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>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> led consortium.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Amer Sports (AS US) plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta Sports Products (2020 HK) led consortium.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
In this note, we talk about the not-so-positive aspects of the deal.


Amer Sports Pre-IPO - The Negatives - COVID Rebound, Weak Margins

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND flows showing momentum tendencies this past week on a single-stock basis, still. </li>
<li>SOUTHBOUND saw HK$6.8bn of net OUT-flows in the week to 12 Jan 2024. Total flows were HK$118bn.</li>
<li>SOUTHBOUND saw large net selling of ETFs (unwinding Week 1) and large net buying of high-div SOEs like CNOOC, China Mobile/Telecom/Unicom, and coal names.</li>
</ul>


SOUTHBOUND flows showing momentum tendencies this past week on a single-stock basis, still. 
SOUTHBOUND saw HK$6.8bn of net OUT-flows in the week to 12 Jan 2024. Total flows were HK$118bn.
SOUTHBOUND saw large net selling of ETFs (unwinding Week 1) and large net buying of high-div SOEs like CNOOC, China Mobile/Telecom/Unicom, and coal names.


HK Connect SOUTHBOUND Flows (To 12 Jan 2024); High Div SOEs Still the Biggest Buys

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Tencent will allow Douyin to broadcast the game Honor of Kings after a four-year ban.</li>
<li>Dada’s stock plunged after the company released its suspicious auditing result.</li>
<li>Alibaba’s mobile office app, Dingding, has accumulated 120,000 paying users.</li>
</ul>


Tencent will allow Douyin to broadcast the game Honor of Kings after a four-year ban.
Dada’s stock plunged after the company released its suspicious auditing result.
Alibaba’s mobile office app, Dingding, has accumulated 120,000 paying users.


China Consumption Weekly (15 Jan 2024): Tencent, Douyin, Alibaba, JD.com, Dada, Meituan

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 analyzed the latest HK SFC report for aggregate short position as of Jan 5th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Baba, Petrochina, and China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jan 5th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Baba, Petrochina, and China Mobile.


HK Short Interest Weekly: Baba, Petrochina, China Mobile

Samsung Electronics / 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, a number of large filings over the holidays is somewhat positive for 2024 prospects.</li>
<li>On the placement front, 2024 picked up where 2023 left off, with <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> leading the way.</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, a number of large filings over the holidays is somewhat positive for 2024 prospects.
On the placement front, 2024 picked up where 2023 left off, with Samsung Electronics (005930 KS) leading the way.


ECM Weekly (14th Jan 2024) - Samsung, Lasertec, Ayala, Indigo, Amer, IPO Pipeline, 2023 Performance

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)

Amer Sports Pre-IPO - The Negatives - COVID Rebound, Weak Margins

Amer Sports (AS US) plans to raise US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta (2020 HK) led consortium. In this note, we...

Sumeet Singh

HK Connect SOUTHBOUND Flows (To 12 Jan 2024); High Div SOEs Still the Biggest Buys

SOUTHBOUND saw large net buying of High-Div SOEs. Again. Many weeks in a row now and in terms of % of volume, the mobile phone cos rank high. ETFs...

Travis Lundy

China Consumption Weekly (15 Jan 2024): Tencent, Douyin, Alibaba, JD.com, Dada, Meituan

Tencent allows Douyin to broadcast the game Honor of Kings. Dada’s stock plunged after the company released its suspicious auditing result....

Ming Lu

HK Short Interest Weekly: Baba, Petrochina, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Jan 5th and highlight short interest changes in Baba, Petrochina, China...

Ke Yan, CFA, FRM

ECM Weekly (14th Jan 2024) - Samsung, Lasertec, Ayala, Indigo, Amer, IPO Pipeline, 2023 Performance

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

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)