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

Alibaba Group Holding  / Equity Capital Markets

<div>
<p>On 24th Mar 2021, Securities Exchange Commission (SEC) issued Amendments, Seeks Public Comment on Holding Foreign Companies Accountable Act. On the back of this, large China ADRs fell by 7.5% on average. </p>
<p>We have covered various aspects of this topic before in our prior note, links to which are below. In this note, I'll talk about the SEC updates.</p>
</div>
<div>
<p>In our previous notes:</p>
</div>
<div>
<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/china-adrs-secondary-listing-deep-dive-yin-and-yang" target="_blank" rel="noopener">China ADRs Secondary Listing Deep-Dive: Yin and Yang,</a> published in Feb 2020,  we looked at the background and rules around undertaking a secondary listing in Hong Kong and then came up with a short-list of companies that might undertake a secondary listing. </li>
<li>
<a href="https://www.smartkarma.com/insights/china-adrs-secondary-listing-covid-19-has-increased-the-tension-but-narrowed-the-short-list" target="_blank" rel="noopener">In China ADRs Secondary Listing: COVID-19 Has Increased the Tension but Narrowed the Short List</a> published in May 2020, we looked at the recent developments and provided an revised short-list</li>
<li>In <a href="https://www.smartkarma.com/insights/china-adrs-secondary-listing-holding-foreign-companies-accountable-act-i-m-coming-home" target="_blank" rel="noopener">China ADRs Secondary Listing - Holding Foreign Companies Accountable Act - I’m Coming Home</a>, published in May 2020, we spoke about the implication of the act which had made its way through the senate.</li>
<li>In <a href="https://www.smartkarma.com/insights/china-adrs-secondary-listing-pipeline-looks-rich-have-three-years-to-move" target="_blank" rel="noopener">China ADRs Secondary Listing - Pipeline Looks Rich, Have Three Years to Move</a>, published in Feb 2021 we looked at the ADR pipeline and spoke about the updates from the Holding Foreign Companies Accountable Act becoming law and the updates at Hong Kong end as well. </li>
</ul>
</div>


On 24th Mar 2021, Securities Exchange Commission (SEC) issued Amendments, Seeks Public Comment on Holding Foreign Companies Accountable Act. On the back of this, large China ADRs fell by 7.5% on average. 
We have covered various aspects of this topic before in our prior note, links to which are below. In this note, I'll talk about the SEC updates.


In our previous notes:




China ADRs Secondary Listing Deep-Dive: Yin and Yang, published in Feb 2020,  we looked at the background and rules around undertaking a secondary listing in Hong Kong and then came up with a short-list of companies that might undertake a secondary listing. 

In China ADRs Secondary Listing: COVID-19 Has Increased the Tension but Narrowed the Short List published in May 2020, we looked at the recent developments and provided an revised short-list
In China ADRs Secondary Listing - Holding Foreign Companies Accountable Act - I’m Coming Home, published in May 2020, we spoke about the implication of the act which had made its way through the senate.
In China ADRs Secondary Listing - Pipeline Looks Rich, Have Three Years to Move, published in Feb 2021 we looked at the ADR pipeline and spoke about the updates from the Holding Foreign Companies Accountable Act becoming law and the updates at Hong Kong end as well. 



China ADRs - SEC Notice - Instead of Three, Probably Have Four Years till 2025 - Correction Overdone

APAC IPOs & Placements

Zhen Zhou, Toh

Smart Share Global / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/energy-monster" target="_blank" data-smartkarma-citation="entities:32217:1" rel="noopener">Smart Share Global (EM US)</a> (SSG), also known as Energy Monster, is looking to raise US$300m in its upcoming U.S. IPO.</p><p>SSG is a consumer tech company that provides mobile device charging service through online and offline networks. The company is the largest mobile device charging service provider in China in terms of 2020 gross revenue.</p><p>In this note, we will look at the competitive landscape of the power bank sharing industry in China and how it has evolved over the past few years.</p><p>Our previous coverage of the IPO:</p><ul>
<li>
<a href="https://www.smartkarma.com/insights/smart-share-global-pre-ipo-growing-fast-and-is-profitable-but-competition-is-picking-up" target="_blank" data-smartkarma-citation="insights:49349" rel="noopener">Smart Share Global (怪兽充电) Pre-IPO - Growing Fast and Is Profitable but Competition Is Picking Up</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/smart-share-global-rent-a-power-bank-on-the-ground" target="_blank" data-smartkarma-citation="insights:49438" rel="noopener">Smart Share Global (怪兽充电): Rent A Power Bank on the Ground</a> </li>
</ul>

Smart Share Global (EM US) (SSG), also known as Energy Monster, is looking to raise US$300m in its upcoming U.S. IPO.SSG is a consumer tech company that provides mobile device charging service through online and offline networks. The company is the largest mobile device charging service provider in China in terms of 2020 gross revenue.In this note, we will look at the competitive landscape of the power bank sharing industry in China and how it has evolved over the past few years.Our previous coverage of the IPO:

Smart Share Global (怪兽充电) Pre-IPO - Growing Fast and Is Profitable but Competition Is Picking Up 

Smart Share Global (怪兽充电): Rent A Power Bank on the Ground 


Smart Share Global (怪兽充电) Pre-IPO - Pulling Ahead in a Highly Competitive Landscape

<div><p>Linklogis, a technology solution provider for supply chain finance in China, is aiming to raise over US$500m in its Hong Kong IPO. Its investors include Tencent, GIC and Standard Chartered Bank.</p></div><div>
<p>We have covered various aspects of the deal in our earlier insights,</p>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/linklogis-pre-ipo-the-positives-fast-growing-blockchain-driven-supply-chain-financier" target="_blank" rel="noopener">Linklogis Pre-IPO - The Positives - Fast Growing Blockchain Driven Supply Chain Financier,</a> </li>
<li><a href="https://www.smartkarma.com/insights/linklogis-pre-ipo-the-negatives-inconsistent-growth-and-margins-well-funded-competitors" target="_blank" rel="noopener">Linklogis Pre-IPO - The Negatives - Inconsistent Growth and Margins, Well Funded Competitors, and</a></li>
<li><a href="https://www.smartkarma.com/insights/linklogis-pre-ipo-earnings-forecast-peer-comparison-and-first-stab-at-valuation" target="_blank" rel="noopener">Linklogis Pre-IPO - Earnings Forecast, Peer Comparison and First Stab at Valuation</a></li>
</ul>
<p>In this note, we'll talk about the latest updates from the recently filed PHIP.</p>
</div>

Linklogis, a technology solution provider for supply chain finance in China, is aiming to raise over US$500m in its Hong Kong IPO. Its investors include Tencent, GIC and Standard Chartered Bank.
We have covered various aspects of the deal in our earlier insights,


Linklogis Pre-IPO - The Positives - Fast Growing Blockchain Driven Supply Chain Financier, 
Linklogis Pre-IPO - The Negatives - Inconsistent Growth and Margins, Well Funded Competitors, and
Linklogis Pre-IPO - Earnings Forecast, Peer Comparison and First Stab at Valuation

In this note, we'll talk about the latest updates from the recently filed PHIP.


Linklogis Pre-IPO - PHIP Updates - Nothing to Complain About

<p><a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a> raised around US$3bn in its secondary listing in Hong Kong.</p><p>We have covered most aspects of the deal in our earlier notes, <a href="https://www.smartkarma.com/insights/baidu-secondary-listing-early-look-will-be-one-of-the-largest-secondary-listings-this-year" target="_blank" rel="noopener">Baidu Secondary Listing Early Look - Will Be One of the Largest Secondary Listings This Year</a> and <a href="https://www.smartkarma.com/insights/baidu-secondary-listing-smaller-than-expected-doing-the-bare-minimum" target="_blank" rel="noopener">Baidu Secondary Listing - Smaller than Expected, Doing the Bare Minimum</a>.</p><p>In this note, we'll talk about the trading dynamics.</p>

Baidu (BIDU US) raised around US$3bn in its secondary listing in Hong Kong.We have covered most aspects of the deal in our earlier notes, Baidu Secondary Listing Early Look - Will Be One of the Largest Secondary Listings This Year and Baidu Secondary Listing - Smaller than Expected, Doing the Bare Minimum.In this note, we'll talk about the trading dynamics.

Baidu Secondary Listing Trading - Strong Demand but Weak Price Action

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<p>In our weekly HK Connect Flow series, we aim to highlight key stocks and sectors which the mainland investors traded via the southbound Hong Kong Connect, as analyzed by our proprietary data engine.<br><br>Since the opening of Hong Kong Connect scheme in 2014, southbound Chinese money started to play an increasingly important role in the Hong Kong stock market. In a Hong Kong exchange report released in July 2019, the exchange highlighted that flows from mainland China accounted for 12% of the total trading volume in the market and is ahead of the US investors' 10% and UK investors' 7% share respectively. <br><br>We split the stocks eligible for the Hong Kong Connect trade into three groups: HSCEI component stocks, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.<br><br>In this insight, we will highlight inflows into Xiaomi Corporation (1810 HK) and outflows from Meituan (3690 HK).</p>

In our weekly HK Connect Flow series, we aim to highlight key stocks and sectors which the mainland investors traded via the southbound Hong Kong Connect, as analyzed by our proprietary data engine.  Since the opening of Hong Kong Connect scheme in 2014, southbound Chinese money started to play an increasingly important role in the Hong Kong stock market. In a Hong Kong exchange report released in July 2019, the exchange highlighted that flows from mainland China accounted for 12% of the total trading volume in the market and is ahead of the US investors' 10% and UK investors' 7% share respectively.   We split the stocks eligible for the Hong Kong Connect trade into three groups: HSCEI component stocks, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.  In this insight, we will highlight inflows into Xiaomi Corporation (1810 HK) and outflows from Meituan (3690 HK).

Hong Kong Connect Weekly: $607 Inflows into Xiaomi After Suspension of Blacklist

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Meituan (3690 HK)

China ADRs - SEC Notice - Instead of Three, Probably Have Four Years till 2025 - Correction Overdone

On 24th Mar 2021, SEC issued Amendments, Seeks Public Comment on Holding Foreign Companies Accountable Act. On the back of this, large China ADRs...

Sumeet Singh

Linklogis Pre-IPO - PHIP Updates - Nothing to Complain About

Linklogis, a technology solution provider for supply chain finance in China, is aiming to raise over US$500m in its Hong Kong IPO. Its investors...

Sumeet Singh

Baidu Secondary Listing Trading - Strong Demand but Weak Price Action

Baidu (BIDU US) raised around US$3bn in its secondary listing in Hong Kong. In this note, we'll talk about the trading dynamics.

Sumeet Singh

Hong Kong Connect Weekly: $607 Inflows into Xiaomi After Suspension of Blacklist

In our weekly HK Connect Flow series, we aim to highlight key stocks and sectors which the mainland investors traded via the southbound Hong Kong...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China ADRs - SEC Notice - Instead of Three, Probably Have Four Years till 2025 - Correction Overdone

On 24th Mar 2021, SEC issued Amendments, Seeks Public Comment on Holding Foreign Companies Accountable Act. On the back of this, large China ADRs...

Sumeet Singh

Smart Share Global (怪兽充电) Pre-IPO - Pulling Ahead in a Highly Competitive Landscape

Smart Share Global (EM US) (SSG), is looking to raise US$300m in its upcoming U.S. IPO.We will look at the competitive landscape of the power bank...

Zhen Zhou, Toh

Linklogis Pre-IPO - PHIP Updates - Nothing to Complain About

Linklogis, a technology solution provider for supply chain finance in China, is aiming to raise over US$500m in its Hong Kong IPO. Its investors...

Sumeet Singh

Baidu Secondary Listing Trading - Strong Demand but Weak Price Action

Baidu (BIDU US) raised around US$3bn in its secondary listing in Hong Kong. In this note, we'll talk about the trading dynamics.

Sumeet Singh

Hong Kong Connect Weekly: $607 Inflows into Xiaomi After Suspension of Blacklist

In our weekly HK Connect Flow series, we aim to highlight key stocks and sectors which the mainland investors traded via the southbound Hong Kong...

Ke Yan, CFA, FRM