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/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> raised around US$320m in its South Korean IPO, after pricing at the top.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>We have looked at the company’s performance and valuation in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
We have looked at the company’s performance and valuation in our earlier notes. In this note, we talk about the trading dynamics.


Shift Up IPO Trading - Strong Demand for Quality Asset but It Has Slipped Out of the Top Games

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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

Thematic (Sector/Industry)

<ul>
<li>3690 HK:Kuaigou Dache (ride hailing) Lowers Commission Rate for Drivers in Tianjin to 10% (-)</li>
<li>TCOM US:Ctrip Introduces Family Card, Allowing Users to Book Trips for Their Elderly Parents (+)</li>
<li>700 HK: &lt;Honor of Kings&gt; to Launch Ranked System Optimization: Points for Wins and Losses (+)</li>
</ul>


3690 HK:Kuaigou Dache (ride hailing) Lowers Commission Rate for Drivers in Tianjin to 10% (-)
TCOM US:Ctrip Introduces Family Card, Allowing Users to Book Trips for Their Elderly Parents (+)
700 HK: &lt;Honor of Kings&gt; to Launch Ranked System Optimization: Points for Wins and Losses (+)


[Blue Lotus Daily-TMT Update]:3690 HK/TCOM US/700 HK/JD US/BABA US/PDD US/1519HK/ZTOUS/NTESUS/BILIUS

<ul>
<li>BABA US/JD US/3690 HK: Taobao adds one-hour delivery entrance to app homepage (+/-/-)</li>
<li>BABA US: Alibaba upgrades enterprise-chat application “DingTalk” into an AI super-app (+)</li>
<li>TCOM US :The average ticket price for domestic routes during the summer vacation period decreased by 12%, with a narrowing decline (+)</li>
</ul>


BABA US/JD US/3690 HK: Taobao adds one-hour delivery entrance to app homepage (+/-/-)
BABA US: Alibaba upgrades enterprise-chat application “DingTalk” into an AI super-app (+)
TCOM US :The average ticket price for domestic routes during the summer vacation period decreased by 12%, with a narrowing decline (+)


[Blue Lotus Daily-TMT Update]:BABA US/JD US/3690 HK/TCOM US/NTES US/700 HK/

<ul>
<li>NTES US: &lt;Naraka: Bladepoint&gt; PC Celebrates Third Anniversary with Several New Updates (+)</li>
<li>BIDU US: Baidu Netdisk Adds Vertical Screen Playback Feature to Accommodate Micro-Dramas (+)</li>
<li>AMZN US/BABA US: TikTok Shop to launch in Spain (-)</li>
</ul>


NTES US: &lt;Naraka: Bladepoint&gt; PC Celebrates Third Anniversary with Several New Updates (+)
BIDU US: Baidu Netdisk Adds Vertical Screen Playback Feature to Accommodate Micro-Dramas (+)
AMZN US/BABA US: TikTok Shop to launch in Spain (-)


[Blue Lotus Daily-TMT Update]:NTES US/BIDU US/AMZN US/BABA US/002230 SZ/9992 HK/1024 HK

Analyst - Media&Entertainment Sector, Blue Lotus Research Institute

Stan Zhao

Analyst - Media&Entertainment Sector

<ul>
<li>Bilibili's &lt;Three Kingdom: MDTX&gt; continues to show strong monetization performance, Based on our data tracking, we are raising the annual grossing estimate by 25% to approximately RMB 5.5 billion.</li>
<li>NetEase's &lt;Naraka Mobile&gt; has surpassed 40 million pre-registrations, making it the most pre-registered game in NetEase's history. We are raising the annual grossing estimate by 20% to RMB 12 billion.</li>
<li>Tencent's &lt;FGS&gt; has seen a continuous rise in popularity following the release of the new mode. We are raising the annual grossing estimate by 10% to RMB 13 billion.</li>
</ul>


Bilibili's &lt;Three Kingdom: MDTX&gt; continues to show strong monetization performance, Based on our data tracking, we are raising the annual grossing estimate by 25% to approximately RMB 5.5 billion.
NetEase's &lt;Naraka Mobile&gt; has surpassed 40 million pre-registrations, making it the most pre-registered game in NetEase's history. We are raising the annual grossing estimate by 20% to RMB 12 billion.
Tencent's &lt;FGS&gt; has seen a continuous rise in popularity following the release of the new mode. We are raising the annual grossing estimate by 10% to RMB 13 billion.


Online Game Monitor: June 16-July 1, 2024

China

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

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NetEase Inc (NTES US)

Shift Up IPO Trading - Strong Demand for Quality Asset but It Has Slipped Out of the Top Games

Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. In this note, we talk about the trading dynamics.

Sumeet Singh

[Blue Lotus Daily-TMT Update]:3690 HK/TCOM US/700 HK/JD US/BABA US/PDD US/1519HK/ZTOUS/NTESUS/BILIUS

Kuaigou Dache lowers commission rate for drivers, Ctrip introduces Family Card for booking trips for elderly parents, Honor of Kings to launch...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:BABA US/JD US/3690 HK/TCOM US/NTES US/700 HK/

Alibaba enhances delivery service and AI capabilities, while domestic flight ticket prices see a slight decrease during summer vacation period.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:NTES US/BIDU US/AMZN US/BABA US/002230 SZ/9992 HK/1024 HK

Celebrating third anniversary with updates, Baidu Netdisk adds vertical screen playback, TikTok Shop to launch in Spain.

Blue Lotus Research Institute

Online Game Monitor: June 16-July 1, 2024

Top Chinese gaming companies Bilibili, NetEase, and Tencent are seeing strong monetization performance, with estimates raised for annual grossing...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shift Up IPO Trading - Strong Demand for Quality Asset but It Has Slipped Out of the Top Games

Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. In this note, we talk about the trading dynamics.

Sumeet Singh

[Blue Lotus Daily-TMT Update]:3690 HK/TCOM US/700 HK/JD US/BABA US/PDD US/1519HK/ZTOUS/NTESUS/BILIUS

​Kuaigou Dache lowers commission rate for drivers, Ctrip introduces Family Card for booking trips for elderly parents, Honor of Kings to launch...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:BABA US/JD US/3690 HK/TCOM US/NTES US/700 HK/

​Alibaba enhances delivery service and AI capabilities, while domestic flight ticket prices see a slight decrease during summer vacation period.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:NTES US/BIDU US/AMZN US/BABA US/002230 SZ/9992 HK/1024 HK

​Celebrating third anniversary with updates, Baidu Netdisk adds vertical screen playback, TikTok Shop to launch in Spain.

Blue Lotus Research Institute

Online Game Monitor: June 16-July 1, 2024

​Top Chinese gaming companies Bilibili, NetEase, and Tencent are seeing strong monetization performance, with estimates raised for annual grossing...

Blue Lotus Research Institute

Kuaigou Dache lowers commission rate for drivers, Ctrip introduces Family Card for booking trips for elderly parents, Honor of Kings to launch...

Alibaba enhances delivery service and AI capabilities, while domestic flight ticket prices see a slight decrease during summer vacation period.

Celebrating third anniversary with updates, Baidu Netdisk adds vertical screen playback, TikTok Shop to launch in Spain.

Top Chinese gaming companies Bilibili, NetEase, and Tencent are seeing strong monetization performance, with estimates raised for annual grossing...