, ACMA, CGMA

China Internet Weekly (24Oct2022): Tencent, Alibaba, Kuaishou, JD.com, NetEase, Zhihu

Chinese online game market size decreased by 19.1% YoY and 12.6% QoQ in 3Q22. Tmall started a mini-program in WeChat. State Post Bureau revised...

Ming Lu

Hong Kong Connect Flows (Oct 21st): $3.2bn Inflows

We analyzed the Hong Kong Connect Scheme for last week and highlight $3.2bn inflows last week and flows for Tencent, Meituan, Wuxi Biologics.

Ke Yan, CFA, FRM

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