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>On 2nd Dec 2021, Didi announced that it would look to delist its ADRs from NYSE and it would seek a listing on HKSE.</li>
<li>The stock has been at the center of a regulatory crackdown since its IPO in Jun 2021. </li>
<li>Apart from the delisting and relisting flows, it now also has US$20bn of stock coming up for lock-up expiry.</li>
</ul>


On 2nd Dec 2021, Didi announced that it would look to delist its ADRs from NYSE and it would seek a listing on HKSE.
The stock has been at the center of a regulatory crackdown since its IPO in Jun 2021. 
Apart from the delisting and relisting flows, it now also has US$20bn of stock coming up for lock-up expiry.


DiDi Chuxing: Delisting - Relisting + US$20bn Lockup Expiry = Big Mess

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> released an impressive set of 3Q2021, driven by explosive triple-digit TPV growth in its Mitra business, which enables mom&amp;pop stores (Warungs) in Indonesia, along with higher take-rates.</li>
<li>The slower growth in marketplace was accompanied by lower S&amp;M costs, as the company transforms this business towards an online specialty store model, which is gaining traction.</li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> looks to be misunderstood by retail investors, presenting an opportunity after the post-IPO correction, with a number of new initiatives gaining momentum in Mitra and marketplace.</li>
</ul>



Bukalapak (BUKA IJ) released an impressive set of 3Q2021, driven by explosive triple-digit TPV growth in its Mitra business, which enables mom&amp;pop stores (Warungs) in Indonesia, along with higher take-rates.
The slower growth in marketplace was accompanied by lower S&amp;M costs, as the company transforms this business towards an online specialty store model, which is gaining traction.

Bukalapak (BUKA IJ) looks to be misunderstood by retail investors, presenting an opportunity after the post-IPO correction, with a number of new initiatives gaining momentum in Mitra and marketplace.


Bukalapak (BUKA IJ) - Empowering Mitra and Creating Shopfronts

<ul>
<li>Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO.</li>
<li>The company has obtained investments from Baidu and Alibaba, along with other investors.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>


Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO.
The company has obtained investments from Baidu and Alibaba, along with other investors.
In this note, we will talk about the trading dynamics.


Cloud Village (NetEase Music) IPO Trading - One of the Lowest Insti Subscriptions Yet

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>The December rebalance of the HSI, HSCEI and HSTECH indices will use today's closing prices to cap the index constituents at 8%. This will lead to large flows.</li>
<li>The largest passive outflows as a result of capping will be on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> due to their weight exceeding 8% in all three indices.</li>
<li>There are large funding outflows (in terms of days of ADV to trade) on quite a few Hong Kong property stocks as well as stocks from the financials sector.</li>
</ul>


The December rebalance of the HSI, HSCEI and HSTECH indices will use today's closing prices to cap the index constituents at 8%. This will lead to large flows.
The largest passive outflows as a result of capping will be on Meituan (3690 HK) and Tencent (700 HK) due to their weight exceeding 8% in all three indices.
There are large funding outflows (in terms of days of ADV to trade) on quite a few Hong Kong property stocks as well as stocks from the financials sector.


HSI, HSCEI, HSTECH: December Rebalance Flows Post Capping

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> is offering 11 million shares to raise $471 million through an HKEx secondary listing. The primary/secondary spilt is 50:50 (Sina is the secondary seller).  </li>
<li>In <a href="https://www.smartkarma.com/insights/weibo-secondary-listing-braving-uncertainty" target="_blank" data-smartkarma-citation="insights:61784" rel="noopener">Weibo Secondary Listing: Braving Uncertainty</a>, we noted that while the near-term visibility remains limited, the valuation at last close is undemanding in comparison to historical P/E and PEG ratios. </li>
<li>In this note, we will look at Weibo’s potential HK-ADS premium/(discount). Weibo pricing its H-shares at a discount of 4-5% to its ADSs will be reasonable, in our view.</li>
</ul>



Weibo Corp (WB US) is offering 11 million shares to raise $471 million through an HKEx secondary listing. The primary/secondary spilt is 50:50 (Sina is the secondary seller).  
In Weibo Secondary Listing: Braving Uncertainty, we noted that while the near-term visibility remains limited, the valuation at last close is undemanding in comparison to historical P/E and PEG ratios. 
In this note, we will look at Weibo’s potential HK-ADS premium/(discount). Weibo pricing its H-shares at a discount of 4-5% to its ADSs will be reasonable, in our view.


Weibo Secondary Listing: HK-ADS Premium/​​​(Discount) Views

China

NetEase, Inc. operates as an leading internet technology company providing online services including content, community, communication, and commerce. The Company develops and operates online games, electronic commerce, internet media, innovative business, and other businesses. NetEase expands its businesses to Japan, North American, and other other international markets.

Price Gauge
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NetEase (9999 HK)

DiDi Chuxing: Delisting - Relisting + US$20bn Lockup Expiry = Big Mess

On 2nd Dec 2021, Didi announced that it would look to delist its ADRs from NYSE and it would seek a listing on HKSE. The company also has US$20bn...

Sumeet Singh

Bukalapak (BUKA IJ) - Empowering Mitra and Creating Shopfronts

Bukalapak (BUKA IJ) looks to be misunderstood by retail investors, presenting an opportunity after the post-IPO correction, with a number of new...

Angus Mackintosh

Cloud Village (NetEase Music) IPO Trading - One of the Lowest Insti Subscriptions Yet

Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO. In this note, we will talk about the trading...

Sumeet Singh

HSI, HSCEI, HSTECH: December Rebalance Flows Post Capping

The Dec rebalance of the HK indices will use today's closing prices to cap the stocks at 8%. Meituan and Tencent will see large outflows due to...

Brian Freitas

Weibo Secondary Listing: HK-ADS Premium/(Discount) Views

Considering the weak sentiment on Chinese tech names, we think that Weibo pricing its H-shares at a wider discount of around 4-5% to its ADSs will...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

DiDi Chuxing: Delisting - Relisting + US$20bn Lockup Expiry = Big Mess

On 2nd Dec 2021, Didi announced that it would look to delist its ADRs from NYSE and it would seek a listing on HKSE. The company also has US$20bn...

Sumeet Singh

Bukalapak (BUKA IJ) - Empowering Mitra and Creating Shopfronts

Bukalapak (BUKA IJ) looks to be misunderstood by retail investors, presenting an opportunity after the post-IPO correction, with a number of new...

Angus Mackintosh

Cloud Village (NetEase Music) IPO Trading - One of the Lowest Insti Subscriptions Yet

Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO. In this note, we will talk about the trading...

Sumeet Singh

HSI, HSCEI, HSTECH: December Rebalance Flows Post Capping

The Dec rebalance of the HK indices will use today's closing prices to cap the stocks at 8%. Meituan and Tencent will see large outflows due to...

Brian Freitas

Weibo Secondary Listing: HK-ADS Premium/​​​(Discount) Views

Considering the weak sentiment on Chinese tech names, we think that Weibo pricing its H-shares at a wider discount of around 4-5% to its ADSs will...

Arun George

Weibo Secondary Listing: HK-ADS Premium/(Discount) Views